Startup purchases that will save you money over the long haul

  • By creekmoremarketing
  • 31 Jul, 2015

Small business owners start their business with an average of $10,000, reports Wells Fargo. This money must support the business’s opening inventory, initial marketing and cover the supplies needed to open. While starting on such a small scale can be good for business as it allows you to make   rookie mistakes   when you don’t have a lot at stake, it can be stressful too. Take the path to success by investing your opening supplies budget on items that will serve you as you grow.

Starting off on the right foot

While some small business supplies do depend on your niche, many opening expenses are common across the board. Along with any specialized equipment or business licenses you may need, make your wish list by covering these bases:

  • Website   – A website is a must these days. Pay for your own domain at the outset, instead of using a free website service.
  • Marketing   – Business cards, brochures, postcards, direct mailing, paid advertising: All of these can help you spread the word about your business. Since you’ll want to have these materials on hand when you open, plan ahead and prepare to dedicate some of your opening budget to marketing.
  • Inventory management   – If you plan to open an e-commerce store, you’ll need equipment to manage your inventory. You may start by using a spreadsheet program, but you’ll also need to think about where you will store your inventory or whether you want to work with a fulfillment company. Unless you have a spare bedroom or garage, think critically about organization before you turn your home into a warehouse.
  • Office   – Perhaps you plan to work from home and use your personal laptop computer for the business. While that’s a fine place to start, consider what office equipment you’ll need. Find inexpensive, all-in-one printer/copier/scanner/fax machines at your local office supply store, and stock up on printer paper, general office supplies and storage units. During the early days of your business and throughout, being organized will help you grow.

Supplies you need

The above categories should help you brainstorm your supplies list. Don’t forget about these common items:

  • Packaging and shipping items   – packing tape, bubble wrap, air mailers and more. Buying in bulk is often cheaper than buying individually, so invest in these to start off without a headache.
  • Postage supplies   – Consider investing in small business   postage machines , which offer both built-in scales and metered postage. This way, you don’t need to go to the post office to pick up stamps or mail packages and mail won’t be returned due to insufficient postage.
  • Business boosting kit   – StartupNation recommends making small   business boosting kits   for your business. These may consist of brochures and sales specs if commerce is your main concern or press releases and media materials if you’re hoping to gain PR.

If your budget cannot cover all of the needed items, start with the most critical of these and purchase additional items as your budget allows. At the outset, expect to put much of your profit back into the business to grow your capacity.

Kevin Norvell, Web Project Manager

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By Robbi Meisel 20 Feb, 2017
MURRAY, Ky., (Feb. 2017) — Chris Wooldridge, Kentucky Small Business Development Center district director for the Murray State University SBDC and Arthur J. Bauernfeind College of Business, has joined the board of directors of the Foundation for Kentucky Industry.

FKI is a statewide, not-for-profit, with the goal of strengthening manufacturing in Kentucky, a very important economic driver in the commonwealth. FKI’s Board of Directors is comprised of manufacturing, education, economic development and public policy leaders.
Project and program partners currently include LIFT (Lightweight Innovations For Tomorrow), JPMorgan Chase, KY FAME (Federation of Advanced Manufacturing Education), business and public partners.

“We are pleased to announce Chris Wooldridge, District Director of the Kentucky Small Business Development Center at the Murray State University Bauernfeind College of Business, will be joining the Board of Directors of the Foundation for Kentucky Industry. Mr. Wooldridge’s experience and expertise regarding business and economic development will be a great asset to the Foundation’s work of maximizing career opportunities for both Kentuckians and industry in 21st century manufacturing,” according to Mary C. Breeding, President and CEO, Foundation for Kentucky Industry (FKI).

About Murray State University SBDC: Murray State University hosts the West Kentucky Region of the Kentucky Small Business Development Center program.  KSBDC is a network of 12 offices located throughout the state that helps existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. The 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/ .
By Robbi Meisel 06 Jan, 2017

LEXINGTON, Ky., (Jan. 5, 2017) – The Kentucky Small Business Development Center significantly contributed to the state and federal economy during the 2014-15 fiscal year, according to an independent study conducted by James J. Chrisman, professor of management, Mississippi State University. The study was completed in June 2016 and shows that small businesses working with the center increased sales and employment figures at a greater percentage than an average business in Kentucky. KSBDC clients increased sales by 14.4 percent versus 3.8 percent, and increased employment levels by 15.1 percent compared to 1.5 percent.

Other findings from the Chrisman study:

  • KSBDC clients created 1,156 new jobs.
  • For every dollar invested in the program, $2.63 returned to the economy.
  • For every dollar invested in KSBDC counseling services, $9.47 returned to the economy.
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  • Clients gave KSBDC staff a 4.7 on a 5-point scale for knowledge and expertise.
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“KSBDC staff work very hard to serve Kentucky small businesses. We are very proud of the results of this independent, third-party research and are very pleased with the impact produced by our network,” said Becky Naugle, state director.

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. For more information on KSBDC services, visit their website, http://www.ksbdc.org/ .

 

Writer: Roberta Meisel , 859-257-7668

 

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.

 

By Robbi Meisel 18 Oct, 2016

LEXINGTON, Ky., (Oct. 18, 2016) –The Office of Veterans Business Development recognized Patricia Krausman, director of the Elizabethtown Small Business Development Center, as one of the six most outstanding instructors for the 2016 Boots 2 Business program.

Boots to Business is an entrepreneurial education and training program offered by the U.S. Small Business Administration. It is a training track within the U.S. Department of Defense’s Transition Assistance Program. The curriculum provides valuable assistance for transitioning service members who are exploring business ownership or other self-employment opportunities. The program leads them through the key steps for evaluating business concepts and providing the foundation required to develop a business plan. In addition, participants are introduced to Small Business Administration partners and resources.

The recognition was based on the instructors’ contributions and dedication to the program and to service members, veterans and spouses in their business ownership endeavors. Nominations for this achievement came from Small Business Administration offices across the country.

Krausman has provided business management consulting and training for more than 20 years. In 2009, she developed and served as the director of the Kentucky Small Business Development Center’s Veterans Assistance Program, the resource for veteran business support and advocacy. Additionally, she was chosen as A Veteran’s Small Business Advocate of the Year in 2013 by the Kentucky Small Business Administration. She takes an active role in her work and advocacy, serving as a member of the Kentucky Commission on Small Business Advocacy, the Lincoln Trail Workforce Development Board and the Governor’s Veterans Interagency Task Force. She was awarded the prestigious Kentucky Association for Economic Development Allied Professional of the Year in 2014.

“The Kentucky Small Business Development Center has a long-standing commitment to veterans and veteran-owned businesses. Boots 2 Business is a program specifically designed by the Small Business Administration and its resource partners to ensure that veterans have expert guidance and direction in their path to entrepreneurship,” Krausman said. “It’s an honor to be included in the recognition of outstanding instructors for the national SBA Boots 2 Business program. Veterans are exceptional entrepreneurs, and it is rewarding to have the opportunity to support them in their successful transition to small-business ownership.”

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. For more information on KSBDC services, visit their website, http://www.ksbdc.org/ .

 

Photo provided by the Kentucky Small Business Development Center –Patricia Krausman. ©KSBDC

 

Writer: Roberta Meisel , 859-257-7668

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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