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July 2011 Archive
By: Tiffani S. Clements References on this page to the System for Award Management (SAM) will go into effect on July 29, 2012 until then please continue to use the Central Contractor Registration (CCR), and the Online Representations and Certifications Application (ORCA), to register your business with the government. SAM will replace CCR & ORCA on July 29, 2012. For more information on SAM visit www.sam.gov. If you or your customers require any assistance (troubleshooting, data concerns, general information, etc.) with SAM...
by FranchiseKing, Guest Blogger on 07/28/2011 - 09:46
There’s a lot of excitement leading up to the purchase of a franchise business. Searching for the right franchise business to invest in involves many steps, and they all have to be done right, in order to minimize financial risk. One step has to do with the money; setting a budget for the franchise business, and arranging a small business loan. (Hopefully, the SBA can get involved!) All franchise buyers need *a plan. Most forget to do the following though, even with all the planning in the world; They forget to set-aside money for...
by danielc, Former Moderator on 09/01/2011 - 12:03
UPDATED 9/1/2011 DEADLINE EXTENDED SBA is teaming up with Visa to ask small business owners: “Where will your next customer come from?” To recognize successful small exporters and increase awareness toward federal assistance for exporters, we’re sponsoring the SBA Export Video Contest. The contest, presented in partnership with the National Export Initiative and Export.gov, will award monetary prizes to five successful small business exporters representing a variety of industries. American small businesses looking to...
by nicoj, Community Moderator on 04/30/2012 - 18:59
This second blog article in a series catalogues government programs specifically targeted at technology startups and entrepreneurs (sometimes referred to as “high-growth, high-impact firms” or high-tech start-ups). In the first update, we looked at grant programs. This week, we’re featuring federally -sponsored loan programs. Whether used for equipment, personnel, working capital or other start-up costs, a loan can provide the financing an entrepreneur needs to launch a new idea. However, getting credit can be difficult for...
by NOsburn, Former Moderator on 08/02/2011 - 10:54
Earlier this month, we launched Your #smallbiz Twitter Town Hall Questions blog series (Part One and Part Two) to answer your small business questions submitted during President Barack Obama’s Twitter Town Hall. We are wrapping up this blog series by answering your questions about streamlined SBA loans and small business exporting. @Heart_of_Design- #AskObamaDear President Obama, a streamlined SBA application would help small business create jobs. How is your admin. helping small biz? It’s important to us to make sure...
by nicoj, Community Moderator on 07/26/2011 - 13:00
By Dennis Byrne Whew! You started a small business, navigated your ship of commerce through turbulent waters and now it’s cruising along. Congratulations! Now, your next big business challenge is to take that thriving business to the next level. Expanding what you’ve built is a challenge just as great as getting it started. But, there is help out there. Enter the SBA 504 loan program, especially...
by Karen Mills, SBA Administrator on 07/29/2011 - 12:09
Startups and “high-growth” small businesses are responsible for the lion’s share of net new job creation in the U.S. each year. That’s a key reason that we launched an Administration-wide effort called Startup America earlier this year. As a critical part of that, SBA made a commitment to invest up to $1 billion in underserved communities and emerging sectors over the next 5 years. Today, we were delighted to announce the first public-private partnership of this Impact Investment Fund. This first effort will...
by TonyaWilson, Former Guest Blogger on 07/26/2011 - 12:37
First off, let me assure you this isn’t a judgmental post. I’m not going to claim you’re doing your social media outreach wrong or proclaim I’m all knowing in all that is Twitter. What I’d like to do here is just provide some food for thought and some best practices for representing and promoting your business on Twitter as inspired by an interaction I had with a recent aspiring entrepreneur. For the sake of this post we’ll call him Ted. Ted has an account on Twitter. Ted also has a new product he would like...
by smallbiztrends, Guest Blogger on 07/22/2011 - 12:00
Increasingly, we small businesses are coming face to face with the realities of the Web. After all, customers expect to find our businesses online – for many businesses it is NOT optional. Buyers are now researching purchases and service providers online before ever setting foot in a place of business. And more and more types of transactions are being handled online or with a combination of online and telephone. If you can’t be found online easily, your business could be losing money while your competitors...
by nicoj, Community Moderator on 04/30/2012 - 18:59
As a small business owner, you’re frequently adjusting to changing circumstances, new business conditions, and unforeseeable challenges. Being able to consult with a mentor -- someone who knows what you’re going through – can be invaluable. A business mentor is someone who’s “been there, done that”; someone with insight into your business type and your specific challenges. Mentors can provide tailored guidance, general best practices, and an example of a successful business that the protégé can learn...
