MEDIA ROOM
Media Contact: Cassie Henderson, (813) 905-5800
HISTORY:
Since opening its doors in 1980, the SBDC at USF has helped more than 168,000 small business owners and entrepreneurs in West Central Florida create and retain close to 45,000 jobs and win government contract awards worth over $1 billion.
The Small Business Development Center at the University of South Florida is a member of the Florida Small Business Development Center Network (website: www.FloridaSBDC.org) and we serve the following counties: Hernando, Pasco, Pinellas, Hillsborough, Polk, Manatee, Hardee, Sarasota, Desoto, & Highlands.
THINKING ABOUT STARTING
Q. I'm thinking of starting a business. What steps should I take?
A. Taking a class or seeking expertise from the SBDC helps shore up your skills. It’s also wise to ask yourself :
- Am I a risk taker?
- Do I understand basic financial and marketing principles?
- Am I resourceful and organized?
- Can I support myself and/or my family during the early stages when cash may be short?
- Do I have a strong support system to help me through the start-up process?
- Am I knowledgeable and experienced?
Q. Why do I need a business plan?
A. A well-written plan is a template or guide for your business that ensures you stay on track with business goals, objectives and strategies. Writing the plan is process that reveals critical data about your business and how you expect it to operate. It should reflect your concerns and priorities.
A thoughtfully and well-conceived plan starts best with some counseling. Our course, Building the Ultimate Business taps into your dedication and our expertise to help you start writing a cogent and thorough plan.
While SBDC counselors do not write business plans for clients, they will provide both assistance and assessments. Their recommendations help solidify your entrepreneurial goals
Q. What form of business do you recommend for a new business?
A. Advantages and disadvantages are inherent within sole proprietorships, partnerships, corporations or limited liability corporations, The one you choose depends upon:
- Financial status
- Number of employees
- Risk involved
- Type you choose
- Your tax situation
Q. What kind of registration and licenses are required to start a business?
A. County and local government may each have their own requirements, but here’s a check list including federal and state governments:
Local — A business license from your city or county is usually required.
State — In Florida, go to (www.sunbiz.org). If your business isn't a corporation and your full name isn't included within the name of the business, you'll have to register under what's called a Fictitious Name Registration. Forms can be downloaded from: (www.dos.state.fl.us/doc/fic_form.html). You should also file for a Sales and Use tax number. Some businesses (such as food/beverage establishments) also need specific licenses.
Federal — You will need an Employer's Identification Number (EIN). It’s also worth calling the IRS for their "Going Into Business" tax kit. (www.irs.gov)
EXISTING BUSINESSES
Q. My business is already established. How can the SBDC help me?
A. The SBDC provides a wide variety of services to established businesses including counseling in accounting, business expansion, capital improvement, marketing and financial analysis (or a “health check”).
We also offer:
- A procurement assistance program for companies that want to bid on lucrative federal, state, or local government contracts
- An international trade program for firms entering into or expanding within the global trade arena
- Counseling in satellite offices located in Bartow, Pinellas County, Highlands and Manatee counties
Q. How do I get a business loan?
A. Most small business owners look for loans from commercial lenders to cover debt financing. It is worthwhile to understand lending guidelines prior to application. General information enabling a lending officer to make an informed decision regarding your loan proposal are:
- Ability to repay the debt
- Business plan: is it thorough?
- Collateral
- Credit history/ personal net worth
- Down payment or “equity”
- Management history or ability
- Market or economic conditions of the area
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