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March 2012 Archive
Growing up in my family, summer jobs were a requirement! One of my best memories is the summer I worked as a bookkeeper in a local accountant’s office. I felt such pride in going to work every day and earning my own paycheck. More importantly, though, the skills I learned from Mr. Henderson – time management, critical thinking, and effective communication – have served me well throughout my career. The impact that experience had on me professionally is one of the many reasons I made summer jobs a priority...
by Caron_Beesley, Community Moderator on 06/29/2012 - 11:36
Are you writing a business plan? Planning to expand into new markets? Then it’s worth knowing that Uncle Sam offers access to free data that can help you understand your market and analyze consumer trends and demographics. In fact, the federal government is the largest producer of data in the U.S. with numerous offices dedicated to collecting, analyzing and providing free access to their findings – good news for budget-conscious small business owners. Here are five government sources of market data and statistics that may...
by Caron_Beesley, Community Moderator on 06/29/2012 - 11:36
Are you writing a business plan? Planning to expand into new markets? Then it’s worth knowing that Uncle Sam offers access to free data that can help you understand your market and analyze consumer trends and demographics. In fact, the federal government is the largest producer of data in the U.S. with numerous offices dedicated to collecting, analyzing and providing free access to their findings – good news for budget-conscious small business owners. Here are five government sources of market data and statistics that may...
by Caron_Beesley, Community Moderator on 06/29/2012 - 11:36
Are you writing a business plan? Planning to expand into new markets? Then it’s worth knowing that Uncle Sam offers access to free data that can help you understand your market and analyze consumer trends and demographics. In fact, the federal government is the largest producer of data in the U.S. with numerous offices dedicated to collecting, analyzing and providing free access to their findings – good news for budget-conscious small business owners. Here are five government sources of market data and statistics that may...
14-City Mentor-Protégé Matchmaker Conference Will Link 8(a) Firms, Mentors and SBA Resource Partners
by TiffaniC, Community Moderator on 04/30/2012 - 18:59
Are you a small disadvantaged business owner participating in the U.S. Small Business Administration’s 8(a) Business Development program? Are you interested in learning about opportunities to partner with larger businesses and being mentored by graduates of the 8(a) program on business development and possible federal contract opportunities? If your answer is “yes”, then you don’t want to miss SBA’s 14-City Mentor-Protégé Matchmaker Conference coming to a city near you! SBA’s...
by Caron_Beesley, Community Moderator on 06/26/2012 - 13:55
If you are starting an online business, conducting email marketing, or interacting with your customers via your website, then you need to be aware of and adhere to online privacy policies. What do online privacy policies accomplish? Why do you need one? Sometimes, it’s required, such as the statutes that govern email SPAM. Others are optional. In general, your online privacy policy is your company’s pledge to your customers about how you will use, not use, and protect the consumer data you collect from them. Check out...
by Caron_Beesley, Community Moderator on 06/26/2012 - 13:55
If you are starting an online business, conducting email marketing, or interacting with your customers via your website, then you need to be aware of and adhere to online privacy policies. What do online privacy policies accomplish? Why do you need one? Sometimes, it’s required, such as the statutes that govern email SPAM. Others are optional. In general, your online privacy policy is your company’s pledge to your customers about how you will use, not use, and protect the consumer data you collect from them. Check out...
by Caron_Beesley, Community Moderator on 06/26/2012 - 13:55
If you are starting an online business, conducting email marketing, or interacting with your customers via your website, then you need to be aware of and adhere to online privacy policies. What do online privacy policies accomplish? Why do you need one? Sometimes, it’s required, such as the statutes that govern email SPAM. Others are optional. In general, your online privacy policy is your company’s pledge to your customers about how you will use, not use, and protect the consumer data you collect from them. Check out...
by Stephen Morris, SBA Official on 03/27/2012 - 17:02
The celebration of Women’s History Month gives us a chance to reflect on the important role women business owners play in our economy. In fact, women-owned businesses represent one of the fastest-growing segments of the economy. According to the National Women's Business Council, women-owned firms grew 44% from 1997 to 2007, twice as fast as male-owned firms. There are 7.8 million women-owned businesses in the US and 88% of these are small businesses. Women continue to start businesses in this country, making it imperative for them...
