Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.
On today’s agenda: some good news out of Milwaukee about minority entrepreneurs, followed by steps for recession-proofing your business, and finally, alarming statistics about on-the-job deaths for a certain type of worker. On that note, have a Happy Thursday!
Milwaukee accelerator program reflects positive gains for entrepreneurs of color
Last year, the African American Chamber of Commerce of Wisconsin launched a new accelerator program for minority entrepreneurs in the Milwaukee area. 31 of the 33 participants of the program so far have been African American women — the fastest growing demographic of entrepreneurs in the country.
The Number: $9,000. The Rise Program awards African American entrepreneurs with $9,000 in capital as well as other types of in-kind services.
The Quote: “… the statistics reflect small business venture growth for a certain demographic across America.”
5 ideas for making your business recession proof
Earlier this week, we looked at how 44% of SBOs have done nothing to prepare for a recession. For business owners unsure how to even begin preparing, experts suggest a few changes that can go a long way toward preparing your company to weather tough times. For starters: trim the fat now and begin looking for places where you can cut costs instead of waiting until it’s do or die. Goodbye fancy coffee in the breakroom …
The Number: 30. Business advisors recommend cutting down the timeline for getting paid during tough economic times. Instead of giving clients 30 or even 90 days to pay, offer a small discount for people willing to pay upfront.
The Quote: “There’s some things you can do that are just going to be good no matter what. And some are very specifically helpful in a recessionary environment.”
Gig workers account for 1 in 8 on-the-job deaths
The Bureau of Labor Statistics published statistics recently indicating that being a gig worker could be hazardous to your health. According to the BLS numbers, during the 2-year period under review, gig workers accounted for 1 out of 8 deaths in the workplace. Out of the 1,275 deaths of independent workers, 173 were tractor-trailer truck driver fatalities and just over a quarter were among workers between the ages of 55 and 64.
The Number: 12.3%. In 2016 and 2017, independent contractors accounted for 12.3% of worker fatalities. Slip and fall injuries comprised 26.4% of these fatalities.
The Quote: “Independent workers are considered … to be an at-risk group because of their fluid employment situation, which potentially puts them at greater risk for poorer workplace safety and health outcomes.”