BUSINESS

BUSINESS 5 Tips for Starting Your Own Business

By d-mars.com News Provider

There's no doubt the pandemic has hit small businesses hard. Even in its early weeks, February to April 2020, the number of active businesses plummeted by 22%, according to a report from the National Bureau of Economic Research. And unfortunately, the consequences of the early shutdowns impacted minorityowned businesses even harder, with Black-owned businesses seeing a 41% drop, Latinx businesses 32%, Asian businesses 26% and women-owned businesses 25%.

Does that bad news mean that now is the wrong time to consider starting a new business? Not necessarily. Opportunities exist for small businesses today, including support and funding for start-ups - and especially for minority business owners.

If you want to start a small business, here are If you want to start a small business, here steps to get you started. are steps to get you started.

1. Do your research

First, make sure you understand the current market for your business. This step is crucial to turn an idea into a full-fledged business plan.

Ask questions like:

* Is this product or service in demand right now? * Are there similar products and services out there, and are they succeeding? * Can this product or service be delivered safely for employees and customers? * Could the business support rapid growth if it really took off?

Ask other business owners about their challenges and rewards to explore whether this is a good option for you. Use market analysis tools recommended by resources such as the Small Business Administration (SBA) to get to know the market for your business.

2. Write a business plan

No business can find funding, investors or partners without a solid business plan. Learning to write a comprehensive plan also forces you to fully think through every aspect of your proposed idea. The SBA is a great resource to research types of business plans.

Enlist the help of other business owners during the process if you can to understand how their plans helped them and what to avoid.

3. Fund your business

Every business needs capital to get started. Your business plan's financial section should provide a clear idea of the capital you need to launch. Most businesses rely on multiple financial sources, including: * Personal funds * Bank loans or personal loans * Investors * Crowdfunding

SBA loans can be a good option. For example, Huntington Lift Local Business is a small-business lending program focused on serving minority-, women- and veteran-owned businesses. Huntington is a top SBA 7(a) lender that has developed creative lending options and other features to help bring relief, recovery and growth to small businesses across the Midwest.

With Huntington's program, businesses can secure SBA-guaranteed loans from $1,000 and up to $150,000 with:

* Zero origination fees * SBA fees paid by Huntington * Lower credit score requirements * Free financial education courses * Checking accounts with 24-Hour Grace overdraft fee relief, and service fee waived for 36 months * Flexible, longer-term repayment options

"The economic uncertainty sparked by the pandemic has highlighted the need for increased financial opportunity for everyone starting or sustaining their small businesses," said Huntington's SBA program director, Maggie Ference. "Everyone deserves a shot at success, and our program delivers a new solution to customers when they need it most, whether for a startup or an established business looking to grow."

4. Develop a marketing plan

Creating a brand identity and communicating it well is crucial to success. Consider hiring or contracting marketing services to help you choose your business name, create a logo, build your website and develop a strategic marketing plan to get the word out about your business.

5. Take care of business

Dotting the Is and crossing the Ts is necessary for any business. Details include choosing your business location and registering your business, applying for all the required licenses and permits, including federal and state tax IDs - plus opening your business bank account. Also, consulting an accountant with experience helping small businesses can ensure you have your business and financial ducks in a row.

Starting a small business is a daunting challenge, but it can also be a rewarding opportunity. Taking the time to fully explore and utilize all the resources at your disposal can help ensure that your new business will be a success.

Source: BPT

BUSINESS PenFed Foundation Announces ‘Black History Month Ignition Challenge’ to Support Black Veteran and Military Spouse Entrepreneurs

By d-mars.com News Provider

Rhe PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, recently announced the launch of the PenFed Foundation Black History Month Ignition Challenge. The challenge supports Black veteran, active duty, guard, reserve, and military spouse entrepreneurs by helping them to identify their business impact and goals, and providing an opportunity to compete to win funding and mentorship. "PenFed is proud to celebrate Black History Month and support the Veteran Entrepreneur Investment Program's Ignition Challenge for Black entrepreneurs," said PenFed President/CEO and PenFed Foundation CEO James Schenck. "The program is designed to highlight, celebrate and support Black veteran and military spouse entrepreneurs and their positive community impact."

Proposals for new businesses and ideas can be submitted via the PenFed Foundation Veteran Entrepreneur Investment Program (VEIP) website here through January 18. The VEIP Selection Committee will review all proposals and select the top 10-20 submissions. Participants' pitches and photos will be posted on the VEIP website and the community is invited to vote for their favorite idea February 1 through 17. The winner with the most votes will receive $15,000 in funding, while second place will receive $10,500 and third will receive $5,000.

