University of La Verne SBDC Small Biz Blog

  Ever wondered if an S-corporation is right for your California business? You've heard they offer tax benefits and shield you from personal liability, but the setup process seems daunting. Fear not, aspiring S-corp owner, because this guide unravels the mystery and empowers you to take control. What is an S-Corporation? An S-corporation , also known as a Subchapter S corporation, offers a unique blend of legal and tax benefits. It separates personal liability from business liability, similar to a C-corporation, but typically avoids double taxation and provides pass through taxes like that of a sole proprietorship or partnership. However, there are some key characteristics to keep in mind: Limited shareholders: Only 100 shareholders are allowed, and they must be U.S. citizens or resident aliens. Single stock class: All shares must have the same rights and privileges. Ineligible corporations: Certain entities like financial institutions and insurance companies cannot be S-corpor

  Many business owners may have an idea for a small business or multiple competing ideas and are not sure if they want to pursue it. Do you wish you knew what business idea to pursue before you put a lot of time and money into something that may not work? In this guide, I will take you through a simple 3 step process to evaluate your business idea so you can move forward with confidence. Check out the checklist from score and follow along. Let’s get started. Business Concept Our first step is to develop our concept. You want to make sure that your business idea is a skill you have as a service or is valuable as a product, otherwise, people don't want it if you can't deliver on the promise or provide a lousy product. The other thing you need to think about is imitation. Is this a trending product or service? Is everyone doing it? You want to offer a product or service that is valuable but not easily replicated because that just spells more competition for you and your business

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

Starting a business and joining a multi-level marketing (MLM) company are two different paths to entrepreneurship. Both options have their pros and cons, and it's important to consider your goals, resources, and personal preferences. Let's explore the advantages and disadvantages of each path. Starting a Business Pros When starting a business, you have complete control over your brand, marketing, products, and pricing. You can work on your business at your own pace and on your own terms. You can also set your own schedule and work from anywhere, depending on your type of business. This can give your business more flexibility, and a successful business can lead to unlimited earning potential. Starting and growing your own business can be incredibly satisfying and fulfilling . Cons Starting a business can be a high-risk endeavor, and there is no guarantee of success. Now, depending on the type of business, it can require significant upfront costs , such as product development, m