Jan
7
I am considering purchasing an established business. Can you give me some advice?
Filed Under Utah Business | 2 Comments
benandjerryluvr asked:
I am considering the purchase of an established commercial mobile car wash. The clientele includes all the new car dealerships in town as well as some fleet accounts, etc. As it is, it generates enough income to pay three employees, maintain the equipment and purchase supplies, carry an insurance policy,carry a $3000/month note payment and pay me $2000/month to run it. If I let one employee go, I would make an additional $3000/month by working as an employee. I have a business meeting with the owner tonight to look over the books and accounts more throughly. As the owner ( Darryl) works closely with my boyfriend ( my boyfriend is the “boss” in one of Darryl’s business ventures), he has committed to completely owner financing the purchase, and will require nothing down. I know I need to consult an attorney, set up business banking accounts, hire an accountant ( because I would significantly ***** up the books if i did them). If YOU were in MY shoes, what else would you do? What questions would you ask Darryl? I am going to spend a week being one of the car washers so I will understand the whole business from every angle possible. Helpful advice, stories with similar experience,etc would be appreciated. Obviously, I have never owned a business, much less been an employer. Oh, I’m in Utah, if that changes anything.. as far as laws, etc.
Max
I am considering the purchase of an established commercial mobile car wash. The clientele includes all the new car dealerships in town as well as some fleet accounts, etc. As it is, it generates enough income to pay three employees, maintain the equipment and purchase supplies, carry an insurance policy,carry a $3000/month note payment and pay me $2000/month to run it. If I let one employee go, I would make an additional $3000/month by working as an employee. I have a business meeting with the owner tonight to look over the books and accounts more throughly. As the owner ( Darryl) works closely with my boyfriend ( my boyfriend is the “boss” in one of Darryl’s business ventures), he has committed to completely owner financing the purchase, and will require nothing down. I know I need to consult an attorney, set up business banking accounts, hire an accountant ( because I would significantly ***** up the books if i did them). If YOU were in MY shoes, what else would you do? What questions would you ask Darryl? I am going to spend a week being one of the car washers so I will understand the whole business from every angle possible. Helpful advice, stories with similar experience,etc would be appreciated. Obviously, I have never owned a business, much less been an employer. Oh, I’m in Utah, if that changes anything.. as far as laws, etc.
Max
Jan
1
Small Business Grants
Filed Under Utah Business | Leave a Comment
Elizabeth Thomas asked:
Everyone knows that it takes money to make money. But what happens if you just don’t have the cash you need to start a business?
If you’re an enterprising entrepreneur who needs money to start a business, or to expand your existing business, you need to know about the free small business grants program. Many states offer small business grants, allowing novice business owners the chance to start or improve their ventures. Others provide financial assistance in the form of loans or incentives for small businesses. It requires relatively little effort to apply for small business grants, and the payoff can mean the difference between failure and success.
In the United States, the Department of Homeland Security (DHS) offers small business grants to individuals who have good ideas pertaining to security-related innovations. Through the DHS Small business Innovation Research, small business grants are offered to qualifying businesses in the United States with 500 or fewer employees. An initial small business grant of up to $100,000 is available, allowing applicants six months to conduct the research required to prove the scientific, technical and commercial values of their concepts. If the DHS approves the proposal, the successful company may then apply for two-year free small business grant to develop prototypes of the product. Proposals must fall into one of the following categories: information technology, marine security or chemical and biological defense.
The federal government does not provide free small business grants; however a number of state-run development agencies do offer grants and other forms of financial assistance to help budding entrepreneurs start or expand their small businesses. Economic development agencies that extend small business grants exist in Kansas, Utah, Nebraska, New Hampshire and New Mexico. Other states offer financing and technical training services to individuals who want to go into small business.
Even though the federal government does not provide individuals with small business grants, it has spearheaded efforts to support individuals starting small businesses, through the Small Business Administration (SBA). Through the SBA, the U.S. government extends very attractive loan packages, along with the necessary technical support and training, to help small business owners succeed. The SBA was established in 1953, and has helped thousands of budding American entrepreneurs develop their small businesses. SBA offices can be found in every state, and work in cooperation with various lending, non-profit and educational and training organizations nationwide.
Small businesses account for more than half of the nation’s gross domestic product, and continuously generate new jobs for the U.S. economy. With these facts in mind, the SBA intends to reach the 25 million small businesses that employ more than fifty percent of the total private industries work force.
With the huge contribution small businesses give to the U.S. economy, it is imperative that proper assistance and guidance be provided for individuals engaged in small business. Small business grants are small but important benefits given to these deserving individuals.
If you are a U.S. citizen with dreams of making it big in business, and a budget that requires you to start out small, look to your state government for information on how you can benefit from small business grants.
Dylan
Everyone knows that it takes money to make money. But what happens if you just don’t have the cash you need to start a business?
If you’re an enterprising entrepreneur who needs money to start a business, or to expand your existing business, you need to know about the free small business grants program. Many states offer small business grants, allowing novice business owners the chance to start or improve their ventures. Others provide financial assistance in the form of loans or incentives for small businesses. It requires relatively little effort to apply for small business grants, and the payoff can mean the difference between failure and success.
In the United States, the Department of Homeland Security (DHS) offers small business grants to individuals who have good ideas pertaining to security-related innovations. Through the DHS Small business Innovation Research, small business grants are offered to qualifying businesses in the United States with 500 or fewer employees. An initial small business grant of up to $100,000 is available, allowing applicants six months to conduct the research required to prove the scientific, technical and commercial values of their concepts. If the DHS approves the proposal, the successful company may then apply for two-year free small business grant to develop prototypes of the product. Proposals must fall into one of the following categories: information technology, marine security or chemical and biological defense.
The federal government does not provide free small business grants; however a number of state-run development agencies do offer grants and other forms of financial assistance to help budding entrepreneurs start or expand their small businesses. Economic development agencies that extend small business grants exist in Kansas, Utah, Nebraska, New Hampshire and New Mexico. Other states offer financing and technical training services to individuals who want to go into small business.
Even though the federal government does not provide individuals with small business grants, it has spearheaded efforts to support individuals starting small businesses, through the Small Business Administration (SBA). Through the SBA, the U.S. government extends very attractive loan packages, along with the necessary technical support and training, to help small business owners succeed. The SBA was established in 1953, and has helped thousands of budding American entrepreneurs develop their small businesses. SBA offices can be found in every state, and work in cooperation with various lending, non-profit and educational and training organizations nationwide.
Small businesses account for more than half of the nation’s gross domestic product, and continuously generate new jobs for the U.S. economy. With these facts in mind, the SBA intends to reach the 25 million small businesses that employ more than fifty percent of the total private industries work force.
With the huge contribution small businesses give to the U.S. economy, it is imperative that proper assistance and guidance be provided for individuals engaged in small business. Small business grants are small but important benefits given to these deserving individuals.
If you are a U.S. citizen with dreams of making it big in business, and a budget that requires you to start out small, look to your state government for information on how you can benefit from small business grants.
Dylan