University of La Verne SBDC Small Biz Blog

Financial projections can often seem daunting when embarking on a business venture. In fact, they can be so intimidating that many individuals prefer to delay addressing them until the need arises. In our upcoming webinar, we will explore the following key topics: 1. Assessing the viability of your business concept. 2. Calculating the break-even point for sales volume. 3. Creating the financial projections necessary for securing an SBA loan. Getting Started Download the Google sheet and follow along  here.   You can view only. [ File > Download > Make a Copy ] so that you can create your own spreadsheet for you to keep and update. or  Download the Excel template  here .  Startup Phase Financial projections are invaluable in answering various crucial startup questions, such as: Will my business idea prove successful and feasible? What is an appropriate compensation for myself? What sales volume is required to attain profitability? How much capital is needed to launch the busines

If you are working professional looking to set out on your own, getting the business started is not in your wheelhouse. You probably are great consulting clients but aren't comfortable with all the detail of setting up your company with any licensing and operations. In this article, I'll show you a way of setting up your business seamlessly from planning to marketing for business growth.  Business Planning As a new consultant, your focus will be on determining how to deliver your services effectively. The industry and space you choose to operate in will dictate how you assist your customers with their businesses or personal lives. Additionally, you should aim to establish a system, which we'll discuss later, to package and market your services. Identifying your target customers primarily depends on the industry you serve, but there are a few key considerations. Firstly, you should create a client profile that outlines your customers' ultimate goals, identifies the chall

If you're a small business owner wondering if the world of government contracting is a viable opportunity for your product or service, you're in the right place. In this article, we will walk you through the essential steps to determine whether government contracting aligns with your business goals.  The Small Business Administration (SBA) has been actively encouraging small businesses to engage with both federal and local governments in the realm of government contracting. However, it's vital to recognize that government contracting isn't for everyone. Several factors come into play, such as government spending in your business industry and your business's readiness. In this article, we'll provide you with a concise guide on conducting research to determine if government contracting is a suitable path for your business and industry. Let's get started. Step 1: Familiarize Yourself with Your NAICS Code Before embarking on any research, you must identify your

In the world of sales, missed opportunities can be a frustrating experience. That feeling of watching a potential victory slip away due to hesitation, miscommunication, or simply not knowing the right approach is a sinking sensation that no one enjoys. But fear not, for in this article, we're about to unravel the secrets of sealing the deal and share proven strategies to ensure that you close your next sale with finesse. Recognizing Buying Signals In the dance of customer interactions, there are subtle cues that emerge like hidden gems, revealing a customer's readiness to make a purchase. These cues , both verbal and non-verbal, are akin to a treasure map leading the way to a successful close.  They range from expressed enthusiasm and positive body language to probing questions about features and pricing. When your customer asks you to repeat a benefit your solution addresses, take note – this is a strong signal that they're validating their interest. Asking for the Sale