Government Resource Description Is your small business ready to go global? It may be an easier step than you think. Advances in technology can make worldwide commerce achievable for many small businesses, depending on the goods or services you offer.
Some formal requirements such as operating agreements and annual reporting. Board of directors, annual meetings, annual reporting required. Management Sole proprietor has full control of management and operations.
Typically each partner has an equal voice, unless otherwise arranged. LLCs have an operating agreement that outlines governance and management. Corporations have bylaws that outline governance. Typically managed by directors who are elected by shareholders. If one LLC member, typically pay taxes as individual.
If more than one member, typically pay taxes as partnership. Can elect with IRS to pay taxes as a corporation either c- or s. If standard corporation c-corptaxed as a business.
If dividends are distributed to shareholders, dividends are taxed at the individual level. Can elect with IRS to be taxed as an s-corp. Sole proprietor has unlimited liability.
Taxes based on business income. General partners have unlimited liability. Members may have liability for taxes. Governing persons may have liability for taxes. This information is for reference only, for detailed considerations contact your trusted legal or tax advisors.
Market analysis A market analysis will help you determine if there is a need in the marketplace for your product or service, who would be most likely to buy your offerings, and where your customers are located. An analysis of your industry.
Evidence of demand for your product or service. A description of your target market customer profile. Your market size looking at area demographics and the growth of your industry.
Your competition and why people would choose your product or service over the competition. Estimated sales volume and revenue.
Your pricing strategy, including the price floor the price at which you would break eventhe price ceiling the maximum price people would consider paying for your product or serviceand your pricing relative to your competition same, lower, higher.
Your promotion and advertising strategy to reach your target market such as use of website, social media, yellow pages, news releases, personal network, cold calls, newspaper, radio, television advertising, direct mail, etc.
The costs and timing of your marketing activities. Operations plan This reflects all the basics of operating your business. What are the lease terms? What will be required to get it ready with regard to zoning, permitting, construction and tenant improvements?
Furnishing, fixtures, equipment and supply needs. What will you inventory in what volumes? Who will your vendors be? How will you store and track the inventory? Key players and their operational roles in the business co-owners, managers, advisors. Legal needs, insurance needs, and an understanding of your regulatory requirements.
Recordkeeping and accounting needs inventory tracking, accounting system, billing method, filing systems, etc. Who will handle day-to-day accounting? Who will be your business banker? Who will be your business accountant and what services will they provide?
Consider including a section on emergency preparedness. Unexpected events could damage or destroy your business and its records. Prepare a plan in advance.Small Business Development Centers serving as intermediaries don't charge a fee for loan packaging, but for-profit organizations do.
The SBA loans in this program are administered by the SBA’s Office of Field Operations and SBA district offices. We would like to show you a description here but the site won’t allow us. PLAN your business Are you considering starting a business? Starting a business is a big decision. If you’ve never owned a business before, you may be unaware of all the things you need to do to get your business going.
U.S. Small Business Administration; SCORE; Business Impact NW; Washington Women's Business Center; Washington .
The Small Business Administration (SBA) is an autonomous U.S. government agency established in to bolster and promote the economy in general by providing assistance to small businesses.
Each U.S. Export Assistance Center is staffed by professionals from the SBA, the U.S. Department of Commerce, the U.S. Export-Import Bank, and other public and private organizations.
Together, their mission is to provide the help you need to compete in today's global marketplace. provide and help small business owners and entrepreneurs grow to their full potential. As Associate Administrator, I oversee the SBA’s flagship 7(a) and loan programs, as well as our Microloan and Surety Bond programs.