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November 2008
Volume 2, Issue 1
Upbeat advice in a down economy
IRS and Starting Your Business in Illinois Seminars
Liz, Andy, & Nick
Economic Impact from Illinois SBDC at ISU Assistance
DP Dough rises with SBDC help
C7 Bring SBDC Entrepreneurs Together
If you don’t live under a rock then you have probably been bombarded with news stories or articles every other day about “how to deal” with a rotten economy or something similar. I’ve obviously seen them too and many of the strategies are helpful to entrepreneurs who need to take a different approach at this time.
But here are a couple alternative ideas:
2008 Electronic Interaction Seminars Fed/State Program
This fall the IRS Small Business/Self-Employed Stakeholder Liaison office and the Illinois Department of Revenue are offering free e-file seminars for the tax professional community. This is a great opportunity to hear representatives from the IRS and the Illinois Department of Revenue share important information about e-file, e-services, e-pay and other pertinent facts about what’s new for the upcoming tax year.
Starting Your Business in Illinois
This seminar is intended for those not yet in business. It covers topics including registering a business name, licenses or permits, obtaining a tax ID number, forms of insurance, recordkeeping, choosing a legal form of ownership, tax issues, and how to compute a breakeven point.
SBDC staff highlights: Liz, Andy, & Nick ....
Elizabeth (Liz) Allen began working at Illinois SBDC at ISU August 2007. She has an undergraduate degree in Psychology from Purdue University and is currently completing a Master of Science degree specializing in Industrial/Organizational Psychology.
Andrew Hennig began working at the Illinois SBDC at ISU in May 2008. He has an undergraduate degree in Business Administration, with a minor in International Business and is currently completing a Masters of Business Administration, specializing in Management.
Nicholas J. Strong began working at the Illinois SBDC at ISU in January 2008. Nick is a Masters candidate at Illinois State University in dual-sequence program for Quantitative Psychology and Industrial/Organizational Psychology.
Economic Impact in our community from January 1, 2008 to date:
New Businesses Created = 9
New Jobs Created = 239
Existing Jobs Retained = 159
Capital Infusion = $18,534,000
An entrepreneurship major at ISU, Ryan Fiala completed his MBA degree knowing that he wanted to open his own business. The DP Dough owner was familiar with the Illinois Small Business Development Center at ISU since his days as a student. In fact, he worked in the SBDC office when it first opened at ISU in 2005. So it was natural for Fiala to turn to the SBDC for support while he prepared to open his business in Uptown Normal.
“Ryan had restaurant management experience when he came to see us in August 2007, but DP Dough, with its emphasis on fast delivery, had a different market focus,” explained SBDC Director Elizabeth Binning.
C7, the program designed to provide small and medium-sized business owners the opportunity to be mentored by a seasoned business person, has begun its second year. Topics covered include time management and setting priorities, basic marketing, and managing employees. The mentorship experience is conducted in a group setting with five other entrepreneurs seeking the same mentorship experience. C7 groups will meet each month until May 2009 when they will attend a graduation event.
Several client companies from the Illinois Small Business Development Center at ISU took advantage of this mentoring program during its first year. Entrepreneurs benefit through the relationships they will build with others in their groups. Mentors offer their wisdom and knowledge acquired from their experiences with growing their businesses.
The Illinois Small Business Development Center is funded in part through a cooperative agreement
with the U.S. Small Business Administration in partnership
with the Illinois Department of Commerce and Economic Opportunity and Illinois State University.
All SBA programs are extended to the public on a nondiscriminatory basis.