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June 2011 Archive
Is your business using social media to get the word out? How engaged are you with your social media following? Is your following growing? Being “social” on Twitter or Facebook isn’t simply a matter of following basic Twitter etiquette and thanking folks for retweets. Being “social” in an online world involves strategic planning and execution. In Part 1 of this series, I outlined some tried and tested ways of growing your social media following through careful planning and engagement. In this...
by Caron_Beesley, Guest Blogger on 04/27/2012 - 10:15
Marketing is crucial for small business owners. But all too often, we approach marketing in a haphazard fashion, adding a new element to our marketing mix “on the fly” without stopping to think about whether it makes sense for our overall business goals. It’s great to keep your marketing fresh and up-to-date by marketing your business in new avenues. But if you don’t take the time to assess each part of your marketing mix and how it fits into the larger scheme of things, you could be wasting time and money—and not...
by Caron_Beesley, Guest Blogger on 04/27/2012 - 10:15
Marketing is crucial for small business owners. But all too often, we approach marketing in a haphazard fashion, adding a new element to our marketing mix “on the fly” without stopping to think about whether it makes sense for our overall business goals. It’s great to keep your marketing fresh and up-to-date by marketing your business in new avenues. But if you don’t take the time to assess each part of your marketing mix and how it fits into the larger scheme of things, you could be wasting time and money—and not...
by NOsburn, Former Moderator on 06/29/2011 - 12:52
Here’s a great video recap of what happened at National Small Business Week in Washington, D.C., last month. We had a great lineup of speakers from companies like Google, HonestTea, and YouTube. And, of course, we had small business owners from every state who told us their success stories. It was a great week, and we hope you’ll join us next year!
by Davidh, Community Moderator on 06/29/2011 - 09:44
By David Hall A big part of the American Dream is the possibility of owning and running your business. That, of course, takes money, which begs the question how to finance your dream. There’s a widespread misconception, fueled by (sometimes unscrupulous) late-night infomercials, that there is money galore out there in the form of grants to start or expand your own business. While the popular, wishful approach to financing your business with OPM, Other People’s Money, is certainly attractive, it usually doesn’t work...
by BarbaraWeltman, Guest Blogger on 06/28/2011 - 11:10
Small businesses that move from one state to another probably won’t face the kind of *problems that Boeing, headquartered in Washington, is currently experiencing in trying to open a new plant in South Carolina. However, small businesses still have an array of legal and practical concerns that need to be addressed when they relocate. Why relocate? There are some compelling reasons to move from one state to another. Maybe you want milder weather. Maybe your significant other takes a job across the country. Or maybe you have...
by nicoj, Community Moderator on 04/30/2012 - 18:59
By Tiffani S. Clements If you are thinking about starting a small business, you may be wondering what the U.S. Small Business Administration (SBA) considers to be a small business. To determine whether your business qualifies as small, you must be able to answer “yes” to these questions: Is your business independently owned and operated in the United States? Is your business operated on a for-profit basis? Does your business make a significant contribution to the U.S. economy by paying taxes or using American products,...
by wreynolds, Former Guest Blogger on 03/02/2012 - 16:38
At the Ohio Small Business Development Center we conduct numerous training sessions throughout the year to educate small business owners on various business topics including strategic planning, marketing, successful selling and product commercialization to just name a few. Yet of all these, and the ones I haven’t mentioned, undoubtedly the most important element of business development is the market research we cover in our basic business 101 overview. Here Michael Bowers, Regional Director of the Ohio Small Business Development Center...
by Joe Jordan, Former SBA Official on 06/24/2011 - 14:19
Today we released the federal government’s “Scorecard” on small business contracting for Fiscal Year 2010. As you might know, contracting is one of our 3 Cs of the SBA. It’s important because revenue from federal contracts and subcontracts helps small firms grow their business and create jobs. In FY2010, nearly $100 billion in contracts went to small businesses. That’s 22.7% of all federal contracting dollars, just shy of the government’s goal of 23%. Combined with last year’s...
by Stephen Morris, Community Moderator on 04/30/2012 - 18:59
Did you know that the average office worker in the U.S. uses 10,000 sheets of copy paper per year! And that copy paper is the most common type of office waste paper. The good news is that Americans are now recovering 57.4 percent of the paper they consume (source*). But what role can small businesses play? Going paperless not only de-clutters your office and reduces your storage space, it saves money, reduces your carbon footprint, helps reduce risk and can make it easier on you should the tax man come knocking on your door. Going...
