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January 2012 Archive
Today marks the one-year anniversary of Startup America, the initiative launched by the White House to celebrate, inspire, and accelerate high-growth entrepreneurship across America. Here at SBA, we’ve spent the year helping entrepreneurs grow their businesses and create jobs across the country – creating blueprint for an economy built to last. From launching mentoring programs to a record year of helping entrepreneurs and small business owners access capital through loan programs and Small Business Investment Company...
by Solovic, Former Guest Blogger on 01/31/2012 - 09:21
When you think of the great inventors, you probably think of people such as Benjamin Franklin, Alexander Graham Bell and even Steve Jobs - people who have brought entirely new concepts to the market. But great ideas and innovations don't have to change the world. Sometimes the best new product opportunities start with small improvements in existing concepts. For example, Pam Moore improved on the standard ice tray after trying to squeeze ice cubes into the narrow openings of sport bottles for her son's soccer games. Her...
by wgregory, Community Moderator on 04/30/2012 - 17:59
Are you in the clean energy business? Or perhaps you’re looking to save some money by investing in energy-saving business equipment or a greener facility? If so, you may be wondering what your funding options are. From loan programs to research and development grants and small business tax incentives, here is a round-up of some go-to resources – most of them online – for financing your green business strategy. 1. Your Local Bank.com – Low-Cost Green Business Loans Greening your business doesn’t have to break...
by nicoj, Guest Blogger on 05/17/2012 - 11:27
If you think it’s hard to do business forecasts – and lots of people do – what I can tell you is that it’s a whole easier to forecast than it is to run a business without any forecasts. So, with that in mind, here are five things that every manager should know about financial forecasts. 1. Forecasts are for business, not truth, or beauty. The business value of financial forecasts is about making good decisions. The forecast helps you anticipate business trends, allocate your spending right, and manage...
by nicoj, Guest Blogger on 05/17/2012 - 11:27
If you think it’s hard to do business forecasts – and lots of people do – what I can tell you is that it’s a whole easier to forecast than it is to run a business without any forecasts. So, with that in mind, here are five things that every manager should know about financial forecasts. 1. Forecasts are for business, not truth, or beauty. The business value of financial forecasts is about making good decisions. The forecast helps you anticipate business trends, allocate your spending right, and manage...
by wgregory, Community Moderator on 04/30/2012 - 17:59
According to U.S. Census data, e-commerce sales are increasing at a rate faster than traditional offline retail sales, raking in approximately $190 billion in sales in 2011. So it’s no surprise that budding entrepreneurs and existing “bricks and mortar” businesses are turning to e-commerce as a business opportunity. You only need to browse the SBA.gov Community Discussion Boards to see how many topics focus on how to start an e-commerce business! Given this interest, I thought it would be useful to draw on the advice of...
by Karen Mills, SBA Administrator on 01/25/2012 - 15:08
Last night I had the honor of attending President Obama’s State of the Union Address as a member of his cabinet. In the speech, the President laid out his vision for an economy that’s built to last. It’s an economy based on American manufacturing, American energy, skills for American workers, and a renewal of American values. I had the chance see one of those pillars in action today. Today I visited Always Bagels in Lebanon, Penn. Always Bagels is exactly the kind of manufacturing facility President Obama...
by wgregory, Community Moderator on 04/30/2012 - 17:59
Ever wonder if you need to get a lawyer involved in a business matter? A lawyer can help in many business scenarios, from helping with the incorporation process, drawing up contracts and, if necessary, representing you in litigation. But is a lawyer always necessary or are there times when you are better off saving the big bucks and navigating legal processes on your own? Here are some guidelines to help you know which legal business issues you can probably handle independently and when it’s really time to retain a lawyer. Legal Issues...
by Caron_Beesley, Guest Blogger on 05/30/2012 - 09:53
Will your startup ambitions become a reality in 2012? In a recent study, 70% of Americans indicated they want to start their own business, but many never take the leap because of lack of knowledge, direction and fear of failure. Let’s face it, starting a business can be intimidating, and risk of the unknown is one major hurdle that few are willing to deal with. With a job, there tends to be this perception of security and certainty. You show up for work, do your job, and collect a paycheck. But in today’s economy, job security is...
