Hi everyone, thank you for joining us for the basic steps to starting a business new Mexico webinar my name is Article and I'm a small business developer. Article: Specialist at the sbc and you enter Valenti cans we created this webinar half of a great document on a website called the basic steps to starting a business and my contact information is on the slide. Article:
And a PDF of the slides will be emailed to you, in fact, I'll show you the follow-up email, I sent this out before just before so about maybe three-four minutes ago. Article: So you could let me know in the chat or the Q amp if you didn't get it, but this is. Article: The email here's the Quick Start guide here are the basic steps to choosing a business entity, the basic steps to starting a business, and all the links that we're going to talk about today if I go over
a special link on you wants that one I'll chat that over to everybody. Article: But you don't have to worry about catching everything on the slides because those will be emailed to you. Article: Before we begin let's go over some webinar ground rules everyone on the call right now is muted so don't worry about background noise. Article: And there's a feature to raise
your hand and I'll use it throughout the webinar to make sure everything's flowing in fact everybody who could see my slides and hear me, can you raise your hand so I make sure we're flown alone. Article: Thank you, you guys are very responsive you're good group put a lower all ends. Article: If you have any questions about our site presentation today, please put those questions in the Q amp a. Article: In fact let's see if you could all use the q&a would you put a hi how are you in the Q amp a for me, so I know that's working today. Article:
If you have a question like the sliders and advancing or something like that you could put that in the chat but I'd prefer you put your questions about the slideshow in the Q amp a. Article: So. Article: hi Tania Tania hi john. Article: Hi Carla. Article: And howdy Mr tipsy. Article: tennis tennis tennis. Article: Thank you guys don't have to worry about you guys are obviously you're pretty tech-savvy and insiders numbered So if you want me to revisit a
a slide during the Q amp a please put that in the put the slide number in the Q amp a know we respect. Article: here's a graphic of our Center locations throughout new Mexico and the mission of the SPD seems to build skilled entrepreneurs strong businesses by offering no-cost confidential business consulting and low or no-cost training events like this one. Article:
I'm going to tell you more about the SPD see on the next slides, but I want you to notice the little blurb at the bottom of the screen powered by the SBA or the Small Business Administration, we are funded in part by the Small Business Administration and the great state of New Mexico. Article: This is a site I set aside for our training offerings this one's a little dated but just to remind you how to get to our training open up a search engine go to our website, which is an m sb dc.org and in the upper right-hand corner next to counseling is SPC workshops and events. Article: And you could click here for a list of workshops and
then you could see today's were two webinars there's one coming up. Article: Tomorrow called selling magic how to master the cold call and follow up, I think, then, to take that one. Article: I registered trademark now what that's a good one, workers compensation compliance that's happening in our hops location and you could look at this will take two to see your local Center or threes or local centers often offer workshops or webinars cater to their specific bodies. Article: let's go back to our slides.
Article: here's the agenda for today's training I'm going to tell you more about this VDC talk to you about our pre and post-service for this training. Article: get into the basic steps and review and demonstrate our excellent research tools and then I'll take questions I'll also do a show of hands throughout the presentation, just to make sure everybodys. Article: Still there, and in fact I like to see who's here from the different quadrants of Mexico, so if you're here from central Mexico,
would you raise your hand for me so we're talking about the Albuquerque metro area? Article: Very good, well, thank you for joining from central Mexico. Article: How about from the Northwest region of New Mexico, he was here for maybe say Farmington. Article: I don't have any northwestern or search day about the Northeast maybe to carry Clayton. Article: You know, North northeast North North Eastern okay let's see how about Southwest silver city, the boot heel of New Mexico. Article: don't see anybody have about southeast odds loving. Article: Carlsbad. Article: Oh perfect, thank you for joining us. Article: I have a lot of people from that area great I'm glad you're here. Article: So we're doing a diagonal serving a diagnostic.
Article: Now let's talk about the services of the SPC again now for two major services confidential business counseling and low or no-cost business strings there are no limits to how much it will cost Thompson you can receive or how many training events you can. Article: attend, we have centers throughout Mexico so there'll be one post you well if you look at the graphic in the upper right-hand corner, it shows what we do renew grow launch, and startup small businesses. Article: This slide shows what we expect from our clients, my fellow business advisors and Center directors want you to s
succeed, so you'll be assigned homework or further research, please do the work necessary to succeed. Article: We can't make decisions for you we're off or texts or legal advice, they can only connect you to the information we need to make educated decisions and part of making educated decisions is working with licensed professionals like attorneys or CPA. Article: And I'll show you how to find an attorney later in the webinar
and I also have a great tool, if you need help finding certified probably come. Article: Next, I want to remind you about an important service we send out as part of attending this training everyone who registered for this webinar received an email from. Article: Atlanta thing in anticipation of the upcoming basic steps to starting a business new Mexico event registration for we'd like to collect some preliminary information from you. Article: That this information and can we can tailor the course material to better fit your needs so I just want to do a show of hands,
how many of you receive the pre-survey of the lower hands first okay. Article: And I expect to see everybody's hands okay good at least half of you received the survey, if not look forward to your spam or your jump boxes and you will receive a post-webinar evaluation, so please do both. Article: that's part of our funding with this BA and it's and we value your feedback, so we want to hear that. Article: Very good now let's talk about starting a business in New Mexico before going to business there and supporting things you must consider will I make enough money to live. Article
: Well, this replaces my current income Do I need the benefits offered by my current employer like retirement plans medical insurance dental insurance vision insurance disability insurance. Article: Life insurance or other important benefits can replace those benefits by starting your business. Article: You must also think about your educational background and skills to have the correct educational background and skills to understand and operate the many facets of the business. Article: This includes bookkeeping accounting human resources supply chain management sales and that's just to name a few. Article: If not you may need to hire somebody to perform these tasks or pay for the training.
