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October 2011 Archive
Everyone has to increase their prices eventually. If you’re fortunate your customers won’t notice. But in a budget conscious economy, the chances are they will. If you run a contract- or consulting-based business, it can be doubly difficult to raise your rates because you’re going to have to be upfront about the changes, and in all likelihood negotiate a new contract. So it all makes for a worrisome situation. However, done right, raising your prices should not alienate your customers – particularly if they value you...
by Daniel Hannaher, SBA Official on 10/28/2011 - 13:22
SBA has been holding White House Business Council Roundtables in rural communities throughout the Rocky Mountain region. In these open dialogs, participants often express the resilient, muted optimism of an independent citizenry recovering from an economic downturn. Small businesses in the region face a variety of challenges, but at the same time, they are drivers of economic growth and sustainable job creation. I recently had the chance to visit Laducer & Associates in Mandan, ND. Laducer...
by Solovic, Former Guest Blogger on 10/27/2011 - 17:22
One the most difficult challenges when you’re growing your business is morphing from a fledging startup to a more established, mature organization. Many entrepreneurs who want to grow their firms stumble because they can't adjust their business operations appropriately. I think it’s a lot like going through puberty. It can be awkward, confusing, and frustrating, but it's all part of growing up. If you’re like most business owners, you feel as though no one in your...
by wreynolds, Community Moderator on 03/02/2012 - 17:15
Trade shows are big business. According to the Center for Exhibition Industry Research, more than 14,000 are held annually in the U.S., Canada, and Mexico, and no doubt some of them fit nicely with your small business marketing strategy. Trade shows provide a great venue for showcasing your business and its products, entering new markets, meeting and spending time with customers and suppliers, and of course, checking out the competition. But trade shows are also a huge investment of time, people, and money – all precious resources to a...
by Sean Greene, SBA Official on 10/26/2011 - 15:20
By Sean Greene, Associate Administrator for Investment and Special Advisor for Innovation Yesterday, the President announced how we’re reducing the burden of student loan debt for college graduates and their families. As a former entrepreneur, I know just how important debt relief is in helping finance extra months of operating runway that a new businessneeds to get up and running. It’s particularly important that we give as much “breathing room” as possible to entrepreneurs who have both a degree and a great...
by nicoj, Community Moderator on 10/26/2011 - 14:56
Every year since 1963, SBA has hosted the National Small Business Week Conference to recognize the special impact made by outstanding entrepreneurs and small business owners. We are now seeking nominations from the public for the 2012 National Small Business Week awards. Once you are nominated for an award, the next step is to put together a nomination package. Here are 7 tips to preparing a winning Small Business Week nomination package: 1. Read and Follow Nomination Guidelines Carefully...
by wreynolds, Community Moderator on 03/02/2012 - 17:14
If you are a consultant or freelancer you’ll be familiar with this often asked, yet perplexing question: “Do I need to incorporate?” Legally, the answer is no. The truth is over 70 percent of U.S. businesses are owned by sole proprietors, and operate successfully without incorporating. So, if you can legally operate and be successful without it, why would you want to incorporate your business? Here are some reasons why: Liability You may not think now that you need protection against liability but what if a client...
by TiffaniC, Community Moderator on 10/25/2011 - 17:11
HUBZone Certification—How Does a Business Get Certified? Are you a small business owner located in an economically distressed urban or rural community with high unemployment or low income levels? Are you looking for help with federal contracting and interested in becoming certified in the U.S. Small Business Administration’s (SBA) Historically Underutilized Business Zones (HUBZone) program? If so, you may be eligible for the program if you can answer yes to the following questions. Ask yourself: Am I a small...
by Tim Berry, Guest Blogger on 10/25/2011 - 19:13
What format do you use for a trip plan, vacation plan, construction plan, or a game plan? Whatever works, right? The travel plans are probably a combination of reservations and confirmations, additional information, in a variety of different modes. The game plan is something verbal, in many cases, or maybe some bullet points, or a detailed listing of specific plays. The construction plans are probably blueprints, very carefully drawn and measured, full of specific details. Like so much of the things we do, the form of these plans...
