Federal Business Opportunities commonly known as Fed Biz Ops or FBO is a free web-based portal which allows vendors to review Federal Procurement Opportunities over $25,000.
Purpose: Federal Opportunities, Data Research
Who should register in Fed Biz Ops?
The U.S. Small Business Administration will host the fourth of its free Mentor-Protégé Matchmaking Conference series in Los Angeles, Calif., on March 21. The program gives small disadvantaged businesses access to guidance on federal contracting, face-to-face meetings and opportunities to team with larger businesses and graduates of the SBA’s 8(a) Business Development program.
During the forums, small businesses will learn how to market themselves to the federal government and go after government contracting opportunities. They will also get an overview of the SBA’s Mentor-...
Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.
Estimated tax is used to pay income tax and self-employment tax, as well as other taxes and amounts reported on your tax return. If you do not pay enough through withholding or estimated tax payments, you may be charged a...
The 8(a) Business Development Program is a business assistance program for small disadvantaged businesses. The 8(a) Program offers a broad scope of assistance to firms that are owned and controlled at least 51% by socially and economically disadvantaged individuals.
The 8(a) Program is an essential instrument for helping socially and economically disadvantaged entrepreneurs gain access to the economic mainstream of American society. The programs helps thousands of aspiring entrepreneurs to gain a foothold in government contracting.
The focus of the program is to provide...
The long anticipated Korea-U.S. Free Trade Agreement (KORUS-FTA) was implemented on March 15, 2012 becoming our nation’s largest FTA since NAFTA. The agreement has the potential to increase U.S. exports to Korea by approximately USD 10-12 billion, and it will be especially beneficial for U.S. SMEs. In 2009, nearly 18,000 SMEs exported some USD 8.4 billion worth of merchandise to Korea.
Total 2011 U.S.-Korea trade exceeded USD 100 billion for the first time ever. U.S. exports reached an all time high of USD 43.505 billion. U.S. exports increased 12% over 2010 levels.
...
The United States-Korea Trade Agreement (KORUS Agreement) enters into effect today, reducing tariffs on almost all U.S. industrial exports to South Korea and making it easier for U.S. exporters to successfully compete in the Korean market.
With the implementation of the KORUS Agreement, tariffs will immediately be eliminated on almost 80 percent of U.S. exports to Korea.
Tariffs will also be reduced on other industrial exports that are not made automatically duty-free—the average tariff rate on U.S. industrial exports to South Korea will be reduced from 6.2 percent to 1...
DSBS is a free portal sponsored by the Small Business Administration, used for entering and searching small business sources that want to do business with the Federal Government
Purpose: Client Resource, Marketing Businesses
Who should register in DSBS?
What is required to register?...
The Minority Business Development Agency (MBDA) did a deep dive into the 2007 Survey of Business Owner data released by the U.S. Census Bureau and found minority-owned firms are more likely to export compared to non-minority-owned businesses. Export activity of minority-owned firms...
With over 140 million consumers, a growing middle class, and almost unlimited infrastructure needs, Russia remains one of the most promising markets for U.S. exporters. Russia is the world’s 11th largest economy and has the highest per capita GDP ($15,900) of the BRIC countries. It is an upper middle income country, with a highly educated workforce and sophisticated, discerning consumers. Russia’s economy has begun to recover from the economic crisis that started in 2008, with GDP growth at 4.0% for 2010.
This growth was slightly less than anticipated due to drought and...
Whether retirement days are near or far, you should be up-to-date on the types of retirement plans available to you and your employees. The plans you will hear most about are IRA, SEP, SIMPLE and 401(k). In addition to providing for your retirement, they may offer significant tax benefits today.
Individual Retirement Arrangement, IRAs are plans that let you set aside money for your retirement. Banks, financial institutions, mutual funds and stockbrokers are among those who offer IRA accounts.
To contribute to a traditional IRA, you must be under age...