Article: So I have a great document it's called test your critical as an option. Article: All the people. Article: Sorry ringing in the background there's nowhere for the ball, in fact, I'm going to open that up to my slides links hardly work I'm
going to open it up using the. Article: follow up email that I did send to everybody, just before we started, I have to test your potential as an entrepreneur right there, and let's go over. Article: So it's a great little survey of your skills and abilities and if you're working with a business advisor it's a great way for the business advisor to gauge where you might need some extra training opportunities. Article: We have some myths and misconceptions. Article: identifying some startup ideas, a feasibility analysis, which is something I enjoy doing and that's after all what the
a whole business plan is about. Article: estimating the cost of a startup we also have proprietary software, for your personal costs which, if you're applying for a small business loan, they ask you for your personal. Article: Income profit and loss statement. Article: estimate a business operating costs we use if you need
business loans to go out two years. Article: And again, we have software, we use it's called the South Dakota spreadsheet or the South Dakota model and it's a really great software for predicting what your costs and your incomes are going to be over say two or three years. Article: And here are the basic steps to
starting a small business great article and on the back to that are our great publication on the back of that are. Article: His contact information for different organizations, you may need to contact. Article: A business plan out like. Article: I've also included the business plan template I like to use the SPD see at UN in Valencia campus and an overview of questions that you should answer the business plan. Article: So that's a great starting point for everybody on the call today. Article: Now we're going to get into the steps, one by one there's 13 altogether by. Article: These slides will be emailed to all attendees so don't worry about writing down web addresses and in fact, the Web addresses that I'm talking about are most likely open from that startup email on the screen just because it works, a little bit better than my slides on this computer. Article: This is the
WHO so first we're going to define the business, and this is the WHO what when where why and how, and these questions are typically answered in a business plan, and if we go back to that. Article: email here is the
. Article: sbc you and a Valencia business plan it downloads as a word document, and here it is on the screen and it's a 21-page document it goes through almost everything you need to consider before opening a business it's also a great template for presenting a business plan to a lender. Article: And I think filling in the blank is a little bit more trouble than just an outline of questions you need to answer.
Article: Again, if you need a business plan, you must provide a business plan to the lender with at least two years of financial projections. Article: Many center us to fill in the blank template and I've included that in the follow-up email, that there are many options for creating a business plan. Article: Like online software, such as life plan the sba.gov has great training with worksheets with sample finance. Article: financial statements and we have more tools available of intimate cdc.org. Article: I also want to point you towards the new
Mexico economic development department one-step website for starting your business that's gone and m dot biz. Article: And this website is a partnership between all the agencies or economic development agencies,
you should contact before starting a business and I'm going to see if this one my coworker hundred slides. Article: fingers crossed. Article: So they just creeped out their website. Article: And I usually take you to the financing of the finance opportunities for business, let me find that. Article: it's under business resources add programs for business. Article: And you have all the different programs that that new Mexico, the state of New Mexico offers for small business, the ones I want to go over with you today or in the finance development section, where the dollar sign. Article: And the first one, I want to talk to you about its leader or the local economic development act if you want to start a business or expand the business in New Mexico. Article: The state of New Mexico
senses sight of a pot of funds, I believe, last time I heard it was somewhere between 12 million or so dollars. Article: nd they issued these funds to municipalities to reimburse businesses for expenses if they meet certain requirements let's see what those requirements are we want to start a business with the significant Community impact and support. Article: Hopefully, be a station in a ruler underserved area of new Mexico author increase the decrease for ages and the goal of this is job creation. Article: significant new capital investment and environmentally sustainable outcomes. Article: A qualified entity as an industry isn't in the industry for the manufacturing
process or assembling of agriculture manufactured products. Article: A commercial enterprise for storing warehousing distributing reselling products of agriculture, mining, or having been manufactured. Article: or an economic-based important, which is defined as an employer who was deemed eligible for employment, training, assistance by the economic development departments job training, assistance program and they tend to be manufacturers or wholesale sellers. Article: So, usually manufacturing or
