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Starting a Business


  • Submitted on 08 March 2017

    Fintech Series: Crowdfunding Peer-to-PeerFinancial technology remains a hot topic for consumers, offering the possibilities of increased convenience and access to financial services at a lower cost. As part of its FinTech Forum series, the FTC continues to promote public discussion of the ways in which innovative FinTech services – many provided by non-banks and technology companies within the FTC’s jurisdiction – can benefit consumers and the potential issues for stakeholders to keep in mind. Like the first FinTech Forum on marketplace lending, the FTC’s second FinTech Forum brought government and industry participants, consumer advocates, and other stakeholders together. They discussed two evolving types of financial technology: peer-to-peer payment systems and crowdfunding platforms.

    Peer-to-peer payment systems are online services – often mobile apps – that allow consumers to exchange money electronically. Millennials may account for the majority of early adopters, but as two panelists pointed out, people across all age groups use peer-to-peer payment systems and these services are expected to grow among older users. Some panelists touted the potential benefits that peer-to-peer payment services offer consumers, including convenience, speed, and the relatively low cost of sending money, and suggested that benefits like that could be particularly important to consumers in financial distress.

  • Submitted on 14 December 2016

    Are you interested in starting a business? Creating a business plan is one of the most important steps you will take because the plan serves as your road map for the early years of your business. The business plan generally projects 3-5 years ahead and outlines the route a company intends to take to reach its yearly milestones, including revenue projections. A well thought out plan also helps you to step-back and think objectively about the key elements of your business venture and informs your decision-making on a regular basis.

    SBA's Business Plan Tool provides you with a step-by-step guide to help you get started. All of your information entered into this tool can only be viewed by accessing your account using the password you have specified. Not only can you save your plan as a PDF file, you can also update it at any time, making this a living plan to which you can often refer.

  • Submitted on 26 September 2016

    The decision has been made. You have decided that XYZ bank is the bank-of-choice to lend your company some badly needed capital. Now is the time to pay that banker a visit, right? Wrong.

    Meeting with bankersOnce you sit down with a business banker, you will need to answer a variety of questions about your financial needs and business goals.  If you do a little homework before hand, answering those questions thoroughly may ensure a smoother, and possibly quicker, loan application process.  Below are a few of the questions that most commercial lenders will want answered before your loan application can proceed.

  • Submitted on 26 September 2016

    One of the most effective ways to grow your business is also one of the oldest: networking. While it may not get as much buzz these days as social networking sites like Facebook and Twitter, old-fashioned, face-to-face networking is still essential for building a business.

    If networking makes you nervous, try these tips to make it easier, more effective and maybe even fun.

    1. Set goals for networking. Like any business effort, you need to set measurable goals so you can determine the best networking strategy; such as making X number of new contacts or qualified leads per month.

  • Submitted on 19 July 2016

    Created on July 19, 2016
     

    The Grow Her Business: A Resource from Start-up to Scale-up platform is LIVE! Grow Her Business is a searchable repository of nearly 200 premiere, growth-oriented programs. This platform will serve as a resource of valuable information and guidance for women entrepreneurs seeking to grow and scale their businesses. The platform will be an easy-to-use platform functioning as a data repository for relevant tactical resources on how to ideate, launch, and grow a business. A few things:

    • Of the 196 fully coded resources, the primary content for 50 percent is accessed in-person, with at least one resource in every state.

    • The other 50 percent of resources have some or all content online. Of the four types of assistance common to business development programs—technical, education, finance and networking—over half of the resources (106) offered multiple types of assistance within one program, potentially making for a more efficient time investment for women.

    • Fourteen percent provide opportunities for financing, as do several of the multi-assistance resources.

  • Submitted on 29 April 2016

    Created on April 29 , 2016
     

    What creates two out of three net new American jobs; produces close to half of our nation’s goods and services (nonfarm private GDP); and can be found, coast to coast, in every small town, big city and rural enclave?

    The 28 million small businesses that propel our economy forward and define our national entrepreneurial spirit.

  • Submitted on 26 January 2016

    Created on January 26, 2016
     

    Throughout my career, mentors changed my trajectory.  Through them I met successful people who were willing to listen to my ideas—and give their advice on how to turn them into great opportunities. 

    Every year, my primary resolution has been to “give forward” what they gave to me, and to be a mentor.  You might be pleased to know that January is National Mentoring Month—a great reminder to all of us to reach out to someone early in his or her career.           

    This month reminds us of presidents past, of Dr. Martin Luther King, of service to others and the lasting impact we all have a chance to make in our lifetimes.  And while mentoring isn’t the only solution, it is one way to build a team of fund managers and portfolio companies in the alternative investment industry that is strong and robust because of its diversity.

  • Submitted on 04 November 2015

    Created on November 4, 2015
     

    VeteransDuring the third annual celebration of National Veterans Small Business Week Nov. 2-6, the Small Business Administration will host 30 Boots to Business: Reboot entrepreneurship training events nationwide.

    This coming year, the SBA will be able to present more than 100 Boots to Business: Reboot entrepreneurial training workshops.  The other big news is that for the first time, the program will be available to military veterans of all eras. This also includes service members (including members of the National Guard and reserve members) and their spouses.

    The Boots to Business: Reboot curriculum will introduce veterans to the fundamentals of business ownership, including evaluating business concepts and developing a business plan. Course participants will be introduced to their local SBA resource partners, consisting of Veterans Business Outreach Centers, Women’s Business Centers, Small Business Development Centers and SCORE.

  • Submitted on 29 September 2015

    Created on September 29, 2015
     

    What is it? The SBA Business Smart Toolkit is a ready-to-use workshop toolkit developed jointly by National Association for Government Guaranteed Lenders and SBA. The workshop lays the groundwork for helping new and aspiring entrepreneurs launch a business idea and understand the steps to building a business that is credit ready.

    The Business Smart Toolkit is a part of SBA’s My Brother’s Keeper Initiative to provide resources for underserved communities. The information is laid out simply in three modules.

  • Submitted on 29 April 2015

    Created on April 29, 2015
     

    National Small Business WeekIn honor of National Small Business Week 2015, the U.S. Department of Commerce’s Minority Business Development Agency is teaming up with NerdWallet to host a Google Hangout on how minority-owned businesses can start and grow their companies.

    The online discussion will feature Carmen West and Nick Perkins, of MBDA’s Access to Capital team, and Cindy Yang, NerdWallet’s small business expert. During the discussion, the panelists will address how the MBDA helps minority-owned businesses expand, and Yang will discuss NerdWallet’s resources for small businesses just starting out.

    “MBDA’s Access to Capital team seeks to align with organizations that speak to America’s business owners and minority communities,” says Efrain Gonzalez, Associate Director, Office of Business Development. “MBDA is pleased to participate in this Google Hangout to share and discuss how our 44 business centers across the country provide capital resources that complement the services of NerdWallet and other organizations that provide resources to small businesses.”

    The Google Hangout will be broadcast live on NerdWallet’s Youtube channel. During the second half of the webinar, Perkins, West, and Yang will take questions from the audience through Twitter. Tweet questions using the hashtag #DreamSmallBiz to either @NerdWallet or @USMBDA.  

 

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