Estimated read time: 2-3 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
SALT LAKE CITY -- Recent studies show that small business owners across the country are not quite as optimistic as they had been, but there are some positive signs on the horizon.
During September, the National Federation of Independent Business index of owner optimism dropped 0.1 to 92.8. To put this in perspective, the monthly index has only dropped below 93 56 times since they began taking the surveys in 1986. Weak sales and slow job creation are some of the reasons behind the dip in optimism.
Small Business Administration officials say things don't appear to be so bad in Utah, though. Last year, they approved many loans to help get businesses off the ground.
Small Business Administration District director Stan Nakano said, "We approved 1,377 loans for over $350 million."
He says one key is to make sure business owners have access to what he calls "the three C's: capital, contracting and counseling."
He says they have counseling centers scattered throughout the state to keep employers feeling optimistic.
"They can go to one of these resource partners and they can help them develop a business plan and kind of a road map to help them try to get their companies launched and become successful."
Nakano says the key is to have a proper plan. The old adage of, "If you fail to plan, you plan to fail" rings true. But, the plan has to be a long-term one. He says two-thirds of small businesses are likely to survive two years, but only about half will stay successful for four years, and only one-third will last for six years.
"We think that by doing their homework, reaching out to us to help them and counsel them, we can help increase those odds for them," Nakano said.
Of course, there are some people who have a business idea, but they haven't thought it through.
"We will try to at least coach them and advise them and give them some things to think about before they go for it," he said.