warehousing or some sort of agricultural entity. Article: Nonqualified entity seriously. Article: an enterprise for the sale of goods or commodities that retailer distribution to the public of electricity, gas, water telephone. Article: or utilities or a business, in which all part of the activities of the business involves supplying of services to the general public, or to government agencies. Article: And you could contact the department that economic development department for more information about that they usually have contacted the very bottom that happens to be a miss to the bonus. Article: The next program I want to talk to you about is the collateral assistance program or CAP. Article: So if you need a loan to start a business in the State of New Mexico, but maybe you don't have enough collateral and then that loan to qualify for traditional. Article: The state of New Mexico will do whatever it does with its financial mechanism to guarantee that loan, so this is a loan guarantee kind of like what the S, the Small Business Administration does. Article: And they just make a low more
enticing to a lender so say you wanted to put up a building them and take out some money for working capital and equipment, you could contribute $100,000 into that deal. Article: The building and equipment as its own collateral but you're missing maybe $50,000 with the collateral and alone, they could help you with that collateral gap they won't give you money, but they will guarantee that they'd cover that $50,000 default or below. Article: And there are a lot fewer requirements for this program so if you're interested in that or an SBA loan to guarantee much more information just put that in the Q amp a. Article: And then the last program I want to talk about about to you about our opportunities zones. Article: I'm not having any luck on the website data what opportunities zones are their zones in new Mexico gained as low income but a high probability of. Article: You know, creating economic development
in those areas, for instance, if you. Article: were watching the news lately Facebook or Meta has created a data center hearing all students. Article: And there are actually located in an opportunity, so, which is the last morons manufacturing complex and, if you want it to go into one of those places you could use, then the not venture capital but opportunity Fund money which is. Article: If you have a lot of capital gains taxes and a business or your personal tax return instead of paying the capital gains taxes to the IRS you've been up to invest them in an opportunity fun if you hold that investment in an opportunity fund for 10 years you don't have to pay. Article: capital gains taxes until you sell that investment and these funds they used to put together by large fund brokers large. Article: Certified public accounting firms and they take t
his capital gains that have been invested in these funds and they invested into these opportunities own areas so it's a way to get private investment to those who may not otherwise qualify. Article: And the economic development department had a great webinar recently about two weeks ago on. Article: Opportunities owns that it's available on their Article article. Article: So those are the three programs, I wanted to talk to you about. Article: From the economic development department. Article: science. Article: Step two is to choose a business name, there are legal considerations when choosing a business name and it's very important to find anything that resonates with your target
market. Article: looks good in a website social media business cards and other marketing material. Article: is easy to spell pronounce and isn't trademark or copyright and probably the most important by another business. Article: For example, there was a restaurant in Albuquerque called DS cheesecake
factory and if you grew up in Albuquerque this was probably one of your favorite places for lunch or as we treat. Article: The owners of this cheesecake factory started this business after World War Two and trademark the name and the state of New Mexico. Article: Fast forward to about 2010 there's a national chain, called the cheesecake factory that wants to do business in New Mexico, but cannot operate a restaurant with a cheesecake factory in the name, because the savvy business owners and these reserved the business thing many years before. Article: In this example, the small business has the upper hand but you could imagine how a small business operating theatre trademark business name could end up being sued. Article: have to change the business
name and all that expensive marketing material that comes with it and it might actually destroy a new business. Article: There are two types of trademarks there's a state and federal and the first website
on the screen through the United States patent and Trademark Office and the seconds for the new Mexico Secretary of state's office handle state-level patents. Article: copyrights and trademarks. Article: you need to consult with an attorney before making a decision on a business name. Article: And I'll show you some great resources later in the presentation, including the newest member of the SPD CT the
technology commercialization accelerator new Mexico tech staffed by Stephanie Rawlings. Article: Now I'm hungry for cheesecake everybody okay step three is choosing and registering your legal structure. Article: The legal structure of your business is its foundation and you must carefully consider how you wish to legally operate your business, and this has tax and legal complications.
