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Start or grow your business idea the right way with free mentors

Many businesses fail quickly for a lack of a strong foundation. This happens all the time, but with local programs, consulting is available for free and your doors never needed to close.

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You have a winning idea. Now what?

Let’s say you have an idea for a business but don’t have any idea how to get it started. Most entrepreneurs get businesses off of the ground through partnerships with industry professionals or consulting with peers they’ve networked with in the past. But if you don’t have a business partner or feel like you have nowhere to turn for advice, you’re in luck. Small Business Development Centers, also known as SBDCs, are all over the US and are designed to provide free educational and consultation services to those interested in starting their own business. One in particular, called SCORE, has been in the business for more than 50 years.

SCORE is a partner of the SBA (the U.S. Small Business Administration), which provides Congressional grants to the nonprofit organization in order to provide small business mentoring and training to interested entrepreneurs.  So for instance, if you have an interest in furniture and have been selling to friends and family for the past few years but don’t have the faintest idea on how to grow your business into the larger commercial industry, you can visit a SCORE office and consult with a mentor to come up with a business plan and strategy to take your venture to the next level.

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Giving yourself a strong foundation

The key to starting a successful business is by building a strong informational foundation so that you go in with your best foot forward. From the day your doors open, your business must rely on the research and planning you did beforehand to ensure that it stays afloat and continues to grow. By rushing in ill-informed, you jeopardize your venture from the start.

While there are numerous consulting firms that offer advice on new business strategy, they can be quite costly. SCORE and other SBA partners are a great value to small business owners because they offer top notch services from powerhouses within the industry for little to no cost. The existence of these organizations diminishes the barriers to starting your business and gives you the go-ahead to turn your passion into a career.

If you have an idea for a small business venture, schedule a consultation at a SCORE location. It costs little to nothing and could result in the start of something great.

Destiny Bennett is a journalist who has earned double communications' degrees in Journalism and Public Relations, as well as a certification in Business from The University of Texas at Austin. She has written stories for AustinWoman Magazine as well as various University of Texas publications and enjoys the art of telling a story. Her interests include finance, technology, social media...and watching HGTV religiously.

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1 Comment

1 Comment

  1. AppMonkey1

    September 25, 2012 at 7:08 am

    @LeoKingston great article and thanks for sharing! Have a good day!

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Business Entrepreneur

Small businesses angry at depletion of COVID-19 relief funds without warning

(ENTREPRENEUR) Small businesses are in shock when they find out COVID-19 relief funds are no longer available, with an email update from the SBA.

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Small businesses are no longer offered EDIL loans from the SBA.

In May, the Small Business Administration (SBA) sent out an update to borrowers of the Economic Injury Disaster Loan (EIDL) for COVID-19 relief. The EIDL program is now out of funds, according to an email sent to borrowers.

The loan program formally closed back in December 2021, but there was a period when small businesses who had already received funding could request additional money. That period is now officially over, and the $345 billion that was allotted for COVID-19 relief is gone.

The impact of EIDL

Many owners and entrepreneurs are outraged and frustrated with the lack of transparency from the SBA. There was no warning that the funds were almost depleted and many businesses were relying on that loan money to keep their businesses afloat as the economy rebounds. However, SBA Administrator Isabella Casillas Guzman praised the program,

“The SBA has delivered historic economic relief to millions of America’s small businesses through the COVID Economic Injury Disaster Loan program…”

According to an SBA press release, over $390 billion in aid was distributed to nearly 4 million businesses.

Small businesses still need help

In May, Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization (WHO), told health ministers that COVID-19 and its effects are not over. Here in the United States, life seems to be getting back to normal, if you discount the horrific inflation and gas prices, which are further impacting the recovery of small businesses.

Congress has been wrangling with legislation (H.R. 3807) that would offer more funding for those that were hit hard due to covid. Getting the House and Senate to agree on this legislation is expected to be difficult. So, no guarantees that more help is coming.

The SBA recommends that businesses who need more resources contact their local SBA office. Virtual appointments can be made for those who wish to avoid contact.

