In honor of National Small Business Week, America’s SBDC hosted it’s first ever Twitter Chat on May 4th, “10 Most Common Small Business Questions.”
@ASBDC served as the chat “moderator and posted questions every few minutes using the hashtag, #SBDC. Checkout our Q&A below:
Q1: Do I have what it takes to own a small business? #SBDC
Maybe you do, Maybe you don’t. Start by validating your business assumptions @SBDC
@ASBDC A1. You won’t know until you try! But planning is key. Don’t jump in w/o knowledge of market and finances. #SBDC.
Mohawk Valley SBDC @MVSmalBizDevCtr
Ask yourself, do you have – cash, good credit, drive, self starter, risk taker, energy, time #nysbdc
Check out the resources on our site to learn if starting a small business is right for you! http://sbdcmichigan.org/start-a-business/ …
Every entrepreneur is http://different.Best way to find out is to meet with an SBDC advisor to evaluate your idea.
Take some time to get a broad perspective – consider biz requirements, time commitments, industry trends #sbdc
Yes, if you have an idea that you are passionate about, a vision & resources available such as @SBDC_LamarU. #SMDC #DreamSmallBiz
It might be a long time before you take a salary. Can you support your family in the interim? #sbdc #nysbdc
Florida SBDC at UWF @FloridaSBDC_UWF
“Do I have what it takes to own a #smallbiz” Our answer-Yes, w/ help of #SBDC U do!
Bizplan info has to come from the business owner, #SBDC advisors help reflect that info in best possible light
Florida SBDC at UWF @FloridaSBDC_UWF
“Do I need a biz plan & how do I do it?” Our answer-Yes, our team at #SBDC can help
Q2: Do I need a business plan & how do I put one together? #SBDC
Business plans are roadmaps. You wouldn’t travel from NY to LA without a map, contingency plans & money. #SBDC
Yes, a business plan will help you gets on track for the road to success. We can help draft a business plan. #SBDC #DreamSmallBiz
Mohawk Valley SBDC @MVSmalBizDevCtr
Yes…business plans are recommended to organize the project and help secure financing. Contact your local SBDC office #nysbdc
Yes, there is a business plan outline available here: http://sbdcmichigan.org/start-a-business/ … meet with a consultant for help. #DreamSmallBiz
We think so! We have some tools to help at http://aksbdc.org/tools @ASBDC
We have access to great sample bizplans & @carnegielibrary keeps a great list of plans here http://www.carnegielibrary.org/research/business/bplansindex.html …
Kris McArdle Reinelt @KrisReinelt
Yes, most definitely! It’s your road map from pt. A to B, & it will change as your business changes.@MichiganSBDC can help with this.
Kris McArdle Reinelt @KrisReinelt
Yes! And the @MichiganSBDC can help guide you through the process of building one. @ASBDC
Another free tool to get your ideas together, business plan, https://www.agplan.umn.edu/ #SBDC
You don’t go on vacation w/o a plan, why start a #smallbiz w/o one? You need a plan for your biz! @ASBDC #SBDC
Florida SBDC at UWF @FloridaSBDC_UWF
A client of ours we helped with a #SmallBiz plan received a big loan for expansion! #DreamSmallBiz #SBDC http://bit.ly/1N9bjSh @ASBDC
Florida SBDC at UWF @FloridaSBDC_UWF
Our clients are award winners with our #smallbiz plan help! http://bit.ly/1SZ8q60 #DreamSmallBiz #SBDC #NationalSmallBizWeek @ASBDC
Q3: Do I need to incorporate my business? #SBDC
Many businesses start out as LLCs. Changing from LLC to corporation later is relatively easy & inexpensive. #SBDC
There are many types of business structures, but it is important to select the right one for your business! #SBDC #DreamSmallBiz
Mohawk Valley SBDC @MVSmalBizDevCtr
Depends on your idea, but it provides asset protection, credibility and name protection, perpetual existence, deductions #nysbdc
By visiting the Lamar #SBDC, we can answer any questions you may have about different types of business structures.
