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December 4th, 2009The $375 million in stimulus funding for small business loans has run out.
Funds allocated in the American Recovery and Reinvestment Act to loan to small businesses through the Small Business Administration has been exhausted at a time when the Federal Reserve is saying credit to small businesses is "substantially limited."
Fears of a credit drought for small businesses are prompting the National Small Business Association to lobby Congress for additional SBA-loan program funding and an extension of the 90 percent SBA guarantee granted in the Recovery Act.
The NSBA calls the $375 million in funding a "drop in the bucket" and are urging its members to contact their elected representatives and demand more funding. The SBA is asking for more funds as well so contact your congressmen if you agree this program deserves more funding.
August 27th, 2009A big part of running a small business is trying to figure out how to get your name out there to market products and services. The Internet provides tremendous opportunities, provided you know how to harness all the tools out there.
SEO Advantage has unveiled its new and improved knowledge center to help small businesses like yours learn insights into optimizing your website for the search engines, which boosts search engine rankings and qualified site visitors and thus leading to higher sales and revenues.
It's designed for small businesses no matter their online marketing experience and informs them of the inner-workings of SEO and how it can be a valuable tool to market their products and services.
The search engine optimization firm helps small businesses by designing optimized websites for search engines, bringing more qualified traffic and boosting online sales.
Copywriters at SEO Advantage develop short and informative articles weekly to the knowledge center that's divided into 8 sections, including: SEO, copywriting, PR, social media, e-commerce, search engine marketing, working with an SEO company and a Q&A about SEO Advantage.
Visit the search engine optimization Knowledge Center today by visiting http://www.seo-advantage.com/seo-topics/.
August 27th, 2009In an effort to help small business owners correctly determine the risk associated with starting a business, an Odds of Success Calculator has been unveiled by business advice and networking website StartUpNation.com.
Eight factors are used to determine the chance of success for an entrepreneur: amount of capital investment, difficulty in obtaining funds, quality of financial management, degree of business planning, annual industry growth rate, management experience, industry experience and timeframe.
After completing a questionnaire, the utility calculates the probability of success by comparing the company with data points of up to thousands of other companies.
The idea for the calculator was in response to site visitors wanting a tool that could tell them if they're on the right track or not. It's also a bit entertaining - giving quick and definitive results.
Learn more and see how Twitter fared on the calculator by reading this Daily Dose post from Entrepreneur.com.
June 24th, 2009In a report released by the nonpartisan Small Business Majority and featured in the Daily Dose blog, healthcare reform could save America's small businesses $855 million in the first 10 years.
Healthcare reform is a hot topic in the halls of Congress right now. Increasing costs have forced entrepreneurs and small businesses to make tough choices about whether to provide coverage or not.
The Economic Impact of Healthcare Reform on Small Businesses report noted that successful reform will require shared responsibility among the healthcare industry, businesses, government and individuals.
In an interview with Entrepreneur.com, Small Business Majority CEO John Arensmeyer commented "Not enacting healthcare reform is going to be an unmitigated disaster, but implementing a system based on the framework Congress is working on right now--even with the [controversial] mandates for employee coverage--will be a tremendous benefit to small business. Even the most conservative versions of reform will produce better results."
Up to 178,000 jobs could be lost by 2018 and small business employees will see $12 billion in lost wages this year alone if healthcare reform fails.
While debate is ongoing, Arensmeyer is optimistic a reform package will be completed this year.
June 2nd, 2009When getting a small business off the ground, you want to have all the knowledge you can to make the right decision...but finding the right ones that will actually be useful can be very time consuming.
An article in Entrepreneur Magazine's April, 2009 issue - Best Resources for Startups - lists 4 resources every aspiring small business owner, and even those who are well established, should be familiar with.
1. SCORE - A nonprofit organization with over 400 chapters and 12,000 working and retired entrepreneurs and business people that provides mentoring online and in-person for free.
2. Small Business Development Centers - Located across the country and usually connected to a university, these organizations provide consulting for just about anything facing a small business.
3. Small Business Administration - Federal government agency that provides an array tools to help new and aspiring entrepreneurs succeed. It's recommended you start with their Start-up Assessment Tool to help find the right resources.
4. U.S. Chamber of Commerce Small Business Center - An arm of the U.S. Chamber of Commerce that provides comprehensive assistance for startups through web-based tools and resources.
These are just a few of the many resources out there...but, they're most likely the most reliable for accuracy and impartiality.
April 22nd, 2009Recently perusing the Online Incorporation MaxBlog, I discovered there is a government program from the U.S. government that provides loans to small business trying to get started.
Called the Basic 7(a) loan program, the Small Business Administration makes capital available to ventures trying to get a foothold in their respective markets - loans are provided by private lenders that participate in the program. They are made on a guaranty basis, which means the institution structures the loan according to SBA guidelines while the agency guarantees a portion of it in the event of default.