by Stephen Morris, Community Moderator on 06/23/2011 - 17:16
When entrepreneurs plan to start or expand their businesses, one of their main concerns and needs is where to find the necessary financing. The U.S. Small Business Administration is the largest backer of commercial loans for small businesses in the U.S., offering a variety of loan guaranty programs to accommodate most small business financial needs. Borrowers who come to the SBA for assistance often hear about the CDC/504 Loan Programwhich is one of the two most popular loan programs offered by the agency and is designed to...
by BillGormley, Former Guest Blogger on 06/23/2011 - 09:13
Women-owned businesses have always had a place in the world of government contracting. Earlier this year, however, the Small Business Administration (SBA) implemented a new program that is designed to provide more contracting opportunities for women-owned businesses. As of April 1, 2011, agencies may now set aside contracts specifically for women-owned small businesses (WOSB) and economically disadvantaged women-owned small businesses. According to the Federal Acquisition Regulation (FAR) amendment,...
by CeceliaT, Community Moderator on 06/21/2011 - 19:03
If your employees spend 40 or more hours together each week, then it inevitably follows that not all of them are going to get along with each other or even with you! Difficult employees take all forms – whether it’s taking one too many long lunch breaks or spending a little too much time taking care of personal business during office hours. Difficult behavior rarely goes unnoticed by other employees and, if not addressed quicky, can prickle one too many feathers and lead to potentially explosive situations. As a manager, it is your...
by kmurray, Guest Blogger on 07/05/2012 - 11:36
In 2011, the savviest business people know that visitors like to recommend and share content with their own networks. So I have two questions for you: Does your website or company blog have buttons on it to give readers a way to share your content on social media sites like Twitter, Facebook or LinkedIn? Give yourself a big pat on the back if it does. When was the last time you changed those social sharing buttons? If you haven't changed them in over 6 months, then it's time for a tune-up. You see, the whole world of social...
by Karen Mills, SBA Administrator on 06/16/2011 - 12:27
Supporting growth and innovation in manufacturing is critical to helping America out-compete the rest of the world and create 21st-century jobs. On Monday, I was at DuPont in North Carolina holding a roundtable with manufacturers as part of the President’s meeting with the Council on Jobs and Competitiveness. I talked to a small business that designed a safer tool for doctors to use in surgery, and they hope to start hiring and manufacturing soon. In addition, I’ve talked to many more small manufacturers in recent weeks, from...
by FranchiseKing, Guest Blogger on 06/16/2011 - 14:20
It takes intelligence, talent, and perseverance to make it to the top in the corporate world; it’s not for the meek. Corporate executives are a special breed; they thrive on pressure, have no problem working extremely long hours, and are usually willing to do whatever it takes to ensure that the companies they run are highly successful. Kind of like what it takes to be the owner of a thriving franchise business. Over the years, I’ve worked with lots of corporate executives who’ve wanted to “explore their options,...
by Marie Johns, SBA Deputy Administrator on 06/15/2011 - 18:09
Last week, I joined Secretary of Agriculture Tom Vilsack and other members of the Obama administration for the first meeting of the White House Rural Council. The goal of the council is to advance policies that promote economic prosperity in rural America. I know the SBA will play an important role in this endeavor. Small businesses are part of the fabric of rural communities. They line Main Streets in small towns, and they are crucial job creators in rural economies. SBA is committed to helping these small businesses get the tools they need...
by Davidh, Community Moderator on 06/16/2011 - 13:54
When giving or receiving a corporate distribution, it is important to understand the tax laws that regulate your actions. The following information explains what is considered a corporate distribution, and provides tips for understanding your options. Means of Distributing Income For corporations, taxes associated with distributions to shareholders generally fall under one of two options: An “S-corporation” typically pays no tax on its own; rather, income flows through to the shareholders, and they pay the tax personally. With an...
by nicoj, Community Moderator on 06/15/2011 - 08:37
By Ashley Cassels A love for animals may drive your passion to begin a career in the animal care and services industry, but you will need more than that to ensure professional success. Groomers, kennel attendants, trainers, and pet sitters each have a unique set of responsibilities. Read on for detailed descriptions of what to expect in each of these professions. Types of Animal Care Businesses If you want to start an animal care business, first think about the type of services your business will provide. Below we’ll review a few...
by wreynolds, Former Guest Blogger on 03/02/2012 - 16:32
Ugh! It’s summer and the kids are out of school. For many women business owners with school-aged children the summer months can be a challenging time. The demands of your business continue to be 24/7, while simultaneously you want to spend quality time with your children. How do you balance these conflicting demands? Why not hire them to work for you? Now before you outright reject the idea, consider the benefits. Putting your kids to work over the summer can keep them from...
