Start Saving for 2014, The Year to Launch Your Business

  • By creekmoremarketing
  • 31 Jul, 2015

With the economy beginning to hum again, 2014 is a great time to start up a new business. Of course, with a small business, every penny counts. We hope for the best but plan for the worst. Finding ways to keep your money in your pocket is a good way to stave off the worst that can happen in a small business.

Look For The Breaks

Both federal and state governments offer tax breaks and incentives for small business ownership. Depending on the need, some of these can be significant. For example, Kentucky offers a  small business tax credit  of up to $5,000. This is a nonrefundable credit, meaning you can deduct it from your state taxes but, if you make no money in that year, you will not get $5,000 back. There is an application process and the fund is capped at $3,000,000 per fiscal year statewide.

Pay Yourself First

Novelist Douglas Coupland said lottery tickets are a surtax on desperation. Do not let yourself become desperate and make mistakes, relying on chance to get you out. Make sure your business is, at the very least, taking care of you. Wells Fargo Bank recommends creating a budget with your salary or savings amount as an expense.

Know Your Worth

If you are going to pay yourself, then you need to know how much to earn. As small business owners, we repair the broken, clean the dirty and add the unaccounted. This is where a personal break-even analysis needs to be made. If your sales skills allow you to bring in new contracts worth $100,000, then doing the job of an $8 per hour employee is not cost efficient. If you are the lead baker, then it is your job to bake. Anything else may be diminishing your net return. Look at the  U.S. Bureau of Labor Statistics  for salary amounts broken down by state and industry.

Market On The Cheap

About two-thirds of small businesses have less than $2,000 allocated to its marketing and advertising budget. Social media marketing is a good way to get your message out without breaking the bank. Since your business is new, people you know will actually want to hear how things are progressing. Use Facebook and LinkedIn to do your marketing in a conversational manner, inexpensively.

Kevin Norvell,
Web Project Manager

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By Robbi Meisel 14 Jun, 2016

LEXINGTON, Ky. – In anticipation of the many business opportunities that could stem from the construction of a new federal prison in Roxana, the Kentucky Small Business Development Center, in partnership with Letcher County Fiscal Court, is sponsoring When Opportunity Knocks, a luncheon and resource fair from 11 a.m. to 1 p.m. EDT June 22 at the Pine Mountain Grill in Whitesburg.

During lunch, local business owners will share how they answered the knock of opportunity and found success. The event is free and seating is limited; preregistration is required. Reservations can be made online at http://tinyurl.com/j9rdjtf .

At the event, organizers will discuss a three-part series of training events. Series topics will include general business and government contracting. The first event will take place 6 p.m. Tuesday, July 12 at the Whitesburg campus of Southeast Kentucky Community and Technical College. Training will also take place at 6 p.m. July 26 and August 9. Prior to each training event, a resource fair will begin at 4 p.m.

For more information, visit http://www.ksbdc.org/moving-forward-letcher-county or email Shawn Rogers at movingforwardletcher@ksbdc.org .

KSBDC, part of the University of Kentucky College of Agriculture, Food and Environment, is a network of 13 offices located throughout the state. The center helps existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. KSBDC is a partner program with the U.S. Small Business Administration. For more information on KSBDC services, visit their website, http://www.ksbdc.org/ .

Other partners include: Kentucky Small Business Development Centers at Pikeville and Ashland, Southeast Small Business Development Center, Small Business Administration, Southeast Kentucky Community and Technical College, Kentucky Procurement Technical Assistance Center, Southeast Kentucky Economic Development, Kentucky Highlands Investment Corporation, Mountain Association for Community Economic Development, Kentucky Innovation Network – Pikeville , Kentucky River Area Development District, Eastern Kentucky Concentrated Employment Program, Federation of Appalachian Housing Enterprises Inc. and Kentucky Finance and Administration Cabinet – Minority and Women Business Enterprise Certification.

By Robbi Meisel 06 May, 2016

LEXINGTON, Ky., (May 3, 2016) - Kentucky’s finest small businesses and the small-business community were celebrated in the Capitol Rotunda in Frankfort during Kentucky Celebrates Small Business, an awards ceremony presented by the Kentucky Small Business Development Center and the Kentucky District Office of the U.S. Small Business Administration May 3.

Gov. Matt Bevin opened the awards ceremony by signing a proclamation recognizing National Small Business Week in the state.

"The vibrant entrepreneurial spirit in the commonwealth is a fundamental force driving Kentucky's economy and creating valuable jobs for our communities," Bevin said. "I understand, from personal experience, the sacrifice it takes for small business owners to survive. Every day they strive anew to secure a better life for their customers, their employees, their families and themselves. I am grateful to these men and women across Kentucky for taking the risk necessary to succeed."

WLEX-18 chief meteorologist Bill Meck served as emcee, along with his wife, Connie, whose small business, Sign Language Network of Kentucky, provided sign language interpretation for the event.

The Kentucky Small Business Development Center presented Kentucky Pacesetter awards to six businesses. Winners were chosen based on how they are changing Kentucky’s economic landscape by introducing innovative products, increasing sales and/or production, boosting employment and serving their communities.

This year’s outstanding Kentucky Pacesetters are D&D Shoe Company, Mayfield; Ingram Brothers, LLC, Morgantown; JSB Industrial Solutions, Inc., Tollesboro; Maynard Studios, Inc., Lawrenceburg; Trunnell’s Farm Market & Family Fun Acre, Utica; Flavorman and Distilled Spirits Epicenter, Louisville.

“We owe so much to the small businesses across the commonwealth that make our economy strong and diverse. It is a pleasure to recognize them and say thank you,” said Becky Naugle, KSBDC state director.

Each year, the U.S. Small Business Administration recognizes outstanding small businesses and entrepreneurs with awards across the country. The Small Business Person of the Year winner from each state will be acknowledged at both regional and national levels.

The 2016 Kentucky Small Business Administration award winners are:

Kentucky Small Business Person of the Year: David Dafoe, founder and CEO of Flavorman and Distilled Spirits Epicenter, Louisville

Kentucky Southeast Region 8(a) Graduate of the Year: Kathy Mills, president and CEO of Strategic Communications, Louisville

Kentucky Financial Services Advocate of the Year: Bill Fensterer, president and CEO of Capital Access Corporation, Louisville

Kentucky Minority-Owned Small Business of the Year: Harsha Wijesiri, president of Integrated Engineering, LLC, Lexington

Kentucky Veteran-Owned Small Business of the Year: Scott Matheny, president of Semper Tek, Lexington

Kentucky Woman-Owned Small Business of the Year: Desiree Sloan Harmon, founder and owner of Club Fit Studio, LLC, Paintsville

“The creative genius that drives our commonwealth forward lives in the minds of our entrepreneurs. This year we are honoring entrepreneurs from the far corners of Kentucky. We are deeply grateful for what they have done to sustain the economic vitality of large and small communities,” said Ralph Ross, district director of the Kentucky office of the U.S. Small Business Administration. “We are also grateful for our local, state and federal partners who work with us to help these entrepreneurs along their way.”

The Kentucky Small Business Development Center, part of the University of Kentucky College of Agriculture, Food and Environment, is a network of 13 offices located throughout the state. The center helps existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. KSBDC is a partner program with the U.S. Small Business Administration. More information on KSBDC services can be found on their website, http://www.ksbdc.org/ .

 

Writer: Roberta Meisel, 859-257-0104

 

UK College of Agriculture, Food and Environment, through its land-grant mission, reaches across the commonwealth with teaching, research and extension to enhance the lives of Kentuckians.

 

 

 

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