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September 2011 Archive
This week, I visited Raleigh Denim, a small business in North Carolina. Inspired by a junior-high shop teacher who taught him to make things by hand, a young man named Victor and his wife Sarah started their business in their apartment. They had the idea that there could be demand for a handcrafted, iconic American-made product like jeans. They bought a cheap, old sewing machine and hired local people who knew – or could be taught – the old-fashioned ways of American textile manufacturing, an industry...
by Marie Johns, SBA Deputy Administrator on 09/30/2011 - 13:23
Small business entrepreneurship is part of my very fiber. My grandfather was one of the first people of color to win a state contract in Indiana for his lawn-care business. Later, he helped my uncle start his own pharmacy in Indianapolis when others wouldn’t hire him simply because of the color of his skin. Today, there are two people in Washington who have been fighting harder than ever for America’s diverse small businesses and the workers they hire: President Obama and Vice President Biden. This month alone,...
by FranchiseKing, Guest Blogger on 09/29/2011 - 16:40
You were so excited. You received the franchise business brochure from the franchisor’s corporate office last week, and ended up almost ripping it up in your haste to open the oversized envelope that it was mailed to you in. You’re attracted to the franchise model for lots of reasons. You were attracted to this particular franchise for several reasons, also. These included things like the awesome product that you felt they offered, and the general “feel’ of the place. (You had dined in one of this...
by nicoj, Community Moderator on 09/30/2011 - 11:26
It’s Nico with SBA’s Office of Communications and Public Liaison. This week I’m live blogging from the 29th Annual Minority Enterprise Development (MED) Week conference in Washington, DC. After catching a panel on international markets (Access to Markets: Doing Business in Latin America), I spoke to Thomas Costa of Coastal Group, a HUB Zone-certified small business based in New York State. ...
by rkolli, Former Guest Blogger on 08/01/2012 - 09:48
Call me old fashioned, but I rarely leave home without making sure I look nice. Yes, there are those days when I'm not all gussied up, but I never leave home dressed in such a way I'd feel uncomfortable if I ran into customers or clients. People make fun of me sometimes because of my focus on appearance. A lot of friends say, "It doesn't matter. No one cares." But people make assumptions about you and your abilities based on your appearance. Since the 1990's there's been a shift in what's considered...
by Caron_Beesley, Community Moderator on 04/30/2012 - 18:59
Did you know that an astonishing 52 percent of small businesses are home-based? That’s according to the SBA’s Office of Advocacy. Running a home-based business must have numerous advantages for many business models, and for businesses of different ages. For example, during the start-up phase it represents a low-cost and low-risk avenue for conducting business. However, a home office has its limitations. Small business owners often find that they are not cut out to work from home, or they’ve found their enterprise...
by nicoj, Community Moderator on 09/28/2011 - 15:16
It’s Nico with SBA’s Office of Communications and Public Liaison. This week I’m live blogging from the 29th Annual Minority Enterprise Development (MED) Week conference in Washington, DC. The welcome remarks have ended, and the conference has split into three separate tracks, with panels on contracting, financing and international markets. After the presentation for Access to Contracts: Doing Business with the Federal Government, I caught up with Tiger Staffing’s Anthony Bryant. Here are some...
by nicoj, Community Moderator on 09/28/2011 - 14:10
It’s Nico with SBA’s Office of Communications and Public Liaison. This week I’m live blogging from the29th Annual Minority Enterprise Development (MED) Week conference in Washington, DC. We just kicked off Wednesday’s events with opening remarks from our Administrator Karen Mills and David Hinson, National Director for the Minority Business Development Agency, and others. ...
by Caron_Beesley, Community Moderator on 12/16/2011 - 15:06
Taking your small business global can be exciting. But before you venture into international trade, do you know how to protect your intellectual property rights? For example, how do you protect and enforce your trademark, copyrights, and patents overseas? What about piracy? Where can you find help? Industry estimates of the cost of such theft range from $250 billion or to 750,000 jobs per year. These threats to ongoing invention and innovation make it important to consider securing intellectual property protection, whether you're a major...