CASH VS. ACCRUAL
Every business taxpayer is required to have an accounting method to report income and expenses. The two most commonly used methods are cash and accrual. Once you choose your accounting method, you must follow it consistently. Generally, you may not change your method of accounting unless you obtain permission from the IRS.
CASH METHOD
Due to its simplicity, the cash method is a popular choice for small businesses. To determine gross income, add up the cash, checks, and fair market value of property and services...
China responded quickly to the global economic downturn in 2008 and, as a result of a combination of monetary, fiscal, and bank-lending measures China’s GDP grew 9.2 percent in 2009 and an impressive 10.3 percent in 2010. Projections are for the GDP growth to slow slightly in 2011 to between 9 and 9.5 percent.
Accompanying the rise in China’s GDP, U.S. exports to China increased in 2010 by over 32 percent to almost $92 billion. Of course, China’s exports to the U.S. also increased by 23 percent, leading to a balance of trade deficit of $273 billion. After falling in 2009, the...
The “Made in America” brand remains strong, with a growing number of businesses bringing production and jobs back to the U.S. from overseas.
Recent studies indicate on-shoring is likely to increase over the next several years due to rising transportation costs and as companies take advantage of America’s high workforce productivity and strong quality control.
Do You Plan to Bring Production Home? The U.S. Small Business Administration’s International Trade Loan (ITL) Program Can Help!
The U.S. Small Business Administration’s ITL program provides small...
The SBA also issued a proposed rule to increase the small business size standards for 28 industries in the Health Care and Social Assistance sector. As many as 4,100 additional firms could become eligible for SBA’s programs and services if the proposed increases are adopted.
Comments can be submitted on this proposed rule on or before April 24, 2012, at Regulations.gov, identified by RIN 3245-AG30, where they will be posted. You may also mail comments to Khem R. Sharma, Chief, Size...
Supporting the growth and global competitiveness of minority-owned businesses is a priority for the Department of Commerce and the Obama Administration.
And we’re making good on that priority. Last year, the Department’s Minority Business Development Agency (MBDA) registered the best annual performance in its 41-year history. It assisted minority-owned businesses in gaining access to nearly $4 billion in contracts and capital, supporting the creation of nearly 6,000 much-needed jobs. Over the last three years, our network of 39 MBDA...
Today, in conjunction with the newly-launched BusinessUSA initiative, the Department of Commerce announced the launch of their business app challenge. The $10,000 contest challenges app developers to find innovative ways to utilize Commerce and other publicly available data and information to support American businesses. The business app challenge calls on developers to utilize at least one Department of Commerce data set...
India is a story of growth and opportunity. India’s sustained growth of around 8.0% in 2009-10 and growing dynamism in several of its regional markets have created wide and diverse business prospects for U.S. exporters and investors. With 2011 growth estimates hovering at around 8.6%, India remains one of the fastest growing, dynamic economies in the world.
The current economic downturn has not affected India to the same extent as the United States, though most Indian companies remain apprehensive and are extremely cautious with large expenditures. Worldwide economic...
Green dry cleaners, Green energy. Green puppy food. Green car washes. Green wall paints. Green grease removal.
Green: it’s everywhere. It’s taught in the first grade. It’s at the center of many corporate manufacturing and marketing policies. And whether you believe in climate change or still have doubts, consumers are now demanding GREEN.
Adopting environmentally friendly and energy efficient business practices provides numerous benefits to new and existing small business owners looking to control costs, attract customers and become socially responsible. Non-toxic,...
“Before beginning, plan carefully.”
The philosophy of the great Roman Orator Cicero is just as appropriate in today’s small business environment as it was in the political arena of the Roman Empire. A sound and well thought-out marketing plan is an essential part of a firm’s ability to compete in today’s marketplace. In spite of this, many small businesses take a disorganized or haphazard approach to their marketing efforts and, as a result, fail to capitalize on opportunities to sell more of their products and services.
Why do so many take this half-hearted...