Article:
The common business structures are on the slide everything with a sole proprietorship is supposed to be registered with the New Mexico Secretary of state's office and the paperwork is available online. Article: And more information about legal structures can be found in the document, called the basics of choosing a business entity it's on our website. Article: And it's in the follow-up email and we'll send you. Article: it's put together by an attorney and. Article: That bad link. Article: it's our website and it's also in that follow-up email I'm going to send you. Article: Or, I sent you are ready, go over the laws under which are governed as a business owner, then it goes
into some more information about the legalities of each of the business entities. Article: And it's very important for you to carefully consider how you want to be taxed and how you want to legally operate and you could also consult with an attorney or a CPA regarding these. Article: My experience
with CPA says they charge between five and 1500 dollars to start to get all the business documents started for you. Article: I also put a link here for big corporations or benefits corporations there it's a certification for corporations that give a public benefit in addition to operating as a corporation. Article: I like to use the example of
TOMS shoes so whenever you buy a pair of TOMS shoes, they give a pair of shoes to somebody in Africa and that's another great example of a big corporation and. Article: it's very trendy. Article: sort of thing to do these days. Article: Now that we're having fun talking about paperwork let's talk about steps for a pain in your federal employer identification number. Article: This is the unique identification number issued to your business by the IRS and is used on all federal filings. Article: If you're a sole proprietor you typically use your social security number instead of an aim,
but these days, most banks or credit unions will require an aim before you could open up a business bank account. Article: This number is just as important as your social security number and should be protected as such there's actually more fraud that happens with the aim, numbers than social security numbers. Article: And we all know how rapid Fridays are with social security numbers and no matter what business entity chooses it's a good idea to obtain December because it's again required to open up a business bank account. Article: And it's also the number you'll use when you pay your federal employee employment taxes. Article: If you're paying wages. Article: Continuing with paperwork requirements step five is to register with the new Mexico taxation and revenue department to obtain a gross receipts tax ID or a beat him. Article: They used to call them CRS ids now he calls it would be 10s or business identification
numbers, you might be wondering what is so beaten, what is it used for like you need it well. Article: So unique identifying number used by the New Mexico taxation or ever department to record and track your businesses collection and payment. Article: of gross receipts tax and of gross receipts tax as an intern for you might recognize it as a text you pay whenever you buy goods or services in New Mexico. Article: it's usually around 8% shows up at the bottom of your receipt the online registration forms for each complete, but you may want to seek the advice of a. Article:
Certified public accountant when completing that application, you must also file your gross
receipts tax reports on a monthly, quarterly by yearly. Article: or casual schedule, therefore, the department offers great online training for distances new employers and they also include a link for the IRS information as well, let me show you the follow-up email. Article: And then there's the link there for new Mexico taxation and weapon workshops and they are pre-recorded and available for you that week. Article: So
we have the new business workshop everybody complaining starting a new business should take that one if you're going to have employees definitely take for new employees workshop, and they have some great information from the IRS about your federal tax liability. Article: Step six is to obtain your local business license and other applicable licenses. Article: When doing business in New Mexico, you need a business license and the municipality or county where you have a physical presence. Article: For instance, to feels restaurant has a physical presence in Los Angeles, so they get a village of law students
business license. Article: If they had a food truck in addition to the restaurant and they did business in the lab they would have to obtain a temporary or full license in the city of delay. Article: something you might be thinking about you'll do business online or in another state, this means getting a business license any place where you will physically from commerce. Article: Each municipality
your Tony has different requirements for obtaining the business license so check with them in a supportive county office or consultant training for further advice. Article: And, for instance, real communities ask you just get a floor plan of your business whether you're just operating a business out of your home or if you have a storefront they ask you to sketch upload. Article: And the Council or county doesn't have a formal business licensing process, I find that very interesting and they just ask that you get your gross receipts tax ID before you operate. Article: And again, the thing that you need before you could even apply for a business license is a gross receipts tax ID number. Article:
Step seven is to report new hires to the new Mexico directory and the link to the directory is on the slide but this brings human resources. Article: the human resource considerations into my human resources is a very important part of any business in terms of any legal and accounting considerations. Article: You can always have you can always contact an account nori attorney for specific information, but I include good resources for learning more about deployment procedures and loss. Article: So we have our partners at complying right they actually sponsor
America's sb DC conference. Article: They are a for-profit business, but they have a knowledge Center just for us and our clients and they have webinars and different topics on human resources, they have a great little article, and their blog that they offer it's good to the tissues. Article: He guides. Article: So really they just have the webinars online right now. Article: Their webinars are very useful and they talk about you know the general topics you to think about. Article: And then next we have information from the equal employment opportunity commission, so the equal employment opportunity commission is the government agency that investigates claims of discrimination based on the protected classes. Article: And if you're gonna have any employees are going to have anybody coming into your storefront you definitely want us
read the small business requirements before it turns into a lawsuit. Article: it's better that you know what the requirements are instead of violating one by accident, because ignorance of the law is not a defect and, I believe, is exactly my business law professor with us. Article: So let's go back to the slides. Article: Keeping with HR trend step eight is, if you have employees, you may need to compete for him, he can. Article: And this is a required form from the New Mexico Department of work for solutions or connections and the Department of workforce solutions has many services tax credits and learning