by Caron_Beesley, Guest Blogger on 05/30/2012 - 09:53
Will your startup ambitions become a reality in 2012? In a recent study, 70% of Americans indicated they want to start their own business, but many never take the leap because of lack of knowledge, direction and fear of failure. Let’s face it, starting a business can be intimidating, and risk of the unknown is one major hurdle that few are willing to deal with. With a job, there tends to be this perception of security and certainty. You show up for work, do your job, and collect a paycheck. But in today’s economy, job security is...
by Sean Greene, SBA Official on 01/23/2012 - 13:29
Recently, the SBA asked how we could use apps to put customized tools directly in the hands of entrepreneurs and small business owners. We reached out to entrepreneurs themselves to help find the answers through a nationwide competition with $20,000 in total prizes. Here are the winning apps: First Place: SBA Gems– Find loans, grants, permits and more. Developer - Somesh Kumar, Fremont, California Second Place: CapitaList– Find federal databases for licenses, awards, proposals and websites. Developer –...
by mheffner, Community Moderator on 05/21/2012 - 17:30
Heard of bootstrapping? Well, it’s not just for startups anymore. If your business is strapped for cash, you might consider bootstrapping to get you through it. What is Bootstrapping? Bootstrapping is the process of starting a business with little investment or funding of your own. Many small business owners and entrepreneurs start out this way. Even if you are well beyond the startup phase, however, the principles of bootstrapping can still make sense handy if your business is facing cash constraints. How Can Bootstrapping...
by janied, Community Moderator on 01/20/2012 - 11:56
When a friend or family member asks what you do to help small businesses, what do you say? I tell them I’m responsible for the information technology and computer systems that support the SBA Standard 7(a) Loan Guaranty Processing Center goals for a multi-billion dollar national loan program. As an IT Specialist, I enjoy applying technology to automate our processes which provide the tools for our staff to effectively perform their jobs. What’s your favorite thing about what the SBA does for small businesses...
by wgregory, Community Moderator on 04/30/2012 - 17:59
Speaking about his own incredible path to business success, Microsoft’s Bill Gates once said: “We were young, but we had good advice and good ideas and lots of enthusiasm.” There’s no doubt that good ideas and enthusiasm are among the vital traits for successful entrepreneurs, but, as Gates says, getting “good advice” is also essential. But who should you turn to if you need advice or have questions about starting and running a business? Here’s an overview of invaluable online and face-to-face...
by Rieva, Guest Blogger on 01/19/2012 - 04:09
Wouldn’t it be great to be known as an expert in your industry? One of those sources who customers, reporters and other business owners turn to for help and advice? Well, if you’ve been running your business for any length of time, the good news is you already are an expert in your industry—you just need to let other people know about it. Try these suggestions to build your reputation as an expert and burnish your business’s image. If you’ve got any talent for writing, sharing your expertise on your own...
by Caron_Beesley, Community Moderator on 07/19/2012 - 07:54
So you’re starting a business, but what are you going to call it? Choosing a business name is an important step in the business planning process. Not only should you pick a name that reflects your brand identity, but you also need to ensure it’s properly registered and protected for the long term, and give a thought to whether it’s web-ready. Is the domain name even available? So where do you start? Here are some tips to help you pick, register, and protect your business name – online and offline. Pick a Name That...
by Caron_Beesley, Community Moderator on 07/19/2012 - 07:54
So you’re starting a business, but what are you going to call it? Choosing a business name is an important step in the business planning process. Not only should you pick a name that reflects your brand identity, but you also need to ensure it’s properly registered and protected for the long term, and give a thought to whether it’s web-ready. Is the domain name even available? So where do you start? Here are some tips to help you pick, register, and protect your business name – online and offline. Pick a Name That...
