Published Mar. 9, 2012
Steve Strauss, founder of www.theselfemployed.com, shares 5 lessons entrepreneurs can learn from the TV show "Shark Tank."
Q: Lately I have been watching the TV show Shark Tank and really like it. What always amazes me is that the people whose products I don’t like often get money and those that I do like get nothing. Why is that?
Lisa Clunie, a fashion designer and owner of Rhombus Wear. She acknowledged Herb Winkler's (SCORE counselor) strong soft goods manufacturing expertise and appreciated his team approach of inviting Robert Moses' (SCORE counselor) CPA expertise and guidance in financial planning.
Kim Ima, owns TreatsTruck, an environmentally focused mobile NYC bakery. Kim acknowledged Elliot Merberg's (SCORE counselor)financial guidance and support while obtaining the many NYC licenses and permits needed to sell her baked goods on the street from a compressed natural gas (CNG) powered truck.
Published Feb. 10, 2012
FINANCING YOUR BUSINESS
Securing financing for your business is one of the most difficult tasks facing the small business entrepreneur. Seeking the assistance of a SCORE Management Counselor and a good banker is nearly mandatory, but you can acquaint yourself with the financing-related issues by taking advantage of the Arizona District SBA web site.
Financing Basics – this section presents a checklist of questions you will need to answer before you pursue financing needs. Also discussed is debt and equity financing and the basic facts about each.
Estimating Costs – an accurate estimate of start-up costs is vital to the financing process. You will need to determine the costs of start-up for at least the first six months of your business operation. This section outlines those costs that you need to consider.
Finding Capital – this section explains the various types of financing that may be available to you and the difficulties associated with each. How to write a loan proposal and how it will be reviewed by the lender is also presented in this section with a reference to the National SBA web site for more information about SBA Financing Programs.
Personal vs. Business – the importance of your household budget when starting a business and links to credit agencies for determining your credit score. An adequate credit score is vital to obtaining funds from any lending institution.
Applying for a Loan – a critical discussion of all the elements of the loan application process and information about the 5 C’s of credit.
Small Business Lenders – lists those lenders in the state who are considered certified and preferred lenders by the SBA. These lenders are those qualified to work within the SBA financing programs to provide SBA guaranteed loans to small businesses.
Cash Management – includes an important discussion of the elements of cash flow and the importance of sound cash management techniques in a small business.
Start-up Costs – a further discussion of start-up costs and a link to a start-up costs calculator to assist the small business planning process.
Break/even Analysis - Breakeven analysis is a tool used to determine when a business will be able to cover all its expenses and begin to make a profit. This section also contains a link to a site offering an automated break/even calculator.
Financial Statements – a basic discussion of the balance sheet and income statement and refers you to an SBA template to use in developing your own financials.
Specific Training – offers a complete listing a many business courses you can take by going to the appropriate link. Courses cover business management, marketing, business planning, government contracting, eCommerce and more.
You should acquaint yourself with this fine Arizona SBA web site. There is much more in the site beyond the financing section. This site is located at: www.sba.gov/az and it is similar to the National SCORE site and contains a wealth of information, especially regarding financing.
Securing financing for your business is one of the most difficult tasks facing the small business entrepreneur. Seeking the assistance of a SCORE Management Counselor and a good banker is nearly mandatory, but you can acquaint yourself with the financing-related issues.
Published Feb. 9, 2012
Small business owners are entrepreneurs. You are successful because of your ideas, your passion, and your drive. Often you are unaware of just how important actively managing business credit is to your success.
Take this online workshop now to hear Phyllis Meyer from Dun & Bradstreet discuss how to:
Published Jan. 30, 2012
The legal structure which defines the small business can take many forms. This summarizes the critical aspects of legal structure for any small business to consider.
Many businesses start as sole proprietorships or partnerships. However, these structures have unlimited personal liability for company debts. As a result, many business owners opt to incorporate or form a limited liability company (LLC) to protect their families and financial interests. Businesses may change structure at any time. Here are the most critical items to consider when selecting—or re-selecting—your business structure.