Small businesses are the lifeblood of the U.S. economy. They make up 99.7 percent of all businesses and 64 percent of new private sector jobs – or 11.8 million of the 18.5 million net new jobs created since 1993.
Almost three-quarters of small businesses (73%) are sole proprietorships with no employees and 52% are home-based businesses.
The explosion of the number of small businesses in the last two decades is testament enough that the American Dream of personal freedom and financial independence is still very much alive. We Americans love rags to riches stories and we celebrate personalities who have built wealth on a single, sometimes far-fetched, idea or talent.
But the realities of starting and running a small business can be sobering if not downright harsh.
Applying for, and complying with, state and city licenses and regulations can be an exercise in frustration. Securing commercial business financing is, at best, difficult without lots of collateral. Credit card and credit card processing companies make fortunes off the fees charged to small business owners. And while there might nice people working at the state revenue collections department, be forewarned they aren’t very nice if you miss the deadline to file your quarterly sales taxes. Penalties are severe.
Quite frankly, being a small business owner requires enterprise, determination, and multiple business management skills – including a solid understanding of marketing in today’s fragmented marketplace where social media has changed the rules of business.
As the state-wide LGBT newspaper of record in Florida, the Agenda recognizes the struggles and needs of small business owners who make up the vast majority of our customers.
We take pride in the successes of business owners like Joe Pallant of Pallant Insurance in Fort Lauderdale who has faced stiff competition over the years from much bigger competitors in the insurance industry to build a prosperous business.
We take pride, too, in business owners like Leor Barak of New York Grilled Cheese on Wilton Drive in Wilton Manors, who struggled with a frozen yogurt business and lost tens of thousands of dollars until he found the right formula with his now-famous grilled cheese sandwiches. Mr. Barak has just announced his expansion with a second location in Boca Raton – and is pursuing franchising opportunities.
Another outstanding example is young entrepreneur Casey Koslowski who travels the world promoting Fort Lauderdale and his Grand Resort and Spa. Mr. Koslowski is also a top producer at the new Auberge Beach Residences, a property which promises to set new standards for luxury real estate in Fort Lauderdale.
We salute business owners like Rick Kowalczyk of Southern Nights nightclub in Orlando who took over the defunct Revolution nightclub and faced his own struggles before finding success. Mr. Kowalczyk, we are happy to say, just opened a second location in Tampa. Also in Central Florida, we recognize people like Ben Johnasen and Tim Vargas, owners of Embellish FX, who turned a failing business into what is today one of the biggest and best costume stores in the state. And the list goes on.
But for every successful small business owner, there are several more who failed to make it. Insufficient capital and poor marketing are two of the common culprits.
That’s why we are proud to announce The Florida Agenda Business Network, an exciting new program being launched by this newspaper to help small business owners and their supporters connect, network and thrive.
Through a combination of monthly networking events, free business seminars, as well as marketing and promotional opportunities, we want to recognize and support our LGBT entrepreneurs all over the state. We are kicking off events immediately in South Florida as well as Central Florida.
We plan to join forces with chambers of commerce, small business associations, and resource providers to help build stronger LGBT-owned businesses.
We are also delighted to announce that our first annual LGBT Small Business Recognition Awards and Banquet, which will pay tribute to the unsung heroes of enterprise in Florida, is being planned for early 2016.
The fact is small business owners need all the help they can get. The Florida Agenda Business Network will be a good start.
It’s free to join. Visit www.FloridaAgenda.com for more information.
