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Success Connection

June 2010

                              Issue LXXXII                                          June 9, 2010                 

 

Kutztown University Small Business Development Center Newsletter

"Success comes from knowing that you did your best to become the best that you are capable of becoming." 
- John Wooden

  

 

Any Lab Test Now - Turning a Dream into Reality

AnyLabTestNow_Storefront

Bob Deese has spent most of his career in the collision repair industry. But even while he was managing and working in businesses other than his own, he had always searched for innovative means to improve the businesses, as well as to find a possible business opportunity for himself and his wife, Cindy.
 
However, not just any business opportunity would do. Bob and Cindy were searching for a business prospect that would allow them to achieve specific goals, the first being to establish a business where daily supervision was unnecessary, as the caliber and the professionalism of the employees would make micro-management unnecessary. Thinking far ahead, they also wanted a business with a true exit strategy, one with a value of its own not tied to management. In addition, they dreamt of owning a business that would employ high-level employees and have limited turnover. Their dream was realized when Bob and Cindy opened Any Lab Test Now in 2008.   As Bob put it: "We appreciate that we work with some of the best people in their fields; it is a rewarding experience."
Click here to read more.

BUSINESS NOTES

Creative Ways to Stretch Your Marketing Budget

Innovative ways some business owners are using to stretch their marketing dollars:


Take advantage of technology -
     - Use email instead of direct mail
     - Attend virtual trade shows rather than traveling

Partner with others in your industry to spread the expense and the knowledge

Build your social network by offering free classes at libraries

Take a horizontal marketing approach: Determine your typical client profile and then target this group by identifying a noncompeting business that has that group as customers.

Read more horizontal marketing ideas in this article from Entrepreneur.

 

Federal Government Small Businesses News

IRS Offers Details on New Small Business Health Care Tax Credit

 Guidance from the IRS makes it easier to determine whether small businesses are eligible for the new health care tax credit and how large a credit they will receive. Connect to the details here.

LLCs Explained - A 101 for Small Business Owners

 Read about the pros and cons of establishing a limited liability company (LLC) and frequently asked questions about them from Business.gov.

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Veteran-Owned Businesses - the Latest on Certification

From business.gov: clarification on veterans' certification - click here to read.

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Check out the IRS Self-Employed Individuals Tax Center

 Click here to learn more about self-employment tax, paying your taxes electronically, etc.

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SBA Small Business Loans Explained-Availability, Eligibility and the Application Process - click here to read this article from Business.Gov.

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Looking for Small Business Loans or Grants?

 Federal, state and local governments offer a wide range of financing programs to help small businesses start and grow their operations. These programs include low-interest loans, venture capital, and scientific and economic development grants. Click here for more information.

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NAICS Codes - What is the North American Industry Classification System? Click here for more information.

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Types of Business Legal Names and How to Protect Them

Here are some tips for protecting your business name from Business.Gov: How to Legally Protect Your Business Name on a Local, State, National and International Level

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Learn about the special tax treatment for expenses incurred before business operations begin.

Business Start-up and Organizational Costs 

Business Start-up Costs

From IRS Publication 535 (2008) - Business Expenses

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"The Child Care Tax Center"
 
 This link to the IRS Website connects the business owner with tax resources for their child care business. The Child Care Tax Centercovers several areas pertinent to running a daycare center. 

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"Business.Gov's Licenses and Permits Tool"

This tool automatically generates a list of appropriate licenses and permits when you enter your business type and city/state. Business.Gov Licenses and Permits Tool

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Small Business Taxes

The revised Virtual Small Business Tax Workshop offers updated content with interactive features and a new reference section.

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"Cultivating Sound Business Practices with the Help of the IRS"

 Click here to read an article from Business.gov about using the 2010 IRS Tax Calendar. The calendar is available here: IRS Tax Calendar

 

 

  

Will The Difficult External Lending Environment Threaten the Growth Potential of Small Businesses in our Region?

The Kauffman Firm Survey (KFS), a Ewing Marion Kauffman Foundation-sponsored study represents the world's longest longitudinal study of entrepreneurs. This representative sample started tracking firms that launched in 2004 and follows up with a survey each year. The recent survey results confirmed that external debt financing becomes increasingly critical to entrepreneurial businesses as they survive and grow.

The average business surveyed injected $78,000 into their business in 2008, and external financing made up 67 percent of the total. Of those who sought financing, a little more than two thirds (67%) received financing approval. However, 17% reported mixed results and 15% were always denied. In comparison, external financing was only relevant for 40% of the entrepreneurs during their first year of operation in 2004. As Congress takes up the finance reform legislation, it is important that policy makers continue to make financing of entrepreneurial firms an attractive option for external commercial lenders.

