America’s SBDC Blog

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Energy Engineer Overcomes Obstacles to Bring Business to Light

October 1, 2018
Success Story: Idaho –

Idaho SBDC success - RetroluxRetrolux was founded by Leif Elgethun, a self-described serial clean energy entrepreneur and advocate for a world as a carbon neutral society. After building software and honing workflows that greatly reduced the time and cost required to sell and install commercial building lighting retrofits for a former employer, Leif decided to found Retrolux.

This company seeks to accelerate the adoption of market-ready technologies that decrease fossil fuel usage and toxic materials in the lighting market by providing software that brings products to consumers faster and cheaper than ever before. With his background in energy engineering and project management, the first major obstacle was learning how to build a software company. The next obstacle was raising the capital required to build enterprise-grade software and bring it to market. (more…)

Proceed with Caution: Important Considerations Before Terminating an Employee

September 24, 2018
By ComplyRight –

ComplyRight Tip SheetDetermining whether or not to fire an employee can be complicated. There are numerous personnel factors to consider, as well as critically important legal considerations. A single misstep can complicate the process and expose you to a potential lawsuit.

But it doesn’t have to be this way! With an eye toward proper progressive discipline in the workplace – and by following some important precautions — you can make the best choices for your business.

How to Document Performance Issues

Lack of solid documentation is the single most common mistake employers make when handling disciplinary situations or terminating an employee. Good records, on the other hand, can mean the difference between winning and losing a legal dispute.  (more…)

This New Service Can Help You Build Business Credit Faster

September 17, 2018
By Gerri Detweiler –

ArrowsMany entrepreneurs find the process of building business credit frustrating. It’s not terribly difficult, but it does involve a few steps, the most important of which is to obtain accounts that report to commercial credit agencies.

By paying those bills on time (or early) and keeping your debt in check, you can help build strong business credit. But because many small business bills aren’t reported to commercial credit reporting agencies, business owners may find themselves with little credit data on their reports.

But there’s a new simple solution that can help business owners build credit using accounts they already pay, and it’s fast and easy. Here’s how it works. (more…)

Artists in Business

September 10, 2018
Success Story: Vermont –

Vermont Success - DaValliaTwo amazingly talented artists (Jessie makes exquisite jewelry and Michael makes eclectic furniture), plus a passion for their fellow Vermont artists’ works, plus an incredible shared eye for all things beautiful: for Jessie and Michael Alon that means not just one gallery, but two. One can’t contain their creativity and dedication.

Nestled in the quintessential village of Chester, Vermont, the downtown gallery, DaVallia Art Boutique, features Jessie’s work combined with arts and crafts from fifty artists. And on the way out of town, Davallia 39 North Gallery focuses on fine art, furniture and accessories for your home. (more…)

6 Confusing Small Business Loan Terms Defined

September 4, 2018
By Megan Tyler –

LoanGetting a business loan can be tough. You know the ins and outs of your own business, but you might not know how to get the funding you need. To make matters worse, small business lending is full of confusing financial lingo that you may not understand. If you need a crash course in business lending lingo, here’s a quick rundown of five confusing small business loan terms.

APR

You see APR everywhere when applying for financing, but you might not remember everything that goes into calculating the APR for different types of financing. APR stands for Annual Percentage Rate, and it estimates the overall annual cost of a loan including fees and compounding interest. (more…)