According to the Bureau of Labor Statistics, small businesses contributed 55% of total net job creation from 2013 to 2023. However, maintaining a small business remains a complex endeavor. Hello Alice co-founder and president Elizabeth Gore shares insights for aspiring entrepreneurs and tips for small business success.

Gore's key recommendations include diversifying cash flow and being strategic about financial resources. She advises small business owners to be smart about operational credit, seek grants, and leverage SBA loan programs, ultimately encouraging entrepreneurs to "start with more capital."

Addressing hiring challenges, Gore advises, "Get out there fast and be proactive in your community before you open those doors." By cultivating local relationships and networking, business owners can build potential talent pipelines and generate early awareness about employment opportunities in a competitive job market.

To watch more expert insights and analysis on the latest market action, check out more Wealth here.

This post was written by Angel Smith