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Small Business Rundown: Tips to Grow Your Small Business

August 2, 2023

NFIB podcast features small business owner to discuss expansion

Small Business Rundown: Tips to Grow Your Small Business

“On the finance side, with the [federal government] raising interest rates and some of the credit tightening that’s happening, we thought offering some helpful tips on that end would be a great way to package a toolkit for small business owners,” explained NFIB Research Center Executive Director Holly Wade in the latest episode of the Small Business Rundown. NFIB member Laura Lucia of Lucia Specialized Hauling also joined the podcast to discuss ways to grow your small business. Laura is planning an expansion to open a new location in North Carolina. Her small business has outgrown its space and is forced to turn some work away, so for Laura, the expansion was necessary, even with a tight labor market that could affect hiring. “We have a lack of truck drivers. Keeping the good employees that you have is one thing that really helps. We also have truck drivers and a good crew right now in our warehouse facility. They work really well together. Word of mouth is how we’ve gotten a lot of them.” Lucia Specialized Hauling also offers a flexible work environment, which many employees appreciate. Throughout the expansion plans, Laura knows how essential the employees they already have are, so she emphasized the importance of keeping them informed throughout the process. “As we’re transitioning to this new facility, we’re keeping everyone abreast of what’s going on. Two of our employees are really excited because it’s a great school district down there, and one of them has already bought a house and moved down there. Everyone is really excited about it.” When discussing details about securing a loan, Laura shared, “Know your banker because financing is the biggest part of it and for someone that’s in a new business, get your line of credit early, when things are good. Don’t wait until the economy goes bad. Keep that in your back pocket. It’s a handy tool when things do change occasionally. Also, definitely look into some of these government websites, they’re all extremely helpful.” The webinar “Toolkit Essentials to Grow Your Small Business” is available to watch on-demand. For Legal or Research Center questions email info@nfib.org.

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