opportunities for small business owners, so I included that distance outreach website on the screen. Article: that's this one right here. Article: Some common services department of workforce solutions office or job postings that's the biggest one pre-employment screenings like typing tests and, in some cases they provide space to conduct interviews. Article: And if you're going to have a place take a look at this business outside of tells you everything you need to know and then there's
hiring incentives. Article: So if you hire a baby somebody who's on disability, if you hire someone recently graduated from a local community college, there may be tax credits available for you. Article: Step dynasty if you have employees who see persistence have an account, you can see all the tax acronyms on the screen Sudan food it's a biker. Article: And if you aren't willing or able to deal with him Please see that a bookkeeper and a couple. Article: And this brings your federal tax obligations in July, so I included the link to the IRS small business self-employment tax Center let's bring up our
follow up email. Article: And here's the IRS self-employment. Article: Tax Center right here. Article: If you want to learn more about your federal tax liabilities under online learning tools. Article: there's the small business taxes, the virtual workshop. Article: If you're good if you're not going to have employees, you could probably get away with the first four lessons if you're going to have employees. Article: Take all eight lessons it's well worth the time spent in this webinar
and it will really give you an idea of whether or not you want to deal with the tax obligations or outsource that work to a bookkeeper or an account. Article: it's kind of entertaining to they have some overacting in there for sure. Article: Step tenants to seek the assistance of an attorney we talked about some of the important legal land mines in this starting a business. Article: And operating a business at a trace are licensed to answer those questions for patents and trademarks, there are two resources new Mexico technology commercialization accelerator, and the New Mexico State University patent and trademark
resource Center. Article: And then I told you about that resource for finding a 20th and new Mexico bar association or the state bar of New Mexico as they like to be called the States have the link in the Filipino SP and m.org. Article: They have a database of attorneys who have passed the bar in New Mexico under for the public, I need a lawyer and the bar directory. Article: And I like to use practice areas and practice counts, so you most likely need an attorney practices and business operations. Article: let's see intellectual property patents and trademarks. Article: Labor and employment law and then I usually go to the biggest county next to me
Valencia may not have anybody Burlington county wheel and then I just do that search and you can see, all this team of attorneys practice and most practice areas, and if we pick one by random. Article: That is what happens to be in Oklahoma but does practice here this tells you what the practice areas are I usually click on one that has more than one practice area. Article: And you could see they practice numerous different areas
there tells you where they're located with the number is, but their email addresses so the wealth of information. Article: They also have the general referral service, where you pay him 30 $35 and they connect you with an attorney who's willing to take your case for a 30-minute consultation and let's see if that interests you planted a tree bark resources. Article: and David Irving at the patent and trademark resource Center is the patent trademark resource Center for the entire state of New Mexico. Article: And if you need help researching patents are trademarks he could give you the guidance, you need so could have Stephanie Rawlings
technology commercial essential salary. Article: Step 11 is to review the guidelines for compliance with the Americans with disabilities, that this is a major legal landmine for small businesses and should be carefully considered. Article: So let's go to the communication thing is possible consumer slides and, if you look here's the Ada website and they have a primer for small business.
Article: Some people make their living suing based on Ada compliance and small business and get better you know what how you need to comply them the suit, later on, so definitely take a look at, especially if you're going to have a storefront or you're going to have employees. Article: Step 12 is to establish a business bank account it's best practice to keep your personal and business finances separate and this makes your bookkeeping process easier and will help you if you're with similar experiences an audit. Article: Of the federal deposit insurance corporation or the FDIC has a great learning opportunity for people wanting to open his purposes for those operating a small business it's
called FDIC money smart for small business. Article: And they have a module just on banking services available for small businesses, so I recommend you if you could take a look at the whole thing I recommend it because it's free. Article: it's your tax dollars at work and it's great information, but if you only want to take a look at one take a look at the banking services because they are different for small businesses than they are for individuals. Article: final step lucky number 13 is to have adequate business insurance coverage the slide
shows the context of insurance coverage and I recommend you researcher options with an independent insurance broker. Article: oftentimes independent insurance brokers sell insurance for many different companies
and tend to be less bias and they are also small businesses typically. Article: You can learn more about business insurance by visiting the link on the slide it's for Hitchcock's insurance companies blog. Article: that one of the largest small business tours in the nation, and they have a learning Center just for the small business development Center clients. Article: And if you need a list of insurance brokers in your area, please reach out to your business advisor Center director me to pull that from for you.
Article: So let's go to that website, I also have it on the follow-up email. Article: and full disclosure they're a sponsor of the American Small Business Development Conference, they are the largest insurer in the nation. Article: But they have these great articles about what small business insurance what is general liability insurance and what is professional liability insurance and before you start your insurance search, these are great articles for you to watch. Article: Okay. Article: I got through our steps pretty quickly so I'm going to see if
there are any questions in the q&a. Article: If you want to type of question right now. Article: I could answer for you. Article: Before we get into our research tools. Article: Does okay first question from your investment support have a fee for starting an LLC and can I do it myself on like. Article: The both questions are Yes, they do have a fee it's $50 and you could do it on the secretary of state's website, through their business portal and it's not very complicated
spot three sheets of paper three screens that you have questions you have to answer. Article: But you should really think about what is my business physical address but it's my business mailing address. Article: Who is my registered agent or do I want to be my own registered agent what's my business phone number and what's my business email address, because all of this is a public record. Article: I know some people who have home based businesses want to keep that information private so you may have to rent a storefront before you begin to have a business address you could get a virtual business address from places
