May 17th, 2012
Did you know? Statistics reveal only 1% of students are entrepreneurs. In the EntrepreneurShip Investigation (ESI) pilot program in Phillipsburg, we had 10% of the students develop a business plan and product to sell!
A public/private partnership between Phillipsburg Middle School, Discover Phillipsburg Main Street and the Entrepreneurial Center in Phillipsburg introduced entrepreneurship to fifty-one eight grade students this semester.
The nationally recognized EntrepreneurShip Investigation (ESI) curriculum was developed through the University of Nebraska, in Lincoln. This curriculum has been taught by Mrs. Jackie Abell and Mr. Jim Smith middle school health instructors. It is an exciting, interactive, and comprehensive curriculum project designed for youth. These instructors began teaching this curriculum in January with an investigation into the businesses and business owners in our own community. Included in this portion of the class were local business owners who went into the classroom to share their own experiences about being entrepreneurs.
After learning about our local small businesses, the students then had the chance to investigate themselves. Learning about their talents, interests and hobbies; these students were then able to recognize what entrepreneurial skills they already possessed.
Additional class work included investigating the risks of small businesses, looking at the possibilities of what the students wanted to be when they grow up, and our changing community and world. “I haven’t done anything like this before. I like it because it’s unique.” stated Termarian Snell who is developing the business JewelTastic.
After looking at the community and themselves, students then investigated numerous topics surrounding entrepreneurship. They learned the value of building a good reputation, dressing like a pro, the value of time and getting control of your time as well as selling your big idea.
Matt Ma hathey the owner of Outstanding Origami stated, “I think it is neat that we started this. This peaked my interest. At first, the assignments really made me mad. They were hard. It makes me think more than science and I hate science.”
After completion of book two, it was decision time for these students. Did they see themselves as entrepreneurs and were they ready to make the commitment, take the risk to see if they could succeed as a youth entrepreneur?
Those who see themselves as entrepreneurs, have embarked on a new journey. The last week these students have developed business ideas, names and slogan. This week and next they will be working on business plans and marketing. The semester class will end with a showcase of these youth businesses.
Statistics show on the average 1% of all youth are entrepreneurs. Phillipsburg once again showed that our students are above average. Six of the students committed to developing their business, showcasing it and submitting a business plan. The businesses are as follows:
Outstanding Origami: Everyt hing folds into place is being developed by Matt Mahathey. Christina’s Tasty Temptations: There’s no place like home……made cookies; owner Christina Wente. JewelTastic: Accessories that make you look fantastic; by designer Temarian Snell and Cuties’ Cupcakes: Almost too cute to eat; baked by Alex Babcock and Chelsea Lumpkin.
On May 9, 2012 these budding entrepreneurs were guests on the Tadpole and KKAN/KQMA radio station in Phillipsburg. Sharing in their own words, what they have experienced this semester through the ESI course. On Thursday May 10th in downtown Phillipsburg these students showcased their businesses. All four businesses sold out of product after an hour and a half of sales.
This partnership has been partially funded by the Dane G. Hansen Foundation through the
E-Center, Discover Phillipsburg Main Street and the Foundation for Rural Services.
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May 17th, 2012
For new small business owners, meeting your tax obligations is a big adjustment – particularly when you’ve been used to having an employer take out income tax withholdings with each paycheck. When you have your own business though, tax time isn’t just once a year; rather you have to make estimated tax payments throughout the year.
If you’re not sure if you need to pay estimated taxes for your business, read on to learn more about small business estimated tax payments:
What are estimated tax payments?
Individuals and businesses are required to pay taxes over the course of the year, and not just at “tax time.” If you’re working for an employer, your employer most likely withholds these taxes for you throughout the year. When you’re self-employed or own a business, you’ll be expected to make these tax payments to the IRS and state on your own.
Who has to pay estimated tax payments?
The rules for estimated tax payments vary based on business type:
- For sole proprietors, partnerships, S Corporation shareholders, single member LLCs who elect to be taxed as a sole prop or an S corporation, or multi-member LLCs who elect to be taxed as a partnership or an S corporation: If you expect to owe $1,000 or more in taxes when you file your income tax return, you most likely will need to make estimated tax payments to the federal government (and potentially your state government too). There’s one exception: if your witholdings and tax credits add up to as least as much as your prior year’s tax, you do not need to made a federal estimated tax payment.
- For C Corporations and multi-member LLCs who elect to be taxed as a C Corporation: If you own a Corporation, you will need to make estimated tax payments if you expect to owe $500 or more with your tax filing.