The U.S. Small Business Administration published a final rule in The Federal Register that will increase some of the size definitions of small businesses in Professional, Scientific and Technical Services and Other Services sectors.
The final rule will increase 37 of the revenue-based size standards in 34 industries and three sub-industries in the “Professional, Scientific and Technical Services” sector. It will also increase one size standard in the “Other Services” sector.
As part of an ongoing...
In the last decade, Brazil has been one of the fastest growing emerging markets. It is currently the largest economy in Latin America, and seventh largest in the world. This week’s trade spotlight highlights the importance of U.S.-Brazil trade relations and how the relationship benefits American farmers, ranchers, entrepreneurs, and workers.
As one of the fastest growing emerging markets, and a country that the International Monetary Fund projects is poised for continued growth, Brazil is an important trading partner for the United States. In 2010, U.S. goods and...
“The U.S.-Mexico border is open for business.” That is the refrain I and others who work on border issues tirelessly deliver wherever we can. But with the media’s relentless focus on immigration, drug-trafficking, and cartel violence, we know that we must provide and promote objective evidence to support our message. A report recently released by Arizona State University’s North American Center for Transborder Studies (NACTS) and NDN’s New Policy Institute (NPI), entitled “...
The White House announced $2 billion in public and private resources to help entrepreneurs start and grow their businesses. In the spirit of open and participatory government, we also announced the Startup America Policy Challenge. We're calling on entrepreneurs and the broader public to share their ideas on how to accelerate entrepreneurial innovation in the areas of healthcare, energy and education. Aneesh Chopra, US Chief...
With so many different companies out there today, having a solid marketing strategy is 100% essential. Without an effective small business marketing strategy, your company will not be capable of bringing in new business. Why? No one will know your business exists! If you have not yet created a marketing strategy, take the step to create a marketing plan today!
Build awareness of your business.This will help more people know about your company and the services it provides.
How your company should be structured is one of the first decisions you will have to make as a business owner? This decision is important, because the type of business you create determines the types of applications you’ll need to submit. You should also research liability implications for personal investments you make into your business, as well as the taxes you will need to pay.
It’s important to understand each business type and select the one that is best suited for your situation and objectives. Keep in mind that you may need to contact several federal agencies, as well as...
When you’re running a business, you don’t need to be a tax expert, too. But you do need some tax basics. IRS Small Business Advantage gives you the information you need to stay tax compliant so your business can thrive.
Choosing a Tax Professional
With your new responsibilities, you may decide to hire a professional tax preparer to assist with your taxes. Enrolled agents, tax attorneys, and certified public accountants have training and expertise in federal taxes. When...
Employer Identification Number (EIN)
An EIN is also known as a federal tax identification number, and is used to identify a business entity. Employers with employees, business partnerships, and corporations and other types of organizations, must obtain an EIN from the IRS. The EIN is also known as an Employer Tax ID and Form SS-4.
You are required to have an EIN if you answer “yes” to...
Health coverage legislation enacted in 2011 included a Small Business Health Care Tax Credit to help small businesses and small tax-exempt organizations provide health insurance coverage to their employees.
Small businesses and tax-exempt organizations providing health insurance coverage will qualify for a special tax credit. Included in the health care reform legislation, the Patient Protection and Affordable Care Act encourages small business employers to offer health insurance coverage for the first time or maintain coverage they already have...
Knowing when and what you have to file can save you a lot of headaches at tax time. To avoid paying penalties, mark your calendar with the following key dates.
If a filing or payment deadline falls on a Saturday, Sunday, or legal holiday, the deadline will be the next business day.
January 31, 2012
Furnish Forms 1098, 1099 and W-2G to recipients for certain payments during 2011. Furnish Form W-2 to employees who worked for you during 2011.
March 15, 2012
Corporations: File
The Minority Business Development Agency (MBDA) Business Center in Alabama announced a strategic partnership with the International Sustainability Institute of Applied Sciences, a division of ACF Enterprises LLC, to pilot a blueprint for small business sustainable development in South Mobile County.
