LETTER FROM BYRON HICKS: State Director, Small Business and Technology Development Center.

Dear Readers,

We are once again pleased to provide the North Carolina Small Business Handbook. This year's edition features profiles of successful small businesses, highlights on topical areas of interest, and resources that can help small businesses navigate through business and economic changes.

BE MY OWN BOSS

North Carolina has seen a record number of new business starts in 2021 and so far in 2022 we are on pace to break last year's record. According to the Office of the Secretary of State in 2021 there were over 170,000 new businesses started in the state and this year the number is on track to surpass 190,000. Many of these new businesses were LLCs and holding companies driven by the escalated real estate market for vacation and rental properties. Another large percentage of these businesses are "side-gigs" or solopreneurs looking to establish additional income in addition to their "day job". A large number of people decided they could stay at home and set up their own businesses as freelancers and contract workers. Some started to solve the next great problem. With continued growth in the number of new business startups and our strong small business resource ecosystem, if you dare to dream, now is the time and North Carolina is the place.

PURPOSE VERSUS PAYCHECK

Now if you are an existing small business, where do you find new employees? How much do you have to pay new employees? What if you can't find anyone with the right experience? Do you have an onboarding or training program? These were not frequently asked questions two years ago. Hanging a "help wanted" sign in the window will not fill your job openings. So, one of the most pressing questions small business owners ask now is about building a team. Many small businesses do not focus on culture and mission. But those seeking employment are looking for more than a paycheck. They want a purpose, they want to feel valued and they want to believe in the mission of the business. In short, they want to make a difference. Small business owners remember that feeling when they started their businesses, and need to incorporate that passion into their business culture.

"WHERE IS THE BEEF?"

I hope some of you are old enough, as I am, to remember the Wendy's Hamburger ad with the elderly women yelling "where's the beef?" For small business owners the question is "where's the money?" Capital for small businesses IS available. It is just not where we are used to looking. The last two years have...