Small Business Help in Salt Lake City

Small Business Help in Salt Lake City

Ever considered opening a small business in Salt Lake City? With the many services and opportunities, one’s dream can soon become a reality.

Why Salt Lake City?

The Wasatch Front is a vibrant community full of life. It is best noted for its seven well known ski resorts, organizations for ballet and opera, and symphony orchestra. Salt Lake City is a clean and environmentally friendly community with numerous parks and a transportation network that surpasses cities of similar size. Its population is great enough to ensure an adequate amount of employees and patrons for any business.

Whether currently running a small business here or wanting to start one, Salt Lake City has ample resources to provide support. Its Small Business Guide makes available numerous mentoring programs that can help an owner determine their greatest skills and talents and guide them through the startup process. Many of these services are free. Best of all, an owner is networked with other entrepreneurs, financing institutions, and numerous other business resources.

 Services Provided for Entrepreneurs

Not sure where to begin? There are multiple organizations that can help develop and market anyone’s ideas. Business professionals can provide guidance with obtaining financing as well as obtaining licensing and permits. Have concerns about zoning? There are assistants to give advice on this topic and many others.

Business leaders, community organizers, and government leaders help provide additional assistance in:

  • Informing of and supporting city policies and ordinances which increase the viability of small businesses.
  • Enabling small businesses to obtain financing from the Revolving Loan Program.
  • Implementing the new Accela software program to clarify and make available planning, permitting and inspection services for small businesses.
  • Improve business growth and opportunities through developing a small business summit.
  • Neighborhood business districts provide business owners help in marketing, demographics, promoting, and organization assistance to small business.

The following is a list of numbers to call for assistance:

Permitting: 801.535.7752

Licensing: 801.535.6644

Zoning: 801.535.7757

Loan Program: 801.535.7122

Business Mentors

There is an organization that can help, the entrepreneur, hook up with an experienced business mentor? The service is called MicroMentor. Now one can develop a one-on-one relationship with a business coach who can give advice about a specific industry as well as how to set up a business.

They currently have approximately 1,200 mentors who have helped 1,400 business owners in attaining a survival rate of 74%, while helping entrepreneurs increase their revenue by 63%. Also, those with over three years experience running a business may volunteer to help as a coach at MicroMentor.

Work At Home Small Business Opportunity Criteria: Keys To Success: Quality Products, Easy Drop Shipping, Good Pay Plan

Work At Home Small Business

A home based multi-level (MLM) or network marketing business is only as good as the company behind the products or services a new affiliate will offer, and a steady predictable flow of real customers, not just leads. Focus on opportunities from companies that offer and guarantee the best products, that provide affiliates a long term residual payout plan, and will handle all the tough day-to-day operations and shipping details that rob time from the primary business: getting customers.

Products: It’s All About Quality and Repeat Sales

Ultimately, every business rises or falls in direct proportion to whether its products and services provide real value in the marketplace. When evaluating a work at home proposition, consider these issues:

  • Are the products needed, desired or both? Food and good health are universally wanted, in any economy, and necessary for a satisfying life. Many infomercial gadgets are fascinating, but people mostly can live without them.
  • Do they confer real benefits? If people who make up the market perceive an item as benefitting them, they are much more likely to order again, and generate repeat sales.
  • How many products does the company sell? A few is not enough. Look for a branded, consistent variety that appeals to a wide and diverse audience.
  • Are the products safe, legal, ethical, and understandale by—and appealing to—an ordinary individual?
  • Are the products unique or different from or better than their competition? Are they patented? If the products are science-based, as in the case of many nutraceuticals, is there genuine peer-reviewed science behind their claims—or just unfounded assertions?
  • How well have the products sold in the past, and how are they selling now? Are they fairly priced? What is the reorder rate?
  • Does the company support and guide its customers in the use of their products? Avoid companies that hide from customers behind non-functioning 1-800 numbers after the sale .
  • Is the market for the products temporary or permanent? Is the business opportunity ground-floor in an expanding or even exploding industry? Or is it in a mature, dying market?
  • Do other business affiliates actually use they products they promote and sell?

Operations: Who Does All The Heavy Lifting?

In any product-based business, production and fulfillment—making, packing, shipping, distributing—can be complex and burdensome. Ponder these day-to-day operational issues when deciding which opportunity is a good fit, especially if the customer base is global:

  • Who will take and process orders? If it’s the affiliate’s responsibility, an infrastructure will be needed: a call center; perhaps a shipping and packing operation (think Fedex and UPS) with a scale, cartons, tape, and a long list of supplies; and a space to warehouse inventory (temperature-controlled for perishables). Running a product distribution or fulfillment center out of one’s home may violate local zoning laws, especially if trucks pick up and deliver.
  • If the company offering the home business opportunity handles operations, how well does it perform? And at what cost to affiliates?
  • Who handles sales tax, returns, credits and complaints? What about customs and currency exchange rates on international sales?
  • Who processes credit cards, and electronic checks?
  • What back office system, if any, does the company provide its affiliates to track orders, and manage customers and other essential business and accounting data?

