TERRE HAUTE —
It is definitely a tough time to be a business owner right now.
Though the bigger companies are slowly bouncing back, it is taking the smaller ones a bit longer to rebound. The main problem is people are still not spending money as they once were.
The National Federation of Independent Business stated that small-business optimism fell for the sixth straight month this past August. The biggest issue that small businesses cited was lack of sales.
Meanwhile, unemployment continues to hover around 10 percent. It is the high unemployment rate that has created unlikely entrepreneurs. Many have started a business in a field they are familiar with only to realize that being their own boss doesn’t result in a high amount of income and the new business owners are forced to settle for a mere fraction of what they used to earn. The odds of a small business succeeding have slimmed down even more since the downturn in the economy. Since 2005, only 47 percent of businesses have survived for five years, compared to 50 percent from 10 years earlier according to the Kauffman Foundation out of Kansas City, Mo.
Despite the odds, businesses are finding ways to hang out and hope for the best. According to the Small Business Administration, companies with fewer than 500 employees created 64 percent of net new jobs in the U.S. from 1992 to 2010, they employ 55 percent of the workforce.
• 1–9 employees account for 13 percent of net new jobs
• 10–49 employees account for 19 percent of net new jobs
• 50–99 employees account for 10 percent of net new jobs
• 110–499 employees account for 22 percent of net new jobs
• 500–999 employees account for 7 percent of net new jobs
• 1,000 or more employees account for 29 percent of net new jobs
The main key to success will be increasing sales. Is your company doing all it can to survive? Have you looked at untapped markets? Festivals, if applicable, for new revenue streams? Grassroots marketing? Although all the above are labor intensive, one or more may prove to be fruitful in attracting and retaining new customers to make your company more sustainable.
Heather Penney is the regional director for Indiana State University’s Indiana Small Business Development Center.
TERRE HAUTE —
It is definitely a tough time to be a business owner right now.
BUSINESS CENTS: Maintaining the well-being of our residents
What is sustainability? Does it apply only to large cities and corporations?
NEWSMAKERS: Dec. 8, 2013
Vigo County Judge Michael Rader was among 36 judicial officers recognized by Indiana Supreme Court Chief Justice Brent E. Dickson for their commitment to higher education.
Bon-Ton Stores raises $5.8 million
Bon-Ton Stores, Inc., which operates Carson’s, has announced that its Community Days fundraising effort raised approximately $5.8 million.
Shop United in Clay, Sullivan counties
Shopping in Clay and Sullivan counties on Friday can benefit the United Way of the Wabash Valley and participating merchants.
SOCIAL SECURITY: Start a new tradition with Social Security
The holiday season has arrived — a time of year that is steeped in tradition.
Cayuga kicks off Red Kettle Campaign
Cayuga has kicked off its Red Kettle Campaign.
ON THE MOVE: Dec. 8, 2013
On Nov. 13, five Indiana State Police Troopers from the Putnamville District were recognized for achieving a milestone in their respective careers: 25 years of service to the department. Each of the five was a member of the 46th Indiana State Police Recruit Academy that graduated on Nov. 13, 1988.
Indy developer interested in vacant ISU towers
The walls of Indiana State University’s Statesman Towers won’t be tumbling down anytime soon, despite a planned demolition that is now on hold.
The extra step: Feed company gets special certification
Graham Feed Co. in Terre Haute has attained a Safe Feed/Safe Food Certification from the American Feed Industry Association.
Drop off toys at Menards
In the spirit of Christmas, the Terre Haute Menards home improvement store is serving as a toy drive drop site.
Have Lunch with a Lawyer on Dec. 16
Lunch with a Lawyer will welcome Terry Tolliver of the Indiana Office of Attorney General, from 11:30 a.m. to 1 p.m. Dec. 16 at Wabash Senior Activity Center, 300 S. Fifth St.
Terre Haute Red Lobster remodels
Red Lobster has completed the remodeling of its Terre Haute restaurant at 3407 S. U.S. 41, in a style inspired by the New England coast.
SOCIAL SECURITY: Day focuses on helping people with disabilities
The United Nations’ International Day of Persons with Disabilities is annually staged on Dec. 3 to focus on issues that affect people with disabilities worldwide.
Newsmakers: Dec. 1, 2013
On THE MOVE: Dec. 1, 2013
On the move
Morton J. Marcus: Competing views of buying, giving and receiving
“What is the purpose of this season of buying and buying more?” asks Oliver Offenon.
“That’s a twisted view,” I respond. “It’s the season of giving. Buying is a necessary activity people engage in as they prepare to give.”
On the Move: Nov. 24, 2013
The music department at Lincoln Trail College in Robinson, Ill., announces three new part-time faculty.
SOCIAL SECURITY: The perfect recipe for your retirement
Succulent turkey. Savory stuffing. Green bean casserole.
BUSINESS CENTS: Open doors to drive innovation into business
I recently learned that General Electric built one of the first Research and Development Labs in 1900.
Signature HealthCARE on ‘Best Places to Work’ list
Signature HealthCARE, parent company of local nursing center Signature HealthCARE of Terre Haute, recently accepted the “Best Places to Work” award from Modern Healthcare magazine for the third time.
SOCIAL SECURITY: Social Security announces benefit increase
Recently the Social Security Administration announced that monthly Social Security and Supplemental Security Income benefits for nearly 63 million Americans will increase 1.5 percent in 2014.
On the Move: Nev. 17, 2013
Bridges of Indiana welcomes Felicia Kannmacher of Terre Haute as a service coordinator.
YOUnity Village plans one-year birthday party
Mental Health America of Vigo County is celebrating the one-year birthday of its latest supportive housing development, YOUnity Village, located at 1460 Spruce St. in Terre Haute.
DQ opens Grill & Chill restaurant in Rockville
The Dairy Queen system’s newest restaurant concept has opened its doors at 600 N. Lincoln Road, in Rockville.
Piloni’s to celebrate first anniversary
The restaurant, which opened on Nov. 17, 2012, employs 19.
NBC’s WTWO-TV2 was honored recently at the 26th Annual Spectrum Awards presented by the Indiana Broadcasters Association.
Toyota to host Automotive Job Fair Nov. 16
PRINCETON, Ind. – As the launch of the new Highlander hybrid approaches, TMMI and its suppliers are searching for additional qualified candidates to add to their respective work forces. Toyota Motor Manufacturing, Indiana will host a job fair 11 a.m. to 4 p.m. Saturday, Nov. 16, at its Visitors Center.
Social Security serves those who’ve served
On Monday, we honor our nation’s veterans for their service to America. What better time than now to tell you — and for you to help spread the word — about the many benefits and wealth of information Social Security has available for veterans and military personnel?
Terre Haute Chamber of Commerce: Wrap up the year with networking events
As the end of the year quickly approaches, the Chamber is wrapping up its 100th anniversary year with a few more networking and education opportunities.
Newsmaker: Nov. 10, 2013
Jeff R. Hawkins, Sullivan, advanced to the office of president-elect of the Indiana State Bar Association for 2013-14 at the association’s annual meeting in French Lick on Oct. 18
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