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Small Business Updates You Need to Succeed in 2024

Thank you to CO–U.S. Chamber of Commerce – Midnight Oil for providing the content on Small Business Updates You Need to Succeed in 2024

CO by U.S. Chamber of Commerce

MIDNIGHT OIL
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RESOURCES & TIPS

Get tips for starting, running, and growing a Black-owned business in 2024..

ICYMI: A 2024 Small Business Update
At last week’s Small Business Update, U.S. Chamber of Commerce EVP and Chief Policy Officer Neil Bradley discussed small businesses’ top challenges and tangible strategies they can implement to succeed in 2024. Check out the full recap for everything you may have missed.
Resources to grow your Black-owned business
One way to address opportunity gaps is by providing Black business owners with guidance and funding opportunities. Check out these 22 agencies, media outlets, programs, and organizations that support Black entrepreneurs.
Full-time vs. independent contractors, explained
Confused about the difference between full-time employees and independent contractors? With a new Department of Labor regulation causing uncertainty for small business owners, U.S. Chamber experts weigh in to clarify this issue.
QUOTABLE MOMENT
“If you approach 100 people for seed capital, 99 of them may say no. You just need that one.”
— Dr. William Pickard, Chairman of the Global Automotive Alliance, shares advice for Black entrepreneurs looking for funding
SPONSORED CONTENT FROM COLUMBIA LAW SCHOOL

Learn how to legally protect your business using theswe tips from Columbia Law School.

New year, new knowledge:

Learn how to legally protect your business

Are you ready to unlock the potential of your entrepreneurial journey? Start your business strong with Columbia Law School’s Legal Toolkit for Starting and Scaling Your Business, developed for entrepreneurs like you who want to manage and protect their businesses. Confidently navigate the legal obstacles of small business ownership and learn how you can protect your business in the year ahead.
BLACK-OWNED BUSINESS SPOTLIGHT

Boston Consulting Group's Kedra Newsom Reeves shares social impact best practices for businesses.

Kedra Newsom Reeves, Partner and Managing Director at Boston Consulting Group
Craft a meaningful social impact strategy with these best practices
Kedra Newsom Reeves, Partner and Managing Director at Boston Consulting Group, is determined to help businesses and organizations create meaningful change. According to Newsom-Reeves, economic inequality and lack of community investment are significant challenges, and businesses serious about generating social impact should consider implementing these best practices:

1) Appoint a C-level officer for social impact and diversity initiatives.2) Understand who your employees are and what they need.3) Assess inclusion standards in both the internal and external landscapes.4) Focus on profitability and scale while driving positive social impact.5) Measure your progress by tracking practical KPIs.

Learn more about Kedra Newsom Reeves’ social impact best practices on CO—.

BY THE NUMBERS

58M

That’s how many Americans classify themselves as independent workers, and misclassifying W-2 employees as independent contractors can lead to severe penalties. Use these tips to understand tax differences and learn how to classify self-employed contractors with the IRS.

99.9%

Small businesses make up the majority of companies in the U.S. Still, even smaller organizations (called micro businesses) are crucial for driving the economy. Discover the differences between small and micro businesses and get practical tips for starting and running a successful compact business.

6

Effective recruitment strategies can help your small business stand out from competitors and attract top talent. Showcase growth opportunities and implement these six strategies to make your business shine.

A MESSAGE FROM GUSTO

Discover how to hire and pay independent contractors with the help of our friends at Gusto.

How to Hire and Pay Independent Contractors
Growing your business? Gusto’s all-in-one payroll and benefits platform allows you to hire, pay, and manage your team—no matter where they work. We’ll help you every step of the way.

GRANTS & AWARDS
The Sage “Invest in Progress” Grant Program will provide over $1.5 million to support Black women entrepreneurs in breaking down barriers and building scalable, growth-focused businesses. Applications for the fund are open until February 23.

Skip Monthly Grants offer $1,000 to U.S.-based small business owners and entrepreneurs. To be considered, you must have a Skip account and add the monthly grant to your Funding Assistant, as well as be subscribed to Skip’s YouTube channel. The deadline to apply is February 26.

The FedEx Small Business Grant is set to award over $230,000 in grants and services to 10 U.S.-based small businesses. One grand prize winner will receive $50,000 and nine additional recipients will be granted $20,000 — along with various perks, including print credit, consultation services, and more. Applications open March 1 and close April 1.

The National Black Business Pitch competition aims to connect Black-owned businesses with corporations looking to diversify their supply chain by opening doors and fostering long-term relationships that can lead to sustainable contracts. Thirty finalists will pitch to corporate procurement and supplier diversity professionals, with three companies receiving cash prizes of up to $10,000 to promote business growth and opportunity. Applications are due by June 3.

The Accion Opportunity Fund grants small business loans ranging from $5,000-$250,000, along with educational resources, coaching, and support networks in both English and Spanish. This program offers mentorship programs, microloans, and a hubzone program for small business owners’ financial needs.

More grant & program information can be found here.

Consider beoming a small business member of the U.S. Chamber of Commerce.

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