Half of Millennials Want to Start a Business: Here’s How to Get Going

(Shared by Brad Bapst, Director, Small Business Development Center, OSU South Centers)

By Kali Geldis NAV

If you were born between 1977 and 1995, there’s over a 50% chance that you would start your own small business if you knew where to get help to make it happen.

America’s SBDC, the face of a nationwide network of Small Business Development Centers (SBDCs), collaborated with the Center for Generational Kinetics to better understand how different generations view entrepreneurship. The findings indicated that millennials were especially eager to start businesses of their own, but there were some things standing in their way.

Millennials stated that they’d like help writing a business plan, and they rate money high on the list of things holding them back from starting a business. In fact, 45% of the study respondents said that finding capital to start a business was their biggest barrier. That’s not a huge shocker — there are more than 44 different types of business financing out there, and they come with unique interest and fee structures.

Here are five tips that can help any millennial, no matter their entrepreneurial dream, get started. 

1. Make Sure You’re Ready to Start a Business of Your Own

Don’t be in too big of a hurry to become your own boss. Make sure you’re ready to take this giant step. Ask yourself these questions:

• Do you want to start a business for the right reasons? Don’t start a business because you’re frustrated with your job search or you’re in a job you hate. Make sure you’re running toward your dream, not searching for a hiding place.

• Do you have financial resources to support the startup period? One of the first things you’ll work on is establishing business credit and obtaining initial financing, but those things probably won’t happen on day one. Make sure you have the resources to support yourself until the business generates a paycheck for you.

2. Create a Plan

You need a written business plan no matter how wonderful your idea is for your new company. Creating this plan will teach you a great deal about how to run your business. Put it in writing so that you can revisit it often and update it as situations change.

You can write the plan yourself. If you’re not an expert at writing business plans, there are free resources to help you. Look up your local SBDC or the closest resource provided by the Small Business Administration. They offer free consulting.

3. Set Up the Best Company Structure

There are a variety of company structures you can use, from LLCs to S-Corps. Seek professional advice from your accountant and lawyer to ensure you make the right choice.

4. Get a Small Business Startup Loan (If Needed)

If your business plan calls for obtaining startup funds to support initial growth, look into your options as soon as possible. Many small business loans are reserved for companies that have a business history because they’ve been in operation for a couple years. Make sure you understand if it’s possible to fund your startupwith outside funds.

5. Establish Credit for Your Business

Even if you don’t need startup funding, the odds are that you will need financing at some point to expand your company and grow. The most common reason for needing funds is to take advantage of growth opportunities that require more cash than you have in reserves. Make sure that you establish credit for your business before you need it. (You can check your personal and business credit scores for free on Nav to get a full picture of your business credit profile.)

If you’re an entrepreneurial millennial, take advantage of all the resources that are available to help you succeed in starting your own business.

Deadline in Kentucky is Oct. 16 for Physical Disaster Loan

(Shared by Brad Bapst, Director, Small Business Development Center, OSU South Centers)

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Disaster loan information and applications may also be obtained by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Application Opens for Workforce Training Funds

(Shared by Brad Bapst, Director, Small Business Development Center, OSU South Centers)

For more information about the Ohio Incumbent Workforce Training Voucher Program, visit http://development.ohio.gov/bs/bs_wtvp.htm.

Ohio Incumbent Workforce Training Voucher Program
Guidelines FY’18

The Ohio Incumbent Workforce Training Voucher Program (“Voucher Program”) is an employer-driven program designed to provide direct financial assistance to train workers and improve the economic competitiveness of Ohio’s employers. The Voucher Program is designed to offset a portion, via reimbursement, of the employer’s costs to improve the skills of its incumbent workforce. The Voucher Program will provide reimbursement to eligible employers for specific training costs accrued during the course of training. Eligible employers must demonstrate that by receiving funding assistance through the Voucher Program their business will not only obtain a skilled workforce, but will also improve company processes and competitiveness.

Program Eligibility:

To be eligible for financial assistance, the following requirements must be met by both the employer and employee:

EMPLOYER ELIGIBILITY – an eligible employer must operate as a for-profit entity in a state-designated targeted industry, with a facility located in Ohio that has been in continuous operation for the 12 months immediately prior to application submittal. The company’s NAICS code (www.naics.com) will determine eligibility as to the targeted industry. A listing of eligible NAICS codes can be found on our website.

