Zipdo, the No. 1 app for note-taking, forecasts substantial growth in the North American doughnut market, predicting it to soar to an impressive $9.7 billion by 2026. In our most recent installment of The Small Business Show, we are delighted to host Kamal Grant, the innovative Founder and Owner of Sublime Doughnut, who brings a wealth of expertise and insights to the thriving doughnut industry.

Grant’s passion for baking began when he joined the Navy. Later, he studied at the Culinary Institute of America in New York and started creating unique recipes. He is now the visionary force behind the innovative doughnut and bakeshop concept of Sublime Brands, embodying a profound passion for spreading joy through his culinary artistry.

Key Takeaways 

1. Over the last 15 years, Grant has embraced his entrepreneurial journey with the exceptional launch of Sublime doughnuts. At the Atlanta-based doughnut store, Grant has compiled 30 distinctive flavors, all transcending the buyer. 

2. In his quest for further success, Grant remembered an old-school cookie his grandmother used to make for him. A version of the Keebler Magic Middles brand had launched the shortbread cookie flavor, which became famous in a 1989 commercial. The brand followed it up with chocolate chip and peanut butter varieties in 1990. 

3. To extend his brand’s reach, Grant decided to rebrand the expired Magic Middles trademark and launch his own version of the cookie. Nevertheless, reintroducing a product to the market is a significant undertaking that requires a substantial amount of capital to cover labor, licensing, manufacturing, shipping, and other expenses related to restocking cookies.

4. Grant’s commitment to social impact shines through in his decision to allocate a portion of the proceeds from Magic Middles cookie sales to C.A.R.E. He firmly believes in the transformative power of empowering women to break the cycle of poverty, recognizing that such support can uplift whole communities. 

5. Ultimately, his dedication stems from a deep appreciation for the support women have provided him throughout his life, and he aims to reciprocate that support by leveraging his products to make a meaningful difference in women’s lives worldwide.

"Success ultimately comes to bringing high-quality products with unique variety" – Kamal Grant

On February 5, 2024, Fiserv, a leading provider of payments and financial services technology, published a study that analyzed the performance of small companies at national, state, and industry levels. The research also presents an optimistic outlook for the coming year.

At 138, the Fiserv Small Business Index remained stable, suggesting a steady level of consumer spending. The modest 0.1% month-over-month sales rise, and the more noteworthy 1.7% year-over-year growth both reflect this consistency. 

Even if this growth has slowed down a little from the 2.6% increase seen in December 2023, the numbers still show strong demand for consumer products and services.

Fiserv Chief Data Officer Prasanna Dhore noted that “small businesses maintained steady sales in January,” highlighting the resilience of small enterprises in the face of harsh weather conditions nationwide. Specifically, the retail industry demonstrated its strength, surpassing the small company category as a whole, with growth driven by consumer spending on building supplies, personal care products, and general merchandise.

However, not all industries performed similarly. The food services and drinking places subsector suffered a reduction, with the January index falling to 122, a five-point decrease from December. This industry experienced a -1.9% year-over-year decline and a -4.1% month-over-month decline in sales, which was an indicative shift in consumer purchasing patterns following the holidays.

Results from the Professional, Scientific, and Technical Services and Specialty Trade Contractors subsectors were inconsistent. While the latter saw a strong year-over-year sales increase of 6.0%, with a January index of 148, the former saw a slight month-over-month sales decline of 0.5%, ending at a January index of 145.

"Success ultimately comes to bringing high-quality products with unique variety" – Kamal Grant

Please welcome Jamila Souffrant, an accomplished author, award-winning podcaster, and the Founder and CEO of Journey To Launch. Her insights have been showcased on Good Morning America, The New York Times, and Money Magazine. In today’s episode of The Small Business Show, we delve into Souffrant’s latest book, “Your Journey to Financial Freedom: A Step-by-Step Guide to Achieving Wealth and Happiness.”

Souffrant’s journey began as a quest for self-discovery. Craving more freedom in her life, she found herself trapped in a job she didn’t love, detested the daily commute, and despite making it work, she wasn’t happy. This led her down the rabbit hole of financial freedom, prompting her to launch a podcast, take the bold step of leaving her job for early retirement, and ultimately emerge as a highly regarded author.

