Residents of Chicago are likely aware of what a difficult economy means to their household budget. Over the course of the past few years people have held off on taking vacations or making larger purchases due to the state of the nation's economy. Businesses of all sizes took similar measures to try to keep from going under. For small businesses that made it through the last few years, there may be a light at the end of the tunnel. A recent report determined that businesses of this size have shifted gears from trying to stay afloat to growing.
Continue reading Chicago small businesses poised for growth?
In previous posts we have written about larger businesses relocating headquarters to the Chicago area. While there are likely many reasons behind the decision, clearly such a move is advantageous to the business or such a huge undertaking would not be taken on. As it turns out, some small businesses are finding the Chicago area to be a good business climate as well. A pet hotel currently based in another Midwest state is looking to expand into Vernon Hill.
Continue reading Chicago area appealing to smaller business expansions
Throughout the nation, including the state of Illinois, many individuals like to sit down, turn on a movie and eat popcorn and licorice. For many, the licorice of choice is Red Vines. In addition to the red version, the manufacturer also produces a black version. A major ingredient to the black version is refiners syrup, also known as molasses.
Unfortunately it was discovered last summer that black licorice sold under the Red Vines label was actually contaminated with lead. The treat was recalled throughout the country and pulled from store shelves. A breach of contract lawsuit was filed after it was determined that the unhealthy levels of lead were due to the molasses used in the manufacture of the candy.
Continue reading Lead in molasses prompts contract dispute
It's no secret that individuals who run the city of Chicago and state of Illinois are doing what they can to make the locations appealing to businesses of all sizes and at various stages in development. They are not the only areas in the nation doing this. In an effort to make it easier for businesses to decide the best location various organizations create rankings regarding the business climates of various states. One of the things taken into consideration is each state's business tax situation.
Continue reading Study finds state business climate rankings not consistent
Anyone who is in the business world, or considering starting a small business, knows that there are many things that need to be addressed for the business to be successful. Completing the business formation stage is just the beginning. For example, a business cannot succeed without a steady supply of customers.
Bringing these customers in can be an expensive proposition that leaves many small businesses wondering where to turn. In today's world, much of the advertising businesses do is online and involves websites and social media. Recognizing this is an issue for many small businesses in Chicago, the Chicago Tribune Media Group is stepping up with possible solutions.
Continue reading Marketing solutions for small businesses in Chicago expanding
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There are many small businesses based throughout the Chicago metro area. While of course not all of them make it, never really getting off the ground, others thrive. Those that thrive will go through a variety of stages as they grow, and some reach a point where selling is a possible option. Over the course of the past few years that market had been depressed which likely meant many businesses did not go in that direction.
In what can only be considered good news for small business owners in the Chicago area, the market for selling such businesses appears to be re bounding. BizBuySell.com indicates that the median sale price for small businesses in the region increased by a total of $119,000, to $269,000 over the course of the last year. This significant increase brings the sale price to its highest point since the first quarter of 2009. At that point in time the median price was $325,000.
Many residents of the Chicago area have the entrepreneurial spirit. Unfortunately, that spirit can be dampened when circumstances prevent those individuals from securing the financing needed to get a business off the ground. Recognizing this is an issue for many, the city of Chicago is taking steps to help certain individuals in that regard via crowd funding using the website Kickstarter. Called Seed Chicago, the initiative is being conducted by World Business Chicago.
A total of 11 community organizations or small businesses have been selected to be included on a Kickstarter webpage that Seed Chicago has created. To receive any funding via this method, the entire amount each is seeking must be collected. The program will run into mid-May.
Continue reading 11 businesses selected for Seed Chicago initiative
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An employee's departure from his or her job could create employment restrictions in the future. In an effort to protect a business' intellectual property and other business-related secrets, many companies utilize non-compete contracts.
Generally, a non-compete agreement is a promise by an employee not to compete with his or her employer for a specific period of time. The contract creates safeguards for a section of time after an employee leaves employment with a particular employer. Such agreements limit what a former employee may practice and where he or she may do so. The agreements are often integrated into an employment contract; yet, in some states, the law requires that they be documented in a separate agreement.
It is fairly well known throughout the Chicago area that Mayor Rahm Emanuel has been doing what he can to bring new businesses into the city. As a part of that initiative, the city has done things to make itself appealing to startups and closely held businesses. As it turns out, these businesses are not the only ones finding Chicago appealing.
Recently, it was announced that mining business Coeur d'Alene Mines Corp. is planning on moving from its current home of Idaho, to Chicago. While there were likely many things that influenced the business to make the move, the income tax credits recently announced by the Illinois Department of Commerce and Economic Opportunity were probably a large part of it. Other factors could be the experienced workers living in the area, the city's economy and the transportation infrastructure it boasts. Illinois' governor reportedly actively recruited the business to make the move.
This time of year income taxes are on the minds of many individuals throughout the Chicago area. As individuals make their appointments to have their taxes done, or in the alternative, complete them on their own, legislators in the nation's capital are thinking about taxes associated with small businesses. Rewriting the current tax code that affects small businesses is on the agenda of some. A plan is expected to be released by a representative from a neighboring state.
Continue reading Legislation regarding small business taxes expected
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