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

  The right pricing model can make all the difference in the success of your business, yet it's often overlooked and undervalued. In this article, we will delve into the world of pricing models and show you how to make the most of them. From cost-plus pricing to percentage pricing, I will cover the most effective pricing models and help you determine which one is right for your business. Don't let inaccurate pricing hold you back any longer. Hourly Pricing Hourly is a pricing model that is commonly used by service business freelancers just getting into the market. Typically they pick a number they can live with. Ideally you want to base it on what you made before in your old job or to at least cover your expenses with the level of work and hours you can expect to work. Understand that realistically 50% of the time you wont be making money and you will be busy with administrative tasks like accounting or marketing. Alot small business owner miss this and even forget to add in a

We are the University of La Verne SBDC. We are 1 of 1000 local SBDC center all across the country. We are grant-funded to help small businesses start and grow with 1-on-1 consulting and free resources. Im Joshua, a business associate here at our center and besides helping with some administrative duties to run the center alongside my coworker Sophia and our director Sean, I help with marketing our center. I came on in 2019 and by 2020 during COVID hit everybody and affected how we ran our center being mostly virtual. I thought you know it would be easier to create content for YouTube and luckily, our Director Sean had already started a YouTube with just a subscribers. Over the last 3 years we have created practical guides to starting a business, funding, marketing, and managing a business. If you have been following our YouTube channel then you probably have seen many of these video and used them to start your own business. We recently launched our own on demand video library on Lavern

  Gael Sylvia Pullen, the founder of Girls Fly! and Ghail Media Group, that provide educational financial literacy programs for school districts. Her journey from owning the largest minority and female commercial brokerage firm to managing McDonald's restaurants eventually led her to create Girls Fly as a non-profit organization and Ghail Media Group, driven by her passion for financial literacy and empowering individuals with essential money knowledge. Challenges Gael encountered significant challenges when venturing outside the McDonald's system, stating, "I was at a loss for where to go or what to do because my prior banking relationships were all very easily tied within the McDonald's system." She also highlighted a broader issue, saying, "I'm not gonna limit it to just the African American or Latino population, but I think that there is a significant reason why our business progress may not be at the rate it could be because of lack of knowledge and

California, a trailblazer in various social and economic matters, is once again at the forefront of change, this time in the realm of work and regulations. From expanded worker protections to increased business transparency, a wave of new legislation is impacting industries and employees alike. This blog post delves into 5 of recent changes in California law and federals laws that impact small business owners from now into the future.  New rules for contractors to have workers' compensation insurance (SB 216) California is overhauling its approach to worker safety in the construction industry. Effective July 1, 2023, most contractors, including concrete crews, HVAC technicians, asbestos abatement specialists, and tree service professionals, will be required to provide workers' compensation insurance, even if they have no employees. This requirement aims to protect workers from financial hardship if injured on the job, while also ensuring a level playing field for responsible c

Are you a small business owner eager to delve into government contracting but feeling lost in the vast sea of opportunities? Fear not we are here to guide you step by step, absolutely free! In this blog post, we'll explore invaluable resources and strategies to help your small business thrive in the government contracting realm. SAM.gov: Your Gateway to Federal Contracts Navigating the Interface Our first stop in this journey is SAM.gov . A treasure trove of opportunities awaits, and you can either initiate a search or explore contracting opportunities directly. The interface allows you to input keywords, and the results can be further refined using the convenient filters on the left. Advanced Search Techniques Building on spending research principles, you can refine your search by agency, due date, notice type, and more. Dive into the specifics using NAICS codes under product or service information and set-asides for certified opportunities. Tailor your search to your business

  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

Branding is one of the most esoteric and confusing terms, even for those who have actually studied marketing. The American Marketing Association defines a brand as the “name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers.” While that seems simple enough, a brand is about connecting your business to consumers not only on a physical level (by identifying a product) but on an emotional level as well. In this article, I’ll take you through a simple 4 step process to creating a brand as a small business. Step 1. Brand Positioning  Brand positioning is a process of understanding the target market and defining the space that your brand occupies in the minds of customers. It is also about understanding who you are as a company and what you want to be known for. The first step in developing a strong brand position is research. This includes customer research and competitive research, where companies learn about t

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