by Caron_Beesley, Community Moderator on 07/19/2012 - 07:54
So you’re starting a business, but what are you going to call it? Choosing a business name is an important step in the business planning process. Not only should you pick a name that reflects your brand identity, but you also need to ensure it’s properly registered and protected for the long term, and give a thought to whether it’s web-ready. Is the domain name even available? So where do you start? Here are some tips to help you pick, register, and protect your business name – online and offline. Pick a Name That...
by Caron_Beesley, Community Moderator on 07/19/2012 - 07:54
So you’re starting a business, but what are you going to call it? Choosing a business name is an important step in the business planning process. Not only should you pick a name that reflects your brand identity, but you also need to ensure it’s properly registered and protected for the long term, and give a thought to whether it’s web-ready. Is the domain name even available? So where do you start? Here are some tips to help you pick, register, and protect your business name – online and offline. Pick a Name That...
by BarbaraWeltman, Guest Blogger on 01/17/2012 - 08:13
Information returns are tax-reporting forms required to be submitted to the IRS. In turn, the IRS uses the information to cross-check reporting by taxpayers. According to the IRS’ annual enforcement report, information returns greatly increase the compliance rate; taxpayers generally report on their returns the income that is reported to them on information returns, while there is considerable underreporting of income not reflected on information returns. Being in business means you must issue certain information returns and that you...
by wgregory, Community Moderator on 04/30/2012 - 17:59
Health insurance costs are a constant concern for small business owners. In the past year employers paid a larger share of their workers’ health care premiums than ever before, and premiums increased by 9 percent, and many small businesses reported even steeper hikes. According to a 2011 survey by the Kaiser Family Foundation/Health Research & Educational Trust, the average cost of family health care coverage is $15,073, with workers paying $4,129 toward their premiums and employers paying the remaining $10,944. While businesses are...
by Karen Mills, SBA Administrator on 01/13/2012 - 17:33
Today was an important day for America's small businesses. President Obama asked Congress for the authority to reorganize and modernize government and he elevated my position as the SBA Administrator to Cabinet-level status. These actions are a reflection of the importance he places on small business, economic growth, and job creation. He asked Congress for the authority that Presidents from Hoover to Reagan have had to reorganize and modernize the federal government. This authority lapsed in 1984, but, today, the...
by wgregory, Community Moderator on 03/05/2012 - 07:38
Has someone opened up a competing business in your town? Are you worried that the town isn’t big enough for both of you and your business may be at risk? Not sure how to react to the new competition? If you’ve been secure in your market as the go-to business for XYZ and suddenly find that your customers have another option, what can you do to fight back? Remember, there are no quick fixes, but here are some tips for dealing with competitors and, quite possibly, collaborating with them! 1. Don’t Get into a Price War...
by TonyaWilson, Former Guest Blogger on 04/30/2012 - 17:59
In recent weeks, I’ve met with a couple of small business clients seeking to establish social media marketing strategies. On each occasion, we sat down and I asked them questions about their business and their primary customer. While they could have talked for hours about their product, its benefits and how superior it is to all others, my request to describe specifically who their customer is was met with hesitance and sometimes complete silence. Cue the crickets. At this point, let’s forget about the social media marketing...
by wgregory, Community Moderator on 04/30/2012 - 17:59
If you’ve heard it once, you’ve heard it a thousand times: if you’re starting a business you’re going to need general liability insurance. But what does that mean? What protection does it afford? How do you determine your coverage needs? How does it work? Read on. What is General Liability Insurance? Liability insurance (also known as Commercial General Business Liability) protects a company’s assets and pays for obligations – medical costs, for example –incurred if someone gets hurt on...
by kmurray, Guest Blogger on 07/05/2012 - 10:37
One of the laments of small business owners and entrepreneurs trying to build their online presence is: “We have a blog (or website) but it hardly get any visitors. How do we get traffic?” The typical responses are to “create good content.” Yes, you certainly need good content. But content – no matter how excellent – is not enough. You need to be more proactive to get that content in front of eyeballs. I’m often asked: how did you build traffic to your blogs and websites?...