When are payments due?
Estimated tax payments are divided into four payment periods throughout the year:
- April 15th
- June 15th
- September 15th
- January 15th
If your business is a Corporation, your estimated taxes are due on the fifteenth day of the 4th, 6th, 9th, and 12th month after the end of your company’s fiscal year.
Once you’re in the system, the IRS will send you estimated payment vouchers at the end of each tax year. However, whether you receive these payment vouchers or not, it is your responsibility to make payments for both the Federal and State taxes.
How to Pay
If you’re filing as a self-employed individual or disregarded entity (i.e. single-member LLC, partnership, or S Corp shareholder), you should complete Form 1040-ES. This form contains blank vouchers for mailing your estimated tax payments. You can also make your payments using the Electronic Federal Tax Payment System (EFTPS). For your state payment, you have to search online for the appropriate form, complete it and send it in with your payment.
Corporations must submit their payments using EFTPS, or can arrange for a tax professional, financial institution, payroll service, or other trusted third party to make deposits on their behalf.
How much should you pay?
- For self-employed individuals and disregarded entities (i.e. single-member LLCs, partnerships, and S Corp shareholders), the IRS recommends using Form 1040-ES to calculate your individual estimated tax payments.
- Corporations should use the Worksheet on Form 1120-W to calculate estimated tax payments.
Alternatively, if you expect the current year’s earnings to be relatively similar to last year, you can use last year’s tax return to calculate your estimated payments. Or if you experience fluctuating income, you can choose to calculate your estimated taxes based on the actual amount you made that quarter.
You don’t need to show the IRS how you arrived at your estimated sum. However, it’s in your best interest to reach as accurate a figure as possible. Paying too little can result in an unfortunate surprise when it’s time to file your annual taxes, in addition to potential penalties for underpayment. Conversely, by paying too much, you’ve essentially taken money out of your business and you could have invested that money for a higher return.
If you’re unsure about your estimated tax obligations, it’s wise to consult a tax specialist who can advise you on the best calculation method for your business and how to properly track and record your earnings and deductions. Just remember the more time you invest in your estimated tax payments, the easier your life will be come tax time.
Piggy Bank Photo via Shutterstock
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May 17th, 2012
Small Business Week is next week and only happens once a year so why not make the most of it!
We’ll be taking part in Small Business Week by sponsoring two great events and releasing the latest from our quarterly Private Capital Index study that we produce with Pepperdine University.
One of the two events we’ll be participating in is the America’s Small Business Summit. This is an annual U.S. Chamber of Commerce event that “unites small business owners, managers, and entrepreneurs from across the country to learn, network, and discuss common legislative and management concerns.” You can follow along as we learn and share at this event via the DandB Twitter account and the official hashtag: #ASBS.
SCORE Ventura National Small Business Week Expo is the other event D&B Credibility Corp is proud to sponsor during small business week. “SCORE is a nonprofit association dedicated to educating entrepreneurs and helping small businesses start, grow, and succeed nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA), and has been mentoring small business owners for more than forty years.” The Ventura Chapter is hosting it’s event at the Oxnard Performing Arts Center on May 23, 2012 and will be focused on the theme of “Money & Marketing.” This expo looks to answer some of the most frequently asked questions by small business owners such as “Where can I get funding?” and “How can I increase sales?”
And finally, our team is really excited that we’ll be releasing the results from the Private Capital Access Index we’ve created with Pepperdine University will also be released in honor of small business week. We’ll be releasing this on AccesstoCapital.com, so make sure to subscribe to that blog (or our Twitter account), where we’ll get you access to this study!
These are just some of the ways we’re planning to take part in small business week. How is your business going to participate?
[Photo credited by Shashi Bellamkonda]
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May 14th, 2012
Yext has been making waves of late, what with the spin-off of their original pay-per-call ad business which has been renamed Felix and the launch of their new business, PowerListings. But this is far from the beginning for Yext — the company first hit the scene way back in 2009 at our TC50 conference.
That means founder and CEO Howard Lerman is about as close to a Disrupt veteran as you can get, seeing as though he was launching at Disrupt before we even called it Disrupt (tickets here).
I asked him to come into the AOL headquarters to discuss what TC50 did for his brand and the company’s overall success, as a part of my “Disrupt Alumni: Where They Are Now” series.
In the words of Lerman, TC50 led to a $25 million C-series round led by IVP and Sutter Hill less than two weeks after the company launched. But his advice to new entrepreneurs is very simple. Despite whatever success or difficulties you may have with your business, know that things can always change.