Key Takeaways 

1. The Journey to Launch Podcast is all about celebrating the journey to financial freedom rather than just the destination of accumulating wealth. The host, Souffrant, shares strategies and tips to help people pay off debt and invest wisely, as well as discussing mindsets and how entrepreneurs can make their journey more enjoyable. 

2. It can be overwhelming for those who are just starting out on the path to financial freedom. Hence, the book covers the five stages of economic freedom, helping entrepreneurs identify where they are in their journey. The first stage is the Explorer stage, which helps people become financially stable. The second stage is the Cadet stage, where entrepreneurs work on becoming consumer debt-free. 

3. The third stage is the Aviator stage, which focuses on achieving financial security. The fourth stage is the Commander stage, which aims to reach a level of work flexibility. Finally, the fifth stage is the Captain stage, representing complete financial independence. 

4. Souffrant emphasizes that it’s essential for entrepreneurs to understand where they are in life and that there’s no shame in any stage. Each stage represents an opportunity to achieve financial freedom. 

5. While focusing on the external aspects of financial independence is necessary, the journey ultimately starts within. Entrepreneurs must ensure their desires align with the calculated risks required to achieve their financial goals.

"Success ultimately comes to bringing high-quality products with unique variety" – Kamal Grant

Amid this economic pressure, small business owners have adjusted their future expectations. The outlook for improved sales over the next three months has dimmed, with expectations falling to -16%, a decline from -4% in the previous month. This change reflects the impact of ongoing inflation and high labor costs. These have been top concerns for 20% of respondents.

Inflation also remains a concern. January’s inflation rate was 3.1%, surprising investors and suggesting the Fed is still working to curb inflation. Additionally, funding challenges have emerged as a big issue for some business owners. 5% cite it as their biggest hurdle. The impact of the Federal Reserve’s interest rate hikes over the past two years is evident. Many small businesses are grappling with higher debt costs as well.

NFIB Chief Economist Bill Dunkelberg states, “Small business owners continue to make appropriate business adjustments in response to their ongoing economic challenges. In January, optimism among small business owners dropped as inflation remains a key obstacle on Main Street.”

Yet, the broader economic landscape offers a glimmer of optimism. Consumer confidence has risen for the third consecutive month. It reached 114.8 in January, up from 108 in December. This rise suggests a potential uptick in consumer spending, which could boost sales for small businesses.

Small businesses face a tough economy with many challenges. But, their adaptability and rising consumer confidence show a strong outlook. By adjusting their strategies in response to these headwinds, small businesses demonstrate their resilience.

"Success ultimately comes to bringing high-quality products with unique variety" – Kamal Grant

Welcome to another exclusive edition of The Roadmap, brought to you by ASBN, where your host, Lee Heisman, takes you on a journey through the strategies and experiences of the brightest CEOs and entrepreneurs worldwide who have successfully scaled and exited their businesses. In this episode, we have the privilege of hearing from David Dixon, the visionary founder of NAI Brannen Goddard, who shares insights on the crucial elements real estate agents need to focus on.

Key Takeaways

1. Networking is the most crucial aspect required in any business. According to Dixon, “If you lose that skill, then you lose the ability to succeed in your business.”

2. As a real estate expert, Dixon believes real estate differs between regions. For example, Dixon started in the Atlanta area, but as his clients’ needs grew, he expanded his deals to almost 40 out of 50 states. This also suggests that real estate differs based on factors such as how well-funded the landlords are, the leasing cost, and property tax. There are several different variables that one needs to consider while deciding which market to work in.

3. Currently, the hottest markets are Charlotte, South Carolina, and Houston/Dallas, Texas, while Atlanta, Georgia, has also grown exponentially in the last five years. However, Dixon encourages commercial and seasonal agents in the market to be in the business for at least ten years before considering a purchase. He suggests, “Once your business is established for ten years, you will need those financials to get the best deal.”

4. Dixon advises young professionals to be prepared to work hard. He believes there are no safety nets, salaries, or benefits “in our world.” Therefore, one must treat the initial years of the business like medical school, where one may not see immediate rewards. Dixon also recommends building some savings to support oneself during the initial years of real estate. For experienced professionals, it is more about choosing the industry they want to work in and becoming an expert. 

