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Finding and Applying for a Small Business Grant

July 29, 2011 By Leave a Comment
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Starting a small business is tough. Not only do you have to worry about planning how you will run the business but you also need to gain the finances necessary to get the business off the ground. While many small business owners finance their business personally, some turn to the government in the form of a government grant.

A government agency known as the United States Government Small Business Administration offers small business owners a number of government grants to help finance their small business. If you are a small business owner, here’s a look at how you can find government grants through this organization and what you might be required to do to receive a grant.

Search the Website

A portion of the United States Government Small Business Administration is devoted to listing various grants that are available to small business owners. Some of these grants are for non-profit organizations, while others are for small businesses that are in certain niche markets.

You can search the website to find grants that meet your business’ needs.

Fill Out the Necessary Information

Applying for a grant can be very time consuming depending upon the type of grant and organization that is offering the money. Grant applications can ask for anything from a business plan to a presentation of what you have planned for your business. It is important to make sure that you provide all the necessary information as it could be the difference between receiving the grant money and not.

Receiving a grant can help you finance any business expenses you will have as a small business owner.

Filed Under: Bankruptcy, business Tagged With: , ,

Deciding if Your Small Business Should Accept Credit Cards

July 12, 2011 By Leave a Comment
Credit cards

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The whole world is going electronic and more and more people are starting to use credit cards for their transactions instead of cash. This can be a real problem for small business owners, as many small businesses do not have a credit card processor that they can run the card through and require patrons to pay in cash.

Due to the switch from cash to plastic, many small business owners are deciding to add a credit card machine to their business. However, as with any business decision there are advantages and disadvantages that need to be considered before you sign up for a credit card processing machine.

The Advantages include:

  • Ability to attract more customers by offering this common payment method.
  • Expanding your business’ bottom line by being able to get customers to purchase more items and putting them on credit.
  • Guaranteed payment as most credit card companies pay the business owner and then collect from the credit card holder.
  • Budgeting is easier as you can print out statements for all transactions that were made that day.

The disadvantages include:

  • Business owners often have to pay a fee for each transaction that is made on the credit card machine.
  • Credit card companies can be late in paying for the amount that has been charged to their company’s cards.
  • Credit card companies often require you to sign a contract for a certain period of time in order to have the credit card machine in your business.

Weighing the advantages and disadvantages can help you decide whether or not to add credit cards as a form of payment to your small business.

Filed Under: Bankruptcy, business Tagged With: , ,

Ways to Deduct Employee Training on Your Small Business’ Tax Return

July 5, 2011 By Leave a Comment

The government offers small business owners the chance to deduct a lot of their business expenses on their taxes. Without these deductions, small business owners could be left owing hundreds of thousands of dollars. While many small business owners know about the standard tax deductions like equipment and supplies, they are unfamiliar with the ability to deduct training costs on their taxes.

Employee training can be declared on a small business’ tax return if it meets certain criteria. Here’s a look at some of the ways employee training can be deducted on a small business‘ tax return.

Training Related Expenses

The first type of deduction is for the expenses related to training the employee. Small businesses are able to deduct tuition expenses, book fees, seminars, and other education expenses when it is used to train an employee. A small business can also deduct any travel expenses but only to and from the school.

Qualification for the Training Courses

In order for expenses to be able to be deducted on a small business’ tax return they must meet certain criteria. The biggest qualification is the training course must be intended to improve the quality of employment at the small business. It must also be done with the sole purpose of increasing the business’ profit. Training courses cannot be deducted if they are to train an employee for a new position in the company, but instead must be intended to improve the employee in their current position.

Employee training deductions can be tricky to claim on a small business tax return. If you need any help seek the help of a tax expert, who is trained to declare these types of tax deductions.

Filed Under: Bankruptcy, business Tagged With: , ,

How a Business Plan Matters

February 23, 2011 By Leave a Comment

A business plan is a critical aspect in any business, even in a small business. This plan is not just to use to get a loan, but it is helpful for many other aspects, too. You will find that a business plan can help you to organize your day to day needs and your business’s financial and structural makeup. Without it, you have a lack of organization. That can lead to problems that you do not expect to happen.

A business plan is a document that outlines a great deal of information. It should be created before you start your business but you can create and modify these at any time you need to. It is a document that you will use to organize your business in a variety of ways, including the following:

  • Outline the management structure of your business. Who is responsible for what within the business? This helps you to assign specific responsibilities within the business.
  • What does your business provide? It may seem simple but this is one of the more complex questions you will need to answer within the plan. What services or products are going to be offered?
  • What makes your product or service better than others? This is yet another question that you need to explore fully. It can help to show why your business is likely to be, or likely not to be successful.
  • Determine what type of expenses you will have and what amount of money you expect to come in from the business. This can show a lender, or a business partner, how much money you can expect to make.

A business plan is not a hard document, though. It will continuously change and develop over the years as your business changes. Keep it up to date to ensure that your business always has a direction to move in, hopefully a positive one.

Filed Under: Financial Guidance Tagged With: , , ,