like office alternatives in Albuquerque. Article: and Article: Of course, you could always get a P O box, but you have to have a physical address in the State of New Mexico, for your registered agent and that oftentimes means renting property renting an office space, or getting a virtual business centers. Article: Good question Thank you john. Article: says, would you recommend online services such as legal zoom or others to start an LLC. Article: If you are a single Member Llc. Article: you're typically going to be taxed as a sole proprietor and if you're a single Member LLC should see it's pretty easy for you to do yourself if you're a
multi Member LLC you're you may be taxed as a partnership or an s corp. Article: that's when I recommend you use one of those online services and they're kind of pricey if you go to a local attorney they'll probably charge you the same amount or less than what those online services provide but I've seen clients come in, who have done their articles through. Article: Legal zoom know low or rocket lawyer and they they do a very good job, free, they also offer registered agent services, so if you wanted to conceal your home address you could get
a registered agent service. Article: Okay now let's go into some of these one more Okay, thank you one more, oh no I think we're good to let's go into our research tools, and then I'll answer more questions at the end. Article: So, now that we covered off 13 steps to starting a business, I want to share with you some research tools that we use to gain insights into industry analysis. Article: market research demographics and traffic count these data tools are very, very important to the success of your business because they help you fill in your business plan make informed decisions, and plan for the future, your business is a big investment so treated as such. Article: The first of the first four links are free and available to you, you could use them right now. Article: databases in bold at the bottom of the screen Ibis world reference you were saying demographics now are available to you through sb DC because we pay for the subscriptions. Article: And if you were to get reports from
those ABS Prince of $800 so let's go through the first free ones. Article: The first link is for a great 30-minute webinar from the small business administration's website on how to write a business plan, they also provide great worksheets and examples of financial projections. Article: The second link is for me plans calmly by fellow to software I mentioned earlier, that they have a business plan software they used to sell their sample business plans on a. Article:
CD Rom for like 300 bucks and now they offer all of their plans for free at being plans calm and they also have numerous other business planning. Article: Examples and tools. Article: The third link is for census business builder and this is a no cost database that allows you to find demographic information about your customers census stats about businesses in your industry and estimates
of yearly household expenditures in certain industries. Article: The last link is for the middle ground that Council of governments interactive traffic comes map if you happen to be in central Mexico, where the middle program economic. Article: Real real real grand the Council of governments, they have interactive traffic comes matt if you're in other parts of the state that often issue a report and it's usually every four years, two to four years. Article: And if you're starting a business and you want to find a location you typically want to know how many people are passing that
location on a weekday or on the daily. Article: So now, the first one, I want to show you is the census business builder and, if you want me to expand on these in the Q amp a or if there's some that I don't cover, let me know, and I could do that if we have time. Article: So let's look at the small business edition of the census business builder. Article: listing a basis organized by makes codes a
si si si codes and if you don't know your nacs code, please contact your sb DC advisor because we have to put them in your record so we'll know. Article: If you're one of the common codes like construction food service I'll use foodservice as an example today and will use restaurants, they have quick selections from there. Article: we'll use the city of Albuquerque. Article: So in the largest city in my service or not my servicing but next tour service theory and you could go to a map and you could explore some of these some of this data on a map. Article: I don't like the map very much because it takes a lot of bandwidth
it's usually not available during those peak hours of Internet use, I like to create a report because I'm more reading and learn the type of person I could print this report, like the highlight things on it. Article: So it tells you about my customers because this is like pine and consumer spending. Article: So first he goes into demographic characteristics about your potential. Article: clients, so it gives you the total population of Albuquerque gives you a lot of different. Article: sets of stats there. Article: Then it gives
you some socio-economic information about your potential clients so the median household income happens to be 54,000. Article: oh seven two, and this is as of 2019. Article: So it's pretty up-to-date information. Article: And it gives you some other socio-economic characteristics as well. Article: percent who drive along to work 80% whoever needed to know that now not. Article: Next, we have some housing characteristics, so we know how many housing units, there are we know what the medium year the structure was built, and we know how much it costs to own and to rent, on average, we also know the median value
of a housing unit in Albuquerque. Article: Then we get some information about other employers so average employee employment for employers 27 restaurants. Article: that's interesting average revenue per employer, and so this is a million, so one 1.18 million. Article:
The average revenue per employee. Article: Oh that's the thousand so the average restaurant and opportunity would be what at 300, yeah but I'm really. Article: Not employer firm, so there at seven but don't have any employees. Article: All great information with planning your business. Article: And then my favorite part of this is consumer spending. Article: Who is unavailable for restaurants in Albuquerque I don't know why but and it's my favorite part of this so let's clear that selection there and go into personal services let's see auto repair let's create the report. Article: there's always more than one way to skin a cat. Article:
consumer spending is unavailable for very unique auto repair that's the first time this has happened to me. Article: But, as we saw before there are two types of sentences, but there's a business edition, and the regional analyst addition. Article: If you can't find what you need in the business builder the analysts to distribute tends to work very well. Article: You could create regional reports. Article: The regional addition actually it's you narrow down, you can you could drill down further than this one-piece institution and it gives you all the same information. Article: It doesn't have those businesses like mine stats because we don't put it makes coding. Article: But here is that. Article: Here is that consumer spending information edits per household in 2021, for this is the most up to date
information. Article: So here is the total somewhere expenditures per household so it looks like we're spending more than we actually make on average so and remember this is theirs. Article: Average expenditure per year per household So if I wanted to know if I wanted to start maybe a women's clothing store, the average household spending $621 and 81 cents on clothing per year. Article: And it may be I'm an online store, I want to find places to really
