February
2008
Success Story
Trey Robb and DaLena Gardner
Rhythm Ballroom Dance Studio
Trey Robb’s desire was to start his own dance studio. Trey attended our Introduction to Business Ownership seminar, and after that he came in for further personal consulting. The SBDC assisted Trey with his Tax ID number and Assumed Name Certificates, as well as an overview of all the tax forms needed to file as a sole proprietor. Business is going great with the popular group classes and dance parties. Trey is planning to add children's classes and Zumba dance aerobics. He recently convinced his SBDC consultant to sign up for some dance lessons! Give him a call for a Valentine’s Gift Certificate.
Owner - Trey Robb
Location - 3405 S. Western Street,
Suite 201 B
Phone - 806-367-9663
Employs - 1 Full-Time and
1 Part-Time
Free Workshop
Introduction to
Business Ownership
-
Writing a Business Plan
-
Small Budget Marketing
-
Financing your Business
-
Should you Incorporate?
February 5 6:00 - 8:00 PM
February 12 8:30 - 10:30 AM
February 19 8:30 - 10:30 AM
Call 372-5151 to Reserve your seat
Contact Us
SBDC
701 S Taylor Suite L118
Amarillo, TX 79101
806-372-5151
Affiliations
Funded in part through a cooperative agreement with the U.S. Small Business Administration. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA.
WTAMU Small Business Development Center is a member of the
Northwest Texas SBDC Region Network.
Accredited by the Association of Small Business Development Centers
Seven Common Mistakes
to Avoid When Looking for
Bank Loans
Successfully obtaining financing for a growing business is often one of the most difficult tasks an entrepreneur has to tackle. Dreams of "taking the business to the next level" will usually not materialize unless he/she can bring in a new round of cash.
Bank loans are often categorized in two ways: conventional and SBA. Generally, conventional loans are reserved for businesses with low credit risk profiles and SBA loans for businesses with slightly higher credit risk profiles.
While there are many mistakes entrepreneurs commit when seeking bank loans, seven stick out as the most common. Entrepreneurs who can manage to avoid some or all of the "seven deadly sins" will greatly increase their chances of obtaining the bank loans they desire.
1. Vague loan purpose, loan amount and projected benefits. If you are unclear or vague about the size, purpose and projected benefits of the loan, your credibility with the lender will take a small hit.
2. Lack of persistence. Just because one lender turns you down doesn't mean they all will. If you get declined on your first attempt, don't give up.
3. Not speaking the language of the lender. It's easier to get a loan approved when you speak and understand the language of the lender. Read a book on banking and finance and learn a little bit about the loan jargon.
4. Being reactive, not proactive. Plan your financing needs well in advance, and approach the lender a good three to four months before you need the money. By doing this, the lender will view you as a careful planner and conscientious steward of the bank's money.
5. Unrealistic or non-existent projections. In order to prove your company's ability to pay your loan request back, you must provide detailed REALISTIC projections on future sales, profits and cash flow levels.
6. Poor quality or dated financial statements. Poor financials will cause lenders to question the current financial condition of your company.
7. Poor or non-existent business plan or loan package. A well thought-out business plan or loan package will give the lender more confidence in you, your company and your ability to repay the loan because you took the time to think about and prepare a business plan.
The Results are In!
2008 Seminar Survey
The top five seminars chosen:
Marketing Strategies -
Marketing ideas for small businesses
QuickBooks - The basics of
using QuickBooks
Patents, Copyrights, and
Intellectual Property - Do I need it?
QuickBooks Workshop - Working
on your business' books
Type, Talk, Text...with Tact! -
Communication Etiquette
Watch our website for the dates and times of these seminars.
Route 66 Preservation Grant
The National Park Service, Route 66 Corridor Preservation Program is pleased to announce that it is now accepting applications for the 2008 cost-share grant cycle. Applications may be submitted to the program office until April 11, 2008. Awards will be announced on or before June 13, 2008. Cost-share grant applications are available online at www.nps.gov/history/rt66/grnts or call 505-988-6701.
Impacts Generated by
the SBDC
1987 - 2007
Jobs Created - 4,504
Businesses Started - 1,033
Capital Formed - $82 mm
Quote of the Month
Before
anything else, preparation is the key to success.
Alexander Graham
Bell
END
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Content & Layout by Lisa Gray
Typos & Errors are Property of the Finder.
Copyright 2008 by WTAMU SBDC