Taking the plunge: How to know when to make your side hustle your full-time gig
No entrepreneur is likely to receive a sign from the universe—or from their accountant—that it’s all going to work out.
Small Business
Articles
Labor challenges, inflation stoke pessimism for small business
The National Federation of Independent Business’ “optimism index” in September was listed at 90.8, which is lower than the group’s 49-year average—98—for the 21st consecutive month.
U.S. small-business optimism drops on outlook for economy, credit
A National Federation of Independent Business index of sentiment fell to a four-month low in September.
IRS to pause taking claims for pandemic-era tax credit due to influx of fraudulent claims
The IRS has received 3.6 million claims for the credit over the course of the program. It said hundreds of criminal cases have been started and thousands of claims have been referred for audit.
Rising interest rates on credit cards are squeezing some small businesses
The average credit card interest rate charged by commercial banks was 20.1% at the end of the first quarter—the highest since the Federal Reserve began tracking this statistic in 1995. In comparison, that rate stood at 14.6% during the same period a year earlier.
Federal grant helps IEDC expand minority services to small businesses
The agency last year received $1.6 million from the federal Minority Business Development Agency and added $400,000 in matching funds.
State tool connects Hoosier entrepreneurs with resources
ConnectIND has a portal with information on everything from funding sources to coworking spaces to business incubators. It also has a network of 10 navigators being hired around the state to offer free guidance and support for the portal’s users.
Rising interest rates pinch small-business borrowers
The average prime rate, or the rate banks set as a reference for customer loans, was 4%. The prime rate has more than doubled since then, hitting 8.25% in May.
2023 Innovation Issue: Startup NanoBio Designs seeks to simplify genetic testing
A local small business is hoping to deploy technology in the coming years that could help seed producers and distributors more quickly determine the genetic makeup of their products.
2023 Innovation Issue: Inari aims to boost crop yields through unique gene-editing technology
From a base in West Lafayette at the Purdue Research Park, the company’s scientists are racing to create environmentally friendly, food-insecurity-fighting crops through special genetic technology.
Fishers firm turns old shipping containers into attainable housing
Cities around the country are beginning to look at container units to address homelessness and increase housing supply.
Small business owners feel growing credit crunch
Small businesses are seeing the already-tough process of getting business loans get even tougher. They say they’re getting rejected for loans or seeing more unfavorable terms, meaning some plans for expansion are being put on hold.
Patience helps build success for bacon, sausage maker
Zionsville native Mark LaFay founded Old Major in 2016, developing a hobbyist’s pursuit into a business that sells meat online, at farmers markets and to restaurants.
IBJ Podcast: He stitched handbags in his Irvington basement, and now it’s a $1M business
In conversation with podcast host Mason King, Howl & Hide’s Christian Resiak details the process of building the business from scratch and his grand plan to become a global brand.
Proposal could ax business personal property tax for thousands
The bill would raise the exemption that determines which companies must pay the tax. It would exempt companies that own machinery, equipment and other tangible goods that cost them, in total, less than $250,000. The current threshold is $80,000.
Small businesses to tackle long list of challenges in 2023
A looming recession, still high (although easing) inflation and labor woes are some of issues carrying over from 2022 that small businesses will have to tackle.
Podcasting is only the beginning for ‘Crime Junkie’ host Ashley Flowers
Flowers is eager to focus on new podcasting, publishing, and television and film opportunities . With four projects in the works for streaming platforms, the company plans to expand into filmed entertainment this year.
Inflation dampens otherwise bright small biz holiday season
Small retailers say this year is still far from “normal” because decades-high inflation is forcing them to raise prices and making shoppers rein in the uninhibited spending seen in 2021 when they were flush with pandemic aid or gains from the stock market.
Moon Drops Distillery ready to welcome customers in Fortville
On Dec. 8, the distiller will open a tasting room inside its 9,000-square-foot main building at 738 W. Broadway St.
Local accounting-tech firm Decimal acquires cloud-based bookkeeping business from KPMG
Decimal, a software-as-a-service firm based in Indianapolis, has acquired the cloud-based bookkeeping business formerly owned by Big Four accounting firm KPMG.