market my apparel to I could look up different zip codes different. Article: Cities state metro areas counties and compare them using this tool very useful to you could also make an appointment with your sbc counselor or me and I could help you with these tools because there are some of my favorite teams. Article: oops I'm getting ahead of myself next, I want to show you Ibis world, which is one of the paid databases, we use. Article: And again, you have to contact your SPC to get a hold of these reports, if you do anything with sbc other than take this webinar it's to get your ideas well report about your industry, I wouldn't
start a business in this I had one of these reports. Article: So let's do restaurants. Article: will do single location full service I use restaurants in this example because there's a lot of data. Article: About this, upstream, and I like to go over the high points in the report and the full report and I typically send the full report to my clients. Article: So let's go over the high points of this industry together again it's a single location foodservice industry. Article: So here are the key external drivers, I like to call these the key economic drivers for business,
so what drives the single location full-service restaurant business consumer spending consumer confidence index or. Article: An individual's view of how well the economy's going to do overtime, but healthy eating index households earning more than 100,000 per year and an urban population, they give you your first-tier suppliers first-tier buyers they'll also give them second-tier rhymes if you have those. Article: gives you. Article: A
look at what the drivers were doing between 2016 2021 looks like those are growing. Article: And tells you between 2021 and 2026 of revenue in this industry was growing 3.9% so I was on a growing trend there. Article: we're going to grow and then be stable. Article: Profit in this industry was on a growing trend as well. Article: profit margin in this industry is 4% This tells me that about 444 cents out of every dollar goes into businesses profit and
the low lower the profit margin, the more product, you have to sound so you're a small manufacturer of a restaurant. Article: And it looks like we were on a growth trend. Article: The number of businesses looks like it's going to increase 2.3% until 2026 same with employment and wages. Article: This gives us the product and services that are most popular press the nation in this industry so let's see what wins Mrs looks like Asian restaurants, followed by our restaurants. Article: And then, it gives you the SWOT analysis, are the strengths weaknesses opportunities and threats. Article: gives you the industry
performance as it relates to revenue consumer spending and consumer confidence and explores those were two major drivers on the industry. Article: So this tells me that this industry is very market dependent it's very dependent on these two economic drivers, and here we see in 2020 the effects of covert and other industries predicted to grow and then stabilize. Article: This gives you a lot more information about this industry let's see where is this industry in the business lifecycle is in the quality growth phase, which means it's probably
a good idea to open up a restaurant like this at this point. Article: gives you the product service segmentation again, and one of my favorite parts of this gives us the major markets in this industry, so we want to open up a single location too. Article: Full-service restaurant in areas with households for any more than 100,000 that's our largest market, so if that market wasn't there for us, or we didn't have enough people in that market probably not a good idea to put it in a particular location. Article: So those are the high points of an Ibis world report.
Article: And now let's look at reference USA or data excel is their problem. Article: And when you look at that business plan they're going to ask you for your competitors and we could pull competitors so saying wanted to find. Article: All the restaurants in Valencia county. Article: to analyze what our competitors are. Article: And then we could do this by sales volume number of employees. Article: A lot of other search factors there. Article: And
we see there's 106 and going to come in, we could see all of them here and another great thing is, remember, I told you, you have to do, financial projections and our business plan say I wanted to compete against Ben is. Article: One of my favorite places forever. Article: I could see how much that restaurants, making per year, so I could you could start to think from competing against them like premium, maybe as much as them in sales. Article: and take this with a grain of salt, because I don't know if the sales volume is 100% permit but it gives us a good rule of thumb. Article: And let's compare betty's to which is an was
confirmed in Mexico kind of off the beaten trail to I mean there is one two beds two pennies to is right on one of the highest traffic parts of the mainstream, you can see the difference in sales there so. Article: probably a good idea to open a second location in a higher traffic area. Article: To reference. Article: And then, one of the cool things they could do concerning say is I could pull a search, so in this industry, the single location full-service restaurant industry were looking for individuals with household incomes of 100,000 or more.
Article: let's do Albuquerque because there are multiple sitcoms about protecting. Article: Man let's see maybe they have an interest in it. Article: gourmet food, maybe I want to open a French restaurant. Article: I could see how many of those individuals are and remember the more individuals in that income bracket or households, the better my business will do. Article: And then I could view the results, and I can actually see their names and actresses which is really cool to say I wanted to do a postcard mailing letting them know I'm
going to open up this restaurant and on. Article: You bank in Montgomery. Article: I could send all those 2 PMs the radius of the business address and zip code and in the whole city, whatever you deem best and, if you want it to call these people or email them you could purchase this information from data excel and last time I checked it was 5000 contacts for $1,000. Article:
Another cool thing you could do is you can map it, so I want to find a group, what is the what's the culture, I open up my French restaurant in Albuquerque new Mexico and it tells you how many households backs that criteria for zip code 87109 doesn't look so bad. Article:
87111 is he has a huge amount of my target market, so making getting that getting that information to make that educated decision and looks like. Article: 87111 would be my best bet followed by 7122 and then 114120 and if I did a little bit more information like I have in the past 120 is probably
the best and most underserved location for this type of restaurant. Article: So that's just some fun uses of our databases thing. Article: Okay. Article: Since this is a corporate 19 sponsored webinar this slide is a collection of links for some of the most accurate and reputable information about coven 19 for employers are small businesses. Article:
The first link is to the new Mexico Department of Health scans for employers. Article: The second is for the new Mexico safe certified program, and this is a free interactive learning module about how businesses should operate
during covert 19 restrictions. Article: The third link is for oceans publication on employer coven safe practices, the fourth link is for information about covert 19 from the Center for Disease Control. Article: The fifth link in the most important, in my view, is an article by the EEOC called what you should know about Cobra 19 and Ada the rehabilitation act and other laws. Article: We are in an ever more litigious society, so this is a must-read for everybody on the call today.