Kris McArdle Reinelt @KrisReinelt
This is an important ? to ask yourself. Being a sm biz owner is not like a typical 9 – 5 job. You work 24/7, 365 days. @MichiganSBDC
Also, having a business attorney on your team is always a good idea to advise on this! #SBDC
Florida SBDC at UWF @FloridaSBDC_UWF
It depends!! Call us at #SBDC to talk
There are several ways to legally structure your business. See the Startup Guide on our website or attend a legal workshop!
Check this valuable page on choosing your business structure https://www.sba.gov/starting-business/choose-your-business-structure … #SBDC
Q4: How can I determine how much money I need to get started? #SBDC
Determine startup costs & P&L projections. Don’t forget cash reserve needs. Again, a working document. #SBDC
Financial projections are incredibly important! http://aksbdc.org/tools/financial-model/?toolset=think … #SBDC
Kris McArdle Reinelt @KrisReinelt
Not necessarily. Depends on the business & your preference. Check with a lawyer, CPA, or #SBDC consultant. @MichiganSBDC
Every small business is unique, we can assist you with the financials needed to estimate your business’s startup cost. #SBDC
Q5: Where can I get funding to start or grow my business? #SBDC
Different funds for different business needs. Talk to advisors. Consider grants, angel/VC, bank finance, & crowdfunding. #SBDC
Don’t count on grants unless your business involves new tech or is non-profit http://www.nyssbdc.org/resources/Links/grants.html … #sbdc
Alaska just got it’s first accelerator program with a funding component! http://www.launchalaska.com/ #SBDC
There are many options for funding your business such as loans, grants, and bonds. #SBDC #DreamSmallBiz
Mohawk Valley SBDC @MVSmalBizDevCtr
Banks, state & local economic development agencies, grants, personal equity, crowd funding, family and friends #nysbdc
Florida SBDC at UWF @FloridaSBDC_UWF
It depends!! Call us for appt. #SBDC
Kris McArdle Reinelt @KrisReinelt
If your in a small downtown sometimes the community has grans/loans for sm businesses. @MichiganSBDC #DreamSmallBiz
Florida SBDC at UWF @FloridaSBDC_UWF
Various sources! Let’s discuss in person #SBDC
There are several ways to get funding for your business. Some options include banks, microloan programs, friends and family!
Many options: loan, crowd fund, investor, etc. Pros & cons to each but all require well thought out plan! @ASBDC
Crowdfunding tools like kickstarter are actually a good way to determine to line up presales and see if your idea is popular @ASBDC
Q6: How can I know if my business idea will work? #SBDC
Customer discovery and market validation work are critical before spending any money. #SBDC
Do your research – our #SBDC librarians can help with customer demographics & spending, sales of similar biz etc.
No guarantees but completing a business plan, cash flow projections and market research will help determine feasibility.
It is important to understand the market: potential customers, competition, and the economic conditions in your industry. #SBDC
Florida SBDC at UWF @FloridaSBDC_UWF
Attend our biz concept plan #training class #SBDC
Mohawk Valley SBDC @MVSmalBizDevCtr
Make sure the financial projections are realistic, if the numbers don’t work, you may need to re-evaluate your idea #nysbdc
Develop a thorough business plan, be creative in testing your market, be prepared to invest tons of time into proving idea! #SBDC
Sit with an #SBDC consultant to determine the feasibility of your idea and improve your odds of success !!
Q7: How can I market my new business on a limited budget? #SBDC
Embrace guerrilla marketing! #SBDC
Develop a marketing budget and stick to it! Maximize internet marketing.
It is easy to start by creating an online presence with social media such as Facebook, Instagram & Twitter. #SBDC #DreamSmallBiz
Kris McArdle Reinelt @KrisReinelt
Networking, community involvement, partnering with other businesses to share mktng costs, social media, and more! @MichiganSBDC
Email campaigns, referral programs, press releases and social media are all important! @ASBDC
Create a marketing plan that focuses on word of mouth marketing… Encourage referrals by providing incentives.
Taking a marketing class of some kind can really help. #SBDC
So many great options! Start by thinking like your #customer – where are they (online & F2F), what do they do, how can you reach?