by BillGormley, Former Guest Blogger on 04/30/2012 - 18:59
Last year, the federal government spent more than $40 billion through the GSA Schedules program. This year it may well spend even more. A GSA Schedule contract is, quite simply, the easiest point-of-entry into government contracting – the most effective way to get your products or services in front of the world's largest buyer of products and services. A GSA Schedules contract gives you access to more than 260 federal, state and local government buyers who have an easier time buying from you than they do your...
by janied, Community Moderator on 09/27/2011 - 16:08
When a friend or family member asks what you do to help small businesses, what do you say? I am Human Resources Specialist in the Office of Human Capital Management. My duties include researching various talent bases through outreach recruitment efforts to ensure SBA has the resources they need to assist small businesses start, grow and succeed. I have worked in a number of capacities at SBA over the past 16 years, to include the Office of Entrepreneurial Development. Therefore, I have helped small...
by Caron_Beesley, Community Moderator on 09/28/2011 - 07:24
Do you know which tax year is right for your business? Should you report your income and expenses on a calendar year or a fiscal year? One of the biggest mistakes small business owners make during the start-up phase is overlooking and/or misunderstanding their tax obligations. Knowing which tax year to operate within is one of them. What is a tax year? Every small business owner must figure out their taxable income based on an accounting period called a tax year—the most common being the calendar year, but businesses can also report...
by sarahmillican, Community Moderator on 10/13/2011 - 07:04
Written by Caron Beesley Of all small business growth strategies in the U.S., franchises are probably one of the most successful distribution systems ever devised. If you are on the cusp of growth, franchising your small business may well be worth a look. But how do you know if franchising your current business is the right option for you? Here are some considerations to bear in mind as you go about deciding whether your business is ready to be franchised. Is Franchising a Good Technique for Expansion? One of the huge benefits of franchising...
by danielc, Former Moderator on 09/22/2011 - 16:49
As one of SBA's resource partners, SCORE has provided counseling and mentoring to small business owners and entrepreneurs for the past 40 years. There are over 13,000 SCORE volunteers working in 364 chapters across the country. Last year, SCORE counselors helped create over 71,000 jobs. Now they have a new website, and an inspiring new series of videos featuring small business owners like you who have grown their business with help from SCORE volunteers. You can watch the whole series on their website.
by Tim Berry, Guest Blogger on 09/21/2011 - 18:53
I’m sorry to see how many people miss the potential benefit of business planning because they respond not to planning as management but rather the business plan as a lengthy document that’s only useful to businesses seeking loans or investment. In the real world, most businesses, even the one-person business that will never borrow money or go for investment, can benefit from good planning as a way to steer the business. It’s the management that counts, not the document, the writing, phrasing, or the formatting. Good...
by sarahmillican, Community Moderator on 04/30/2012 - 18:59
Written by Caron Beesley Flooding is the number one natural hazard in the U.S. It doesn’t matter where your business is located, it can still be at risk from hurricanes, flash floods, blocked storm sewers, snow melt, and so on, and unfortunately the devastation can be costly. According to the National Flood Insurance Program, almost 40 percent of small businesses never reopen their doors following a disaster because just a few inches of water can cause tens of thousands of dollars in damage and close your doors long enough to lose your...
by Caron_Beesley, Community Moderator on 04/30/2012 - 18:59
Working into retirement isn’t something most Americans would have anticipated as recently as five years ago but come 2012, 20 percent of the country’s workforce is expected to be 55 or older.* Combine these demographics with the continued impact of the recession, and you can see a solid trend emerging that reflects more and more seniors and retirees choosing entrepreneurship to boost their retirement income and pursue long-held dreams of going into business. In fact, statistics show that 15 percent of workers expect to start their...
by Karen Mills, SBA Administrator on 09/14/2011 - 15:37
The thousands of small businesses that provide great products and services to the federal government have a big reason to cheer the President’s “QuickPay” announcement today, which will cut in half the amount of time it takes to put money in their hands to 15 days instead of 30 days. This results in a permanent infusion of cash flow into their business, which they can put towards working capital, expanding their businesses, marketing their products, and creating jobs. Recently, I talked to Rachel Carson, the...