Article: Finally, the 16th is further which product of where you could find the most up-to-date state information related to Kovac 19 as well as lending and read opportunities. Article: And don't forget about no-cost webinars and calcium services offered by the Small Business Development Center score the service corps of retired executives, the Small Business Administration, and then you Mexico economic development department. Article: Now that we talked about how we can help you this is how you can help the SPC as part of offering our services, we need your help to ensure services are around for more years to come. Article: So we ask that you participate in our survey report economic impact
s because we assist your business advisor Center director. Article: and write a letter of support to your local legislators about your experience with the Small Business Development Center all information is kept confidential and is only reported in aggregate to our funders the state of New Mexico and the Small Business Administration. Article: This slide provides contact information for sb DC programs P tech
IBM remix protects TC. Article: The procurement technical assistance Center is a government-funded program providing assistance to small businesses who want to sell their goods or services to the government. Article: Educational institutions or tribal entities, the international business accelerator is a one-stop-shop of resources for any Mexican businesses and individuals.
Article: Wishing to introduce their products or services to the global market and the new Mexico technology commercialization accelerator offers no-cost confidential counseling regarding intellectual property. Article: This side continues the list of small business resources resource partners score or the service corps of retired executives
West or the women's business Center program and viehbacher the veterans business outreach center. Article: And if you fit into any categories, there you might have especially if you're a veteran or attempt to the feedback. Article: Not only women can go to the West men can chew and they are also a microlender and the score is open to everybody, but they do also counseling similar to be. Article: And here's the contact information for your small business support team, we are funded by the Small Business Administration, and many people ask
about SBA loans so here's a link to link to the SBA resource guide. Article: download it here and on page 33. Article: Are the different types of lending programs available through the Small Business Administration. Article: The most common or the SP about 70 and the microloans and then just above this, are all of the participating lenders and SBA programs. Article:
And again, you need your business and financial projections before you can apply. Article: And then we have a link to the Small Business Administration district office, I always miss Shelley Brown was contacted because. Article: SBA sense for Shelley round is awesome, of course, and then the lexical economic development department which offers so many potential funding opportunities for small business owners. Article: This concludes our
psychology person to chat I want to thank you for spending time again so let's see what our first Chinese. Article: All I see you said page 24 slide 24 is missing from the current slides let's go back and revisit that. Article: Thank you for letting me know. Article: we're going to copy this and put it in the chat. Article: So that's the chat for you all I'll try to update it but
I've already sent out the follow-up email, so please get that off the chat. Article: let's go back to our q&a. Article: Okay john asks, are there any advantages for disabled veterans to starting a business, so the advantages for disabled veteran-owned small businesses come when you do government contracting. Article: And they so the government usually gives
preference to service-disabled veteran-owned businesses and veteran-owned small businesses, there are no particular programs that offer incentives for the very beginning of starting a business when you've got an SBA guaranteed loan. Article: veterans despite their ethnicity or race are considered for an SP guaranteed loan. Article: They used to get a
a little break on the interest, but I think they did away with that little break. Article: So there aren't very many incentives for going into business, but once you start a business, you have incentives to do business with the government. Article: Most other types of businesses that would be great for disabled veteran business owners would be consulting-type businesses manufacturing-type businesses and there's a few Google's there's always a list of in demand. Article: This. Article: Demand services. Article: The thick of a minute is buying from small businesses, so let me copy that and I'm going to type In an answer to your question and I'll send that out. Article: So the furniture office equipment so it's basically supplying tangible goods there's some. Article: services like cyber security services that are in the band right now. Article: Data Center services So these are some great ideas if you're a service-disabled veteran or disabled veteran to get into Evan potentially sell to the government. Article: Okay
I'm still here to answer questions freebase I'll probably start from another 10 minutes, or so we don't have any on my end sooner. Article: let's look at the chat, thank you for the information well, thank you john, thank you for spending time with us. Article: I'm going to look at my participants, Mr tennis you have your hand raised I'm going to allow you to talk in case you're not able to type your unmute and speak if you'd like to share with a look-see if we have any phone callers go ahead. Mr. TENIC: um I think it was on accident my bad. Article:
No problem I saying your name right. Mr. TENIC: Yes, Sir, as well, useful information, thank you so much. Article: No problem, thank you for spending 10 minutes so I'm going to move your permission to speak if anybody else wants to speak raise your hand and I'll give you the permission to speak. Article: If you want to ask your questions on the q&a here more than welcome to this.
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