by AshleyC, Community Moderator on 07/20/2011 - 17:07
By Bill Gormley Acquisitions and mergers are a part of business – especially for a small company. Let’s say you’re a small company with a GSA Schedule contract and you’re bought by a larger company, or merged with another small company. What happens to your contract? This is an important question not only from the perspective of continuing to do business with the government, but also from the perspective of continuing to get paid by the government. Here are the rules, according to Carolyn Alston, General Counsel at...
by AshleyC, Community Moderator on 07/19/2011 - 13:23
By Ashley Cassels What is a Buy-Sell Agreement and why do I need one? A Buy-Sell Agreement is a contractual document that creates rules for what will happen when a business owner needs to transfer his or her interest in the company or when a business owner ceases to be an owner of the business for any reason. How do I know if I need a Buy -Sell Agreement for my business? Does your LLC have multiple owners? Unless the only other owner is your spouse, your company should have a Buy-Sell Agreement in place. This is true, even...
by nicoj, Community Moderator on 04/30/2012 - 18:59
If you’ve spent any time reading through the Loans and Grants discussion board, you would notice that one of the most commonly asked questions is “how do I get a grant from the government to start a business?” Despite what you might be led to believe on late-night infomercials, there is no free money or grant available from the federal government to start a business. However, in certain limited circumstances, the government does provide grants to businesses that help create jobs. Many of these government grant programs are...
by Davidh, Community Moderator on 04/30/2012 - 18:59
By David Hall Everybody knows that to start or grow any business you need money, greenbacks, dough, moolah – whatever you want to call it – be it cold, hard cash or intangible yet equally effective credit. What’s not always clear, however, is where to get it, and that’s the real challenge. Most new businesses, and even some established ones, have to resort to creative methods of raising needed capital, methods that may work in the short run but be inadvisable for the long haul. Mortgaging your house, using...
by NOsburn, Former Moderator on 07/19/2011 - 11:00
When a friend or family member asks what you do to help small businesses, what do you say? I tell them that we enable small businesses success, whether that business is a start-up or an existing business. When they say “How?”, I tell them about our three Cs – Capital, Counseling and Contracting. As a Deputy District Director [for the SBA in Oklahoma], I am exposed to a broad range of SBA activities, so I actually get this question pretty often. I never tire of talking about business – especially sales...
by NOsburn, Former Moderator on 08/02/2011 - 10:56
President Barack Obama’s first-ever Twitter Town Hall at the White House sparked some great questions about small business. To keep the conversation going, we launched Your #smallbiz Twitter Town Hall Questions blog series last week. This week, we’re answering your questions about business opportunities for young entrepreneurs and green business. @ymbinc– #AskObama JOBS-Can your administration setup SBA loans for college students with business ideas to create JOBS & how could they get it? As...
by NOsburn, Former Moderator on 07/19/2011 - 10:58
When a friend or family member asks what you do to help small businesses, what do you say? I’m the Correspondence Liaison for SBA’s Office of Capital Access. That means I work closely with our people at SBA who work with Congress and the White House to help small business owners with everything from what resources are out there to help people start a business… to researching specific issues they may be having with their SBA loan… and more. What’s your favorite thing about what the SBA does for small...
by nicoj, Community Moderator on 07/14/2011 - 11:42
Despite the exponential growth of social media as a tool for staying in touch with your customers, permission-based marketing tools such as e-newsletters are still a critical part of any business owner’s marketing toolkit and a vital way for getting new content in front of your audience. According to the latest data from the Direct Marketing Association*, opt-in email marketing lists managed in-house secure an average open rate of nearly 20%; a 6.64% click-through rate; a conversion rate of almost 2%; and an unsubscribe rate...
by Solovic, Former Guest Blogger on 07/14/2011 - 11:24
I travel every week, and I often schedule a car service to go to the airport. The last several times I’ve gotten the same older gentleman who is charming without being over-bearing with conversation. (I don’t like too much chit-chat.) When we get to the airport, I ask “What do I owe you?” Each time I get the same response, “Pay me whatever you like.” I thought he was joking at first, but when I asked him again and got the same answer, I realized he was serious. I...
by Karen Mills, SBA Administrator on 07/12/2011 - 09:16
This week, Health and Human Services Secretary Kathleen Sebelius announced a major step forward in helping small businesses benefit from more “competition, choice, and clout” when they shop for health insurance coverage for their employees. As part of the new health care law that the President signed, the new “exchanges” will make it easier for small business owners to shop around for an affordable plan that meets their needs. With today’s announcement, each U.S. state now has guidance on how to set up...