Our featured client story of Bob and Cindy Deese, Owners of Any Lab Test Now, highlights the struggle that many entrepreneurs face with finding external financing in our current economic environment.

Ernie Post
Director, KU SBDC

 

 

 

Website Optimization Webinar - WOW!


This 90-minute Webinar is designed for businesses with Websites that need tweaks, redesigns, or online marketing plans. Its goal is to give participants a foundational understanding of the basic concepts, terminology and functionality of traditional online marketing elements.

After the Webinar, each participant will receive a report which will provide results from the analysis of their Website's structural design. The report will highlight areas where the Website could be edited to better meet the technical criteria of the traditional search engines. The report is intended to assist the business owner in the development of an action plan for the Website, with changes being made through your company's internal staff or through an outsourced Web developer.
 
Upon completion of the Webinar, each participant will receive their customized WOW report within 14 days via email, along with one hour of free consultation to review the report findings with an SBDC consultant.

Where: Simultaneous Web conference with telephone
When: June 23 from 11:30 a.m. to 1:30 p.m.    
Cost: $199

To register, click here.

 

 

 


 The First Step Webinar for Start-Up Businesses


 This 2 hour Webinar (live, interactive, online workshop) provides an overview of SBDC client services and learning resources. It also introduces topics relevant to all small businesses during their start-up phase.

The Webinar will also introduce and discuss a business concept outline. A business concept outline summarizes a business concept onto ten PowerPoint slides that communicate the essential information needed to assess the business concept.

Where: Simultaneous Web conference with telephone
When: June 22 or July 20 from 11:30 a.m. to 1 p.m.
Cost: $0

To register, click here.

 

 

 

Business Planning (Part II) - Marketing Your Product, Service and Company


This is the second workshop of the Business Planning Workshop Series that begins on June 3 and runs through June 24. Registration is available for each workshop or for the entire series.

Where: Chester County Library, 450 Exton Square Parkway, Exton, PA

When: June 10 from 6:00 to 8:30 p.m.
Cost: $20.00 per workshop

Click here to register and for information on this workshop.

 

 

 

Business Planning (Part III) - Financial Management: Projections and Statements


This is the third workshop of the Business Planning Workshop Series that begins on June 3 and runs through June 24. Registration is available for each workshop or for the entire series.

Where: Chester County Library, 450 Exton Square Parkway, Exton, PA

When: June 17 from 6:00 to 8:30 p.m.
Cost: $20.00 per workshop

Click here to register and for information on this workshop.

 

 

 

Moving Up in State Government Contracting


Learn the next steps in state government contracting. What are the agencies you should be targeting? How do you make contact? Learn the requirements of a successful state government contractor.

 

Where: Dixon University Center, 2986 North 2nd Street, Harrisburg, PA 17110
When: June 22 from 9 a.m. - noon
Cost: $0

To register please click here.

 

 

 

Business Planning (Part IV) - Financing the Business and Feasibility Decision


This is the fourth workshop of the Business Planning Workshop Series that begins on June 3 and runs through June 24. Registration is available for each workshop or for the entire series.

Where: Chester County Library, 450 Exton Square Parkway, Exton, PA

When: June 24 from 6:00 to 8:30 p.m.
Cost: $20.00 per workshop

Click here to register and for information on this workshop.

 

 

 

Certification Made Simple


 This workshop is offered monthly. It guides participants through the application process for state certification as either a Minority or Women Business Enterprise (MBE/WBE). It is presented by Curtis Burwell of the Pennsylvania Department of General Services, Bureau of Minority and Women Business Opportunities (BMWBO).

Where: Harrisburg Regional Chamber & CREDC, 3211 North Front Street, Harrisburg, PA 17110
When: July 7 from 9:00 a.m. - noon
Cost: $0

To register, click here.

 

 

 

Doing Business with the Commonwealth of PA

 

Workshop topics include:


Finding opportunities with the State

  • State contracting procedures
  • State resources for small businesses, and
  • Certification for minority-owned and women-owned businesses

Presenter: Curtis Burwell, Dept. of General Services
Co-sponsor: Dept. of General Services

Where: Harrisburg Regional Chamber & CREDC, 3211 North Front Street, Harrisburg, PA 17110
When: July 28 from 9 - 11:00 a.m.
Cost: $0

To register, click here.

 

 
 

Thank you for taking time out of your busy schedule to read our newsletter. We appreciate your participation in the KU SBDC community.

 

Sincerely,


Ernie Post, Director
Kutztown University Small Business Development Center