Any business looking for a 7(a) loan must meet SBA's requirements in order for a financial institution to loan them money under the guaranty basis. These criteria include: meet SBA size standards, be for-profit, not already have the resources themselves to provide the capital and be able to demonstrate repayment.
Not all private banking institutions participate, but many do...check with your local bank to see about obtaining a loan for your small business.
Learn more about SBA's Basic 7(a) Loan program here.
April 7th, 2009It's that time of year when we're all thinking about filing our individual tax returns - however, there are also taxes for small businesses that need to be addressed to avoid the dreaded IRS audit, which can put the brakes on whatever you may be trying to accomplish.
The IRS site provides some explanation of the taxes a small business can be responsible for paying - these include: income taxes, self-employment taxes, employment taxes and excise taxes.
All businesses except partnerships are required to file an annual income tax return...partnerships file an informational return.
Self-employment taxes are for individuals who work for themselves, covering Social Security and Medicare. If you have employees, employment tax(es) cover this along with income withholding and unemployment insurance taxes.
Depending on what you do, you may have to pay excise taxes as well. These apply to companies that manufacture or sell certain products, operate certain kinds of businesses, use various types of equipment and receive payment for certain services.
Of course, it's important to consult with an accountant to find out exactly what taxes you must pay...but short of that, take a look at the IRS' Business Tax article to learn more.
March 17th, 2009A code of ethics is a policy statement of sorts, a formal document that employees within a company must follow - along with specific sanctions if the code is violated. Unless a crime has been committed, the toughest sanction is dismissal from the job.
It's easy though to confuse ethics with the law - obeying the law is the absolute minimum code of ethics and is enforced by society as a whole through law enforcement and the courts. For example, we all know it's illegal to steal. Lying is unethical, but it's only illegal in certain limited circumstances. Business ethics demand a higher standard, not merely obeying the law.
Code of ethics were born out of the social responsibility movements of the 1960's as many people began to recognize the effects mass consumerism have on the environment.
After the Enron and Worldcom debacles earlier this decade, the Code of Ethics took on a whole new meaning. Current law, specifically the Sarbanes-Oxley Act of 2002, now requires a company to publicly disclose their code of ethics if their stock is traded under the auspices of the Securities Exchange Act of 1934.
After you incorporate your business online, you may be wondering if you need a code of ethics. It can't hurt, even if you're not a publicly traded firm - instill confidence in your customers and investors that your company adheres to a higher standard.
March 10th, 2009In these difficult economic times, your small business is looking for any way to bring in business. Government contracts can be a fertile ground for this - however, it does require some legwork in order for it to be a success.
First of all, do your homework - the Small Business Administration outlines the policies and procedures for obtaining contracts with the federal government. Additionally, Florida based National Center for Small Business Information has courses available on how to properly bid for government contracts.
Be aware that federal governmet guidelines generally require an open-bidding process.
Any small business interested in obtaining business contracts with the federal government should register with the Central Contractor Registry, which allows for automatic payment if you are chosen for a contract. Also, the CCR provides a great opportunity for you to showcase your products and services and any special skill you have to a government purchasing agent.
Another invaluable thing to do is to network and partner with other companies. Some contracts are required to be given to businesses owned by veterans, women and minorities. Many small businesses get their start in teaming up with another business for a federal government contract.
Last but not least, do not expect to receive a big windfall from doing business with the government. Many contracts limit a firm's profit to 15%. While that's nothing to sneeze at, it's nothing like the infamous stories like $400 toilet seats and $1500 hammers we hear about in the media.
February 24th, 2009Becoming an entrepreneur requires not only focus, but determination . You can easily incorporate your small business online - but the behind the scenes organization, marketing, etc. of your business is a whole other story.
New terminology is increasingly making its way into today's business world lexicon that provides a short description of what an entrepreneur does. Terms like "greenpreneur" and "solopreneur" provide a quick description of what kind of business an entrepreneur is in or how they operate. Small business people like the terms because it helps distinguish themselves from a crowded marketplace and more effectively network.
So what would be a good buzzword for you? It depends, there are many you could use. And quite possibly, more than one could be used to describe your operation.
Perhaps you are fresh out of college, or are wasting no time in delving into the business world - in which case, you could call yourself a "scholarpreneur" or "teenpreneur". Or perhaps you love starting a business or are launching several different ventres at once, hence a "serial entrepreneur".
Check out this handy article in AllBusiness.com for a more detailed description of this popular terminology at Starting Up: Entrpreneurial Buzzwords.
Whatever term you use to describe yourself, online incorporation service MaxFilings is here to help easily form your corporation online in just minutes. Our incorporation fees are very affordable, and free access to an extensive online incorporation library is available.
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