Targeted industries are:

• Advanced Manufacturing
• Aerospace and Aviation
• Automotive (Automotive Technicians)
• Automotive (Manufacturing)
• BioHealth
• Corporate Headquarters
• Energy
• Financial Services
• Food Processing
• Information Technology and Services
• Logistics
• Polymers and Chemicals
• Research and Development

Each Applicant will be eligible for up to $4,000 in reimbursement for each eligible incumbent employee per Fiscal Year and up to $25,000 in total assistance per Fiscal Year. The Voucher Agreement and any Supplements to the Voucher Agreement issued to an employer during the Fiscal Year, aggregated throughout all of its state of Ohio locations, will be included in this calculation. Please note that only one application per Applicant will be accepted per program year. If an employer has multiple sites or Affiliated Entities, those sites and Affiliated Entities must work together to submit one application. An application may include multiple employees and multiple training courses.

Companies that received Voucher Program assistance in FY’16 (based upon FEIN) who utilized 33% or less of their award amount will not be eligible for assistance in FY’18. The same standard will be applied to future Voucher Program funding years (i.e. if funds are not utilized in FY17, that company will not be eligible for Voucher Program assistance in FY19, and so on and so forth).

An Applicant, including its Affiliated Entities may only submit one application. The Applicant and Affiliated Entities will be responsible for selecting the entity that will apply and manage the project. The application should not include training for any entity that is not eligible for FY’18 funding.

Eligible training for Corporate Headquarter will be for the corporate headquarters staff only (employees that support the operation by providing information technology, human resources, or accounting services).

EMPLOYEE ELIGIBILITY – an eligible incumbent employee is someone who is directly employed by the Applicant at a facility located within Ohio and meets all of the following requirements:

• Employed in any of the following business functions: production, back office operations, information technology, logistics, research and development or as an automotive technician;
• Earning an hourly wage of at least 150 percent of the federal minimum wage ($10.88 as of January 1, 2012) plus benefits;
• An Ohio resident;
• At least 18 years of age;
• Working at least 25 hours per week; and
• Directly employed by the Applicant for six months or longer.

Note: an employee who is employed in a retail/service function is not eligible for the Voucher Program.

Eligible Training

Training opportunities that expand and improve an employee’s workforce skills and develop his or her opportunities for growth or promotion within the company are eligible for the Voucher Program. The training provider is to be selected independently by the employer and/or employee (with employer approval) and may be a public, private or in-house trainer.

While the effective date of the agreement will be January 1, 2018, any costs incurred or monies expended by the Applicant on the Project prior to final approval and execution of the written Agreement is done at the Applicant’s own risk. Applicant’s decision to go forward does not obligate the State of Ohio to provide state assistance that has not received all required approvals, or has not been memorialized in a written agreement between the applicant and the State of Ohio.

Training must be completed by December 31, 2018.

Trainings may be conducted at the employer’s facility, at the training provider’s facility, online or at a third-party site. Eligible training will be technical in nature, will relate to the employee’s current position or future advancement within the company, and must be required by the company. Training activities may include:

• Training for improved process efficiency (e.g. ISO-9000, Six Sigma or Lean Manufacturing);
• Training from a national, regional or state trade association that offers an independently certified training curriculum and testing;
• Training that leads to an industry recognized certificate/credential;
• Training provided in conjunction with the purchase of a new piece of equipment; and
• Training to maintain an industry recognized credential.

Ineligible training activities include (but are not limited to):

• Conference fees;
• Curriculum Development and/or Prep Time;
• General Equivalency Diploma (GED);
• HR Certification;
• ICD-10;
• Laws, Regulations, and Taxes – Training related to compliance regulations, federal/state taxation laws, international laws, US labor laws, etc;
• On-Line Resource Libraries or any other resource in which an individual can choose from a number of courses over a period of time;
• Membership Fees;
• Microsoft Office courses (this includes Outlook, Word, Excel, PowerPoint, One Note, Access, and Publisher);
• Safety Training – Mandated or regulatory safety training is not eligible. Mandated or regulatory safety training includes but is not limited to blood borne pathogens, control of hazardous materials, lockout/tagout, emergency action plan, emergency response, hazard communications, hearing conservation, safe electrical workplace, all OSHA, and stand-alone safety (including first aid, cardiopulmonary resuscitation (CPR), emergency medical technician (EMT), etc);
• Seminars/Workshops/Webinars;
• Tuition Reimbursement;
• Soft Skills (please note that this list is not all inclusive):

