In recent years, small businesses have relied on the Benjamins from banks for financial growth. Now that gravy train is hitting the brakes.
Amid concern over a slowing economy and the banking crisis that began in March, lenders have grown pickier and pickier about who gets their money for expansion. Half of banks have tightened lending to small businesses over the last three months, according to the Federal Reserve. And for companies that do finagle some financing, they’re paying median interest rates of 7.44%. That represents a huge increase from 3.42% a year ago.
So, how can business owners ensure they don’t get a stack of rejection letters from funding sources? One hack is to improve cash flow to make your business more attractive to lenders. Instead of a bank loan, small businesses can also go for a low-interest SBA loan or alternative lender online.
The gravy train may be slowing, but that doesn’t mean your business should fly off the tracks.
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How Pickleball Became a Billion-Dollar Industry
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Whether it was an HR executive pushing a team-building exercise at your company or an uncle with a new hobby to showcase at a family reunion, someone has likely asked you to play pickleball over the past year. Much like dodgeball, the tennis-ping-pong hybrid has emerged as the newest sport for people who aren’t necessarily athletic, but want to socialize while getting a boost of endorphins either way.
But they aren’t alone. An estimated 36.5 million people played pickleball between August 2021 and August 2022, up from a previously projected 4.8 million players. After hiding in relative obscurity since it was created as a recreational activity for children back in 1965, pickleball has become more than a silly sport — it’s now a billion-dollar industry.
Now everyone from LeBron James and Tom Brady to Anheuser-Busch and Skechers wants to get in on the Gherkin game.
But How Did The Pickleball Boom Start?
Although the numbers don’t lie, they do serve up the question: Why pickleball? In this case, the simplest explanation may be the most accurate. Pickleball has a low barrier to entry — playing casually for fun can cost less than $30. Plus, a more serious investment in equipment, league memberships, and tournaments is still more affordable than a lot of recreation commitments and is generally on par with a gym membership.
“Once you start playing, you see just how inclusive it is,” Sara Wright, co-founder of pickleball retailer F2 Sports, explains. Kids and active older people can participate in the competitive yet low-impact exercise, and all it takes is a paddle and some tape on a driveway to get started.
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What’s the Next Pickleball?
Now entrepreneurs like Wright are trying to squeeze as much pickle juice as possible from the trend before it potentially dies out. Likewise, game enthusiasts Scott Brown and Tim Swindle are attempting to tap into this success with new outdoor games like PaddleSmash.
Originally invented by Utah-based structural engineer Joe Bingham, a father of seven, PaddleSmash answers the question many parents have asked themselves: How do you play pickleball when you don’t have enough space for a pickleball court?
By combining pickleball with elements of spikeball and using a foldable plastic court, PaddleSmash was brought to market in the fall of 2022, after Brown and Swindle licensed it from Bingham. “One of the reasons we’re really attracted to this space is that it is so new that there are unique opportunities in the pickleball world right now,” Brown says.
That’s why they’re trying to catch lightning in a bottle again — or at least a pickle in a jar.
Learn more about Brown and Swindle’s entrepreneurial development of PaddleSmash.
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Work It Out: Your Mindset Is a Muscle
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The C-Note series is presented with our partners at Silver Lining, offering tips on what it takes to launch, run, and grow a successful business.
A small business owner with a strong and healthy mindset holds the key to unlocking their enterprise’s true potential. Just as improving your physical fitness requires dedication, focus, and perseverance, becoming a strong-minded business owner requires embracing similar practices for staying clear, positive, and driven. Let us explore how adopting a healthy mindset can pave the way to sustainable success, where every step is guided by confidence, alignment, preparedness, and above all, the joy of the entrepreneurial journey.
Embracing the Momentum
While physical exercise releases endorphins and boosts your mood, the work of developing a strong mindset similarly brings about positive feelings. Create a motivational playlist and listen to it while you write those emails to your referrals list. Pick up a book exploring the influence positive self-talk can have on hitting your sales goals, or follow a podcast by your favorite inspirational entrepreneur. Embrace what empowers you to be the audacious small business owner you were born to be!
Activating Your Core
In the personal development sub-genre of the small business industry, numerous resources and self-proclaimed experts are available for guidance. When seeking tools to strengthen your mindset, focus on these CORE aspects:
C – Confidence: Believe in yourself and your ability to realize your dreams.
O – Oneness: Strive for alignment between your beliefs and actions.
R – Readiness: Be prepared to say YES to aligned opportunities and NO to distractions.
E – Enjoyment: Joy is a powerful indicator of alignment and effectiveness. When all else fails, find the fun!
Consistency Is Key
A strong body doesn’t materialize after a single workout session, and a robust mindset doesn’t develop overnight. In fact, nurturing and sustaining a healthy mindset is an ongoing process of practicing habitual behaviors that result in hitting more business goals and building self-efficacy. By consistently reinforcing your positive attitude, enhancing your self-talk, and boosting your confidence, your mindset will support you as you cultivate a profitable and sustainable small business.
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Secret Sauce Spills the (Sweet) Tea on A&E
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Raising Cane’s founder, CEO and self-described fry cook and cashier Todd Graves takes pride in transforming his terrible business class grades, a 90-hour weekly boilermaker gig, and a modest SRA loan into over $1.5 billion in annual revenue.
While Raising Cane’s beloved sauce remains a secret, Graves’ startup sauce had two ingredients: something to prove to himself and a focus on doing one thing (chicken fingers) exceptionally well. Now, Graves wants to explore the secret sauces, so to speak, of entrepreneurs and leaders across the U.S. until the sweet tea is thoroughly spilled.
Since its debut in early March, the first episodes of A&E’s Secret Sauce with Todd Graves have revealed the sparks that propelled diverse leaders across the finish line by way of casual, enthusiastic interviews conducted by Graves himself. Shaq’s sauce? A refusal to give up. Nelly’s? Insistence on staying true to your roots. The owners of a beloved local donut shop? A need for redemption.
In mini-docs as snackable as a three-finger combo, Graves assures viewers that sometimes, it’s OK for business to be personal. And sometimes, the best side dish is a little bit of sweet startup inspiration.
Need a dose of motivation? Check out these inspirational quotes from influential CEOs.
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Written by Lauren Vino and Courtney Napier.
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