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Starting a Business


  • Submitted on 04 November 2011

    President Obama proclaimed that this November is National Entrepreneurship Month, a time when “we celebrate the remarkable and everyday successes of our entrepreneurs and innovators, and we reaffirm our commitment to ensuring our economy remains the engine and the envy of the world.”

  • Submitted on 04 November 2011

    The White House and the U.S. Small Business Administration announced the launch of the Young Entrepreneur Series (YES), which will connect young and aspiring entrepreneurs with SBA officials, local business advisors and resources to help them start or grow their own small business.

    “For our economy to thrive in the 21st century, we must set about creating the next generation of entrepreneurs,” said SBA Deputy Administrator Marie Johns.  “Young Americans need to know that starting a business is a viable alternative to going to work for somebody else.  There is a clear and urgent need to create more jobs for young Americans, and encouraging business ownership is an important way to meet that goal.”

  • Submitted on 15 September 2011

    Small businesses borrow for four principal reasons: starting a business, purchasing inventory, expanding, and strengthening the firm’s financials.

     “Small business owners across the country tell me that access to capital remains one of their central concerns,” said Chief Counsel for Advocacy Winslow Sargeant. “The research we are releasing today will add to the understanding of small business financing needs and sources, and will inform policymakers seeking to strengthen the productive small business sector.”

    The Finance FAQ is replete with data about where small businesses obtain their financing, including 15 graphs showing types of startup and expansion financing, as well as trends in bank lending, interest rates, venture capital, initial public offerings, SBIC funding, and SBA loans.
     

  • Submitted on 21 July 2011

    The Internal Revenue Service encouraged taxpayers to guard against being misled by unscrupulous individuals trying to persuade them to file false claims for tax credits or rebates.

    The IRS has noted an increase in tax-return-related scams, frequently involving unsuspecting taxpayers who normally do not have a filing requirement in the first place. These taxpayers are led to believe they should file a return with the IRS for tax credits, refunds or rebates for which they are not really entitled. Many of these recent scams have been targeted in the South and Midwest.

  • Submitted on 13 May 2011

    “Startup America also represents a historic partnership with business leaders, investors, universities, foundations, and non-profits, and we're urging others to join them in this effort. For entrepreneurs speak to what's best about America, and in their drive and innovative spirit -- in their willingness to take a risk on a bold idea -- we can see the future. We can see how America will compete and win in the 21st century global economy.” President Obama

  • Submitted on 27 April 2011

    To incorporate, or to not incorporate? That is the question posed at start-up. This Advocacy funded report by Rebel Cole, How Do Firms Choose Legal Form of Organization? finds that the choice of legal form of organization is relatively stable over a firm’s first four years. When changes do occur, they tend to be to the more complex forms of organization.

    Legal Form of Organization Research Summary

    If you have any questions regarding Advocacy’s report, please do not hesitate to contact Brian Headd at 202-205-6533.

  • Submitted on 27 April 2011

    A new video series launched today by the U.S. Small Business Administration and ADP® offers insight into the story behind the story of six successful American companies.  Featuring the individuals who built their businesses from an idea to become industry leaders, the “America’s Best” series shares keys to success, best practices and lessons learned for today’s entrepreneurs.

    “With this series, SBA and our partner ADP offer current and potential entrepreneurs a chance to hear from the people who built their big ideas into some of America’s most successful companies,” SBA Administrator Karen Mills said.  “These six people share their personal perspectives and insights into the challenges they faced, along with their failures and successes, while also offering an inspirational look at the resiliency behind America’s spirit of entrepreneurship.”

    The “America’s Best” video series is available online at www.sba.gov/AmericasBest and on www.ADP.com.  The series was produced in partnership between SBA and ADP, a provider of human resource outsourcing, payroll services and benefits administration. 

  • Submitted on 06 August 2010

    Running a business involves a significant amount of investment. Business insurance protects your investment by minimizing financial risks associated with unexpected events such as a death of a partner, an injured employee, a lawsuit, or a natural disaster.

    Unless you have employees, business insurance is generally not required by law. However, it is common practice to purchase enough insurance to cover your assets.

    If your business is an LLC or a corporation, your personal assets are protected from business liabilities but neither business structure is a substitute for liability insurance, which covers your business from losses.

  • Submitted on 20 July 2010


    ChecklistYES! It is of critical importance to prepare a business plan prior to starting your business.

    The business plan is the road map your business will follow – the plan that shows where you are going, what your business objectives are and how to get there. The plan is a written document that outlines this – providing a detailed description of your business, describing in detail your product or service, how it will benefit the customer, and, most importantly, how you intend to become profitable with it, emphasizing your marketing strategies, financial management and management team.

    The business plan is extremely important in many areas, including obtaining financing, whether equity or debt. Most importantly, however, preparing a business plan requires you as the business owner to consolidate your business objectives and strategies into a written document, a document that should be used frequently to review your results and revise you objectives. It is one of an entrepreneur’s most helpful documents; you should give it significant thought and prepare it carefully.

  • Submitted on 20 July 2010

    Business NetworkingWhen we think of networking often times images of happy hour, spending an inordinate amount of time in the evenings at a restaurant or office building with a whole lot of chit chat that may yield little to no business at all.  While this type of activity can seem tiresome and unnecessary, it can be a great way to get your business off the ground.  This simple, cost-effective (sometimes FREE) way of advertising is a means of getting the word out about your business.

    Everyone is experienced at networking.  Remember what happened when you ate at that great seafood restaurant, found the best bargain at the local shoe store, located a fantastic dry cleaners?  It’s probably safe to assume you told a few family members, friends or co-workers.  This is networking; passing along information to those who most likely will use these products or services.

 

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