To ensure inclusion and capacity-building of minority business enterprises (MBEs) in the emerging green economy, staff at the Business Center, which is working collaboratively with the Mobile Area Chamber of Commerce...
If you’re starting a business that requires significant financial investment up front, finding a source of funding can be a challenge, especially since the average cost of starting a business is $30,000. This is particularly true for young entrepreneurs who lack a strong credit history or don’t want the hassle of dealing with banks or private lenders.
Once these startup entrepreneurs are done considering their options, it’s not unusual for them to ask friends or family for startup cash. After all, unlike private investors or banks, these people know and trust you. It’s...
Native American entrepreneurs have a new tool to help determine if they’re ready for business ownership and to help them get started. Native American Small Business Primer: Strategies for Success is a free, self-paced online business course developed for Native American business owners. The course provides an overview of basic business principles and makes them aware of the programs and services available from the U.S. Small Business Administration.
“Native American Small Business Primer: Strategies for Success will enhance the agency’s effort to provide important resources...
Everyone in business must keep records. Keeping good records is very important to your business. Good records will help you do the following:
Monitor the progress of your business
You need good records to monitor the progress of your business. Records can show...
Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit.
To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary.
It is important to separate business expenses from the following expenses:
Recently, I participated in a small business roundtable with the Asian-American Pacific Islander community in Philadelphia. The event was co-hosted by the National Association of Asian American Professionals and the Mayor’s Commission on Asian American Affairs, and we were joined by 40 small business owners for a lively discussion on how to do business with the Federal Government.
Part of our mission at the General Services Administration (GSA) is to make sure that small firms across the country have the opportunity to do business with the government, and we were able to pass on...
Expanded Tax Credit for Hiring Unemployed Veterans
The work opportunity credit has been expanded to provide employers with new incentives to hire certain unemployed veterans.
On November 21, 2011, the President signed into law the VOW to Hire Heroes Act of 2011. This new law provides an expanded work opportunity tax credit to businesses that hire eligible unemployed veterans and for the first time also makes part of the credit available to tax-exempt organizations.
Businesses claim the credit as part of the general business credit and...
Greetings,
As we close out 2011 and prepare to enter 2012, one cannot help but reflect on the year that was and look ahead to the year to come. 2011 proved to be a productive and exciting year for the Minority Business Development Agency (MBDA). MBDA took bold steps and explored new markets all in an effort to enhance our ability to empower the minority business community and create jobs for all Americans.
During 2011, MBDA committed...
I know it’s tough to build a business and keep it growing through the years, because I’ve done it. Don’t forget that good business planning can help a growing business stay focused and efficient, even as you manage the daily routine and changing markets. Here are my three favorite easy ways to get back on track with business planning. These are all things I’ve done myself.
I mean this as exactly what it says. I’m not saying you do a market survey or a focus group. I’m saying you really talk to a few (aim for 10 or...
Here are a few things your can do – at no cost – to jump-start your business continuity plan:
Determine your greatest risk potential. It might come from loss of heat, frozen pipes (which can burst, causing water damage), or loss of access caused by icy conditions. What would happen if you had to shut down your business for several days? Look at the building where you do business and assess the property damage risks. If you do this early enough, you’ll have time to make structural upgrades that can prevent possible future storm, wind, water or earthquake...
As of January 31, 2012, most private sector employers are required to post a notice advising employees of their rights under the National Labor Relations Act (NLRA). The notice should be posted in a conspicuous place, where other notifications of workplace rights and employer rules and policies are posted. Employers also should publish a link to the notice on an internal or external website if other personnel policies or workplace notices are posted there.
For further information about the posting, including a detailed discussion of which employers are covered by the NLRA, and...
How much does it cost to start your own business?