by wreynolds, Community Moderator on 03/02/2012 - 17:12
Whether you are a freelancer or a small business owner, separating your personal bank accounts from your business accounts is a good practice that you need to get your arms around from the get-go. For many business owners this starts with obtaining a business credit card. If you think a business credit card is just about convenience, think again. Credit specialist and SBA guest blogger Marco Carbajo cites three very compelling business reasons for obtaining a business credit card: It Can Prevent Intermingling of Credit – If you start...
by wreynolds, Guest Blogger on 04/30/2012 - 18:59
With an economy that’s struggling, every small business owner is looking for ways to increase profits, save money and improve efficiency. The good news is there are plenty of ideas that you can find in books and articles. But rather than cover the obvious ones, in today’s tough economy you need new and creative ways to save. Consider the following ten cost-saving ideas for your small business: Go paperless– You can lower storage costs, printing costs and improve overall efficiency by running a paperless office. By...
by wreynolds, Community Moderator on 03/02/2012 - 17:07
Do you have a rock-solid email marketing list of engaged prospects and customers that you can consistently communicate with? Building an email or direct mail marketing list is a persistent challenge for many business owners. In the first place it requires generating traffic to your website; it also requires a compelling hook, a good reason for someone to subscribe to your list. You also want to make it easy for people to subscribe to your list via your opt-in form. And last, but by no means least, you need to have a plan to convert your...
by wreynolds, Community Moderator on 03/02/2012 - 17:03
Business partnerships are common among startups and small businesses, and it’s not hard to see why. From an entrepreneurial standpoint the benefits are plentiful. The right business partnership is like a good marriage – not only do you have someone who shares your vision but you also get help with the financial and practical side of business ownership. This being said, partnerships do have their disadvantages. For example, in a business partnership, individual partners are personally liable for all the business's obligations...
by TJ McCue, Former Guest Blogger on 10/18/2011 - 17:24
For the last six weeks, I’ve been working on a course for American Express OPEN Forum’s new Crash Course series. While I don’t claim to be an online video marketing guru, I learned a lot in helping them build this course on YouTube Marketing. Here is a bit of what I shared there: Always title your video properly That is, edit the actual filename with keywords and the name of your company or brand. Don’t leave it as those random numbers and letters that your video camera assigns to each video, such as,...
by CeceliaT, Community Moderator on 10/18/2011 - 16:16
You may have missed a new rule from the Federal Trade Commission that took effect this month, beginning Oct. 1. If your business accepts payment by credit or debit card, these new rules of the merchant superhighway may help you lower your cost of doing business. The rules deal with interchange fees for debit card transactions, the discounts on the purchase price you offer your customers when they pay in certain ways, minimum dollar amounts for credit card purchases, and the networks available for routing debit card transactions....
by janied, Community Moderator on 10/19/2011 - 11:00
When a friend or family member asks what you do to help small businesses, what do you say? Consider every aspect of opportunity that’s available within our guidelines/SOP to help struggling small businesses that need funds for working capital. What’s your favorite thing about what the SBA does for small businesses? SBA can help small businesses with their future business plans when disasters happen in granting funds for repairs and rebuilding their dreams. Is there a particular small business “success story...
by nicoj, Community Moderator on 10/18/2011 - 11:52
Nominate an Outstanding Small Business in Your Neighborhood for SBA’s Highest Awards Every year, we at the SBA honor America’s small business owners by presenting National Small Business Week in Washington, DC. During National Small Business Week, we recognize outstanding entrepreneurs and small business owners and the contributions they’re making to create jobs, inspire innovation and strengthen our economy. Earlier this year, we hosted one of our most successful Small Business Weeks. Click here to see this year...
by Karen Mills, SBA Administrator on 10/17/2011 - 16:56
Each October, we celebrate one of the fastest-growing segments of America’s economy: woman-owned businesses. As a woman who has started a business and owned several businesses over the years, this is especially important to me. Today, there are about 8 million woman-owned businesses in the U.S. From 1997 to 2007, the number ofthese firmsgrew about twice as fast as that of men. Find more facts about woman-owned firms here. We’re building on the momentum of these job creators in a number of ways. For example, this...
by wreynolds, Community Moderator on 04/30/2012 - 18:59
Does the government provide grants to small businesses? Ah, well, yes and no. It depends on what business you are in, what kind of return the government and taxpayers can expect from their investment and whether you match some very stringent eligibility requirements. Here are some facts about government grants for small businesses, including who is eligible and how you can go about finding them. Can I get a Government Grant to Start and Grow My Small Business? It’s not unreasonable to expect that the government provides grants for...