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Business Entrepreneur

Regularly update your succession plan – it isn’t for setting and forgetting!

(ENTREPRENEUR) You may think that once you have a succession plan in place, you’re set for life, however, it’s recommended to continually update them!

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We’ve written before about how the everlasting success of the business will need to outlive you, and this is best conjured up in a succession plan. This is especially true for small business owners and entrepreneurs that have built an empire for themselves but aren’t sure what the future will hold beyond their passing. This is the exact reason that succession plans shouldn’t be set and forgotten, but instead consistently updated.

What are some of the obvious reasons that you may need to update your succession plan?

  1. Health Issues
  2. Marriage or Remarriage
  3. Changes in health in executors or guardians
  4. Changes in the law
  5. Changes in Residence

Now, for the not-so-obvious reason: It should be updated when any personal circumstances changes, which most likely happen often. This is why a will is like your home, an investment that needs to be properly maintained, and if it is, it will last a very long time.

Examples include changes in economic or parental status, as well as designations or fiduciaries. Elders could be aging, siblings may be having their own life changes, as well as if any dependents are born with or develop special needs.

“Every state has different laws regarding the administration of a will,” he said.?“For instance, states vary regarding the required residence of an executor, inheritance tax laws, and whether a child can be disinherited by omission.”

The recommended procedure is to review wills and powers of attorney at least every five years.

Lastly, when should a will update to a trust?

  1. When you have some significant assets (more than $500,000) in your own name.
  2. If you have special needs beneficiaries.
  3. If you have properties in multiple jurisdictions (multiple states or even counties).
  4. If you have beneficiaries you want to control distributions to (e.g., distribute at ages 25/30/35).
  5. If you have kids from a previous relationship you want taken care of.
  6. If you may want asset protection (special trust needed).
  7. If you are a big dog (over $22M if married), to save taxes.

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Business Entrepreneur

Should your severance agreements include confidentiality clauses?

(ENTREPRENEUR) Confidentiality clauses and NDAs have long been tied to severance agreements – but is that notion becoming outdated?

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Severance agreements and their ilk have long included confidentiality clauses, often comprising an exhaustive list of actions former employees may not take should they desire to keep the benefits listed in the agreement. Carey & Associates P.C.’s Mark Carey breaks down the knowledge you’ll need to successfully incorporate a severance agreement – including a stern warning about the future of confidentiality clauses.

There is a long list of things you’ll need when curating a severance agreement, but we’ll start with Carey’s honey-do-nots.

Carey’s primary recommendation is avoiding a non-compete clause where, previously, there wasn’t one.

“As employment lawyers, we see this tactic used every day, but you do not,” he says.

This is because most employment lawyers will advise that a non-compete agreement is largely unenforceable, which sets a poor precedent for an otherwise airtight document.

Carey even recommends against reviewing prior non-compete clauses for the same reason.

He also eschews what he calls the “21 days to sign – or else” philosophy, and he advises that employers should loop themselves into the non-disparagement clause so that employees cannot be blacklisted – something he refers to as “a very real phenomenon.”

What a severance agreement should include is a non-admission provision, a payment provision, a release of all claims to cover any feasible scenarios regarding employee disclosure, a challenge to agreement, a “no other amounts are due” section to release the employer from future responsibility, and a mandate to return any company property. This is a truckload of information, so you’ll want an employment lawyer to help you through the process.

But what Carey warns against is the future of confidentiality agreements, or NDAs. While these provisions have long accounted for employee silence in the face of abusive or corrupt employers, Carey posits that, one day, “confidentiality provisions in employee severance agreements will be banned as a matter of statute and public policy.”

This assertion comes in the wake of the #MeToo movement and the uncovering of the manner in which powerful people were using NDAs to buy silence from the people who suffered under their direction. Carey points out that it’s a non-partisan issue; corruption isn’t aligned with one specific political party, and the option to come forward with allegations of misconduct is a courtesy that should be afforded to all.

Whether or not confidentiality agreements are ethical is a moot point, and Carey does recommend continuing to use them when necessary – but, sooner or later, one can safely assume that the landscape of severance agreements will change, arguably for the better.

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