He saw a better growth opportunity for Yext’s PowerListings tool than he ever saw for Felix, the original pay-per-call business. That didn’t necessarily mean that Yext should abandon its root business, but instead they’re growing the two companies separately to get the most value out of each.
Lerman also warned entrepreneurs to be picky and careful about choosing founders. “You’re entering into a marriage with that person,” said Lerman.
Disrupt NYC is set to be one of our biggest shows yet, with returns from Michael Arrington and MG Siegler, along with a variety of big names like Marissa Mayer, Sarah Tavel, Fred Wilson, and David Lee and more. It’s going to be huge.
If you’re interested in checking out Disrupt and/or the Hackathon yourself, tickets are still on sale here and info on the Hackathon can be found here. Companies itching to join the Battleground can apply for the last remaining spots in Startup Alley. You can find the full agenda here.
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May 14th, 2012
 If entrepreneurs and small business owners do not market themselves, chances are, they won’t be in business for long. Here are some mistakes entrepreneurs may overlook or struggle with when marketing themselves:
1. Thinking that one ‘touch’ is going to do the trick. I have recently been in conversations with someone who does workshop and he has done one mailing to 300 people and thinks that marketing doesn’t work because no one contacted him based on that mailing. I have been trying to help him understand that his first mailing didn’t even cause a blip in the brains of those who even saw it. I encouraged him to narrow his mailing list and to “mail the heck out of them.” (I think that is the language I used).
2. Thinking that one kind of marketing is going to do the trick. Today, there are so many options for marketing and we need to consider all of them. Direct mail, email, articles that draw people to our websites, social media, face to face, ‘stuff,’ word of mouth…it’s ALL important and very few entrepreneurs can go with only one type.
3. Not understanding that you need to build your ‘list.’ If you only have 6 people or 73 people or some reasonably small number of people to whom you are marketing, they had better be pretty darn responsive or you’ll starve! Building a list through opt-in methods is the way to go and it’s part of why it’s smart to offer products (digital, for example) for free. People come to your website, find what you offer to be helpful, download it, take the teleseminar (or whatever), and if they like what they receive, they “hang out” for awhile. The hope is that they will continue accessing some other products or services. Someday…they’ll buy…or at least that’s the idea. Since you are in business, if no one buys, you are not in business for long, but it’s about building relationships along the way.
4. Not budgeting time to do all the marketing activities that need to be done. It’s extremely short-sighted to say you don’t have time to market. If you don’t MAKE time to market, you’ll soon have nothing but time because you’ll be out of business. And remember, you do not have to do it all yourself. Tap into the expertise that is out there.
5. Not paying attention to the marketing intervals in addition to the marketing frequency. If you send out something 15 times, but over 15 years, you won’t have much (i.e., any) impact. Your marketing needs to be frequent but also done within a short enough time frame that people remember and think, ‘oh, yeah, I think I’ve seen this person/service/business before.’
6. Not realizing that you are either going to spend money or time or both. You can’t market without some investment of your capital – either the $$ or the time part. Target your message and your efforts so you don’t dilute your impact.
See if you are making any of these mistakes – and if you are, take steps this week to start correcting them. It will be perilous to your business if you don’t.
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May 14th, 2012
Every big business started as a small business. Jim Koch, founder of The Boston Beer Company, like any entrepreneur, knows the struggles of being a small business owner. One of the biggest challenges is securing capital in a tight credit market.
Recently, Koch, one of America’s best known entrepreneurs, announced Samuel Adams Brewing the American Dream, a program whose mission is to partner with low and moderate income entrepreneurs in the food and beverage industry and provide the tools they need to help them grow and succeed. In creating this program, Boston Beer formed a partnership with ACCION USA, the country’s leading not-for-profit micro-lending organization.
Boston Beer has invested a $250,000 commitment to establish the Samuel Adams Brewing the American Dream Micro-Loan Fund with ACCION, which provides capital and other types of assistance to lower and moderate income micro-entrepreneurs whose businesses might not otherwise be approved for a bank loan.
Koch also is supporting small businesses by developing a series of business education and financial literacy seminars designed to meet the educational needs of food and beverage entrepreneurs and offering advice and expertise of Samuel Adams employees through regular events geared towards micro-entrepreneurs. Koch explains:
“When I started Samuel Adams back in 1984, the odds were stacked against me, and so as the company grew and became more successful we naturally identified with other ‘little guys’ who benefited from a leg up to help achieve their dreams. Over the years we’ve found ways to help aspiring home brewers, microbreweries, screenwriters, fiction writers, and sportscasters. With our partnership with ACCION USA we are now able to focus on small business owners in our own industry and give them the support they need to thrive.”
