While a lot of people would love to be their own boss, not everyone is cut out to be an entrepreneur. If it was easy then everyone would do it, but according to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. So before you head down the entrepreneurial path, here are 10 questions you should ask yourself. (more…)
Category Archives: Blog
The first part of this series, An Overview of Business Financing, gave you important questions to help you determine your need for financial assistance. We also briefly touched on some of the programs the SBA provides to assist business owners that are seeking financing. However, before you can qualify for SBA’s financial assistance, you should first understand some basic credit factors that apply to all loan requests.
In our “Choosing your Entrepreneurial Path” series we discussed Government Contracting as one of the options. Since this is a Virginia SBDC blog and the government literally lives in our backyard, it is likely that many of the entrepreneurs who are reading this are considering or already are building a government contracting business.
With that said, in this and future post we are going to dive much deeper into government contracting and the federal contracting process. To start us off we are going to look at the importance of small business classification and the registration process. (more…)
When looking to fund your business, there are many options available. Depending on what type of business you are operating or looking to start, the amount you need and the reason for your funding will likely determine the type of financing you want to obtain. In future posts, we will look more closely into the most common type of financing businesses obtain through the SBA. However, to give you a general idea of the different financing options available, here is a brief overview: (more…)
Starting January 1 and for the rest of the 2014 fiscal year, the U.S. Small Business Administration (SBA) has set the borrower upfront guaranty fee to zero for all veteran loans approved during that timeframe under the SBA Express program, which supports loans of up to $350,000.
This program, called SBA’s Veterans Advantage, is available to small businesses owned and controlled by veterans, active-duty military participating in the Transition Assistance Program, reservists, National Guard members, and spouses or widowed spouses of service members or veterans who died during service or as a result of service-related disabilities. (more…)
Now that you’ve chosen or possibly started down your entrepreneurial path, the next step is to determine how to finance the start or the ongoing operations of your business. But first, there are certain things you should think about.
Questions to ask yourself before seeking Financial Assistance
1. Do you need more capital or can you manage existing cash flow more effectively? (more…)
An important step in the small business startup process is deciding whether or not to go into business at all. Each year, thousands of potential entrepreneurs are faced with this difficult decision; because of the risk and work involved in starting a new business, many new entrepreneurs choose franchising as an alternative to starting a new, independent business from scratch.
One of the biggest mistakes you can make is to hurry into business, so it’s important to understand your reasons for going into business, and determine if owning a business is right for you. (more…)
In a previous blog post, we talkedabout some of the different entrepreneurial paths one could choose. Today, we are going to give you a brief overview of Government Contracting and whether this path might suit you. As we explore the different paths we will start with some of the reasons why a particular path might suit you in regards to your military experience and the advantages that come with being a veteran. (more…)
Many find the idea of running a small business appealing, but they lose their motivation after realizing, as they develop their business plans, talk with investors, and research the legal issues associated with startups, that it can be a big risk. For those disheartened by such risky undertakings, buying an existing business is often a simpler and safer alternative. (more…)
It is important to understand the different types of business structures that exist. This is just a quick synopsis, but it is highly recommended that you continue conducting more in depth research and speak with your business attorney before determining the type of legal structure your business should fall under. (more…)