Small Business Administration Archives - American Quilt Retailer

Posted on July 13, 2021July 13, 2021 by AQR Piece by Piece — Leave a comment

How to Write a Business Plan

Some of you might be old hands at writing a business plan. But to those of you who aren’t, this post is for you!

There are a lot of resources available to help you in this process. Remember the goal of a business plan is to be a roadmap for where you want to go. A great business plan can help you increase capital, hire top talent, and guide your next decision.

Writing your business plan

Your business plan should be a projection of the next 3-5 years, and should be the roadmap to how you plan on growing revenues. Check out the pieces your business plan should contain below.

Executive Summary
Company Description
Market Analysis
Organization & Management
Service or Product Line
Marketing & Sales
Funding Request
Financial Projections
Appendix

For a description on these and what they include, check out this guide from the Small Business Administration.

Statistics

Still hesitant to get started? According to Quickbooks, businesses with a plan grow 30 percent faster than those without, and owners with plans are twice as likely to grow and get investments and loans.

And before you even begin, be sure you know who your target audience is. That way, you know who you’re speaking to the whole time you’re writing.

Of course, writing a plan is work, and to make your plan stand out, consider ideas for partnerships as you begin your research. Your business plan can be short and to the point, but should show why you care. Be objective, avoid jargon, and don’t be afraid to make changes to your original plan.

Finally, don’t forget to USE IT! Put all that hard work to good use.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you. And don’t forget, you can always purchase single issues if you prefer that instead.

Posted on July 7, 2021July 7, 2021 by AQR Piece by Piece — Leave a comment

Market Research and Competitive Analysis

We’re starting a series for anyone interested in starting their own quilt business. In today’s post, we’ll cover the first steps: conducting market research and competitive analysis.

Market Research

The first thing you should do to turn your dream into a reality is conduct market research. If you want your business to succeed, the below are pretty good indicators to start asking:

Demand: Does your community want a quilt store?
Market: How many people would shop there? (This can help determine the size of your operation.)
Economy: What is the income range of the community you will open in?
Saturation: How many competitors do you have? And how would your pricing compare to these competitors?

Compare all of these statistics against the information that’s available about quilters. Also check out the Small Business Administration for free services to help with your research.

Competitive Analysis

If in your market research you discover competitors (don’t worry, you will), the next step is to conduct a competitive analysis. This will be key to defining your business’s edge.

A competitive analysis includes determining your strengths and weaknesses, your window of opportunity to enter the market, the importance of your services, and barriers.

The Department of Justice provides a diagram of Porter’s Five Forces that will help you to determine the answers to the above. These include:

Supplier Power
Threat of Substitutes
Degree of Rivalry
Buyer Power
Barriers to Entry

If after you complete this research and determine your business will be likely to succeed, you’re ready for the next step. Stay tuned next week for tips on how to write a business plan.

Posted on June 17, 2020June 16, 2020 by AQR Piece by Piece — Leave a comment

Small Business Financial Relief

If you’re like us, it feels great to be back to work. But even as more money begins flowing in, know financial options are available if your budget still feels tight.

Paycheck Protection Program

The most widely known option available, the Paycheck Protection Program was designed to keep workers on payroll. If employees are kept on payroll for eight weeks, SBA will forgive loans when the money is used for payroll, rent, mortgage interest, or utilities. Consult with your lender if they are participants of this program. Note, the PPP is tax exempt.

For more information, visit here.

EIDL Loan Advance

This loan advance provides up to $10,000 to small businesses in need of temporary relief, and is the newest form of economic relief passed by Congress. Enacted on June 15, note the loan does not have to be repaid. Businesses who have already received money from the PPP are eligible.

For more information, visit here.

SBA Express Bridge Loans

Small businesses are eligible for SBA Express Bridge Loans if they already have a relationship with an SBA Express Lender. This loan is good for up to $25,000 and can be accessed quickly. Use this loan to bridge the gap while waiting for funds from the EIDL loan.

For more information, visit here.

SBA Debt Relief

For businesses who didn’t received funding from the above options, the SBA will automatically provide SBA Debt Relief. This includes six months of paying the principal, interest, and fees for current and new borrowers (through September 27, 2020). For more information, visit here.

Also note, the CARES Act includes funding for the SBA to forgive six months of payments for current and new loans provided through the SBA. For more information, visit here.

Other options

There is a long list of corporations also looking to support small businesses. Start with Forbes for a more organized version, then check out the University of Chicago for a more inclusive list.

Information for this blog came from the Small Business Administration. Local relief may be available; we suggest beginning your research with a Google search.