It's that time of year again!
I know for most of you Christmas is a long way away, but according to a SymphonyIRI Group Holiday Shopping 2011 survey, 73% of respondents plan to start shopping early (before Dec. 1) in hopes of saving money. Also, 71% of consumers earning less than $100,000 plan to spend less this holiday.
Fourty-four percent of respondents say that their reason for less spending is because they feel worse off financially now than a year ago. As a result, 26% expect to spend less on holiday gifts, 16% will spend less on holiday foods and beverages, and 11% will spend less on beer, wine, and spirits.
As an ag business owner, are you prepared for early shoppers and more people "looking for a deal"? Are you planning on running any holiday discounts? What about holiday advertising? Are you concerned about your sales of holiday foods?
Showing posts with label Small Business Development Center. Show all posts
Showing posts with label Small Business Development Center. Show all posts
Friday, October 28, 2011
Friday, April 1, 2011
Thinking About Starting a Business: Things to Consider
The purpose of this blog is to help future and current entrepreneurs make educated decisions about their businesses, so I thought it would be helpful to review what things you should consider BEFORE opening your business.
The Fox Business Small Business Center has a nice slideshow titled "10 Steps to Start a Business". This checklist is a great way to get a quick overview of tasks to do if you are thinking of starting a small business. There is a lot of work involved in starting up a small business, so this list can help you determine if entrepreneurship is right for you. If you go through the checklist and are confident that you want to open a small business, then you can get more in-depth information on how to complete these tasks from Penn State Cooperative Extension and your local Small Business Development Center.
The Checklist
1. Create a Business Plan
2. Get Business Assistance and Training
3. Choose the Right Location
4. Finance Your Business
5. Determine the Legal Structure of Your Business
6. Register a Business or 'DBA' Name
7. Get a Tax Identification Number
8. Register for State and Local Taxes
9. Obtain Business Licenses and Permits
10. Understand Employer Responsibilities
As a current ag entrepreneur, did you consider all of these things before opening your business? Do you have any advice for future entrepreneurs on how to complete these tasks? Are there any other things you would add to this checklist?
The Fox Business Small Business Center has a nice slideshow titled "10 Steps to Start a Business". This checklist is a great way to get a quick overview of tasks to do if you are thinking of starting a small business. There is a lot of work involved in starting up a small business, so this list can help you determine if entrepreneurship is right for you. If you go through the checklist and are confident that you want to open a small business, then you can get more in-depth information on how to complete these tasks from Penn State Cooperative Extension and your local Small Business Development Center.
The Checklist
1. Create a Business Plan
2. Get Business Assistance and Training
3. Choose the Right Location
4. Finance Your Business
5. Determine the Legal Structure of Your Business
6. Register a Business or 'DBA' Name
7. Get a Tax Identification Number
8. Register for State and Local Taxes
9. Obtain Business Licenses and Permits
10. Understand Employer Responsibilities
As a current ag entrepreneur, did you consider all of these things before opening your business? Do you have any advice for future entrepreneurs on how to complete these tasks? Are there any other things you would add to this checklist?
Wednesday, July 28, 2010
Lessons Learned on Sabbatical Leave: Cash is King
I am (sort of) on sabbatical leave from my regular gig at Penn State. I am working half-time at the Small Business Development Center (SBDC) at Penn State. (So, I went all the way to the other side of campus.) My goal is to enhance my educational programs with the experience of working closely with entrepreneurs on a regular basis. I am keeping a journal of my activities/experiences many of which are simply empirical applications of what has been theory to this point. (That is, I have taught it but haven't experienced as much of it as I'd like.)
Yesterday, I met with a business owner who has a great product that could be widely adopted within a certain industry. (All details must be withheld to maintain confidentiality.) The business has received lots of funds from goverment and non-government agencies/organizations because the product has a strong probability of succeeding. Lenders have also supported the business because there is a good probability of a large payout in the not too distant future, but all of that might go unrealized if they can't cash flow the operation.
This particular business, like many others, operates on tight timelines with respect to managing cash flow. Expense payments are scheduled around expcted receipt of funds from invoices, operating loans, etc. If those funds come in late, then expenses (including payroll) might be late. While some employees might be willing to wait a day or two for a paycheck, they probably won't be happy about doing that on a regular basis. Suppliers might choose to reduce credit availability if there is a history of late payment. Overall, it's just bad for business to get out of whack on cash flow.
Entrepreneurs MUST plan and manage their cash flows closely. As the gas that keeps the engine running, you don't want to run out of cash before you reach that profitable destination.
Yesterday, I met with a business owner who has a great product that could be widely adopted within a certain industry. (All details must be withheld to maintain confidentiality.) The business has received lots of funds from goverment and non-government agencies/organizations because the product has a strong probability of succeeding. Lenders have also supported the business because there is a good probability of a large payout in the not too distant future, but all of that might go unrealized if they can't cash flow the operation.
This particular business, like many others, operates on tight timelines with respect to managing cash flow. Expense payments are scheduled around expcted receipt of funds from invoices, operating loans, etc. If those funds come in late, then expenses (including payroll) might be late. While some employees might be willing to wait a day or two for a paycheck, they probably won't be happy about doing that on a regular basis. Suppliers might choose to reduce credit availability if there is a history of late payment. Overall, it's just bad for business to get out of whack on cash flow.
Entrepreneurs MUST plan and manage their cash flows closely. As the gas that keeps the engine running, you don't want to run out of cash before you reach that profitable destination.
Subscribe to:
Posts (Atom)