Adapting to Change
Anger Management
Bankruptcy Laws
Basic Math
Business Policies and Procedures
Business Writing
Communication Skills
Conducting Effective Meetings
Constructive Feedback and Criticism
Conflict Resolution
Creative & Innovative Ideas
Creative Thinking
Customer Service
Decision Making
Drug and Alcohol Education
Drug Testing
Effective Listening
E-mail Skills
Employee Relations
Emotional Intelligence
English as a Second Language
Foreign Culture and Customs
Fraud Detection/Prevention
GED Prep Courses
Generational Divide
Habits of Success People
HR Training (i.e., diversity, ethics, sexual harassment, etc.)
Informational Meetings
Interpersonal Communication
Interpersonal Skills Development
Interviewing Techniques
Leadership Courses
Legal Contracts
Legal Purchasing
Listening Skills
Monthly Meetings
Myers Briggs
Navigating Difficult Conversations
Negotiation Skills
Notary Public
Optimizing Your Work/Life Balance
Orientation/On Boarding
Organizational Behavior
Personal Management/Health
Presentation Skills
Public Speaking
Strategic Planning
Teamwork/Team Building
Telephone Skills
Time Management
Train the Trainer (How to become a more effective trainer)
Workplace Politics
• Required/Regulatory Training – Training that is required by any other public agency or department is not eligible. These trainings may include but are not limited to EPA, Hazardous Waste, FDA, Workers Comp, OSHA, etc.;
• Training that is already being reimbursed by another State or Federal training program (e.g. Ohio Workforce Guarantee, National Emergency Grant, etc.);
• Training that leads to professional license (i.e., doctors, lawyers, accountants,etc.);
• Training to maintain a professional license;
• Travel costs;
• CDL training and testing; and
• Wages of trainees while being trained.

Eligible Training Costs

The Applicant may request reimbursement for up to 33 percent of the Applicant’s cost to train an incumbent employee (up to $4,000), which may be used for any of the following purposes:

• Instructor costs;
• Instructional materials.
o Please note that these costs must be prorated per employee and will be capped at 25 percent of the cost of training per employee per training. Additionally, instructional materials must be requested and approved in the application to be eligible.

Available Funding

This Voucher Program is operated as a reimbursement program. The Ohio Development Services Agency will reimburse the Applicant for up to 33 percent of the cost of the training (up to $4,000), after 1) the Applicant pays the full cost of the training, and 2) the incumbent employee successfully completes the training. Payment of the cost of the training by an Applicant must come from private sources and cannot include any previously acquired public funds.

The invoice for reimbursement may only be submitted after an employee has successfully completed the approved training. The Applicant shall submit invoices no more than once during each quarter of the grant period, unless it is the final invoice.

Funding approvals for the Voucher Program will be on a first-come, first-served basis.

The Ohio Development Services Agency reserves the right to hold any pending applications due to the Applicant or its Affiliated Entities being delinquent or non-compliant under any other agreement with the Ohio Development Services Agency, or the Applicant or its Affiliated Entities having any outstanding tax or EPA liabilities with the State of Ohio.

Additional Information

Additional program information, including post-approval documents and processes, can be found at the following website: http://development.ohio.gov/bs/bs_wtvp.htm.

Capitalized terms not otherwise defined in these Voucher Program Guidelines shall have the meaning given to them in the Ohio Incumbent Workforce Training Voucher Program Definitions FY’18.

Strange Reasons Your Credit Score Could Change

(Shared by Brad Bapst, Director, Small Business Development Center, OSU South Centers)

The Simple Dollar www.simpledollar.com
Strange Reasons Your Credit Score Could Change
by John Ulzheimer
Updated on 07-17-17

Credit scores aren’t static. They don’t rise and fall like temperature. No, credit scores are simply a snapshot evaluation of your credit report information at a given point in time. But when the information on your credit reports changes, your scores will generally be different the next time they’re calculated.