by Stephen Morris, SBA Deputy Administrator on 04/03/2012 - 15:48
Last week, the White House Business Council and SBA hosted an Urban Economic Forum in Los Angeles, CA to help connect entrepreneurs and business owners to local and national resources they need to start, grow and create jobs. The Urban Economic Forum is a multi-city series designed to help urban small business owners create an economy built to last. This week, we are taking the Urban Economic Forum to Las Vegas, NV. We’ll be live streaming the Urban Economic Forum at White House Live on Thursday, March 29 from the Las Vegas...
by Caron_Beesley, Community Moderator on 04/30/2012 - 18:59
Back in 2010, SBA guest blogger, Susan Solovic, shared some statistics about the self-perpetuating challenges that female business owners have when it comes to growing their businesses and accessing capital: Fewer than three percent of women-owned businesses cross over the million dollar threshold in revenue. Access to growth capital (a critical factor in growing a successful, sustainable business) is a challenge for women business owners. However, research by the Center for Women’s Business Research shows that historically, women...
New Partnership with the Hispanic Chamber of Commerce Will Help SBA Reach More Small Business Owners
by NinaSSmith, SBA Deputy Administrator on 08/15/2012 - 11:13
One of SBA’s highest priorities is to provide access and opportunity to small business owners in traditionally underserved communities. President Obama, Administrator Mills, and I are committed to supporting all of our nation’s entrepreneurs, including minorities, women, veterans, people with disabilities and those in rural areas. That is why we created the Advisory Council on Underserved Communities (CUC), which advises SBA on ways we can further expand our reach into these communities. Chaired by Cathy Hughes,...
by Caron_Beesley, Community Moderator on 05/04/2012 - 11:09
How do you describe your business to the world? What words sum up your brand identity and what you have to offer? Are you clearly explaining your business value? It takes a little time and thought to get your marketing message right, which is why so many small businesses fall back on their “About Us” page or product descriptions to describe what they do and for whom. The problem with this approach is that this message is always about the business itself, and not about those you are trying to connect with – your customers....
by Caron_Beesley, Community Moderator on 05/04/2012 - 11:09
How do you describe your business to the world? What words sum up your brand identity and what you have to offer? Are you clearly explaining your business value? It takes a little time and thought to get your marketing message right, which is why so many small businesses fall back on their “About Us” page or product descriptions to describe what they do and for whom. The problem with this approach is that this message is always about the business itself, and not about those you are trying to connect with – your customers....
by BusinessCredit, Guest Blogger on 03/21/2012 - 20:13
Opening a business bank account online can be an easy and painless process when you have all the necessary documentation in place. First, it is important to realize there are several factors that can prohibit one from opening a business bank account on the internet. For example, if a company provides money services, including check cashing, issuing money orders, issuing store value cards, exchanging currency, or wiring funds in exchange for a fee, banks will not allow you to open an account online. You will need to go to the branch personally...
by nicoj, Guest Blogger on 05/19/2012 - 20:04
Think of social media as a tool for dealing with customers. Like any other tool, or channel, it’s not inherently good or bad for business; its value depends on what you do with it. The underlying problem is clear. It’s essentially the same problem you have with a toll-free number that nobody calls, or an ad that nobody sees. The tool is only as good as the use you make of it. I believe in the business planning process as the secret to good management. That means you use a flexible business plan, reviewed and revised often, to...
by nicoj, Guest Blogger on 05/19/2012 - 20:04
Think of social media as a tool for dealing with customers. Like any other tool, or channel, it’s not inherently good or bad for business; its value depends on what you do with it. The underlying problem is clear. It’s essentially the same problem you have with a toll-free number that nobody calls, or an ad that nobody sees. The tool is only as good as the use you make of it. I believe in the business planning process as the secret to good management. That means you use a flexible business plan, reviewed and revised often, to...
by Stephen Morris, SBA Administrator on 03/22/2012 - 11:59
Manufacturing is adding jobs for the first time since the 1990s, and our manufacturers are more productive today than ever. That’s good news for America’s producers, but it’s also good news up and down the supply chain. Everybody benefits when manufacturing is going strong. In fact, studies show that each dollar invested in manufacturing creates $2.41 in total economic output. And, for every new job created in the manufacturing sector, another two jobs are created in the surrounding community. Made in America is strong and...