Additionally, VEIP staff will provide coaching and support to the winning entrepreneurs to help each fine-tune their business and help to further position them for future success.

Today at 2:00 p.m. ET, PenFed Digital will host a live discussion on the PenFed Facebook page as part of the challenge kick-off. Thereasa Black, a US Naval Officer and VEIP Master's Program participant, will join PenFed Credit Union's Senior Vice President of Global Fixed Assets/retired US Marine Corps Brigadier General Terry V. Williams and PenFed Foundation's Director of Outreach/retired US Army Command Sergeant Major David M. Clark to share insights about her experience as a Black veteran entrepreneur and CEO of Bon AppéSweet. "We're incredibly proud to work alongside veteran entrepreneurs and military spouses to empower them as they pursue their aspirations for civilian life and realize their career goals," said PenFed Foundation President and retired Army General John W. Nicholson, Jr. "This program provides a meaningful way to celebrate Black History Month and support veteran businesses and the greater Black and military communities."

Founded in 2018, VEIP has a three-pronged approach to create a robust network for veteran-owned start-ups and businesses:

1. Investment of seed capital, providing access to other capital investment programs and connecting entrepreneurs to funders; 2. Preparation through the Master's Program, a year-long fundraising accelerator; and 3. Education through virtual and in-person Pop-Up Lab workshops.

The PenFed Foundation was created in 2001 and, since then, has provided more than $38.5 million in financial support to veterans, active-duty service members, families and caregivers.

About PenFed Foundation About PenFed Foundation

Founded in 2001, the PenFed Foundation is a national nonprofit organization committed to empowering military service members, veterans and their communities with the skills and resources to realize financial stability and opportunity. It provides service members, veterans, their families and support networks with the skills and resources they need to improve their lives through programs on financial education, homeownership, veteran entrepreneurship and short-term assistance. Affiliated with PenFed Credit Union, the Foundation has the resources to effectively reach military communities across the nation, build strong partnerships, and engage a dedicated corps of volunteers in its mission. The credit union funds the Foundation's personnel and most operational costs, demonstrating its strong commitment to the programs the Foundation provides. Equal Housing Opportunity. To learn more, visit www. penfedfoundation.org.

IT’S A WIN-WIN

5 Ways Businesses Can Help Themselves by Giving Back

By d-mars.com News Provider

Most businesses recognize the importance of finding ways to give back to their communities. But it often takes time for them to discover the full range of benefits they can realize when they commit to corporate giving.

The good news? Philanthropic donations from U.S. businesses are on the upswing. When polled in 2019, such corporations had gifted charities with an impressive $21.09 billion - a 13.4% increase over the year before. That giving has likely impacted the businesses themselves in a multitude of direct and indirect ways. "Corporate donations are a great way to generously help nonprofit organizations that matter to you, your employees and your community," writes Molly St. Louis on Inc.com. "(And) enterprise businesses have come up with some pretty creative ways of doing social good. You don't need a huge budget or full marketing team to execute a strong 'giving back' campaign."

Thinking of initiating or increasing a corporate giving campaign? Here are five key benefits to such a campaign that you may not have considered.

It's probably important to your employees.

Today's more socially conscious workers, especially millennials, tend to have strong preferences for employers that give back. Statistics gathered by Charities.org show that 71% of U.S. employees place importance on working in a culture that's supportive of giving and volunteering, while 87% of U.S. corporate leaders believe their employees expect them to support causes and issues that matter to those employees.

It can strengthen the communities that support

your business. Targeting donations toward your local community or communities can be mutually beneficial, since it bolsters your customer base even as it demonstrates appreciation to your supporters.

For former Maryland state senator the Honorable Francis X. Kelly Jr., helping lead a philanthropy-minded employee benefits, administration and payroll business has been in alignment with a career defined by public service, business and civic involvement. He and his wife Janet founded Kelly & Associates Insurance Group in 1976 as a way to help small businesses secure affordable health care benefits for their employees. After bringing those small organizations together through common industry, trade and profession associations, they were able to form larger groups, which then allowed for access to the same health insurance benefits as larger companies. "This was a way we could create a business by helping existing businesses, and how we could sink roots into the community and earn a living at the same time," Kelly explains.

These days, the Kellys and their Maryland-based company are committed to supporting a number of key charitable organizations including the Cal Ripken Sr. Foundation.

It can teach you about your community.

Involving yourself in the joys and challenges faced by your customers and other community members can teach you lessons that can be applied to your business strategy. "Being involved in your community and giving your time, talent and/or treasure exposes you to different perspectives and experiences," notes Kelly. "While you may think you are giving to someone else, if you really put your heart into it, you will take away far more than you could ever give." It can help build relationships. Businesses tend to live or die based on the strength of the relationships they form with people and organizations. "Giving of yourself expands your 'network' in a personalized way that social media could never replicate," Kelly advises.