Certain credit events may lead to a predictable difference in your credit scores. For example, if your credit report shows a new missed or late payment, a new collection account, or a new tax lien filed against you, you can presume that your credit scores will be impacted. But it’s not always this clear cut. Sometimes your credit score changes for less than obvious reasons.

Read more…

Half of Millennials Plan to Start a Business in the Next 3 Years

(Shared by Brad Bapst, Director, Small Business Development Center, OSU South Centers)

Study Conducted by America’s SBDC Reveals Insights into the Entrepreneurial Mindsets of Different Generations of Americans

Washington, D.C. – America’s SBDC partnered with the Center for Generational Kinetics to better understand how different generations view and approach entrepreneurship. The findings reinforced previously held beliefs such as a strong entrepreneurial inclination among millennials, while challenging preconceived notions about their motivations for starting a business.

“We were excited to embark on this important study to better understand how Americans across different generations are drawn to entrepreneurship and could not be more excited about the survey’s results,” said Charles “Tee” Rowe, president of America’s SBDC. “It is clear that the entrepreneurial spirit is not only alive and well in America, but that people are eager to find help to build their dream business. We at America’s SBDCs could not be more ecstatic or well positioned to help them grow with our nearly 1,000 locations across the country filled with dedicated professionals.”

Generational Perceptions
Small Businesses play a huge role in the lives of Americans. One third of Americans (34 percent), have worked in a small business in the past and nearly a quarter (24 percent) of both Millennials and Gen X own or have owned a small business.

The study found that the entrepreneurial spirit is alive and well with 41 percent of Americans saying they would quit their job and start a business in the next 6 months if they had the tools and resources they needed. This number is higher for Millennials with more than half of those surveyed stating that they would be willing to take the entrepreneurial leap in the next 6 months with the right tools and resources.

All generations surveyed lived through the great recession, yet seemingly this hasn’t dampened entrepreneurial willingness for most. The study cites that 62 percent of Americans have a dream business in mind that they would love to start, and close to half (49 percent) of millennials, intend to start their own business in the next three years.

Motivations are in the Wealth Creation
Wealth creation was the number one rated catalyst to start a small business with 47 percent of Americans listing the potential to make money as what would motivate those most to start their own business. The appeal of being your own boss is also a strong factor, with 40 percent of Americans listing it as their motivation. While there is a perception that millennials are most interested in their work being fun, the survey reveals that 62 percent would rather have a business that makes a lot of money than a business that is a lot of fun.

Opportunities for Untapped Entrepreneurial Potential
Under the right circumstances, Americans are willing to make the leap into entrepreneurship. Money was cited as the most limiting factor in entrepreneurship with 55 percent of Americans rating access to money as the most difficult aspect of starting a business. When broken down by gender, women feel more challenged by this barrier with 63 percent saying access to money is a barrier to starting a business.

The lack of knowledge and small business savvy is another roadblock existing for Americans looking to start small businesses. Over half of Americans (61 percent), say they would be encouraged to start a small business if they knew where to go for help. Even more striking, more than 13 million Millennials cite not knowing where to go for help to start or run a business as the number one reason that keeps them from starting their own business.

The study also found that:
• 59 percent of Millennials say that with the right idea and resources they would start a business within the next year
• 61 percent of Millennials believe that the best job security comes from owning your own business
• 45 percent of Millennials say access to capital is the biggest barrier to starting a business
• 51 percent of Millennials would absolutely want help with a business development plan
• 45 percent of Millennials would absolutely use training for accounting or bookkeeping software

With nearly 1,000 locations across the country, SBDCs provide local businesses and entrepreneurs the resources they need to thrive, compete and succeed. For more information on America’s SBDC or to find a SBDC near you, go to www.AmericasSBDC.org. For the complete study results, visit: www.AmericasSBDC.org/SBDCGenStudy

Small Business Class May-June

(Shared by Brad Bapst, Director, Small Business Development Center, OSU South Centers)

