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Register for Government Contracting

Federal, state and local governments offer businesses the opportunity to sell billions of dollars worth of products and services. Many government agencies require that some percentage of their procurements be set aside for small businesses. Once you have classified your … Continue reading »

How to Certify as a Small Business under Federal Guidelines

The Federal government sets aside certain contract bid opportunities exclusively for small businesses. In order to compete for these contracts, you must first register as a vendor with the federal government. As part of the registration process, you will be required … Continue reading »

What Types of Insurance will I need for my Business?

What types of insurance will I need for my business? It is very important that business owners maintain adequate insurance coverage such as liability, property/casualty, loss of use, unemployment, workers’ compensation, and product liability insurance. We recommend that you review … Continue reading »

Marketing for Small Businesses

Marketing is critical to the success of any small business. In some instances, effective marketing is vital to the survival of a small business. In all instances, good marketing is essential for any small business to achieve its full potential. … Continue reading »

Buying a Business: A Checklist of Information to Gather Financial Information

A prospective buyer should request access to business financial records. This financial information is key to understanding past profitability of the business as well as projected future success. If the seller cannot provide adequate information, the buyer must make the … Continue reading »

Is it Better to Buy an Existing Business or Start a New One?

It depends. An existing business should have established procedures and processes, operations, reputation, as well as a customer base which can result in a high price tag. It should also have a positive cash flow. If the business is lacking … Continue reading »

What is a SIC code? What is a NAICS code?

A SIC code, or Standard Industrial Classification code, is a four-digit number assigned by the government to various distinct business industries. Its purpose is to numerically represent the entire field of economic activities: agriculture, forestry, fishing, hunting, and trapping; mining; … Continue reading »

Developing a Business Loan Proposal: Suggested Contents

A loan proposal is an abbreviated form of a business plan and can be used by existing business owners in place of a business plan in order to seek financing. In some instances, a loan proposal can be used by … Continue reading »

Conducting Market Research – Understanding Your Market

Your business will not succeed just because you want it to succeed. Determining if there is a market for your products or services is the most critical time of planning. Once you decide on your product or service, you must … Continue reading »

I need an Employer Identification Number (EIN) or Federal Tax ID number? If so, how do I obtain it?

The EIN is essentially the social security number for your business and is the same as a Federal Tax ID number. A EIN is a nine-digit number assigned to sole proprietors, partnerships, corporations, estates, trusts, and other entities for filing … Continue reading »