5. In 2024, the country will have the highest amount of commercial debt that is due, and thanks to the impact of COVID, the major tenants are not renewing their spaces. However, looking ahead, Dixon is interested in exploring teaching opportunities, either by serving on a commercial board or as a speaker, to develop educational content that helps people succeed in the real estate industry.

If you want more information, contact Dixson at (678) 789-1617 or email him at DDixon@naibg.com.

"Success ultimately comes to bringing high-quality products with unique variety" – Kamal Grant

In commemoration of Black History Month, the Small Business Administration (SBA) takes great pride in celebrating the remarkable journey of a Black-owned small business that has flourished through the invaluable support of the SBA’s 8(a) Business Development Program. On today’s episode of the SBA Update, we are honored to have Vickey Evans, the esteemed President and CEO of the CORG Management Group, and Allen Thomas, the distinguished Regional Administrator of the SBA, join us. 

CORG Management Group was established in 2008 after Evans spent 15 years in corporate America. CORG is a construction facility and maintenance company primarily located in Columbia, South Carolina, but touches all across the southeastern region. 

Key Takeaways 

1. The SBA 8(a) program is an excellent initiative to highlight during Black History Month. Apart from all of their other programs, the 8(a) program creates an equal playing field for historically economically disadvantaged populations in the country. The program was designed and developed to establish opportunities for government contracting for all. It creates generational wealth opportunities for populations of color who have historically been excluded.

2. Thomas noted that during World War II, large companies had access to all of the contracts, and every year, the federal government has nearly $600 billion in government contracts. However, through the SBA, they ensure that 23% of government contracts are reserved for small businesses.

3. Over the past several decades, the program has served as a trustworthy business development platform. Since enrolling in the program, Evans, for example, has been educated about the assets of her business she wasn’t confident in, such as marketing, joint ventures, and sub-contracting. Furthermore, Evan notes that the application process can be tedious, but it won’t take as long if all your books are in order. For example, it only took Evans six months to be approved for her loan.

4. Thomas highlights some additional criteria of the loan application process, including prior work experience in 8(a) firms and the majority ownership of minority or equally disadvantaged segmentation. To learn more about those specifications, you can visit SBA.gov. Individuals must also have had a business operational for at least two taxable years.

5. The program is a nine-year program that allows businesses to have opportunities to learn, grow, and mentor those further down the economic chain. For example, Evans has received several 8(a) awards, including a construction build project, a multimillion-dollar contract; in Puerto Rico, they have a construction five-year $25 million contract, and then the most recent contract was the ten-year $80 million contract. “So being in this program has helped us move along and receive these additional contracts,” Evan says.

"Success ultimately comes to bringing high-quality products with unique variety" – Kamal Grant

Grant applications close September 13, 2024, 2024 by 8 P.M ET.

This season will mark the program’s largest grant cohort to date, with $1,500,000 in financial grants to 150 current small company owners and $1,500,000 in goods and services to 3,000 aspiring entrepreneurs in need of startup assistance provided by LegalZoom.

Despite the resilience of small businesses in the face of inflation, bank failures, and general volatility, initiatives like Fast Break for Small Business will offer extra financial and educational support that stimulates the local economy and creates jobs.

NBA Champion and two-time MVP Giannis Antetokounmpo has teamed up with LegalZoom to support Fast Break for Small Business and give back to the small business community following the announcement of his own small business, Improbable Media. The company plans to debut a new TV ad featuring Giannis and two-time WNBA champion Kelsey Plum in March. The ad is set to run throughout the NBA and WNBA seasons

Antetokounmpo asserts, “I didn’t have the financial background or support that’s important when you’re building a business early in my own journey.” He added, “I want to make the kinds of business opportunities and knowledge available to others who are just starting so they can succeed.”

Fast Break for Small Business has given $1,500,000 to 150 small business owners since its inception in 2021 and provided approximately 4,000 small business owners free access to LegalZoom services. Entrepreneurs from 48 states, including the District of Columbia, have benefited from the program. Of the grantees, 92% are people of color, 60% are female-owned, and 72% operate in NBA, WNBA, or G League markets.