Small Business Class May-June 2017
WHEN: Every Tuesday & Thursday from May 2 through June 1, 2017
TIME: 1:00—4:00 p.m.
WHERE: OSU Endeavor Center 1864 Shyville Road Piketon, Ohio 45661
FEE: $15
Registration Deadline: Friday, April 28, 2017

For more information and/or to obtain a registration form, call 740-289-2371 or toll free at 1-866-820-1185 or see

4-26-2017 Ohio Business Matchmaker

(Shared by Brad Bapst, Director, Small Business Development Center, OSU South Centers)

2017 Ohio Business Matchmaker

Wednesday, April 26, 2017
Time: 8:00 a.m. – 5:00 p.m.
Wright State University Nutter Center
3640 Colonel Glen Highway
Dayton, OH 45435
Register Now: www.ohiobusinessmatchmaking.org

The 2017 Ohio Business Matchmaker is an event created to help Ohio and surrounding businesses to develop relationships with government buyers and large prime contractors. This event will feature one-on-one matchmaking with agencies and large prime contractors from local, state and federal organizations. The event will also host a small business counseling suite, pre-scheduled matchmaking, breakfast and lunch, and webinar matchmaker preparation series. The Ohio Business Matchmaker allows businesses to either pre-schedule appointments or create their own unscheduled matchmaking the day of the event.

FREE Webinar for SBDCs & SBDC Clients

(Shared by Brad Bapst, Director, Small Business Development Center, OSU South Centers)

FREE Webinar for SBDCs and SBDC Clients
– Wednesday, Mar 29th, 2017 2- 3pm EDT –

If you aren’t using email marketing to grow your business, you are missing out on sales. Email Marketing is the easiest, most cost-effective way to generate sales for your business.

The ROI on Email Marketing is 40:1, meaning, for every $1 dollar spent on email marketing, businesses average $40 in return.

In this FREE webinar, you will learn:
• How to determine the dollar value of your current contact list (even if your list is small)
• Easy ways to grow your list
• How to create great content (it is easier than you think)
• How to create beautiful, mobile-responsive emails that match your brand
• How to track your results

From revealing why regular email doesn’t work, to insider tips and techniques like automated list building tools and the design elements that work (and those that don’t!), this seminar will give you the keys to the most effective marketing you can do: email marketing.

Join Constant Contact on Wednesday, March 29th at 2-3 pm. There will be an opportunity for attendees to ask questions! All attendees in the free webinar will receive a special gift of unique savings on a new Constant Contact account. You will be able to start growing your business right away.


Managing Daily Activities as a Small Business Owner

(Submitted by Brad Bapst, Director, Small Business Development Center, OSU South Centers)

Small business owners invest massive amounts of time into their business. Managing the daily activities of dealing with customers and employees is more than enough in most cases to fulfill the workload for a business day. As we transition into the world of the internet; social media marketing, online banking, and email can add much more responsibility to a plate for business owners that is already full. The following article provides some time management tips that may help small business owners deal with the daily demands of owning/operating a business.

4 Ways to Practice Work-Life Balance in Your Small Business

By bridgetwpollack, Guest Blogger
Published: February 7, 2017 on
U.S. Small Business Administration Blogs – Industry Word

Many small business owners will tell you the rise of the internet has changed how they work. Newer entrepreneurs may not even be able to imagine moving about their day without email, social media or mobile banking.

But while these tools make it easier to do business in many ways, the pressure of always being “on” can amplify stress for small business owners. Time management can be particularly challenging for entrepreneurs who may be building a business while keeping another job, raising a family or pursuing education, just to name a few examples. Read more

To Keep Employees Motivated, Give Them a Better Title

(Shared by Brad Bapst, Director, Small Business Development Center, OSU South Centers)

Business News Daily
By Chad Brooks, Business News Senior Writer
January 4, 2017 8:45 a.m. EST

Moving up the corporate ladder means more to many employees than getting a bigger paycheck, new research finds.

sunset-1938201_1920-3A study from the people and organizational advisory firm Korn Ferry revealed that 63 percent of employees would prefer to get a promotion with no raise than a salary increase with no promotion.

Dennis Baltzley, a Korn Ferry senior partner and the firm’s global head of leadership development, said employers should take this finding into consideration if they want to hold on to their top workers.

Read More >>>