Category Archives: Business Planning

Business Help for Veterans from Facebook and SCORE.

Welcome Veterans!

We are proud to partner with Facebook to help veterans, military members and their families start and grow their own small businesses. Learn more, and find your mentor today.

How Can SCORE Help Veteran Entrepreneurs?

SCORE is the nation’s largest network of volunteer, expert business mentors. Our 10,000 mentors can meet with you face-to-face in over 300 chapters, through video chat or via email. Continue reading

Sole Proprietor vs. Single-member LLC

man in front of a startup sign

New entrepreneurs have a long list of to-dos when starting their businesses. Among the tasks to check off that list is deciding their business structure. For small businesses with a sole owner and no (or very few) employees, the two most popular options are:

  • Sole proprietorship
  • Single-member LLC (Limited Liability Company)

So, which one might be the best choice for your business?

I advise you to consider talking with an attorney and accountant to dig into the advantages and disadvantages of each for your specific situation.

In the meantime, let’s take a look at some of the basic characteristics of each so that you’ll have some fundamental information as you start your research. Continue reading

It’s Time to Budget for 2020

by Kelly Deis of SoundPoint Consulting

Most businesses are on a fiscal year which coincides with the calendar year. Now is a good time to look back and reflect on 2019 as well as look forward and create a new budget for 2020.

A budget is a roadmap. Based on where you have been, it can help guide you to the desired final destination for year-end.

If you stay on the current course – where will you end up? Alternatively, if you change the route – where will you be at the end of the year? It is up to you to decide which path is the most profitable and most likely to be achieved.

Here are a few things to think about as you prepare your budget. Continue reading

4 Tips for Adding a Partner to Your Business

handshakeFinding and adding a business partner to an existing company is about more than going into business with a friend or family member. How you add a partner typically hinges on your business entity. Depending on how you incorporated your business, entrepreneurs will need to conduct a bit of due diligence in order to properly bring on a business partner.

From an LLC to a general partnership, let’s break down what you need to do now to prepare to add a partner to your business. Continue reading

Steps For Starting a Nonprofit Business

Starting a business with a cause offers much satisfaction as you work to make lives better for others. To launch a nonprofit corporation, it requires taking many of the same steps a for-profit corporation or LLC does, but there are differences, too. Nonprofits must comply with some requirements that don’t affect other businesses.  

So, where do you begin? 

1. Understand what it means to be a nonprofit.

A nonprofit may be created a nonprofit for charitable, educational or certain other purposes—as long as they don’t directly benefit the owner. Nonprofits (if approved by the federal government) operate tax-free, and they can accept donations and apply for grants.

While a nonprofit business can make profits, surpluses must be used toward fulfilling the organization’s objectives—such as buying computer software to run the business more efficiently or investing in resources that deliver value to those that it serves.  Continue reading

Considerations and Resources for Small Businesses That Want to Sell Their Products Internationally

According to the most recent International Trade Association data available through the Small Business Administration, small businesses represent 97.7 percent of the U.S. firms that export goods to other countries. In fact, they account for over one-third of the United States’ known export value.

With business technology ever evolving, expanding our collaboration and communication capabilities, we can assume that more small business owners will want to seize opportunities to extend their customer base beyond U.S borders. With 96 percent of global consumers living outside of the United States (according to the U.S. Department of State), reaching a global market can fuel revenue growth and offer some protection against fluctuations in the U.S. domestic markets. Continue reading