Small Business Resource

Writen by Harlan Friedman

Recently a prospective client visited our office and was inquiring about the financing of an upcoming business acquisition. I immediately inquired whether the business opportunity that he was contemplating also came with real estate or was it only the purchase of a business opportunity consisting of good will, Furniture Fixtures and Equipment (FFE), work in progress. and, the client/customer list.

He immediately responded that it was only a business acquisition along with two five year lease options.

As a commercial financial broker I immediately realized the scene was set for a typical SBA 7A loan. Typical is probably not the best word because each 7A loan is very different, the only similarities are that the loan is SBA Guaranteed, and that the SBA will require a loan to be collateralized to the fullest extent possible.

For those readers that are not familiar with the SBA 7A program I offer the following basic information. The Small Business Administration (SBA) will guarantee a business loan for a prospective purchaser of a business acquisition. The difference between this SBA Program and others is that this is the only program that will allow for the purchase of a business without the accompanying real estate.

Most business that is sold fewer than two million dollars is sold without real estate.

When you’re a small business owner there’s no “Golden Parachute”, no Massive Severance Package or Stock Options to cash in on and there are definitely no bailouts. The success or failure of your small business is all on your shoulders! Here Are 5 Things to Do If You WANT Your Business to Fail During a Recession ….

Read the rest of this article HERE

Accountant:

Writen by Brenda W Hargroves

Starting a business does not always require a large initial financial investment. Careful and creative management of currently available funds can go a long way towards providing needed capital. A disciplined person possesses the potential to become a financially successful entrepreneur. The key to financing your business with little initial cash outlay is to become your own banker.

Realistically, you should have some amount set aside for start-up expenses. For example, let’s say that you have $2,500 to invest in starting your business. Calculate upcoming major expense items and set aside a certain amount for each one. Think of that item as having its own line account. You may want to go as far as to set the money aside in a specific envelope. Plan to use these funds for the designated purpose only. The amount may not be enough to cover the full cost, but it is a start. You must now determine how you will raise the rest of the required amount.

Perhaps, a major start-up expense is a piece of equipment that costs $3,000. You have set aside $1,000 for this outlay in your calculations. What are possible ways to acquire this item? Maybe you can purchase the equipment with a $1,000 deposit and work out a payment plan.

For the thousands of Americans who are receiving pink slips each week, there may be no alternative but to start a small business. This is the way to turn a crisis into an opportunity. Follow your passion. Figure out a business that will permit you to pursue it. (Get started with our free fill-in-the-blank workbook–see box in right column of this blog.)

After you’ve zeroed in on the biz you want to start, have determined there is a real need for your product/service right now, and have organized a marketing plan, follow this quick checklist for your small business launch:
_Pick a name for your business.
_Select your company’s legal structure (sole proprietorship is most common)
_Visit legal self-help sites like nolo.com for more information on incorporating if you choose to go that route.
_Visit your county clerk’s office to file a DBA (doing business as) form.
(this will permit you to open a business checking account in your biz name).
_While at the country clerk’s office get info to apply for a business license.
_Apply for a seller’s permit.
_Apply for a Federal Tax ID (EIN)(this will permit you to buy goods from wholesalers, too, and not pay taxes on the items).
_Determine if you need additional home and/or business liability insurance; talk with your agent.
_Open a business checking account.
_Visit irs.gov to investigate tax matters.
_Figure out what you’ll do for health insurance, before you leave your current job, or COBRA insurance.
_Set up a home page website or get a free blog with blogger.com to demonstrate your web presence.
_Stay positive.

Writen by Jeremy Cohen

Until the day I learned to play chess I loved playing checkers. Both games require a strategy that maximizes a player’s ability to capture her opponents pieces without first losing her own. Checkers was fun. But the complexities of chess lead to more satisfying victories and defeats.

Chess is a more complicated game than checkers as there are more variables. Therefore, much more thought and concentration is required to win a game of chess than is required to win a game of checkers.

Like chess, marketing your business is a complicated endeavor. A successful chess player anticipates future moves and will position his pieces in such a way that each piece helps add strength to other pieces already in place.

A successful marketing strategy is no different than a winning chess strategy. Every move you make must reinforce previous and future moves. Instead of rooks, bishops and queens the moves made in the game of marketing are made with advertisements, web sites, marketing messages, brochures and so on.

As a small business owner you don’t risk losing pieces to your opponent you risk losing business to your competitors.

Great chess players have a strategy that helps them win with consistency.

Writen by Curtis Graham

Incredible as it sounds, you have a goldmine of free business advice and resources available to you for starting an online business. Many entrepreneurs are taking advantage of the unbelievable opportunity of financial independence by starting an Internet business.

Over 300,000 individuals already are on the Internet earning enough income to quit their regular jobs and live a lifestyle of their choosing. You can too!

How do you start? First ask yourself a question, “Would I jump into the middle of the ocean if I didn’t know how to swim?” No matter what your background is or what kind of business you intend to start online, you absolutely have to obtain enough knowledge relating to Internet business to be successful.

Almost all online newsletters that you can subscribe to are free and come in your e-mail. They contain pieces of the Internet business puzzle that will enable your success. This is a fact — believe it. All Internet experts (gurus) are stumbling over each other to get you on their sign-up list. This ultimately permits them to promote and sell their products to you.

But, in order to get you interested and signed-up, they must first give you something for free.