by Caron_Beesley, Community Moderator on 04/30/2012 - 18:59
The U.S. federal government buys nearly $100 billion worth of goods and services from small businesses each year. However, for many women-owned small businesses (WOSBs) competing in this lucrative market has been tricky. In fact, in recent years, WOSBs received only four percent of the $400+ billion in government contracts awarded to small businesses. In an effort to address this shortfall and create a more level contracting playing field for WOSBs, last year the SBA implemented a women’s contracting program that will allow contracting...
by ngoriel, SBA Deputy Administrator on 03/20/2012 - 12:47
Earlier this month, over 300 participants joined the White House Business Council and SBA for the Urban Economic Forum in Birmingham, AL which connected entrepreneurs and business owners to local and national resources they need to start, grow and create jobs. The Urban Economic Forum is a multi-city series designed to help urban small business owners create an economy built to last. On Thursday, March 22, we’re taking the Urban Economic Forum to Los Angeles, CA. The Urban Economic Forum will be live streamed at White House...
by Stephen Morris, SBA Administrator on 03/19/2012 - 16:05
America is adding manufacturing jobs for the first time since the 1990s. We have created 440,000 good manufacturing jobs over the past two years, and we know that small businesses are leading the charge here. They create about two-thirds of net new jobs in the country, and more than a third of all manufacturing employees work for a small business. Made in America is strong and getting stronger. That’s why President Obama has proposed tax incentives to encourage manufacturers to invest in America, removal of tax breaks for...
by AshleyC, Community Moderator on 03/21/2012 - 15:48
Meet David Leonard, Branch Manager, Office of Economic Development, Nevada District Office When a friend or family member asks what you do to help small businesses, what do you say? My mission is to create jobs by assisting in the startup and expansion of small businesses. I accomplish this mission with a wide variety of SBA programs and services which are invaluable to the survival and success of small firms in Nevada outside Clark County. I work to ensure that small businesses, financial institutions, community organizations and local,...
by Caron_Beesley, Community Moderator on 03/19/2012 - 07:39
If you’re a sole proprietor with no employees and very little business overhead, what you pay yourself is pretty much what you earn in sales minus your costs and taxes. But what happens when your business grows, or you enter a partnership, or take on employees – how do you determine what your salary should be? As a business owner, setting your own salary can be a tricky task, especially in markets that see highs and lows. Here are a few tips to help you determine the best way to "pay the boss.” No Magic Formula There is...
by Stephen Morris, SBA Administrator on 03/15/2012 - 10:00
The US- Korea trade agreement, which takes effect today, is a major win for America’s small businesses. A key part of President Obama’s National Export Initiative, this historic agreement provides businesses with greater access to a fast growing market and more opportunities to create jobs. It is estimated that the tariff cuts in the agreement will support 70,000 American jobs. The U.S. International Trade Commission estimates that the US-Korea agreement will increase annual exports to Korea by about $10...
by Caron_Beesley, Community Moderator on 04/30/2012 - 18:59
There’s no doubt about it, women are a rising force in American entrepreneurship. Here are some fast facts on women-owned businesses: The latest Census data indicates that 7.8 million U.S. businesses are owned by women. This represents a stunning 44% increase from 1997-2007, twice the growth rate of men-owned businesses. Women-owned firms now make up close to a third (29%) of all nonfarm businesses across the country. These firms generate a total of $1.2 trillion annually and employ 7.6 million people. Clearly, women-owned...
by Rieva, Guest Blogger on 03/15/2012 - 04:06
You know Daylight Savings Time just started and that St. Patrick’s Day is this weekend. You might even know that it’s Women’s History Month. But did you know it’s also National Crafts Month? Or that the 21st is Kick Butt Day and the 23rd is National Puppy Day? If not, you’re probably not taking full advantage of the power of seasonal and holiday promotions. Holiday promotions don’t have to be limited to the October-December shopping season, or even to major holidays like the Fourth of July, Halloween...
