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May 2011 Archive
“Does My Business Have To Provide Part-Time Employees with Benefits?" By Tiffani Clements If you’re looking to hire part-time employees to avoid offering benefits, you might want to read the information outlined in this article. While many employee benefits – such as paid time off - are not mandated by federal law, there are benefits which you are legally responsible for providing any employee working for your business, whether they work full-time or part-time. Benefits Required By Law The following are...
by nicoj, Community Moderator on 05/31/2011 - 12:32
5 Tips for Managing a Successful Family Business If small business is the backbone of the U.S. economy, then family-owned businesses for the most part make up a large portion of the vertebrae! In fact, family-owned businesses account for 90% of all businesses in the U.S. (large and small) and continue to be a powerful force. However, the day-to-day job of a family business owner can easily be compromised and complicated by relatives who need to be reconciled to working together. These challenges are very real – emotions can interfere...
by Rieva, Guest Blogger on 05/26/2011 - 10:16
Spring is here in full force. It’s one of my favorite seasons, because it symbolizes change and growth. One of the best ways to keep your small business growing is to make sure you keep up with any changes in your target market. So in harmony with the season, why not sow the seeds for new business growth by doing some market research to make sure you're still in tune with your target customers? Even if you did some research when you started your business, now’s the time for a refresher. Here are 7 key steps to help:...
by Marie Johns, SBA Deputy Administrator on 05/26/2011 - 12:05
At SBA, we are committed to improving the regulatory environment and making it easier for small businesses to grow and create jobs. This spring, the Startup America initiative went on the road to hold a series of Reducing Barriers roundtables. Top SBA and Obama administration officials heard directly from entrepreneurs and small business owners about how we can remove barriers to growth, at SBA and throughout the government. At the same time, President Obama has called for a government-wide review of rules and regulations to look at ways we...
by Stephen Morris, Community Moderator on 05/25/2011 - 15:45
By Dennis Byrne If you keep a clearly marked supply of cigar boxes with all your receipts and expenses in them you’ll be sufficiently organized come tax time. Right? Wrong! This is 2011 for crying out loud. Savvy businesses scan, store and organize essential information and tax laws and regulations, depending on the business, can be complex. As a small business owner, tax software packages can help make filing and paying your taxes easier, but how do you know which one to choose? Here are three tips to consider when selecting your tax...
by mheffner, Community Moderator on 05/21/2012 - 11:31
By Ashley Cassels Who Is Eligible to Work in the US? The US Customs and Immigration Service (USCIS) website explains that before any person can be employed in the U.S., they must prove to an employer that they can legally work here. In order to be legally employed, workers must be able to provide documentation that shows evidence of their ability to work in the United States. U.S. citizens can meet this requirement by showing proof of their United States citizenship and a valid identity document. Permanent Residents can meet this...
by BarbaraWeltman, Guest Blogger on 05/24/2011 - 08:57
Electronic solutions for your business taxes give you 24/7 flexibility for filing, avoid postage and mailing hassles, save paper, and ensure that your returns and tax payments are received. Filing returns Federal returns. All business-related federal tax returns can or must be filed electronically. These include: Income tax returns (Schedule C with Form 1040 for sole proprietors, Form 1065 for partnerships, Form 1120S for S corporations, and Form 1120 for C corporations) are filed with the IRS. While large corporations (assets of $10 million...
by danielc, Former Moderator on 06/14/2011 - 16:23
You may have noticed some changes around this blog and SBA.gov recently. As part of our ongoing redesign, we recently launched the SBA Community—a social networking site and online meeting place for small business owners like you. If you haven’t joined the SBA Community and started participating yet, I hope you will soon. Here’s why: The SBA Community is home to more than a dozen discussion boards that put the collective knowledge of over 20,000 small business owners and entrepreneurs at your fingertips...
by NOsburn, Former Moderator on 05/20/2011 - 14:56
We caught up with the just-announced National Small Business Person of the Year: Rick Cochran, Mobile Medical International Corporation, of Vermont. His business manufactures portable health care systems for our military, emergency response, and commercial use. In 2008, his business only made $9,835. In 2010, it grew to make $1.68 million. Here is what he said: Congratulations. How does it feel?! Overwhelming. Exciting. We've worked so many years to do this. It's great to have the visibility...
