Sustain, Start and Grow a Small Biz

The annual forecast from economists at Indiana University say that 2010 will be better than this year-but that’s not saying much. "Better is not necessarily good," says Bill Witte, associate professor emeritus of economics at Indiana University and a member of the Kelley School of Business' annual Business Outlook Panel. "2010 is going to be acceptable, except for the fact that we're starting from extremely low levels. Things will be getting better, but they still won't be really good."

Although the worst appears to be behind us, economists say it will take three to five years "to restore the luster to the economy and once again reach full employment." The biggest challenges for small business in the coming year will be securing credit to grow. "If those small businesses are under financial pressure and find credit unavailable to finance their activities, inevitably it implies that the expansion's going to be hampered," explains Witte. "Of course, these two things feed off each other. If businesses aren't hiring, then the job market situation is not going to improve as much as it otherwise would. That in turn will probably make consumers more cautious."

The U.S. Chamber of Commerce Business Civic Leadership Center has compiled a list of more than 250 free business offerings that are available to help individuals, nonprofits, small businesses, communities and local governments on www.TogetherforRecovery.org. The goal of Together for Recovery is to help aspiring entrepreneurs start their business as well assist existing small business owners with sustaining or growing their enterprise. 

Business Success Tip: Find a Need and Fill It!

That’s exactly what Joe Scott is doing with his small business Phantom Alert. The Washington D.C. based entrepreneur thinks his business will rival the billion dollar radar detection industry with by helping drivers avoid getting a ticket from a traffic camera. Phantom Alert offers software and service that allows users to stay up to date on the locations of traffic cameras that are aimed at catching people speeding or running red lights. Drivers can get the updates on their smartphone and GPS devices. Just last week voters ousted the traffic cameras from 11 cities. Although a handful of municipalities will be taking their cameras down Phantom Alert claims an additional 200,000 cameras have been implemented nationwide recently. Joe says he saw a need and hired the right team of professionals to help him successfully develop the software and brand for Phantom Alert. He anticipates that the business will quadruple its users in the next year.