Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.
Today, a week in the life of a new small business owner in Austin, a summer fridays surge and potential help for the cannabis industry.
A fascinating breakdown from a small business owner in Austin, Texas, which has experienced crazy growth in recent years. How does she make it on $50,000 a year? Cheap tacos are involved.
The Number: $0. This small business owner is making it work with tight expenses, but is currently not putting away any savings.
The Quote: “I’ve been waiting for this moment for three years! I tell my boss that I’m putting in my notice of resignation at my part-time job.”
Put in the perks that work column. Summer fridays — the policy where a business lets employees have three-day weekends through the summer — is seeing a spike. According to a new survey, 55% of US companies have instituted summer friday policies in 2019.
The Number: 44%. Last year, 44% of the companies surveyed had summer friday policies in place.
The Quote: “I think time off — and specifically, time that you’re not supposed to be thinking about work — is the best way to combat burnout.”
US House Small Business Committee Chairwoman Nydia Velázquez introduced a bill that would prohibit the Small Business Administration from declining its programs to the cannabis industry. The legislation would allow certain cannabis businesses to participate in the agency’s lending programs.
The Number: 44%. The number of jobs in the cannabis industry nationally grew by 44% in 2018.
The Quote: “By improving access to capital, this legislation will also help level the playing field for entrepreneurs from communities of color and others disproportionately impacted by the failed policies of prohibition seeking to enter the legal cannabis industry.”