by wgregory, Community Moderator on 04/30/2012 - 17:59
Did your small business hire employees for the first time in 2011? Did you use the services of an independent contractor? Or do you simply need a refresher on the ins and outs of wage reporting season? Here’s what you need to know about your annual employer reporting obligations. How to Report Employee Wages and Taxes – W-2s Explained If you have paid wages and withheld taxes for employees during 2011, you are required by law to report these numbers (based on the data you’ve kept in your payroll register) to both the Social...
by janied, Community Moderator on 01/06/2012 - 15:36
When a friend or family member asks what you do to help small businesses, what do you say? Typically, as a Lender Relations Specialist, my job is to keep SBA in the minds of local lenders and to ensure they are familiar with our small business lending programs and how to use them. The more comfortable I can make a lender in utilizing the SBA loan products, the more apt he is to do so. If a lender at least thinks SBA when presented with a loan proposal, that’s a plus for the small business owner that might not be financed...
by Christopher James, SBA Official on 04/30/2012 - 17:59
The U.S. Small Business Administration yesterday launched a new online tool that helps Native American entrepreneurs prepare for business ownership. The Native American Small Business Primer: Strategies for Success is a free online business course developed for Native American entrepreneurs that gives an overview of basic business principles and of the SBA’s programs and services that help business owners get started. The new primer is an important tool for American Indians, Alaska Native and Native Hawaiian business owners that...
by kmurray, Guest Blogger on 07/17/2012 - 07:20
I’m deeply entrenched in the franchise industry. Like most industries, we have our own collection of buzzwords or jargon. There are words and phrases we use on a daily basis. But you don’t. For example, industry insiders don’t say, “Franchise Disclosure Document*” when we refer to a legal document that’s required to be sent to all serious franchise buyers. We call it the “FDD.” This got me thinking about two pretty common words that we franchise industry types use an awful lot when we’re...
by mheffner, Community Moderator on 05/21/2012 - 11:36
Ever feel that your employees don’t respect you? You may think: “So what!” But that would be a mistake. The trouble is that when an employee starts to lose respect, your authority and control can quickly be undermined. Even if you are not aware of a problem employee, the effect can be toxic. Productivity levels drop, accountability diminishes, and the problem behavior can spread to others. Why Do Employees Lose Respect for Their Employers? Accepting that your employees may not respect you isn’t easy. There can be...
by wgregory, Community Moderator on 03/05/2012 - 07:34
Interested in getting into the construction business? Now might be the time, with market forecasts (courtesy of IBISWorld) predicting a steady rise in the value of the construction industry over the next five years – 12.5 percent annually for residential construction and 13 percent for private non-residential construction. If you’re interested in starting a construction, home improvement, or contracting business, here are some business and regulatory basics you need to be aware of. 10 Steps to Starting (any) Business Start by...
by Solovic, Former Guest Blogger on 01/03/2012 - 14:12
My company has a pet-friendly office environment. My little four-legged angel, Maxwell, is our Chairman of the Bone. He’s a 14-pound Shih Tzu who regularly comes to the office with me with an ample supply of toys and treats. However, one of Maxwell’s favorite things to do is chase his tail. He runs in a circle at manic speeds until he ultimately collapses having never achieved his goal, if he even knows what his goal is. That doesn't stop him from trying again later. It's perfectly acceptable for a dog to chase...
by Karen Mills, SBA Administrator on 01/03/2012 - 09:50
Last week, President Obama signed a bill reauthorizing the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs for another six years. This long-term reauthorization is good news for the innovative small businesses that these programs support. SBIR and STTR invest about $2.5 billion a year in America’s most promising small research and development companies. Through SBIR and STTR, federal agencies with large R&D budgets provide competitive awards to help small businesses...
by plester, Community Moderator on 01/09/2013 - 09:19
If you’re starting a business that requires significant financial investment up front, finding a source of funding can be a challenge, especially since the average cost of starting a business is $30,000. This is particularly true for young entrepreneurs who lack a strong credit history or don’t want the hassle of dealing with banks or private lenders. Once these startup entrepreneurs are done considering their options, it’s not unusual for them to ask friends or family for startup cash. After all, unlike private investors or...
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by Karen Mills, SBA Administrator on 04/30/2012 - 17:59