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Starting a Business


  • Submitted on 03 May 2012

    The Federal Deposit Insurance Corporation and U.S. Small Business Administration today announced new resources to support small businesses across the nation.  Acting Chairman Gruenberg and SBAs Associate Administrator for Entrepreneurial Development Michael Chodos released Money Smart for Small Business, a training curriculum for new and aspiring business owners.

    Developed in partnership between both agencies, this curriculum is the latest offering in the FDIC’s award-winning Money Smart program.

  • Submitted on 03 April 2012

    USA Government Businesses Information ScreenshotUSA.gov is a free on-line resource for the U.S. Federal Government with expansive index of content and resource for businesses.

    Purpose: Find resources on starting and managing a business, selling to and buying from the government, exporting, importing, and much more. Access online government services for businesses.

    Who should use USA.gov?

    • Any business or individual looking for sources of federal government information and business resources.

    Who can access USA.gov?

    • Publicly accessible via the web.

    What major resources are available?

  • Submitted on 29 March 2012

    Grants.gov Screen ShotGrants.gov is a free online source to FIND and APPLY for federal grants. Grants.gov does NOT provide personal financial assistance. Grants.gov is a central storehouse for information on over 1,000 grant programs and provides access to approximately $500 billion in annual awards.

    Purpose: Grants Opportunities

    Who should register in GRANTS.gov?

    • Organization: An individual responsible for submitting a grant on behalf a company, state, local, or tribal government, academia or research institution, not-for-profit or any other institution

    • Individual: A individual can register to apply for “individual eligible” grants

    What is required to register?

    • Complete a standard business profile that include, DUNS, CAGE, and MPIN numbers

    • Submit an Authorized Organization Representative (AORs) application

    • Have an E-Business point of contact (POC)

    • Detailed application can be found on grants.gov

    Who can access Grants.gov?

  • Submitted on 19 March 2012

    8a Business Development Program CertificationThe 8(a) Business Development Program is a business assistance program for small disadvantaged businesses. The 8(a) Program offers a broad scope of assistance to firms that are owned and controlled at least 51% by socially and economically disadvantaged individuals.

    The 8(a) Program is an essential instrument for helping socially and economically disadvantaged entrepreneurs gain access to the economic mainstream of American society. The programs helps thousands of aspiring entrepreneurs to gain a foothold in government contracting.

  • Submitted on 06 March 2012

    Cash and PenCASH VS. ACCRUAL

    Every business taxpayer is required to have an accounting method to report income and expenses. The two most commonly used methods are cash and accrual. Once you choose your accounting method, you must follow it consistently. Generally, you may not change your method of accounting unless you obtain permission from the IRS.

    CASH METHOD

    Due to its simplicity, the cash method is a popular choice for small businesses. To determine gross income, add up the cash, checks, and fair market value of property and services you receive during the year.

    If you receive a check on December 28, 2011, but decide not to cash or deposit it until after December 31, 2011, you must still count the check as income in the year you received it.

    Business expenses are usually deducted in the year they are paid. For example, you order office supplies in October 2011 and they arrive in December 2011. You send a check to pay for them in January 2012. Under the cash method, you should claim that business expense deduction on your 2012 tax return because that is the year you paid for the supplies. Certain businesses cannot use the cash method. In addition, special rules apply for the accounting of inventory.

  • Submitted on 08 February 2012

    STARTUP America Policy ChallengeThe White House announced $2 billion in public and private resources to help entrepreneurs start and grow their businesses. In the spirit of open and participatory government, we also announced the Startup America Policy Challenge. We're calling on entrepreneurs and the broader public to share their ideas on how to accelerate entrepreneurial innovation in the areas of  healthcare, energy and education. Aneesh Chopra, US Chief Technology Officer, kicked off the challenge in a post on Quora and asked a few questions to get the dialogue going.

    Read Aneesh's post below and participate in the challenge by sharing your ideas on Quora

    Startup America is President Obama’s initiative to celebrate, promote, and inspire high-growth entrepreneurship throughout the nation.  We’re working to expand access to private sector capital, accelerate the time it takes to get technologies from lab-to-market, and promote mentorship and entrepreneurship education.

  • Submitted on 01 February 2012

    Marketing StrategyWith so many different companies out there today, having a solid marketing strategy is 100% essential.  Without an effective small business marketing strategy, your company will not be capable of bringing in new business. Why? No one will know your business exists!  If you have not yet created a marketing strategy, take the step to create a marketing plan today!

     

     

    What will a marketing plan do for your business?

    1. Build awareness of your business.This will help more people know about your company and the services it provides.

  • Submitted on 25 January 2012

    BusinessHow your company should be structured is one of the first decisions you will have to make as a business owner? This decision is important, because the type of business you create determines the types of applications you’ll need to submit. You should also research liability implications for personal investments you make into your business, as well as the taxes you will need to pay.

    It’s important to understand each business type and select the one that is best suited for your situation and objectives. Keep in mind that you may need to contact several federal agencies, as well as your state business entity registration office. In making a choice, you will want to take into account the following:

  • Submitted on 09 January 2012

    Business LoansIf 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 banks, these people know and trust you. It’s possible they can get you quicker access to cash with fewer flaming hoops to jump through.  On the flipside, if your business fails or you are tardy in repaying the money, you may be headed for some conflict with the aforementioned family and friends.

  • Submitted on 09 January 2012

    Native American entrepreneurs have a new tool to help determine if they’re ready for business ownership and to help them get started.  Native American Small Business Primer: Strategies for Success is a free, self-paced online business course developed for Native American business owners.  The course provides an overview of basic business principles and  makes them aware of the programs and services available from the U.S. Small Business Administration.

    “Native American Small Business Primer: Strategies for Success will enhance the agency’s effort to provide important resources for emerging Native American entrepreneurs,” said SBA Administrator Karen Mills.  “Our ultimate goal is to help create jobs and stimulate economic and business development in our Native American communities. This course is an essential business development tool for the entrepreneur’s toolbox.”

    The new online course: emphasizes business planning and market research as essential steps to take before going into business; informs Native American entrepreneurs about the legal aspects of starting a business, including the type of ownership (legal structure) and licensing; and provides key information on seed money for starting up, raising capital, and borrowing money.  In addition, there is a section on how to estimate business start-up costs that can help assess the financial needs of going into business.

Did you know...

The percentage of clients with annual revenues in excess of $500,000 increased over the last five fiscal years.
Graph for MBDA Client Portfolio made up by SGI Clients

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