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Running a smallbusiness is no small featespecially when it comes to managing finances. Luckily, if you’re in Northwest Phoenix, you’re surrounded by tools and experts ready to help you take your business to the next level. SmallBusiness Development Centers (SBDCs) are another must-know resource.
Maybe because they have often been called the backbone of the American economy, smallbusinesses are among those with the heaviest burdens to bear. The sad reality is, some of these smallbusinesses may never open their doors again. The odds were always difficult for smallbusinesses even before the pandemic.
There is so much confusion and misinformation out there about the government sponsored “payroll protection plan” loans to companies that the heads of every smallbusiness CEO in the country must be spinning. 350 billion of this money is dedicated to smallbusinesses under a loan program called the PPP (payroll protection plan).
by Wayne Titus, author of “ The Entrepreneur’s Guide to Financial Well-Being “ Entrepreneurs and smallbusiness leaders are trying to figure out how to navigate COVID-19, from how to apply for loans and assistance to FMLA regulations. How can businesses understand their options and develop a cash flow timeline?
Most entrepreneurs start a new business with dreams of success, but the unfortunate fact is that too many of them fail. Census Bureau showed the reality in hard terms – 400,000 smallbusinesses opened and 470,000 SMBs closed their doors just last year. SmallBusiness Administration. LendingClub Inc. ,
However, the challenges you face are the same ones that every successful smallbusiness owner has faced and then surmounted in some way or another. It can be instructive and inspirational to hear about businesses that triumphed over adversity. How these six businesses worked with the SBA to grow.
The local SmallBusiness Development Center office is a resource that can assist with the venture feasibility process. What is meant by “company culture” and how is it important to my business? Company culture is defined as the shared values, beliefs and practices of company employees including management.
The truth is that you can have both and I strongly encourage aspiring employee-preneurs to review the following five reasons to consider maintaining your job in the first few years of building your business. Business Ownership Strengthens Your Employee Net Worth. Learning from Both Work Environments.
At SmartBiz Loans, we offer 6%-8% SBA loans online with funding as fast as 7 days. Cloud accounting software will provide basic applications and there are packages designed for smallbusiness owners. It’s easier for you and your accountant to manage your business finances. Have fun with your business .
While our data does apply to a US audience, the reasons for starting a business really aren’t going to be that different, whether you’re in Canada or South Africa. Think the country is dominated by big businesses run by people with MBAs? You don’t need any ‘special’ training to run a business. You get tax benefits.
The SBA’s implementation of the Payroll Protection Program (PPP) has been a mess. The intention was to provide needed relief to businesses that were impacted economically by the COVID-19 crisis. The Paycheck Protection Program was established by the CARES Act to help smallbusinesses keep paying their workers.
Source: NVCA , “Startup Ecosystem Faces Capital Crunch over Coming Months” USA – SBA Loans and PPP. The $349 billion aid package issued by the US Government and distributed in the form of SBA loans was quickly gobbled up by a large number of applications, many of which were from venture-backed or PE-backed startups.
An executive summary is only really necessary when you are sharing your business plan with outsiders. For example, with an existing company, that information might be as simple as adding recent annual sales or number of employees to the basic company information in the first bullet here. SmallBusiness Administration (SBA).
When disaster strikes in your area and your business is affected, what’s next? For many smallbusinesses, the future can be extremely uncertain. During the process of rebuilding, most smallbusiness owners will ask themselves if it’s time to apply for a disaster loan, or if that is a viable option for them.
Navigating the transition between a salaried employee and running your own consulting business can be tricky. And if you like what you read here, be sure to read the complete 10 step guide on how to start a consulting business. First, you will need to choose the legal structure for your new consulting business.
This is the most complete guide online on how to start a business in 2019. You should know that about two-thirds of businesses with employees survive 2 years and about half survive only five years. Businesses that survive and thrive have an unfair advantage. Operating plan. Financial plan. Do market research.
For detailed information on the size of your primary market, there are helpful resources such as this market research guide from the US SmallBusiness Administration. In addition to analyzing your market, note your pricing structure, gross margin levels, and other nuts and bolts of your business model. Funding from investors.
The Hughes brothers developed a solid business plan and built a core team to bring their vision to reality. Backed by a team of private local investors , ColdFire gained access to additional capital through an SBA loan. Breweries need various insurance, just like any other business.
Whether it’s access to a proven business model, the expertise and resources needed to achieve sustainable growth, or simply wanting a team of support, franchising has become an increasingly attractive option for smallbusiness owners who are looking to take their businesses to the next level.
But before we get to the reward—financial independence and the hard-won title of a smallbusiness owner—there are some things you can do to make the process run smoothly. Other entrepreneurs start the planning process with a concept that requires employees or with a vision for market domination. Target market.
Navigating the transition between a salaried employee and running your own consulting business can be tricky. People often ask: How do I get clients for my consulting business? Can I start a consulting business while working full time? How do I become a smallbusiness consultant? Fill In the Business Blanks.
As a smallbusiness owner, you probably know that growth is both exciting and challenging. Whether you’re expanding your product line, hiring more employees, or moving into a larger space, these smallbusiness growth milestones often require additional capital.