by Caron_Beesley, Community Moderator on 04/30/2012 - 18:59
For many small business owners considering how to organize their company, becoming a Limited Liability Company (LLC) is a great choice, thanks to the liability protection and pass-through tax status they afford. Each state has specific guidelines for forming an LLC, but they all adhere to the same general principles (explained on SBA.gov here). Whichever method you choose and no matter where your LLC is formed, you’ll need to complete two specific documents to legally form your LLC and structure your new business entity: your Articles of...
by BarbaraWeltman, Guest Blogger on 04/30/2012 - 18:59
What happens to your business if something happens to you? How can you retire without destroying the business you spent a lifetime to build? Your business may be your largest asset, and deciding what happens to it can impact your retirement income, your family’s wealth, and the life of the company after your departure. Even if you are only just starting out, these questions should be addressed now because the future is uncertain. Here are four ways to dispose of your company when you retire (or when you die). 1. Sell your business You...
by Caron_Beesley, Community Moderator on 03/12/2012 - 10:21
If you’re a consultant, freelancer or any business that charges by the hour, you are going to have to determine and continuously review your pricing structure. For example, do you charge by the hour? What’s a reasonable rate to ask? Are you better off charging clients on a project basis? Here are some tips for calculating your hourly and project rates and how to negotiate pricing with your client. 1. Determining Your Worth Deciding what to charge clients is a balancing act between market factors, business...
by TonyaWilson, Former Guest Blogger on 03/09/2012 - 15:30
In my last post I said I would discuss consumer behavior and the levels of market segmentation in this one. I have since changed my mind (I can do that, really, I can). That is simply too much for one post so the consumer behavior will have to wait for Part 3. Now onto the market segmentation! Entrepreneurs are passionate people. They have put their blood sweat and tears into their business, be it service or product. They love it and can’t image how anyone could not see the value that their product provides. This passion and...
by TonyaWilson, Former Guest Blogger on 03/09/2012 - 15:29
In my last post I said I would discuss consumer behavior and the levels of market segmentation in this one. I have since changed my mind (I can do that, really, I can). That is simply too much for one post so the consumer behavior will have to wait for Part 3. Now onto the market segmentation! Entrepreneurs are passionate people. They have put their blood sweat and tears into their business, be it service or product. They love it and can’t image how anyone could not see the value that their product provides. This passion and...
by Sean Greene, SBA Official on 03/08/2012 - 17:39
Today we are pleased to announce that SBA has licensed our first nationally-focused Impact Investment Fund, SJF Ventures III, LP. The fund will make equity investments in growth-stage clean-tech and positive-impact companies in targeted clean energy businesses nationwide. It is part of the President’s Startup America initiative aimed at helping small businesses create new jobs and drive innovation and competitiveness. SJF Ventures III, LP is yet another important new ally in SBA’s commitment to foster small business growth and job creation...
by Caron_Beesley, Community Moderator on 04/30/2012 - 18:59
Do you engage in public relations to market your business? Public relations, or PR, isn’t just for large companies or something for times of crisis. A well-planned public relations strategy can reap the following benefits: It can extend word of mouth news about your business beyond the reach of any advertisement, flyer, postcard or email, and help you reach new markets. It reaches both influencers (journalists and bloggers) and those they influence (your customers), giving credibility to your business. However, PR is more than...
by Christopher James, SBA Official on 03/07/2012 - 16:49
The Obama administration has made growing access to capital a top priority for Native American small businesses. I recently took part in a roundtable discussion on access to capital in Indian Country with nearly 150 Native American small business owners, representatives from eight federal agencies, and the White House Domestic Policy Council. We had an open dialogue about ways to provide better federal resources and improve federal capital access programs at the 2012 Reservation Economic Summit and American Indian Business Trade Fair in Las...
by Marie Johns, SBA Deputy Administrator on 03/07/2012 - 13:21
At SBA we work every day to provide entrepreneurs and small business owners with the tools they need to create an economy built to last. From the main street restaurant to the startup clean energy company, small businesses create 2 out of every 3 new jobs in America. A mentor can be one of the most valuable resources for startups and small businesses looking to start, grow and create jobs. Throughout my career, I have had privilege of mentoring several dynamic and innovative entrepreneurs. The relationships I formed with...