by kelleyd, Community Moderator on 06/09/2011 - 14:44
Social media is a great tool for communicating with your customers, however unlike other forms of marketing communications, social media is exactly that “social”. Simply pushing out posts is not enough, and it’s a big mistake that many business owners make – treating social media as if it’s another vehicle for simply getting the word out. Yes, it is, but it’s also a vehicle for listening to your customers’ needs, prompting them to share their opinions and feedback, as well as showing your...
by nicoj, Community Moderator on 06/08/2011 - 11:48
By Dennis Byrne Absolutely, a one-participant 401(k)retirement plan is not new, and for many self-employed small business owners it may be one of the best ways to prepare for future retirement needs. In recent years a one-participant 401(k) plan has been called aSolo-k, a Solo-401(k),a Uni-k, or simply a One-participant k. The one-participant 401(k) plan is a traditional 401(k) plan covering a business owner with no employees, or that person and his or her spouse. These plans have the same rules and requirements as...
by CeceliaT, Community Moderator on 06/07/2011 - 17:51
By Cecelia Taylor If you’re thinking of entering the organic food business, the following article will give you a better understanding of what it means for a product to be “organic” and how food producers and handlers can become organic-certified. The U.S. Department of Agriculture (USDA) defines “organic” as a labeling term that denotes products produced under the authority of the Organic Foods Production Act. The main guidelines for organic production are to use materials and practices that enhance the...
by wreynolds, Guest Blogger on 03/02/2012 - 16:28
But how can I forecast a new product? I have no history? How would I know? I think I’ve received this question in email more than a hundred times. So I’d like to answer it here, where it might be useful for startups, entrepreneurs, and you. I’m going to start with two basic principals and then suggest three sample methodologies. The first principle is that it’s not about guessing the future correctly. Nobody can. Instead, it is about laying out some assumptions so you can track results and make useful business decisions...
by danielc, Former Moderator on 06/07/2011 - 18:01
Throughout the spring, SBA officials have been on the road to talk with small business owners and members of the small business community about the Small Business Jobs Act. The Jobs Act is the most important piece of small business legislation in over a decade. We went on the road to talk about the tools that small businesses can take advantage of, as well as hear about how SBA can build on what's working as we continue to implement the over 60 provisions related to SBA in the Jobs Act. After the DC stop of the Jobs Act tour,...
by nicoj, Community Moderator on 06/02/2011 - 15:56
It’s no longer uncommon to witness neighbors, colleagues and partners taking a “work from home” day. In fact, telework practices are considered a highly desirable perk, if not a downright necessity, for today’s increasingly agile and mobile workforce. As a small business owner the benefits are also significant – cost-savings can be realized in abundance – from reductions in office space, to decreased absenteeism (employees no longer need to take a full day’s leave if they need to stay at...
by BusinessCredit, Guest Blogger on 06/02/2011 - 12:23
Are you using credit to help finance your new business venture? You’re not alone as statistics show that over 65% off all business owners use credit for business purchases. But what’s alarming, is that only 50% of those cards are actually in the business’ name. As a business owner using personal credit cards for business is a risky approach since you assume total liability and if your company is sued or fails you risk losing personal assets and good credit ratings as well. So how do you go about building credit in...
by nicoj, Community Moderator on 06/01/2011 - 17:01
Getting started as an entrepreneur can be an exciting, and at times scary, thought for young people. First-time business owners face many challenges on the path to becoming successful, such as obtaining credit, complying with regulations, and building a customer base. In May, we asked business owners in the SBA community for suggestions they wish someone would have given them before starting a business. Here are some of their tips: Develop a solid business plan johnhenning suggested having both a business plan and procedures set up before...
by Davidh, Community Moderator on 06/15/2011 - 11:04
Thinking of going it alone? Becoming a freelancer is an attractive option for many professionals, but can you make it work for you? One of the most critical steps involved in planning and growing your freelance business is setting your rates. However, when you are charging for a service, this is easier said than done and getting it wrong (either way) can compromise your worth, your cash-flow and your business. Here are three tips for setting your freelance rates, structuring your pricing, and negotiating with clients. Setting Your...
by TJ McCue, Former Guest Blogger on 06/01/2011 - 10:18
By TJ McCue The life of a salesperson is changing, but not as fast as buyers are changing. It is arguable if sales techniques and methods in use at most corporations are even close to in tune with the market. Instead of Selling we need officially to call it “Selling to Buyers” just so we don’t get confused about what we’re doing. If this sounds rudimentary, forgive me, but most sales people I know think that selling is about sharing what they know, what their product does, pitching, talking, presenting. That’s not...
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by kelleyd, Community Moderator on 06/30/2011 - 15:30