America benefits when successful business owners created or sponsored many programs that help others achieve their dreams. Small business owners — particularly those in the food and beverage industry like Shaun Clancy at Foley’s NY Pub & Restaurant and Barry O’Donovan, owner of Kilkenny House in Cranford, NJ — know what being a successful small business owner is all about. They understand what it is work hard, count their pennies, and provide a product/service that customers want and will keep coming back to get.
Government officials aren’t able to do that. Entrepreneurs can. I applaud people like Jim Koch for mentoring others and showing them the way.
Brewing Photo via Shutterstock
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May 11th, 2012
Arthur Piccio, Public Relations and Small Business Coordinator for UPrinting, said he and the print shop he serves share their clients’ small business spirit…and a certain underdog pluck!
And why not! Our BizSugar Contributor of the Week says the company he works for is a small business itself, having started as a neighborhood print-shop with some e-commerce functionality back in 1997 by founder Ronnie Mesriani.
“The vast majority of our customers are in small or micro businesses—most of them do business in a very main street sort of setting,” Piccio said. “Most of the people in these businesses don’t have any experience at all in graphic design, print-proofing—that sort of thing. But they know quality when they see it. And these people want to look good.”
That small business approach goes right through to the way UPrinting prices and delivers its services.
“We’ve done our very best to make sure they get the best-looking business cards, posters, flyers or whatever print product a microbusiness on a budget might need—a prices that even a kid with a lemonade stand might be able to afford,” Piccio said.
Still the company takes pride in the quality they deliver, impressing larger clients who could easily afford more.
“Art galleries from NYC to LA use us all the time for reproducing works on posters and canvas,” Piccio added. “I still find it incredible that even though we push ourselves as a value-oriented brand, some very big names in the visual art business give us their vote of confidence—even if they could afford anyone else they wanted.”
Their efforts have earned them plenty of notice. From its start as a small print shop, UPrinting has become one of the most competitive online printing companies in the US and is now on Inc.com’s 500/5000 list for 2009 and 2010, he said.
Despite the UPrinting’s success, however, the company’s staff has never forgotten their origins as small business owners, entrepreneurs, and underdogs.
“I guess it’s fair to say my previous entrepreneurial experiences and more importantly, working with UPrinting’s clients have given me, as well as the rest of our very talented team, a few insights with respect to what approaches actually do work for a small business—because we’re one ourselves!” said Piccio.
He added that his company has built a reputation on helping small businesses and organizations realize their full potential and look their best with print projects that exemplify professionalism, and by granting print sponsorship to non-profits that help them collect more donations for their causes.
“And the same thing goes for me,” Piccio said. “I grew up on Negros Island in the Central Philippines. Most of the people in my country’s capital—where over half of the nation’s wealth is—they couldn’t even find my home island on a map. UPrinting’s given me opportunities I wouldn’t have had otherwise. Working for a company like UPrinting.com has been a tremendous experience—especially for someone for whom English is a fourth language.”
Piccio said he’s used BizSugar to promote his company to the community that matters most, those who demonstrate the same spirit of small business entrepreneurialism that UPrinting holds dear.
You can check out other things Piccio has to say on the The Uprinting Small Business Blog and learn more about the company he works for at the UPrinting.com home page.
If you’d like to be a contributor of the week here on BizSugar.com, it’s easy. Just sign up for a free account, if you haven’t already, at BizSugar.com and start sharing business information, news, and tips with our community. You’ll also want to “like” our Facebook BizSugar page. Hope to see you there!
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May 11th, 2012
As a business owner, you go above and beyond to keep customers happy. But your employees might not feel the same.
I recently visited a local small business (a pet food store) because I wanted to get my doggie, Dwight, some kibble. It wasn’t a highly trafficked joint and in a remote area, and I only wanted a small bag of food. So I got out of the car and went up to the door only to find they had just closed.
Turns out I had arrived three minutes after closing time and the person who was manning the store was still behind the register with a customer. I waved to see if he would open the place up just to get one more sale, but this employee gave me the cut-across-the-throat gesture and waved me off.
What did that tell me? That he clearly wasn’t the business owner.