by nicoj, Community Moderator on 10/14/2011 - 15:37
The Voting Period for SBA’s Export Video Contest is NOW OPEN In August, we announced the Export Video Contest, asking small businesses to submit their exporting stories through YouTube videos for a chance to win cash prizes and a monetary award towards a future export event. The contest, presented in partnership with Visa and the President’s National Export Initiative, recognizes successful small exporters and helps get the word out about federal tools available to help U.S. exporters expand into new markets, grow their companies...
by Karen Mills, SBA Administrator on 10/13/2011 - 15:42
Small businesses in emerging industries – like clean energy – have cutting-edge ideas that are strengthening our country and changing the world. Today, we are helping them continue to do just that in two major ways. First, unlike larger firms, many small firms do not have the staff or time to search for all of the federal opportunities that can help them grow and create jobs. We are pleased to announce that today, they have a new tool with green.sba.gov, where they can find all federal opportunities in a single location. How...
by Rieva, Guest Blogger on 10/13/2011 - 07:51
The world of business is changing at the speed of light these days. That means that your business’s brand can become outdated faster than ever – whether your company is new or time-tested. Your brand is your business’s image—the first thing that customers or potential customers think of when they see your company name, logo or products. A strong brand identity is crucial to successful marketing, because without it, your business won’t stand out from the pack. How can you tell if your brand needs a refresh?...
by Karen Mills, SBA Administrator on 10/13/2011 - 07:29
America's small businesses need every possible opportunity to out-compete and out-innovate the rest of the world. Last night, Congress opened more doors for our small businesses by approving trade agreements that will reduce and eliminate many barriers to some of the fastest-growing international markets. These agreements cut tariffs and red tape for our small exporters, helping increase U.S. exports by billions of dollars each year and supporting tens of thousands of new, good-paying jobs here at home.
by wreynolds, Community Moderator on 04/30/2012 - 18:59
Given the potential financial risks involved in starting your own business, it’s no surprise that many successful entrepreneurs begin their businesses as part-time ventures. In fact, the old adage – “don’t give up your day job” – rings true for many would-be entrepreneurs who are well aware of the benefits of maintaining a salaried income until they can get their start-up venture off the ground. Likewise, part-time business ownership is also a great opportunity for stay-at-home parents looking to supplement...
by wreynolds, Community Moderator on 03/02/2012 - 16:58
The mobile application market is hot business. Driven by the adoption of smart phones, tablets, and the lowering of data costs, the total global market for mobile application (app) technology is expected to be worth $25 billion by 2015 (source: Markets and Markets). If you’re an entrepreneur, or even an accidental entrepreneur, and are interested in developing and marketing a mobile app, there are some legal considerations you need to be aware of that will both protect your business venture and the interests of your consumers. Here...
by BarbaraWeltman, Guest Blogger on 10/11/2011 - 19:16
If Starbucks is your headquarters and you spend much or most of your time out and about, you may be part of a growing group of business owners who work on a mobile basis. A laptop, tablet, and Smartphone enable you to set up an office just about anywhere. Certainly, not having to pay office rent cuts your overhead substantially. Being mobile also gives you more flexibility in scheduling and running your business. But you still have costs for working on a mobile basis. Here are the tax rules you need to know. Home office deduction Even if you...
by mheffner, Community Moderator on 05/21/2012 - 13:23
Do you operate a seasonal business? If your revenue peaks and declines depending on the time of year, or you only operate your business during a certain season—then you can be considered a seasonal a business owner. If this is you, then you know that monitoring and managing your cash flow and revenues through these fluctuations is essential. Below are six ways you can better plan and manage for the ebb and flow of seasonal business cash flow. Make a Budget that Includes Cash Flow Projection Every business operates off a set budget...
by Marie Johns, SBA Deputy Administrator on 10/07/2011 - 15:09
This week I had the pleasure of visiting Circle City Rebar in my hometown of Indianapolis, Indiana. Their story will be familiar to small business owners across the country. Owner Frank Davis started the business after being laid off from the large corporation he worked at for years. He used an SBA loan in 2005 to start the business. Then he used another SBA loan to move Circle City Rebar to a bigger facility across town. Now Frank is looking at a 3rd loan to purchase some new equipment and hire two...