by danielc, Former Moderator on 05/20/2011 - 16:34
Each year, SCORE helps give thousands of small business owners and entrepreneurs the tools they need to grow their businesses and create jobs. This year’s SCORE Chapter of the Year is the East Central Iowa SCORE, who we just honored at the Entrepreneurial Development and Lender Awards breakfast here at National Small Business Week. The number of clients the East Central Iowa SCORE chapter served increased an incredible 93% in 2010. I talked with Chapter Chair Greg Tomsic. Here’s what he had to say: Can you...
by danielc, Former Moderator on 05/19/2011 - 14:09
The forums at National Small Business Week are a great way for small business owners to learn new tips and tricks from entrepreneurs who have “been there and done that.” We just sat in on the forum on Strategies for High-Growth, High-Impact Firms. Afterwards, we stood in line to talk with Seth Goldman, the President and CEO of Honest Tea, which he co-founded out of his home in 1998. Honest Tea is a successful green company, combining an environmentally-friendly approach with a popular product. We only had...
by TonyaWilson, Former Guest Blogger on 05/19/2011 - 14:33
At the Ohio SBDC we train and advise entrepreneurs and small business owners at every stage of business from those that only have an idea and need guidance on how to develop it into a business to established, existing businesses seeking expansion or in financial hardship. We run the gamut. Undoubtedly the most challenging to work with are those that are just starting out. They are passionate. They believe their business is the best thing that has happened to the human race since the invention of indoor plumbing and that’s a good...
by danielc, Former Moderator on 05/19/2011 - 11:04
The Procurement Awards Breakfast just finished here at Small Business Week. We caught up with Pat Khamken of J&P Khamken Industries, who just won the National Subcontractor of the Year award. Pat and his brother Jack arrived in the U.S. as refugees from Laos at the end of the Vietnam War. Their company is enrolled in SBA's 8(a) program, and since 2000 they've grown to 45 employees. Here's what Pat had to say: How do feel about winning this award? Did you have any idea you were going to win?...
by NOsburn, Former Moderator on 05/18/2011 - 15:29
Happy Small Business Week! It's Nate and Dan from SBA’s Office of Communications and Public Liaison. We're coming to you from live from the main event, where we’ll be live-blogging for the next couple of days. We just ran into Rick McKeel of New Carbon Company, the Indiana State Small Business of the Year. He has grown his business from 31 to 76 employees from 2004 to 2010. We asked him what he’s planning to do here at NSBW: Tell us about your business. Waffles. We...
by FranchiseKing, Guest Blogger on 04/30/2012 - 18:59
The business model of franchising is one that’s consistently held in high regard by most business experts. That’s because it works. Is that why you’re thinking about buying one? You’re also investing in a franchise because; You want to have more control in your professional life You want a business of your own You wish to follow someone else’s business system You want to get to market quickly You don’t want to be alone in your venture You want to build equity If you choose...
by smallbiztrends, Guest Blogger on 05/17/2011 - 10:03
A smokin’ hot trend in the online world of small business as I write this is the “daily deal site.” This trend is spurred on by news reports of Groupon.com, which garnered national publicity for reportedly being valued in April 2010 at $1.2 Billion and then a year later, in 2011, at $25 Billion. While some commentators greet the latest valuation with a healthy dose of skepticism, the Groupon valuations have accomplished one thing. The valuations got the attention of startup entrepreneurs from coast to coast who are...
by Stephen Morris, Community Moderator on 05/16/2011 - 18:55
By Cecelia Taylor Does your employee health plan allow workers to maintain their medical information online? Do you store information on employee healthcare plans? If so, then you should familiarize yourself with the American Recovery and Reinvestment Act of 2009 (ARRA), which includes provisions to strengthen privacy and security protections for web-based businesses practices. As a result of ARRA, the Federal Trade Commission issued a rule requiring companies to contact customers in the event of a security breach. After receiving...
by Karen Mills, SBA Administrator on 05/16/2011 - 18:11
Happy National Small Business Week to more than 27 million small businesses, their employees, and all Americans! You can read the President’s proclamation here. The facts are clear: small businesses create about two out of every three jobs in the U.S. each year, and roughly half of working Americans either own or work for a small business. Today, we released a report that details the many things the Administration has done over the past two years to help small businesses do what they do best: create jobs. It’s called The Small...
by Marie Johns, SBA Deputy Administrator on 05/16/2011 - 15:56
All of us at SBA know that America’s future prosperity depends on the next generation of entrepreneurs. That’s why I’m committed to making sure our young people have the resources to start a businesses, and teaching them that entrepreneurship can be an option early in their careers. I’m excited to be heading up a new effort at the SBA to reach young entrepreneurs and make our resources work for their needs. To kick-off our young entrepreneurs initiative, I want to hear from you. On Tuesday from 6:30-8:30 p.m., I’...
