If you’ve ever been to the spectacle that is the annual Sturgis Motorcycle Rally, you know that it’s not your ordinary drive-in biker convention.  Imagine a trade show on steroids.  Tour de France without the tights, and a lot more noise.

A glimpse of event photos may leave you thinking that the granddaddy of all motorcycle rallies is only for the wildest of partiers.  No so.  In all likelihood, there are as many periodontists as parolees in attendance.  But those dentists know how to dress the part.

This year’s rally was held August 3-9, when nearly half a million motorcycle enthusiasts rumbled into far west central South Dakota for the six-day affair.  But there’s more to this story than chrome and tattoos.  According to the August issue of Entrepreneur magazine ,  the event generates a stunning $16.4 million in sales.  Which means sales of tee shirts and motorcycle boots morph into substantial economic stimulus for South Dakota.

Truth is, opportunities abounded for those who had shiny, sharp or cool items to sell to the target market.  Souvenir salespeople, knife vendors and even tattoo artists were a busy group.

Try these numbers on for size:
•    6.7 million pounds of ice delivered to the Black Hills area (the average temperature during the rally is 85 degrees)
•    $1.5 million in food and beverage sales
•    543 tons of garbage hauled away (those soda cups have to go somewhere)
•    $6.4 million in clothing and footwear sales
•    66 marriage licenses issued
•    $412,481 in tattoo sales

So the next time you hear of an event that sounds like it’s well-organized and a lot of fun, look beyond the obvious, to the business opportunities.  Next year, this legendary event marks its 70th anniversary and will be held on August 9 – 15, 2010.  Will you be among the enterprising entrepreneurs there?  For more information click here.

The future for small business owners is looking up!  For the first time since 2007, the majority of small businesses are optimistic about the near-term future.  According to the American Express OPEN® Small Business Monitor, a semi-annual survey of business owners, more than half (55%) of entrepreneurs have an optimistic outlook on near-term business prospects, up from 45% in March of this year.  Detailed research findings are available here.

But Not Many New Hires

Although small business optimism is on the upswing after hitting its all-time low a year ago, the American Express OPEN Small Business Monitor shows that business are not shifting to hiring mode. This fall, just under one quarter have plans to hire (23% vs. 28% this spring), which is the lowest reading in the history of the Monitor (falling below the fall 2002 recession level of 26%), and plans for capital investments equal the record setting low from Spring 2009 (42%).

Three Guidelines for Entrepreneurs

The finding show that owners are focusing on the basics, when it comes to managing their companies through these tough times.  Here are their three guidelines:
Concentrating on current customers. Forty-one percent of small business owners say their top priority over the next six months is maintaining current sources of revenue, while only one in four (26%) say they are focused on growing their business, which is the lowest number for growth in Monitor history.

• Avoiding risk. Half (49%) say they are not willing to take on financial risk to grow their business, an all-time high for the Monitor.

• Keeping employees happy. Here’s some good news; it appears deteriorating employee morale has plateaued. Only twelve percent say employee morale has worsened over the last six months (down from 25% for the preceding six-month period.) Three-quarters say morale has stayed the same, and nine percent say it has improved. In addition, approximately one in three (28%) business owners see offering financial incentives such as bonuses and paid time off as a way to increase employee morale, and twenty-three percent see more regular communication about the business as the key to improving morale.

It’s clear that we’re not out of the woods yet, but this and other data indicate entrepreneurs are digging in, being resourceful and putting their good attitudes to work.  What about you?

An article in the Financial Times reported today that household wealth is increasing! Great News! Over the past 90 days, US household wealth increased by over $2 Trillion dollars, demonstrating that America is once again gaining momentum.

According to the Bloomberg News, “Gains in wealth will help Americans rebuild finances more quickly, shortening the time when consumers will again be able to lead economic growth. Economists project spending may take years to fully recover from the worst slump since 1980 after stocks and home values plunged.”

Yet another sign that now is the perfect time to become an entrepreneur and take full advantage of the impending economic upswing to reach your financial goals.

See the full article here.

By: Shannon Lavenia