Posted at 3:43 AM
Created on January 10, 2014
Looking for the information and tips to grow your business, here are the 15 most visited blogs on mbda.gov for 2013.
Minority-owned businesses are the fastest growing business sector in the Nation, in terms of gross receipts and paid employees. Yet, access to capital remains the biggest obstacle limiting their establishment, expansion and growth. While traditional funding remains the most sought after source of capital, alternative funding sources, such as angel investors, have proven successful for minority entrepreneurs.
The Minority Business Development Agency (MBDA), a job-creating agency, leads Federal efforts to promote the growth and global competitiveness of America’s minority business community. This summary includes a small portion of our overall accomplishments during the first three years of the Obama Administration.
YES! 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.
Earlier this week, we attended the Doing Business in Africa Forum at the White House. This was the first forum of the Doing Business in Africa campaign that the Commerce Department launched three months ago in Johannesburg, South Africa. Deputy Secretary of Commerce Rebecca Blank gave the opening remarks and focused on strengthening commercial ties between the United States and Sub-Saharan Africa. She emphasized that as the continent’s wealth increases, so does the demand for improved infrastructure, energy services, and high-quality consumer and agricultural products – all of which American companies are well positioned to provide.
How 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.
Export, trade and finance related agencies across the federal government are teaming up during World Trade Month - May 2013 - to host a series of Twitter Q&A’s for U.S. companies. Businesses can participate by tweeting their questions using the hashtag #TradeChat during the scheduled times.
There are three basic reports important to your business.
- Income or Profit and Loss Statement
- Cash Flow Statement
- Balance Sheet
An income or Profit and Loss Statement shows where and how money goes in and out of a company for a period of time. Monthly, quarterly and annual Profit and Loss Statements show the financial strength of a company.
Earlier this month I was invited to give the commencement address for the 2013 graduates of the New York City College of Technology (CUNY). I began my remarks with a true story of how I prepared for my speech by going skydiving. I jumped out of a perfectly good airline at an altitude of 13,500 feet in an attempt to clear my head and gain perspective of the words of wisdom that I wanted to impart. We all laughed when I confessed that as soon as I stood in the doorway of the plane, having heard the instructor yell “GO – GO – GO”, preparing for the commencement address was not my first thought . . . and honestly, not the second or third.
If 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.
On Wednesday, May 8, 2013, Houston City Council approved Mayor Annise Parker’s recommended enhancements to the city’s 30-year-old goal-oriented Minority and Women-owned Business Enterprise (MWBE) contracting program. This action reinstated women-owned businesses into the program, and increased the participation of Minority and Women-owned business from 22 percent to 34 percent in the citywide construction goal.
Regardless of where you seek funding - from a bank, a local development corporation or a relative - a prospective lender will review your creditworthiness. A complete and thoroughly documented loan request (including a business plan) will help the lender understand you and your business. The "Five C's" are the basic components of credit analysis. They are described here to help you understand what the lender looks for.
State and local economic-development agencies – and numerous nonprofit organizations – provide low-interest loans to small business owners who may not qualify for traditional commercial loans.
Getting the right information at the right time is a valuable advantage in business. Being able to accomplish both while saving time and financial resources is priceless. MBDA is excited to announce an ongoing series of web-based seminars that allow for business owners to explore opportunities, access current information on business trends, and connect with industry experts and peers.
Recently MBDA announced a grant competition to operate MBDA Business Centers in Baltimore, Houston, New York City, San Francisco, St. Louis and Washington, D.C., as well as one additional city with a large American Indian and Alaska Native population. The successful applicants will join a network of around 40 MBDA Business Centers across the United States and Puerto Rico.
The Minority Business Development Agency (MBDA) did a deep dive into the 2007 Survey of Business Owner data released by the U.S. Census Bureau and found minority-owned firms are more likely to export compared to non-minority-owned businesses. Export activity of minority-owned firms spanned 41 countries, with Mexico, Brazil, and the Dominican Republic dominating the list. Across the oceans, minority-owned firms are also selling their products and services to countries that include Turkey, India, China and the Philippines according to data from the U.S. Export Import bank.