All of you business owners are out there clutching your proverbial pearls, right? If you were there, you would have opened the doors to get one more sale for the day. But in this case, it was an employee who wanted out after eight hours of looking at the clock and not giving a damn about poor Dwight and his lack of delicious dry food.
How do you make sure your employees aren’t waving off customers and potential sales? Here are four ideas:
1. Go above and beyond.
Your employees want to feel part of a family, so make it so! Hang out with them, get to know them, do fun things like happy hours and picnics with them. Everyone wants to love where they work and who they work for, so give it to them!
2. Make them feel invested in the company.
Why not try giving them a part of your company so they feel invested? At my e-mail marketing company, VerticalResponse, we give all of our employees stock options to let them know that if the company is successful, they will be, too. You might also try giving them a piece of the profits at the end of the year so they know that the more the cash registers ring, the more they’ll get.
3. Be transparent.
Let them know what your growth is and what it needs to be. Even if it takes the old thermometer sketch to illustrate where you are in the month, it’s worth it. I give my entire company a monthly update on where we are, where we need to be and what we need to do to get there.
4. Give them incentives.
Tracking their daily sales could get them more of a bonus at the end of the month. Ever have someone ask you at the register, “Who helped you with that?” They’re tracking the effectiveness of their employees who make an impression.
Here’s a story I love to share. Since VerticalResponse is an online e-mail marketing software company, there’s not really a reason for customers to physically visit us. At the very beginning of our existence, a woman came to our offices and sat on our couch for 20 minutes (we didn’t have a receptionist at the time) until an employee (there were four of us total) came out into the open area on his way to the restroom and saw her. She was there to give us $20 in cash so she could send an e-mail campaign to her list.
Instead of pushing her out the door and directing her to our website, the employee took the cash, printed out an invoice for the amount she gave us, and even gave her extra e-mail credits. She took the time to come to us, so we felt we needed to return the favor.
The bottom line is that you need to have your employees be as passionate as possible about your business. Including them on various parts of your business, even the down and dirty, and incentivizing them to do what you as the business owner would do, might work wonders. Have you tried?
 
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May 11th, 2012
SiteSell Services, a major, perhaps largest division of SiteSell, targets the massive “DIFM” (“Do It For Me”) market.
Most SBIers (Site Build It! Users) today are DIY (“Do It Yourself”). Their rate and degree of success is unmatched.
Most sites around the world are not DIY- they are DIFM (“Do It For Me”).
That means they are put up by Webmasters. As always, the challenge is not to put up a site. It’s to succeed. And the failure rate is dismal.
So why not Use SBI! Specialists, all totally quality-controlled, website building Experts to build Your Website and take care of the technical stuffs while You focus on growing Your Online Business.
That is so much stronger than how local businesses put up Web sites today. And winning local traffic with SBI!, competing against local Webmasters, is such a strong edge!
And so SiteSell Services was born.
Click through for more details about SiteSell Services…
SiteSell Services is a MAJOR initiative.
There are gazillions of local small businesses who are dying online or who have not even come online yet. Winning the Search Engine (SE) wars for SBI! against these sites is like taking e-candy from a baby.
But here’s the thing…
These small businesses do NOT want to do it themselves. They are too busy landscaping, drilling teeth, selling real estate, doing lawyer stuff, and so forth.
So why shouldn’t You use the SBI! tools and answer Your plea… “Do it for me”?
Yes, now You CAN do that! With SiteSell Services. :-)
Your competitive advantage here is huge, as you will see.
This service is specifically for local small businesses, people who generally don’t have the time or the will to do it themselves.
Anyone, entrepreneurs, teachers, doctors, local small business owners, moms, professionals, estate agents or students would be interested in this service. The economy is driven by the small business person.
Get full information about SiteSell Services…
This is ground-breaking.
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May 8th, 2012
Sustainable Living Peace through Entrepreneurship – iHuman Mobile helps entrepreneurs to grow small business and non profits across America. As your partner, we will create effective Internet Marketing and Social Media Content for better results. SEE WEBSITE www.iHumanMobile.com We work on flat rates per project and monthly fixed cost packages — you choose. Learn about our custom web design and ecommerce development solutions. iHuman Evolution specialists have 18-years of experience programming for HTML5, CSS, XML, FLASH, PHP, MYSQL, online maps, retail web stores, Shopping Carts, Social media content, Organic Search Engine Optimization, Pay per click Ads & Online Video campaigns for Internet business solutions. We are based locally in Portland Oregon, all of our employees are in the United States. Questions Call 971-258-5047
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