Compensation: Think Long-Term, Residual Income

Programs that build sustained revenues from an expanding network of repeat customers are superior to those where affiliates must repeatedly convince prospects to buy one at a time:

  • Is the payout plan self-sustaining? Most network and multilevel marketing (MLM) models collapse when downline affiliates lose interest and quit. Would the home business still thrive and the revenue stream continue even if no downline members or network affiliates promoted the products and the opportunity? Would the products continue to sell without the downlines? Or is the home business opportunity built on an inherently weak foundation that stresses network- and tier-building over product sales?
  • Is the pay plan fair, lucrative and relatively easy to understand?
  • Does the offering company recognize and reward superior performance?
  • Does the opportunity provide residual income and more than one income stream?
  • Is there an upward career path and incentive bonuses for high achievers?

A home business opportunity will more likely thrive when it promotes best-of-breed products from outstanding companies that handle all the details for affiliates—including getting them customers—all the while providing a residual income stream.

Small Business Tax Breaks for 2017: Economic Stimulus Package Tangible Asset Investment Tax Cuts

Small Business Tax Breaks for 2017

When Bush signed his economic stimulus package, one of the little known provisions was an increase in the depreciation ceiling on the amount of money that businesses can deduct in a single year. This is a one time tax code change for 2017. The ceiling has been raised to $250,000 for equipment, furniture, computer equipment, and etc. purchased in 2017. The amount was raised from the scheduled $128,000 for 2017. It is expected to return to this level in 2018.

However businesses should be careful, companies with more than $800,000 in qualifying assets purchases are not eligible for the increased depreciation write off in 2017.

Eligible businesses include sole proprietorships, partnerships, and corporations

Depreciation Tax Breaks

Congress threw in an additional provision that small businesses can take advantage; they can depreciate 50 % of the value of a specific asset in the first year in 2017. This is up from the typical 20 % and is referred to as the “bonus depreciation.”

For example, if a company claims the full $250,000 deduction in 2017, the bonus depreciation only applies to qualifying purchases after the one time deduction is taken. So if your company purchases $350,000, the first $250,000 is eligible for the one time depreciation deduction. Then $50,000 can be counted as depreciable expenses on the remaining $100,000 – bonus depreciation. The $50,000 is higher than the $20,000 that would normally be depreciated.

Eligible properties that can be used for this deduction include machinery and equipment (vehicles over 6,000 lbs), furniture and fixtures, and most storage facilities. Examples can include other vehicles and computers.

New Tax Breaks Benefits

Unless you have other sources of income other than your business income, your taxable loss can not exceed your income. If taxable exceeds business income, you can take advantage of more of the taxable loss by combining your company earnings with those of your spouse or money earned other than through your business. For example:

  • You were someone else’s employee for part of the year
  • You spouse works and make more income than you do during the year
  • You are in partnership with someone in another venture and you can claim your income from that partnership

Small Business Tax Breaks Summary

This is an excellent opportunity for a business to fully depreciate eligible expenses this year instead of over 5 years. You should also be aware of less obvious advantages of the one time deprecation deduction:

  • Lowers adjusted gross income
  • Lowers earned income, which may increase your earned income credit
  • Allowed in full, even if the eligible property is placed in service on the last day of the year
  • Companies who choose to acquire assets through a finance lease may depreciate the asset in the same way they would if they had purchased it outright.
  • If eligible property is delivered this year, the deduction can be made this year with just one month cash outlay

Money to Build Your Small Business

 

Money to Build Your Small Business

The SBIC program purposes to provide creative and flexible loan options to small and newly established businesses. SBICs, or Small Business Investment Companies, have been providing capital to qualified small businesses since 1959, according to the Small Business Association. The SBIC is a privately owned investment fund licensed by the SBA to provide debt or equity financial assistance and management consulting to small businesses that meet preset conditions.

The SBIC program is strikingly different than applying for a loan through a traditional commercial bank. This program aims to help entrepreneurs, companies with smaller budgets and projects that are new and innovative.

Getting the lender interested

Preparing your small business loan proposal for consideration by a SBIC begins with searching a directory of firms in your geographical area that may have an interest in working with your business type. Each SBA licensed SBIC has funding requirements specific to their firm. It is important to familiarize yourself with the types of projects they fund and any criteria the lender specifies. During your search, consider the stage in the life cycle your business is in and compare it to the SBIC funding priorities. Contact the SBIC you identified during your search and speak with a project or loan officer about your business. Consider this an informal introduction. Ask questions, take notes and listen closely to any recommendations.

Keeping the conversation going

Evaluate your current business plan for compatibility with the SBIC criteria and additional information gleaned from the initial contact. There are several types of business plans, and you must ensure your plan is written in the format and presents the information the SBIC needs for consideration. The National Association of Small Business Investment Companies indicates your business plan should minimally present operations, management characteristics, current financial conditions, and funding requirements. Rewrite and reorganize your business plan to suit the conditions of the specific SBIC application. Pay careful attention to the financial section of the plan; it should explain how you plan to profit and what the funds will be used for in the plan.

Understanding the business plan

There are many types of business plans. Generally, a business plan includes the following sections:

  • Executive Summary
  • Business Description
  • Market Summary
  • Organization and Management
  • Financials
  • Appendix

Schedule a formal presentation of your business plan once you are sure your plan format and content meets the criteria set forth by the SBIC. Make sure you have copies for everyone planned to meet with you, and several extras. Sample business plans, business plan templates, and information on growing your small business are available.