00:00 President
This week marks the national week of small businesses, celebrating owners of small businesses and what they add to the economy in the United States. But according to a survey by the majority of small businesses, while half of us, the owners of small businesses, asked for a form of funding, only 1/3 say that the funding they received was sufficient. Fortunately, there are resources that can help, and here to break down some of the options, we have Elizabeth Gore. Hello Alice, co-founder and president and animator of the Yahoo Finance podcast, The Big Idea. Elizabeth, delighted to see you here. So, then Liz, how much should the owners plan before starting their business?
00:47 Elizabeth Gore
Well, Howdy. You know, he likes to have a year of bank spending. I know that seems a lot, but these days with such expensive capital, if you can really have 12 months of racing capital, and it includes the receipts you plan to bring, but I really think it is a wise choice.
01:10 President
And so, what are the subsidies available?
01:15 Elizabeth Gore
Oh, I like subsidies to small businesses in Hello Alice. So we have $ 8 million at the moment, ready to deploy on our website on Helloalice.com. I love, uh, actors that you can find through SBA. If you go to SBA.GOV, and also, most of the time, your city, your state and your counties, the economic development councils could have subsidies. So look at them because they are not going to dilute your business. Now applications can be tedious, but it is worth it.
02:02 President
And the loans? How can owners of small businesses find the loans available to them?
02:10 Elizabeth Gore
You know, I am a real fan of community banks. So wherever it is your business, I would head in three or four of the local banks if possible. I think that's where you are going to get the best relationships, the best prices. Read really there and put these business plans in front of people so that they can see what you are trying to build for their community.
02:35 President
So when we think about how they ultimately cross the operations, day after day, what are the CEOs of commercial credit card?
02:50 Elizabeth Gore
Oh, you know, uh, I think credit cards sometimes have a bad reputation. I am a big fan of the use of operational credit the day you start. So, professional credit cards where you have, you win a cashback, you earn rewards, you get discounts, but you have to pay them every month. But you want to win and build while you develop your business. Just make sure to reimburse them. Don't sit on them.
03:25 President
Certainly. And so, should small business owners change their strategy with the economic uncertainty that they really have to navigate, and how does this strategy sometimes change?
03:43 Elizabeth Gore
Look, your strategy should change every quarter. I don't care what's going on in the world. You have to itter according to what your consumers do, their behavior, what the market does, what are the trends. And so yes, every quarter. Now, at the moment, I would be very aware of asking anything. Capital is expensive. So, really see if you can have money where it is, which is your own costs, lower them and increased growth by simply trying to sell, sell, sell is, I would be careful at the moment to ask a lot.