by nicoj, Community Moderator on 04/30/2012 - 18:59
What do successful companies like Symantec, Qualcomm and ViaSat have in common? They’ve all used the Small Business Innovation Research (SBIR) program to develop their technology-driven businesses. Qualcomm, for example, used SBIR grants during its initial years, eventually growing to employ over 17,000 people. Symantec grew out of an SBIR research project that led to the company’s Norton Internet security products—and the creation of over 18,000 jobs in 40 countries. Can your company benefit from this program? In this post,...
by VeronicaJ, Community Moderator on 09/15/2011 - 16:32
When a friend or family member asks what you do to help small businesses, what do you say? I always tell them that as a Business Development Specialist I come in contact with start-ups and existing small businesses. I provide them with information on the SBA’s programs and services in English and Spanish. I also let them know about the wonderful resource partners we have who are available to help them with free business counseling, management and technical assistance, training,...
by Caron_Beesley, Community Moderator on 09/15/2011 - 09:29
Despite the current state of the economy, not all industries are struggling. In fact, some industries are experiencing significant growth - the alternative healthcare business is one of them. From chiropractors to naturopaths and acupuncturists, alternative treatments are gaining wider acceptance from both the public and insurance companies alike. Writing in SmallBizTrends recently, Rieva Lesonsky, pinpointed alternative providers as one of a few growth industries to watch in the coming years. According to Lesonsky, the...
by TJ McCue, Former Guest Blogger on 09/13/2011 - 17:07
Sales tax is not an exciting topic. The science of abandoned shopping carts is not the stuff of hip social media buzz. But making life easier for your customers and increasing your sales success is the purpose of this post. My goal is to share a diverse range of ecommerce resources to help you figure out and streamline your customer's shopping experience. If you spend time in your website analytics, you'll see where and how your customer ends a visit. You can customize Google Analytics, but it isn't easy. You often need a...
by nicoj, Community Moderator on 04/30/2012 - 18:59
Are you a small business owner interested in becoming certified in the U.S. Small Business Administration’s (SBA) 8(a) Business Development program? If your answer is “yes” to the following questions, then you may be eligible for the program. Ask yourself: Am I a small business according to SBA’s size standards? Is my business 51 percent owned by one or more individuals who qualify as socially and economically disadvantaged and are U.S. citizens? Is my business controlled, managed and operated by one or more...
by mheffner, Community Moderator on 05/21/2012 - 11:40
By Dennis Byrne Years ago I left my job with a major energy company that had reorganized. Like some of my colleagues who were also searching for opportunity in equally green or greener pastures I looked into owning my own small business. Unlike my Mom, who owned two successful small businesses for some 40 years, I wasn’t just going to simply take a leap of faith like she did and expect to be equally successful. My appetite for risk wasn’t quite the same as hers. The first and most important thing I learned after many meetings with...
by Caron_Beesley, Community Moderator on 09/12/2011 - 07:57
If you are looking to get more from your business space, boost employee morale, and save money – then flexible working environments might be worth a look. What are flexible working environments? Unfortunately in the work space, the term “flexible” can invoke negative connotations such as lots of free time, perks and a “free for all” environment. But a flexible work space is far from that and includes such practices as flex time, telework, hot desking and consolidated work spaces. All of which can lower the cost of...
by Rieva, Guest Blogger on 09/09/2011 - 17:53
For a small business in today’s economy, one of the most crucial keys to success is knowing what your competition is up to at all times. If you don’t think your competitors are out to eat your lunch, you’re not going to be around very long. And in today’s global market, competition can come from new and unexpected places and can pop up at any moment. How do you stay on top of it all? Start by compiling a list of your competitors. Assess all the markets where you sell (local, regional, national, global and online...
by Karen Mills, SBA Administrator on 09/09/2011 - 12:21
Like most of you, I remember where I was on 9/11. My family had just moved from New York City to Maine, and I was at home with my husband Barry. My three sons were just starting at their new schools, but they still thought of Manhattan as home. After I saw what happened, I drove to their schools to touch base with their teachers and make sure they were OK. That afternoon, Barry, who had just taken a job as a college president, brought his students and the local community together at the college’s gym for a...
