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Retirement planning for business owners

For family businesses in Ohio that remain in the hands of their founders, it can be particularly important to consider succession planning. For example, over 12 million businesses across the country are privately owned by members of the baby boom generation, some of them approaching their mid-70s. When considering retirement and transition, it can be critical to have a plan in place that protects the value of the business for the future.

Getting an SBA loan

Many entrepreneurs in Ohio run small businesses. In some cases, an owner might realize that he or she is going to need more capital to grow a business. While there are a variety of financial options that can work for this purpose, one of the most coveted is the Small Business Association loan.

Acquiring funding for startups is easier than ever

Plenty of working professionals, whether in Ohio or Silicon Valley, dream of having their own startup and the autonomy that comes with it. Although they feel inspired when they hear stories of small startups that later grew on to be thriving businesses, such as Facebook, Google and Tesla, they are also very aware of how integral gaining funding is for the success of their business.

Talent, networking and sales essential for new business success

Entrepreneurs in Ohio understand that they will need to work hard to transform their ideas into commercial successes. Long hours alone, however, will not suffice to help someone break out in a competitive environment. Entrepreneurs need to gather effective team members, network with other business people and develop winning sales pitches.

Difficulties with obtaining venture capital

Ohio entrepreneurs may have trouble with finding venture capital for their startup businesses. Aspiring business owners may face several limitations when they are searching for capital funding. Fortunately, there are alternatives that people can use to get their businesses off the ground.

3 legal pitfalls of downsizing your company

Every business owner knows that the economy fluctuates. No matter what industry you are in, you can expect times of great profit and periods that are sparse. In some cases, the latter will necessitate action. You may need to cut costs in order to maintain your business, but downsizing is often easier said than done. There are several legal pitfalls, in fact, that can make it a liability and therefore potentially more expensive than it is worth. The following are important risks to avoid when you are reducing your workforce.

Start-up company funding not limited to traditional loans

Start-up companies often have variety of capital needs, including investments in equipment, software and office space. Would-be entrepreneurs in Ohio likely wonder where all the money comes from that is needed to grow the profitability of a business. In only 8 percent of cases does a start-up company receive capital from bank loans, but there are a few alternatives

Using retirement savings to finance a new business

Gathering the funds required to launch a new commercial venture is often challenging for Ohio entrepreneurs. Banks are generally reluctant to lend large sums when borrowers are unable to prove that they have a steady and reliable source of income, and most business startups struggle to turn a profit during their nascent stages. Loans backed by the Small Business Administration are sometimes available, but many entrepreneurs choose to fund new businesses by borrowing from friends or relatives or withdrawing the money needed from their retirement accounts.

Common small business accounting errors

As a small business owner, you may find yourself pulled in multiple directions at once on a daily basis. Given the weight of your responsibilities, it can prove difficult to become an expert in all aspects of your business, but understanding how to manage your business's basic accounting needs is of particular importance.

Venture capital is distributed unevenly geographically

People in Ohio who want to start a small business may have a harder time finding venture capital investors than if they lived in large coastal cities. A report found that for every dollar spent by venture capitalists, 46 cents of it goes to Silicon Valley. Boston, New York and Los Angeles receive 31 cents, leaving only 23 cents remaining to be disbursed to the rest of the country. Mississippi, Alaska, Hawaii, Wyoming and West Virginia received no venture capital funding in 2015. Furthermore, tech firms are two times more likely to receive funding than those that are in another industry.

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