In a previous post we discussed some of the items you need to register your small business for government contracting and briefly touched on the System for Award Management (SAM). In this post we are going to provide a little more information on SAM as well as provide you a list of some support resources. (more…)
BLOG: Contracting: SAM and Other Resources
7(a) loans are the most basic and most often used of those in the SBA’s business loan program. The purpose of this loan is to help start-up and existing small businesses with financing, guaranteed for a variety of general business purposes. (more…)
Please Note: This series, “Preparing your Business for Deployment,” is focused on our military entrepreneurs who may have to deploy. However, the information and checklists would apply to any business owner who may need to take a sudden leave of absence from their business due to a life changing emergency. It is suggested that all entrepreneurs should have some sort of plan in place in case they need to either sustain or suspend their business in their absence. (more…)
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. (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. (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. (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. (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…)
- Shoppers who knew about Small Business Saturday spent $5.5 billion on that day last year and 77% say they plan to shop local again this year. Promote this event on your website, social media pages and in your store.
- 67% of businesses that participated last year offered discounts on that day or coupons for discounts in the future.
- If your customer uses American Express, they get $25 back when they spend at least $25 at a local store. The store must enroll on the Small Business Saturday site and meet a few qualifications. The deadline is November 18th.
- For every $100 spent locally, $69 stays in the county and is used for supporting the infrastructure. Only 14% stays local when the money is spent at a chain store.
- Sustain local jobs. When a Walmart opens in a county, it actually reduces jobs by an average of 150 implying that each Walmart employee replaces 1.4 retail workers.
- Stress the ease in which shopping in a small locally owned store offers. The owner typically has hand selected products that they know their customers will like. Add some personalized customer service, like knowing the person’s name and family members, and you have a customized holiday shopping experience tailored specifically for the shopper. Create gift lists with “prices under” sections to demonstrate the breadth of your assortment
- Prewrap some of your hottest items so that the “convenience shopper” has the easiest shopping experience ever.
- Avoid the madness of Black Friday at big shopping centers and mega-stores. Door buster deals are usually in very limited quantities and long lines turn some people off. Offer a great, comfortable experience for the customer.
- The customer trusts you. A Gallop poll earlier this year found American people rank small businesses second only to the U.S. Military when it comes to institutions that they have confidence in.
- Make sure you can easily Get Found on a Google search and extend your hours for Small Business Saturday and the entire holiday season. Be Open when your customers can shop!