What is an SBA Loan? SmallBusiness Administration was created in 1953 to help Americans start, build and grow their businesses. As an independent agency of the government, the SBA partners with both public and private organizations to deliver its services, including loans. The SBA offers a number of loan programs.
Smallbusiness owners face a unique set of opportunities and challenges in our economy. There are many local resources available that can help with a variety of entrepreneurial needs, from networking and training to securing a smallbusiness loan or business line of credit. Smallbusiness support.
This week I’ll be running a series of Five Question interviews with smallbusinesses which were facilitated by BondStreet , a SMB lending platform (we’re investors). HW: All of the social platforms claim to help smallbusinesses and brands amplify their voice, find their customers. MC: Oh wow. So many tools.
The year 2020 can’t end quickly enough for most smallbusiness owners. Smallbusinesses make up 50 percent of the gross-domestic product and also employ half the workforce. By 2009 smallbusiness contributions to GDP fell rather than grew. by Andi Gray, president of Strategy Leaders. The ripple effects?
4- Through local organizations Photo Credit: Luke Fitzpatrick As a CEO of a smallbusiness, I aim to support and be involved in local organizations, communities, and associations that can help my mission. I have connected with colleagues to form relationships from which our businesses can both benefit equally.
percent said they’ve always wanted to own their own business. The SBA says that about two-thirds of businesses fold within the first ten years. As an entrepreneur, your business is likely built on relationships and partnerships with stakeholders. According to StartupBros : 60.3 So, how does an entrepreneur beat the odds?
The following is a guest post by Bill Hazelton , Managing Director of Credit Card Assist , a leading credit card resource site for consumers and smallbusiness owners and Sell It! In periods of high unemployment, many of those having a hard time finding a job consider starting their own business as an alternative. Internships.
There’s a healthy debate going on right now at many VC firms about whether venture-backed companies should apply to the SBA’s Payroll Protection Program (The Information had a good article on this yesterday (paywall), and Albert Wenger from Union Square Ventures put up an excellent post on the subject here ).
In the case of COVID-19, possibly the best way to approach a new business idea is starting with remote, delivery, or as-a-service variations of products or services that haven’t pivoted effectively. In an economic downturn, businesses and consumers alike are looking to cut costs, which may allow you to step in with your answer.
Thats money that could have gone into hiring a rockstar employee. Your business isnt a bottomless pit of money. Use Accounting Software Tools like QuickBooks, Xero, or Wave help track expenses properly so you dont accidentally cross the line between personal and business spending.
This week I’ll be running a series of Five Question interviews with smallbusinesses which were facilitated by BondStreet , a SMB lending platform (we’re investors). HW: All of the social platforms claim to help smallbusinesses and brands amplify their voice, find their customers. MC: Oh wow. So many tools.
I say “for the most part” because government grants for smallbusinesses do exist, but the opportunity to secure one is limited to a narrow field of candidates. Here’s what you need to know about government grants for smallbusinesses, who is eligible to receive them, and how to go about getting them.
Obviously, falling income over the past two years put additional pressure on smallbusiness cash flow. Smallbusiness owners now recognize the importance of planning amid the new economic environment and want to spend more time doing it. Increased business role in US economic recovery. One out of two U.S.
SmallBusiness Administration – SBA. SmallBusiness Development Center – SBDC. Census Cendata: This page has a menu of available reports that include reports on different manufacturing industries, county-specific economic surveys, business patterns for a specific ZIP code and others.
While the coronavirus pandemic and the massive economic disruption caused by the broad shutdowns and mandates for social distancing have hurt all manner of companies, startups and other smallbusinesses are shouldering the worst of the pain and uncertainty. Check with the SBA to see whether you qualify for such funds.
Employee records. Include here completed employment applications, employee offer letters, employee handbooks or policies, employment agreements, performance appraisals, employee attendance records, employee termination letters, W-2s, and any settlement agreements with terminated employees.
Similarly, Goldman Sachs’ 10,000 SmallBusinesses program is a $500 million investment to provide entrepreneurs with access to education, financial capital and business support services. Big companies that invest in smallbusinesses play an important role in creating jobs.
Additional resources to help you choose a location: How to Choose a Business Location. 13 Out of the Ordinary Ways to Find the Perfect Business Location. Demographic Data on the SBA Website. How to Get Your Business Funded. 35 Ways to Fund Your Business. The Complete Guide to SBA Loans.
Not to mention, your employees are trying to use up their vacation time. You’ll be able to get these tasks done faster and get back to running your business. Ask other smallbusiness owners how they overcame this hurdle. Keep the tasks that are critical to the success of your business or only you can do.
To save the US economy, policymakers need to understand smallbusiness 101. economy and the ways in which entrepreneurship and the smallbusiness landscape have changed over the past few decades. Most businesses have few employees. The text of our latest OpEd is below. Policymakers in Washington, D.C.,
Employee records. Include here completed employment applications, employee offer letters, employee handbooks or policies, employment agreements, performance appraisals, employee attendance records, employee termination letters, W-2s, and any settlement agreements with terminated employees.
Employee records. Include here completed employment applications, employee offer letters, employee handbooks or policies, employment agreements, performance appraisals, employee attendance records, employee termination letters, W-2s, and any settlement agreements with terminated employees.
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