by Tim Berry, Guest Blogger on 07/12/2011 - 00:28
Former president and military strategist Dwight D. Eisenhower said it best: “The plan is useless; but planning is essential” And that’s as true for businesses as it is for armed combat. Whether or not you need a formal business plan document for your business, you can always benefit from good planning. This post is about five principles of good planning that can help every business. Including yours. 1. It’s about results The purpose of business planning is better business: More money, better management, teamwork...
by TiffaniC, Community Moderator on 07/08/2011 - 17:59
Are you a women-owned business looking to get a slice of the more than $400 billion dollar federal contracting pie? If so, the U.S. Small Business Administration (SBA) has great news for you! In Fiscal Year 2010, the federal government awarded more than $17.46 billion dollars in contracts to women-owned businesses! The SBA also implemented a new contracting tool, the Women-Owned Small Business Federal Contract Program in February 2011, to help get more federal contracts into the hands of women-owned businesses and to help the...
by danielc, Former Moderator on 08/02/2011 - 10:59
Earlier this week, President Barack Obama answered a series of questions on jobs and the economy at the first-ever Twitter Town Hall at the White House. At the Small Business Administration, we were following along and reading all the great questions about small business. To keep the conversation going, we’re starting a new blog series where we respond to some of the questions that weren’t answered during the Town Hall. First up, we’re answering your questions about various government loan programs and access to capital...
by wreynolds, Guest Blogger on 03/02/2012 - 16:34
Did you know that over 65% of all small businesses use credit cards on a regular basis but less than 50% of those cards are actually in the business name? Are you putting your personal credit and personal assets at risk too? Let’s review some of the most compelling reasons why you should apply for a business credit card for your company. First, co-mingling personal resources like credit can jeopardize the protection of the corporate veil. If you believe you are fully protected because you are incorporated think again! The alter ego...
by Caron_Beesley, Community Moderator on 05/04/2012 - 09:28
Written by Caron Beesley Despite the fact that we live in a budget-conscious, coupon-clipping, recession-bruised culture, customer experience still counts for a lot. A good customer experience resonates with our challenges and needs, makes us feel warm and fuzzy, and ultimately, it generates repeat customers. For example, I’m a dog owner and I want the best for my dogs. The best food, treats, toys, and so on. I’m also practical and budget conscious. So when it comes to purchasing products for my dogs, I have two options. I can...
by Caron_Beesley, Community Moderator on 05/04/2012 - 09:28
Written by Caron Beesley Despite the fact that we live in a budget-conscious, coupon-clipping, recession-bruised culture, customer experience still counts for a lot. A good customer experience resonates with our challenges and needs, makes us feel warm and fuzzy, and ultimately, it generates repeat customers. For example, I’m a dog owner and I want the best for my dogs. The best food, treats, toys, and so on. I’m also practical and budget conscious. So when it comes to purchasing products for my dogs, I have two options. I can...
by nicoj, Community Moderator on 04/30/2012 - 18:59
By Dennis Byrne We work in them or we work near them. We live in them or we live near them. They are underserved communities – places where times are tough, jobs are few, and many small businesses struggle. Underserved communities were hit disproportionately hard by this recession and need our help and focus more than ever. But how can we get small businesses, the “backbones” of these communities, back on their feet to perform the vital role they play in these economies? The U.S. Small Business Administration (SBA) is...
by nicoj, Community Moderator on 04/30/2012 - 18:59
Getting back to business after a disaster depends on how prepared you are today. As a small business owner, you invest your time, money and effort to make a venture successful. Having an emergency plan in place before a disaster strikes can mean staying in business after a disaster, and in some cases, saving your company. As hurricane season begins, disaster preparedness is critical. Last month, we asked small business owners in the SBA Community for their advice on putting together a disaster preparedness plan, and for those that...
by TJ McCue, Former Guest Blogger on 07/05/2011 - 19:25
Sales today often hinges on a website. You need some sort of presence online to participate in the many marketing channels available. While you can build a site or page within Facebook or other walled gardens, as they are often called, your best strategy will entail having your own presence directly on the Internet. Various studies from sources like eMarketer, Selling to Small Business, and other authorities show that approximately 50 percent small business owners either do not have a website or dislike their website. I started to ask clients...
by CeceliaT, Community Moderator on 04/30/2012 - 18:59
By Cecelia Taylor Do you want to be your own boss, but are you not willing to take on the risk of starting your own business from scratch? Then franchising can be a great alternative if you are an entrepreneur with limited business experience or resources, and you want to have some guidance in the start-up phase of the business. What Exactly is Franchising? A franchise is a legal and commercial relationship between the owner of a trademark, service mark, trade name, or advertising symbol and an individual or group wishing to use that...
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by jhdavis, Community Moderator on 06/22/2012 - 16:30