It can inspire new perspectives,

ideas and strategies. Interacting with the nonprofit community - and learning about the different goals, challenges and achievements of various organizations - can be a way to open your eyes and challenge your own assumptions. "Giving back to the community gives you the opportunity to be involved in bold proclamations, big goals and inspired vision," Kelly explains. "That naturally will lead you to further drive your own business strategies, heighten your goals and develop a bolder vision for yourself and business." Corporate giving can be more than just another imperative to cross off your "to-do" list as a company leader. Think about all the benefits such philanthropy can offer, and use them to enrich yourself and your company in myriad ways. For more information, visit kellyway.com/about-kelly/kelly-in-the-community.

BUSINESS New World, New Business

5 Ways Small Businesses Are Adapting To COVID

By d-mars.com News Provider

COVID-19 has irrevocably altered the way that we do business. Some small businesses have floundered, while others have completely reinvented themselves.

In a recent survey by SCORE, just 34% of U.S. small business owners now categorize their companies as profitable, compared to 55% in 2019. As a result, they're working hard to adapt - reconfiguring their offerings to boost revenues and planning such new strategies. "The unexpected has forced many to reevaluate plans, practices and procedures," notes Andrea Forstadt on USChamber.com. "Yet one of the advantages of being a small business is the ability to more easily lean in to, embrace and adapt to change. For many, the short-term alternate plans or adjustments are fast becoming the realities of the foreseeable future."

Here are five trends that have impacted small business this year.

Freelancing has surged. As people rely on contract work to replace lost jobs, the number of freelancers in the U.S. is growing steadily. NPR reports that two million more Americans began freelancing between September of 2019 and September of 2020, boosting the freelance portion of the U.S. workforce to 26%. Studies also show that women lost jobs at a faster rate than men during the past year; and are more likely to pursue full-time freelance careers due to autonomy and flexible schedules.

Cashless commerce is growing. To reduce person-toperson contact, businesses of all kinds are discouraging or completely eliminating cash payment options in favor of card or digital payments. "Ongoing shifts toward e-commerce, digital payments (including contactless), instant payments and cash displacement have all been significantly boosted in the past six months," confirms an October McKinsey report. In one example, the raw volume of invoices sent on Invoice2go, which saw more than $24 billion in invoicing volume in 2019, has risen from 58 million to 78 million invoices sent per month - a boost of about 30%. As consumers seek efficiency and convenience, Invoice2go also has seen a 50% boost in digital payments via its payment platform - a crucial assist to help small businesses stay competitive.

Demand is up for digital tools. As small businesses lean more on online business functions and/or e-commerce during social isolation, they're calling for leading-edge tools that can help them navigate the logistics. Women-owned businesses are often primary customers for financial management tools - studies show they're 43% more likely than male business owners to be concerned that limited access to funds could hurt their businesses. Around 43% of U.S. small businesses plan to expand their businesses through digital and related technology as a response to COVID-19, according to the Verizon Business Survey. In fact, 30% of these businesses have already added ways to deliver products and services digitally. To meet this demand, Invoice2go has recently added "Reviews" and "Profiles" features - prompting a star-based review after each transaction and enabling creation of an auto-generated website to help small businesses get discovered and build credibility. This is especially crucial for solopreneurs (37% of the platform's users), who can't always devote valuable time for customer follow-up and encourage the word-of-mouth that generates future business.

Businesses are diversifying. Many small businesses have devised new offerings as previous income streams dwindled. For example, hotels are now offering day-rate rooms for people who need to work remotely, distilleries are producing hand sanitizer in addition to spirits and restaurants are offering better, easier take-out options. "Difficult times often lead to changes in the way the world operates," says Wade Thomas in Forbes. His advice to business owners is, "Develop products and services that not only solve today's challenges, but will also thrive in the new, post-difficult-times world."

Virtual experiences are expanding. Companies have transformed in-person events into digital experiences. From virtual happy hours, to podcast product releases, to YouTube customers videos, everything is going online. "The real opportunity is to somehow provide the experience and connectivity of former live events to a virtual one that actually can sustain itself over time, even after the end of the pandemic," explains Bernhard Schroeder in Forbes.

Need a suite of effective digital tools that will help you run your small business smoothly and efficiently? Invoice2go offers user-friendly products that can streamline your day-to-day workflow so you can focus on your business. Functions include estimates, expenses, invoices, payments, appointments, ratings and reviews. It's going above and beyond for passionate small business owners and freelancers looking to improve and streamline processes in the new year. Learn more at Invoice2go.com.

Source: BPT