Mohawk Valley SBDC @MVSmalBizDevCtr
Social media, search engine optimization, community networking, local biz chamber events, local newspaper press releases #nysbdc
Social media is great, but don’t forget in person networking at local or industry events #SBDC
Florida SBDC at UWF @FloridaSBDC_UWF
#socialmedia #referrals #wordofmouth
Website, Linkedin, social media & in person networking are great places to start marketing on a limited budget. #SBDC
Florida SBDC at UWF @FloridaSBDC_UWF
Yes, #LinkedIn is a good resource for #smallbusiness! #SBDC @ASBDC #NationalSmallBusinessWeek #business #smallbiz
Q8: Should I lease or buy equipment? #SBDC
Florida SBDC at UWF @FloridaSBDC_UWF
It depends! Contact local #SBDC to talk thru options
It depends. Cash flow projections can help you with this decision as can an SBDC consultant.
It depends – what’s the rate of obsolescence in your industry? If it’s rapid, you might want to lease #SBDC
@ASBDC How about rent to own? 🙂 #SBDC
Mohawk Valley SBDC @MVSmalBizDevCtr
Think about up front cost, maintenance, tax benefits, equity, changing technology. Review pros and cons with an advisor #nysbdc!
Leasing or buying equipment may depend on what type of equipment and how long you expect to use it. #SBDC #DreamSmallBiz
Q9: What do I need to know before I hire my first employee? #SBDC
Thorough knowledge of laws, identify all costs, and make sure you brush up on #leadership and #management skills! #SBDC
Before hiring your first employee, it is important to know the r law! The Lamar SBDC can help your business! #SBDC #DreamSmallBiz
Can you afford it? Develop cash flow projections. The SBA has a great guide and the SBDC conducts human resource workshops.
Florida SBDC at UWF @FloridaSBDC_UWF
RT this helpful hint! Thanks @growCT for sharing! We are currently using this program. #SBDC @ASBDC #DreamSmallBiz
Clearly assign employee duties & responsibilities, make clear chain of command to avoid personnel problems #SBDC
Kris McArdle Reinelt @KrisReinelt
Thinking of hiring your first employee? Contact @MichiganSBDC or an @ASBDC center for assistance. #DreamSmallBiz
Mohawk Valley SBDC @MVSmalBizDevCtr
Research cost of ins. & taxes, compliance with state & federal laws, compensation offered, can the business afford it #nysbdc
Cheatsheet on Hiring Your First Employee: http://aksbdc.org/tools/hiring-your-first-employee/?toolset=think … #SBDC
Florida SBDC at UWF @FloridaSBDC_UWF
That’s easy, you need our team, the #FloridaSBDCUWF – so reach out today! #SBDC @ASBDC #DreamSmallBiz #success
Q10: Where can I go for help to start or grow my business? #SBDC
Contact your local #SBDC http://tinyurl.com/ht6256s for free & confidential assistance to #startup or grow your existing #smallbiz!
See if there are any business incubation programs in your area. #SBDC
Your local #SBDC office will provide free assistance. Give them a try!
Come to the Lamar #SBDC for help in starting or growing your business. Open Monday-Friday 8AM-5PM, Call to set up an appt!
Any #SBDC! I think it’s clear there’s a ton of expertise in this amazing network. Thanks, @ASBDC for the chat!
@ASBDC Your #SBDC of course!
Register for business counseling on the SBDC website!
Kris McArdle Reinelt @KrisReinelt
@ASBDC Of course, an @ASBDC center, the @MichiganSBDC, your local library or EDC office, @SBAgov, a SCORE mentor, and many more!
Florida SBDC at UWF @FloridaSBDC_UWF
Great question, simple answer! Contact #FloridaSBDCUWF and #PColaChamber if in #Pensacola #Florida! #SBDC @ASBDC
Mohawk Valley SBDC @MVSmalBizDevCtr
Visit your local SBDC office for assistance. To find your local SBDC office follow this link https://americassbdc.org/ #nysbdc
Virginia SBDC @virginiasbdc
Your local #SBDC. In VA you can find the one closest to you at http://www.virginiasbdc.org/locations/ . Tx @ASBDC
Thank you to everyone who made National Small Business Week such a success and congrats again to the Charleston SBDC and all the SBDC clients who won awards.
Find your local SBDC today!
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