Daily Data
If you're thinking about getting a small business loan, now's the time. All signs are pointing to approval rates going up, but if you're looking for an even better edge you might want to consider non-bank lenders—particularly if you're applying on behalf of a woman- or minority-owned business.
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For a walk through of what you need to walk into that lender meeting with confidence, check out The Grind Podcast Ep 12: The #1 Tool to Get You Financing.
Data from Small Business Trends based on their Lending Index.
Stop Dreaming About Your Side Hustle
This is the first in a two-part series on investing in your side hustle.
There’s nothing wrong with diversifying your income streams. In an era that has left a lot of people uncertain about their employment, a side-hustle just makes sense. But the real question is this:
Is your side-hustle taking you somewhere?
The best side-hustles are passion projects and big ideas. But if they’re just to fill in an income gap, that’s all they’re likely to ever be.
Consider your side-hustle a dead-end when:
- The opportunity cost doesn’t make sense. Your time is valuable. Is your side-hustle distracting you from maximizing your potential in areas that really matter?
- Working hours become excessive. You will come to neglect your friends and family, your stress levels, and your health for the sake of making extra cash.
- There’s no long-term focus. Hustling just to get by doesn’t cut it. These second jobs are a symptom of a struggling economy, not true entrepreneurship.
Your side-hustle only has potential to become something more when it’s something you’re passionate about. It gives you the option to truly be your own boss. You can see yourself doing it for a long, long time. It combines your passion and your purpose.
Check out The Grind next week for a continuation of this series.
Time to Overcome Your Fears of the New and Unknown, Entrepreneur
The life of the entrepreneur is fraught with anxieties and fears if you don’t know how to properly manage them. Jumping into the unknown with both feet doesn’t mean you go in unprepared.
If you've been asking yourself nail-biting questions and having anxiety-fueled nightmares, we can help you unlock some of key answers.
The Take
Whether investor, entrepreneur, or a little bit of both, you’ve got to master your pitch. Snagging new partners, funding, and customers is all about selling your vision. The idea is not only intimidating, it’s easier said than done.
Click the picture above to download the Take of the week!
The Word
Check out our recommended reading for the week:
- The 11 Worst Business Ideas of the Past 40 Years (Inc)
- Okay, we're not sure these are the worst ideas, but this article does have some fair points. Who among us isn't completely over PowerPoint??
- Why should you care? Avoid common pitfalls, even just by skimming for "the fix" sections.
- How Thinking Like a Baby Can Lead to Business Success (Entrepreneur)
- Who knew babies had so much to teach us? And no sleep regression needed!
- Why should you care? Passionate, yes, but we don't recommend anyone getting cranky over their business. If you're at a mental dead end, time to shake things up.
- 4 crucial considerations as your business grows beyond a small business designation (Washington Technology)
- The Small Business Administration (SBA) can be a resourceful asset in any owner's arsenal. But what happens when you "graduate" from being a small business?
- Why should you care? Preparing for the next step is about more than money. Think big now, so you can grow big later.