by Karen Mills, SBA Administrator on 09/09/2011 - 09:12
Anyone who saw President Obama speak last night knows that helping small businesses create jobs is the core of the American Jobs Act. The President laid out powerful, bipartisan, specific, paid-for proposals that will help put America back to work now. This includes: Cutting in half the payroll taxes for small businesses for the first $5 million in wages Temporarily eliminating employer payroll taxes for small businesses that create jobs or give raises above the prior year Extending an immediate 100% expensing write-off...
by Caron_Beesley, Community Moderator on 09/08/2011 - 08:58
Few things in life are as exhilarating as starting a business, particularly if you are a young entrepreneur with an exciting business concept and the world at your feet! Many factors go into making a business a success, but one of the most challenging areas, particularly for young entrepreneurs is financial management. Whether it’s securing capital, separating personal finances from business finances, or managing cash-flow, there are a number of pitfalls that lay in the way of even the most prepared entrepreneur. Here are some tips...
by Caron_Beesley, Community Moderator on 04/30/2012 - 18:59
Don’t you just hate it when you walk into a store or business and the first person you come across is unwelcoming, disengaged, or neutral at best? It immediately sends the message that the employee is not happy, that this might not be a great place to work, and, by extension, is it really the kind of business you want to give your patronage to? Studies have long shown the links between employee morale and business success, but new findings published in the Journal of Service Research,* demonstrate direct links between employee...
by Caron_Beesley, Community Moderator on 09/07/2011 - 15:18
Being active on public social media platforms such as Facebook, LinkedIn, and Twitter in addition to your own business blog, is almost an essential part of any business marketing toolkit. These tools can have enormous benefits, but they also have their dangers. For example, some businesses jump on social networking sites only to discover that someone has already registered their company or product names on Facebook and Twitter and is misrepresenting their brand as a consequence. Likewise someone might be out there reproducing your copyrighted...
by BarbaraWeltman, Guest Blogger on 09/06/2011 - 13:16
In the wake of Hurricane Irene, many businesses are still struggling to recover. If your business property was damaged or destroyed in this storm or in any other disaster this year, there may be some tax relief. Determine whether you are within a disaster area by checking with Federal Emergency Management Agency (FEMA) and to see what tax relief may be available to you. More time for tax actions You may have more time to file a return or do other tax tasks. The IRS has the authority to give businesses more time to file returns and do other...
by Karen Mills, SBA Administrator on 09/06/2011 - 11:02
Back in the 1910s, my Grandpa Jack was working in a shoe store, but he had bigger aspirations. So, he put a few machines in the back of the store and made socks and stockings on the side. As business picked up, he started building his own textiles factories, one of which I worked at during college. Grandpa Jack’s story shows how America’s entrepreneurs have always been critical to driving prosperity. They start businesses, drive innovation, and create good jobs. Unfortunately, the recession led to a drop of about 100,000 new...
by Caron_Beesley, Community Moderator on 05/04/2012 - 11:05
Have you ever considered lowering your prices in order to increase sales or remain competitive? In the current economy it’s a question faced by more and more business owners looking to attract new customers and keep existing customers coming back. The trouble is that the answer isn’t always black and white. Cutting prices can have a number of consequences: It lowers the perceived value of your brand and product –Even the big brands are guilty of this and the effect over time is detrimental. Like everyone else, many mall-...
by Caron_Beesley, Community Moderator on 05/04/2012 - 11:05
Have you ever considered lowering your prices in order to increase sales or remain competitive? In the current economy it’s a question faced by more and more business owners looking to attract new customers and keep existing customers coming back. The trouble is that the answer isn’t always black and white. Cutting prices can have a number of consequences: It lowers the perceived value of your brand and product –Even the big brands are guilty of this and the effect over time is detrimental. Like everyone else, many mall-...
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by Karen Mills, SBA Administrator on 09/30/2011 - 17:09