by Caron_Beesley, Community Moderator on 03/07/2012 - 17:09
Are you doing business on the Internet? Selling on eBay? Promoting or advertising someone else’s products on your website or blog? Online money-making opportunities are plentiful – from selling your old books via online auction to promoting products and services for online merchants, or becoming an online merchant yourself. But at what point does this mean you are in business yourself and, since you are making money online, what are your tax and regulatory obligations? Here’s some guidance about ways you can make money online...
by smallbiztrends, Guest Blogger on 03/06/2012 - 11:57
These days, “content marketing” is a hot online marketing strategy. But why does the thought of sitting down to write an article strike fear into the hearts of so many small business owners? To hear some people talk, it ranks right up there with public speaking as an anxiety inducer. There’s no need for it to be that way. We know how to use stories and content to attract customers. We do it all the time. Don’t let an important-sounding term like “content marketing” intimidate you. Here are eight ways to...
by Stephen Morris, SBA Administrator on 03/12/2012 - 10:42
Over the past three years, the Obama administration has made it a top priority to increase access to capital for small business owners across America. When I came to SBA in early 2009, small business owners would say to me, “I need a loan to survive.” Since that time, SBA has worked hard to provide small businesses with access to capital – even during the depth of the recession. Thanks to the Recovery Act and the Small Business Jobs Act, SBA had a record year in FY2011, supporting more than $30 billion in...
by Caron_Beesley, Community Moderator on 03/05/2012 - 08:54
As a new business owner, understanding your tax obligations is critical and one of the first requirements you’ll need to understand are estimated tax payments. What are estimated taxes? Who must pay them and how? Below are some facts from the IRS Estimated Tax Guide to help new small business owners understand their estimated tax obligations. What Are Estimated Taxes? The IRS and your state’s treasury department require that individuals and businesses pay taxes almost as quickly as they earn income. If taxes aren’t withheld...
by Karen Mills, SBA Administrator on 03/02/2012 - 20:07
Made in America is hot. More than 400,000 manufacturing jobs have been created since the start of 2010 and there are currently about 229,000 job openings in the manufacturing sector, according to data from the Labor Department. America’s small manufacturers are a critical part of that. According to BLS and Census data, 98 percent of America’s manufacturing firms are small. More than one in three Americans who work in manufacturing, work at a small business. Everyone from the President on down has been...
by Caron_Beesley, Community Moderator on 08/06/2012 - 13:47
Whether it’s Main Street or Silicon Valley, your business location can mean the difference between success and failure. But more than that, your business location is the linchpin for your reputation, your brand, and your profits. In fact, choosing a business location is perhaps the single most important decision a small business owner or startup will make, so it requires precise planning and research. It involves looking at demographics, assessing your supply chain, scoping the competition, staying on budget, understanding how state laws...
by Caron_Beesley, Community Moderator on 08/06/2012 - 13:47
Whether it’s Main Street or Silicon Valley, your business location can mean the difference between success and failure. But more than that, your business location is the linchpin for your reputation, your brand, and your profits. In fact, choosing a business location is perhaps the single most important decision a small business owner or startup will make, so it requires precise planning and research. It involves looking at demographics, assessing your supply chain, scoping the competition, staying on budget, understanding how state laws...
by Caron_Beesley, Community Moderator on 08/06/2012 - 13:47
Whether it’s Main Street or Silicon Valley, your business location can mean the difference between success and failure. But more than that, your business location is the linchpin for your reputation, your brand, and your profits. In fact, choosing a business location is perhaps the single most important decision a small business owner or startup will make, so it requires precise planning and research. It involves looking at demographics, assessing your supply chain, scoping the competition, staying on budget, understanding how state laws...
by FranchiseKing, Guest Blogger on 03/01/2012 - 09:55
Before you write out a check for $30,000 (the average amount of the upfront franchise fee), it’s important to ask lots of questions. Some are questions that you can only ask yourself; they’re the ones that have to do with courage. I really can’t help you with those. But, I can help you learn which ones you need to ask the franchisees when you’re calling them to learn more about the opportunity. The Five Let’s say that you’ve landed on a franchise business opportunity that you feel...
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by Stephen Morris, SBA Deputy Administrator on 03/30/2012 - 14:29