by Solovic, Former Guest Blogger on 05/13/2011 - 15:21
Did you know small business owners spend more time holding their smart phones than the hand of their spouse or significant other? That’s according to a recent survey from Staples. The survey also revealed 43 percent of small business owners work during hours spent with family. Sixty-eight percent said they rely on just one mobile device for both personal and business use making it difficult to “switch off” during family time. Sounds intrusive doesn’t it? We’re already working crazy hours...
by mheffner, Community Moderator on 05/21/2012 - 11:22
If you business is growing and you still find yourself trying to control every aspect of it then you may just be your own worst enemy and on the brink of a total burn out. But letting go in business is hard. After all, your business is your baby. You gave it life, nurtured it and invested hours and money in making it a success. So how on earth do you let go of all that and learn to trust some of your business functions to others, while staying in command? Here are some tips for stepping back from the fray and taking control of your business,...
by Stephen Morris, Community Moderator on 05/11/2011 - 13:36
By David Hall With the economy still going up and down, this is a great time to dive into your books and see where you can cut your costs. Remember that it is easier to cut costs than find new business - and if you can manage, do both; your business will make more money. Renegotiate Your Lease / Mortgage If you are renting a facility or have a mortgage, you may want to consider renegotiating to cut costs. Mortgage rates are currently very low and if your business is not in trouble, you could refinance to take advantage of lower rates....
by BillGormley, Former Guest Blogger on 04/30/2012 - 18:59
As a veteran, you never really leave the service of our country. I know – I’m a veteran, too. Once you are no longer actively serving, however, becoming a government contractor is a great way to serve the government community in a different capacity. In fact, there can be great advantages in being a small veteran-owned business selling to the government. The key to success is to make sure you have all the pieces in place before you start selling yourself as a veteran-owned business. In other words, you may get the government’...
by Karen Mills, SBA Administrator on 05/16/2011 - 16:21
Today, I’m traveling with the President’s Council on Jobs and Competitiveness in Dayton, Ohio. We are at a small company called Hooven-Dayton that prints the labels for products like Tide and Mr. Clean. Our purpose is to hear from the executives of small companies like these, which are often referred to as “suppliers” because most of their products and services are sold to larger companies. Why is this important? A recent study showed that after a small supplier lands a big purchase order or a contract from a bigger...
by Stephen Morris, Community Moderator on 05/10/2011 - 12:23
By Tiffani Clements Seasonal businesses may not operate 365 days a year, but that does not mean they are exempt from following business laws, including employment regulations. If you run a seasonal business, here are some tips for hiring and managing your employees. Labor Laws Apply to Seasonal Workers Employment laws, such as discrimination and workplace safety, apply as much to seasonal workers as they do to permanent employees. For a primer on employment laws and regulations, see the Labor Law Guide. Extending Benefits to...
by ngoriel, Community Moderator on 05/05/2011 - 15:14
Starting a business is an exciting prospect, but unless managed properly it can quickly become a hairball of administrative and regulatory mis-haps. For example, how are you going to register your business? Should you incorporate your business? And what are the differing requirements that the federal government puts on new business owners, let alone your local city, county or state government? Then there are other considerations such as zoning laws, licenses and permits. Even home-based business owners need a business permit to operate legally...
by Tim Berry, Guest Blogger on 05/05/2011 - 13:12
I received an email from somebody asking me how to calculate TAM, which is “total addressable market,” (don’t feel bad if you didn’t know the acronym, because I didn’t either; I had to look it up). I’ve always called that simply “potential market.” As far as I’m concerned, these are the same thing. I’m going to call it potential market here, in this post. Regardless of what term you use, understand that these numbers are stories, possibilities, and hopes, not facts. They’...
by Karen Mills, SBA Administrator on 05/16/2011 - 16:24
On Sunday, I traveled with Secretary Napolitano, Secretary Vilsack, Secretary Donovan, Administrator Fugate, and others to Alabama and Mississippi. We saw communities that were devastated by the storms and tornadoes that hit one week ago today. We’re coordinating our resources and manpower across the federal, state, and local levels, working together more closely than ever to make sure that these hard-hit communities get the assistance they need as quickly as possible. I met a woman who had lost her home, who was searching...
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by nicoj, Community Moderator on 05/31/2011 - 12:36