Of course, the answer depends on your business model and your chosen industry. However, a useful estimate based on a 2009 study conducted by the Ewing Marion Kauffman Foundation puts the average cost of starting a new business from scratch at just over $30,000.
Many small businesses, particularly freelance, online and home-based businesses come in a lot lower than this, often needing only a few thousand to get started.
But averages aside, what can you do to calculate your specific startup costs? Read on.
...
As the economy continues to gain traction, many small retailers are forced to put more of their economic eggs in the holiday season shopping basket. Hoping to take advantage of an uptick in consumer confidence, a three-month end-of-year holiday splash is possible, but may be more difficult this season.
So hiring extra help for the hoped-for push should be thought out more than ever. Here are some ways to help make short-term hires pay off.
10. Have a Staffing Plan
Know what it takes to get specific tasks done, and how long it should take for a...
The OSDBU Procurement Conference is a national conference fostering business partnerships between the Federal Government, its prime contractors, and small, minority, service-disabled veteran-owned, veteran-owned, HUBZone, and women-owned businesses. Now in its 22nd year, the OSDBU Directors Conference has become the premier event for small business throughout the United States.
This year the event location will be moved to the Walter E. Washington Convention Center in Washington, DC. The new venue will allow...
Updated on December 20, 2011 - SBA Names Winners in Small Business Mobile Apps Challenge
For most entrepreneurs and small businesses, the Federal government has useful programs and services, but it can be hard to identify, engage and navigate Federal websites. Often, small businesses do not know that the Federal government already offers a program that they would find useful. Entrepreneurs...
In support of the President’s call to increase collaboration among federal agencies and with private and public sector entities, there has been an abundance of interagency initiatives geared to increase job creation and entrepreneurship. Among these, MBDA has partnered with other federal agencies in support of the Job and Innovation Accelerator,...
This week pieces of President Obama’s American Jobs Act supporting veterans and government contractors won approval from both chambers of Congress. The provisions passed would repeal a tax on government contractors, boost job training for veterans and offer tax credits to companies that hire unemployed veterans.
On Thursday, November 10, 2011, the Senate passed a bill that would repeal a 3% withholding tax on federal contractors that was signed into law in 2005 but has been yet to be enacted. Prior to the passage of this provision, if enacted, government agencies would have been...
This week, the United States is hosting the annual Asia-Pacific Economic Cooperation (APEC) Ministers and Economic Leaders’ Meetings in Honolulu, Hawaii. As President Obama’s lead negotiator and spokesperson on trade, I will host a meeting for my fellow APEC Trade Ministers in preparation for President Obama’s meeting with APEC Leaders later this week and to build on the success of the APEC Trade Ministers’ meeting held in Big Sky, Montana last May.
At Big Sky, the United States and its APEC trade partners identified ways to improve regulation and transparency, made advances on...
Small businesses in emerging industries – like clean energy – have cutting-edge ideas that are strengthening our country and changing the world. Today, we’re helping them continue to do just that in two major ways.
First, unlike larger firms, many small firms don’t have the staff or time to search for all of the federal opportunities that can help them grow and create jobs.
We’re pleased to announce that they’ve got a new tool with green.sba.gov, where they can find all federal opportunities in a single location.
How did this...
President Obama proclaimed that this November is National Entrepreneurship Month, a time when “we celebrate the remarkable and everyday successes of our entrepreneurs and innovators, and we reaffirm our commitment to ensuring our economy remains the engine and the envy of the world.”
We understand that entrepreneurs are responsible for virtually all new job growth across the country. Starting this year, the White House...
The White House and the U.S. Small Business Administration announced the launch of the Young Entrepreneur Series (YES), which will connect young and aspiring entrepreneurs with SBA officials, local business advisors and resources to help them start or grow their own small business.
“For our economy to thrive in the 21st century, we must set about creating the next generation of entrepreneurs,” said SBA Deputy Administrator Marie Johns. “Young Americans need to know that starting a business is a viable alternative to going to work for somebody else. There is a clear and urgent...