University of La Verne SBDC Small Biz Blog

by Joshua Botello One of the hardest things about starting a new business is: How do you price your products? Today my guest will answer that question. Dr. Frank Steven Fialho is a Marketing professor at the University of La Verne College of Business and Public management. Let’s get into the interview.  How Important Is It For a Business to Get The Pricing Right? Dr. Fialho: Most people look at marketing as promotion and sales. Very few people understand that marketing is tied to the product, price, and distribution (Place). Price is so important. I am also wanting to price before a product because it’s so important. You need to decide on the price, it’s a huge piece of the 4 Ps. It comes from a lot of market research that you have to do for your product, so it’s very critical. When you said you wanted to talk about price, I could see how businesses struggle with Price. There’s no doubt in my mind. Our students in the Integrated Business Program, I tell them when they startup “On...

by Joshua Botello Many small business owners often find themselves short on cash at the most inopportune times. These businesses might have trouble with small business loans when they need them but it may be too late. A business line of credit is capital that small businesses secure when they can and use when they need to avoid cash flow issues. In this video, you’ll discover how a line of credit works and see if it's right for you; how to apply and secure a line of credit for your business; and stay until the end for some valuable tips to increase your chances of getting your own line of credit for your business.  What is a Line of Credit? A line of credit is a short-term, revolving credit (open-ended) account you borrow up to a set amount from $10,000 to $1,000,000, depending on the type of the account and institution. Similar to credit cards, the LOC can be accessed to pay for equipment, repaid, and accessed again as long as the credit limit isn’t reached. Depending on the inst...

by Joshua Botello One of the biggest questions we get when starting a business is "How do I start an LLC?" Forming an LLC is fairly easy in California and can be done for less than $100 and in about 5 mins if you want to do it yourself. Now before we begin, a small disclaimer: I am not a lawyer and this is not legal advice. This is for educational purposes only.  Not every business can become an LLC. Professionals like doctors or professional services may need to be formed as professional corporations. If this sounds like you, you should consult with a licensed lawyer to get advice on how your business can be set up.  You can always sign up at lavernesbdc.org/newclient and click get started, to schedule an appointment with one of our business consultants and get help with filing your LLC. With that out of the way let's get into the guide.  Step #1 Forming the LLC The first step we need to take care of is forming the LLC. So head to your browser and type in SOS.CA.GOV. Th...