"Success ultimately comes to bringing high-quality products with unique variety" – Kamal Grant

Paul Sarvadi, Author, Chairman, and CEO at Insperity, joins us on the latest episode of The Small Business Show. We are also joined by Dr. Eli Jones, Author, Independent Director at Insperity, And Professor at Texas A&M University. 

As co-authors, Dr. Jones and Sarvadi developed a book, Making Differences Work, roughly two years ago based on observing what is occurring in our society, emphasizing the workplace. The book examines how leaders fully engage with their employees. 

Key Takeaways

1. Dr. Jones and Sarvadi’s book, Making Difference Work, focuses on creating a collaborative culture within organizations by driving significant outcomes through sensible longing. He also notes how the co-authors emphasize team innovation and the importance of values alignment to ensure that employees believe in the company’s values. 

2. The book examines the effectiveness of diversity, equity, and inclusion (DEI) programs, building commonality, equality, and cohesiveness. Additionally, it discovers how employers can create a culture that excites employees to work together. Overall, the book encourages organizations to prioritize employee engagement and team innovation for success.

3. In response to the murder of George Floyd and its effects within his own organization, Sarvadi took extensive measures to reevaluate the DEI programs within his staff. With the help of Dr. Jones, they were able to implement and improve any faulty areas within Insperity. 

4. Dr. Jones believes that “It makes sense for Insperity to lead the way in DEI because of the culture they built behind the organization.” Insperity goes beyond the DEI program space by building a people-centric culture. The organization is set up to work with small-to-medium-sized businesses with an HR solution. 

5. The reality of the DEI in the workplace falls to the DEI movement that originated from the unified objectives that were really necessary but became checkmarks and energy drains as it centered more around liability management. Therefore, Sarvadi emphasizes the importance of the values and worth of each person in the workplace.

"Success ultimately comes to bringing high-quality products with unique variety" – Kamal Grant

On today’s episode of The Small Business Show, we are joined by Jay Baer, an author, advisor, Hall of Fame keynote speaker, and customer experience researcher. ASBN anchor Shyann Malone joins Baer to discuss how businesses can utilize “Talk Triggers” to their advantage.

What are Talk Triggers? Well, according to Baer, this concept refers to the popular phrase, “Word of Mouth will help organizations attract and keep customers.” However, Word of Mouth is dynamically more important than people realize; some forms influence more than 50% of purchases. Despite this, many businesses lack an actual Word of Mouth strategy.

Key Takeaways 

1. By Baer’s definition, Talk Triggers are a strategic, proactive system designed to create conversations among customers. The first step to implementing a strategy is to understand that what’s average is ignored, and what’s different is discussed. Therefore, businesses must identify something customers don’t expect, which makes sense contextually regarding who they are and what they’re about.

2. For example, a hamburger restaurant in Sacramento, California, has spent $0 on advertising, yet they have a line out the door daily. At this restaurant, every customer has a chance to order food and select a card out of a 52-card deck. If that customer selects the Joker, then their whole meal is free. The restaurant typically has four winners a day. 

3. Oftentimes, most organizations don’t lean into what makes them different enough. Yes, more businesses have impeccable customer service, but every business strives for that level of success. So, Baer suggests companies’ talk triggers must be repeatable. 

4. Small businesses can implement talk triggers faster than larger businesses because they can tweak operations faster. Baer also advises entrepreneurs to understand the four truths of talk triggers in order for them to work, along with the five types of triggers described in his book Talk Triggers: The Complete Guide to Creating Customers with Word of Mouth. 

5. Businesses should take Word of Mouth seriously, as it has a massive impact on customer acquisition and retention. Yet, fewer than 1% of companies have a Word of Mouth strategy, presenting a massive opportunity for those who do.

"Success ultimately comes to bringing high-quality products with unique variety" – Kamal Grant

This week, on ASBN Small Business News, anchor Shyann Malone brings you up to date with the latest tools and resources now available for small to medium-sized businesses.

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"Success ultimately comes to bringing high-quality products with unique variety" – Kamal Grant