by TonyaWilson, Former Guest Blogger on 10/07/2011 - 11:29
Last month, I flew out to San Diego to attend the Small Business Development Centers’ national conference. While I was planning what to pack… swimsuit, sunscreen, beach shoes; my thoughts turned to how to gain the most benefit and make the best connections from the trade show, presenters and other attendees I would meet from around the country. This is something I have to put some effort into because although it may come as a surprise, networking hasn’t always been my “thing”. I wouldn’t go as far as...
by smallbiztrends, Guest Blogger on 10/06/2011 - 10:03
Any time a well-known social site changes, we’ve come to expect an immediate backlash against the changes. Facebook, the mega social networking site, is no exception*, as USA Today reports. In September 2011, Facebook unveiled upcoming changes to its site. Those changes include an image-intensive new layout for personal profile pages, a scrolling status ticker of your friends on the right column of the page, and a feature called “Timeline” that will let you display images from your entire life....
by wreynolds, Community Moderator on 03/02/2012 - 16:54
Are you active on Twitter? Looking for more ways to improve the effectiveness of your Tweets? Getting the most out of our Tweets can really improve your brand exposure, drive traffic to your website, and show that you are active and engaged with your customers and prospects. But to do this you need to step back and assess where you are today and ask yourself a few questions about your Twitter strategy. For example: Do you find that you are largely using Twitter to share information about your business? Whether it’s events, promotions...
by Karen Mills, SBA Administrator on 10/07/2011 - 11:35
I’m pleased to announce that the SBA hit an all-time record in small business lending this fiscal year: over $30 billion in lending supported to over 60,000 small businesses. Let’s take a step back and see how we got here. In October 2008, lending markets froze. Banks simply weren’t giving small business loans. Then, President Obama signed the Recovery Act. We were able to raise the guarantee on SBA loans to 90%, and reduce or eliminate the fees. It worked. SBA lending roared back. We...
by CeceliaT, Community Moderator on 10/06/2011 - 11:56
By Cecelia Taylor Uncovering the truth behind the free money myth It is not uncommon for potential business owners to call or visit the SBA asking for grants or free money to start their businesses. In many cases, you have likely read or heard the “free money myth” and how trouble-free it is to get your share, either from a late night infomercial or from an obscure publication. In most cases, the information is incorrect and misleading. In other cases, it’s close to a scam, so be leery of anyone who asks for...
by wreynolds, Community Moderator on 03/02/2012 - 16:53
This article is part two in a two-part series in which Susan Wilson, director of the Office of Intellectual Property Rights of the U.S. Department of Commerce’s International Trade Administration shares tips and tools for protecting and enforcing your intellectual property rights in foreign markets (read Part 1 here). You’ve worked hard to develop your products and services and to grow your small business, and you feel the time may be right to enter the international marketplace. But now you realize there is another step...
by Davidh, Community Moderator on 10/05/2011 - 11:07
One of the most misunderstood (and vilified) elements in applying for a loan, any loan, are those pesky fees that seem to pop up all over the place and may add up to a significant amount. If you’re anything like me, they make me cringe, roll my eyes and blow out steam, as I see them as just a cunning way of the bank to get Joe Borrower, that is, me, coming and going. Worst of all, they are unavoidable. Clearly, understanding those fees will go a long way toward helping you face the loan application process with a clearer view of what you...
by wreynolds, SBA Administrator on 03/02/2012 - 16:51
I wanted to share with you a guest post from Navy Captain Brad Cooper, Executive Director of the "Joining Forces" initiative. I know I speak for all of us here at SBA when I say we are grateful for our military community and excited to be a partner in this nationwide initiative. -Karen After nearly 10 years of war, our nation has asked more of our service members and their families than ever before. In an effort to help give back to our military community, we are asking Americans to get involved in any way they can - and...
by wreynolds, Community Moderator on 04/30/2012 - 18:59
Looking for a private equity firm or venture capitalist to fund and assist your business growth? Not sure where to start? If you’re a small business owner looking for an investor, here are five tips for finding and attracting the right investors. 1. Understand the Difference Between Private Equity, Venture Capital, and Angel Investing The term venture capital is often used in conversation to mean money invested by a third-party in high-growth start-ups. However, there are several types of investors with slightly different...
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by mheffner, Community Moderator on 05/21/2012 - 13:33