SmallBusiness.com https://smallbusiness.com Small business information, insight and resources | SmallBusiness.com Wed, 23 Mar 2022 22:14:33 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.2 The SBA’s National Small Business Week is May 1-7, 2022 https://smallbusiness.com/small-business-administration/the-sbas-national-small-business-week-is-may-1-7-2022/ Wed, 23 Mar 2022 22:14:31 +0000 https://smallbusiness.com/?p=42397 Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA), recently announced that this year’s National Small Business Week will take place May 1-7, 2022.

“The virtual summit will acknowledge small businesses from across the country for their resilience, ingenuity, and creativity. It will also recognize SBA partners for their involvement in entrepreneurial development, disaster recovery, government contracting, financial development, and overall support for small businesses and entrepreneurship.” 


This year’s theme, Building a Better America through Entrepreneurship, celebrates the resiliency and tenacity of America’s entrepreneurs who are doing their part to power our nation’s historic economic comeback,” said Guzman.


 Highlights

The free, four-day virtual summit, will honor the nation’s 32.5 million small businesses for their perseverance, said Guzman. “It will feature access to: critical federal resources, educational workshops, and networking to help our nation’s entrepreneurs pivot and grow in the face of any challenge, seize new opportunities, and make sure the dream of starting a small business is in reach for every American. ”

The 2022 Small Business Persons of the Year award winners from each state, including the District of Columbia, Puerto Rico, and the Virgin Islands, will be honored. The SBA will also announce the 2022 National Small Business Person of the Year from among the state winners represented.

Details on National Small Business Week event registration and speaker information will be announced later and posted on www.sba.gov/NSBW.     

In addition, National Small Business Week recognitions and educational sessions will occur throughout each of the SBA’s 10 regions and 68 district offices.    

About National Small Business Week

For more than 51 years, the President of the United States has issued a proclamation announcing National Small Business Week, which recognizes the critical contributions of America’s entrepreneurs and small business owners.  More than half of Americans either own or work for a small business, and they create about two out of every three new jobs in the U.S. each year.  As part of National Small Business Week, the U.S. Small Business Administration takes the opportunity to highlight the impact of outstanding entrepreneurs, small business owners, and others from all 50 states and U.S. territories. Every day, they’re working to grow small businesses, create 21st century jobs, drive innovation, and increase America’s global competitiveness

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IRS Tip: How Small Business Owners Can Deduct Their Home Office From Their Taxes | 2022 https://smallbusiness.com/taxes/irs-tip-how-small-business-owners-can-deduct-their-home-office-from-their-taxes-2022/ Wed, 19 Jan 2022 21:39:22 +0000 https://smallbusiness.com/?p=42360 (Note: This article was prepared and provided by the IRS. “Tax Tip 2022-10,” January 19, 2022. Refer to your trusted tax advisor before making any tax-related decisions.)


The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use part of their home or a separate structure on their property as their primary place of business.


Here are some details about this deduction to help taxpayers determine if they can claim it:

(Note: This article was prepared and provided by the IRS. “Tax Tip 2022-10,” January 19, 2022. Refer to your trusted tax advisor before making any tax-related decisions.)

  • Employees are not eligible to claim the home office deduction.
     
  • The home office deduction, calculated on Form 8829, is available to both homeowners and renters.
     
  • There are certain expenses taxpayers can deduct. These may include mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent.
     
  • Taxpayers must meet specific requirements to claim home expenses as a deduction. Even then, the deductible amount of these types of expenses may be limited.
     
  • The term “home” for purposes of this deduction:
    • Includes a house, apartment, condominium, mobile home, boat or similar property.
    • Also includes structures on the property. These are places like an unattached garage, studio, barn or greenhouse.
    • Doesn’t include any part of the taxpayer’s property used exclusively as a hotel, motel, inn or similar business.
       
  • Generally, there are two basic requirements for the taxpayer’s home to qualify as a deduction:
    • There generally must be exclusive use of a portion of the home for conducting business on a regular basis. For example, a taxpayer who uses an extra room to run their business can take a home office deduction only for that extra room so long as it is used both regularly and exclusively in the business.
    • The home must generally be the taxpayer’s principal place of business. A taxpayer can also meet this requirement if administrative or management activities are conducted at the home and there is no other location to perform these duties. Therefore, someone who conducts business outside of their home but also uses their home to conduct business may still qualify for a home office deduction.
       
  • Expenses that relate to a separate structure not attached to the home may qualify for a home office deduction. They will qualify only if the structure is used exclusively and regularly for business.
     
  • Taxpayers who qualify may choose one of two methods to calculate their home office expense deduction:
    • The simplified option has a rate of $5 a square foot for business use of the home. The maximum size for this option is 300 square feet. The maximum deduction under this method is $1,500.
    • When using the regular method, deductions for a home office are based on the percentage of the home devoted to business use. Taxpayers who use a whole room or part of a room for conducting their business need to figure out the percentage of the home used for business activities to deduct indirect expenses. Direct expenses are deducted in full.

(Note: This article was prepared and provided by the IRS. “Tax Tip 2022-10,” January 19, 2022. Refer to your trusted tax advisor before making any tax-related decisions.)

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Small Business, Big Holidays: 2021-2022 https://smallbusiness.com/smallbusiness-com-etcetera/small-business-big-holidays-2021-2022/ Fri, 24 Dec 2021 23:54:01 +0000 https://smallbusiness.com/?p=42319 Starting and running a small business is always challenging.

But the past two years have been especially challenging for small business owners and their employees: the global pandemic and the many ways it has impacted their professional and personal lives. And more.

Yet even during the earliest days of the pandemic — and its continuing challenges– we began also to hear small business stories of optimism.

Stories with words like:..

Opportunity.

Resilience.

Pivoting.

Growth.

To small business owners, employees, suppliers and customers, we thank you.

Thank you for the inspiration you provide us all.

Happiest of holidays and best wishes for a wonderful new years.


SmallBusiness.com will be back on January 4, 2022.

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QuickBooks Survey: 17 Million New Small Businesses Could Start in 2022 https://smallbusiness.com/about-small-businesses/intuit-quickbooks-2022/ Mon, 13 Dec 2021 21:32:29 +0000 https://smallbusiness.com/?p=42305

(Source:QuickBooks, Posted December 13, 2021)

After two record-breaking years of new business creation, QuickBooks forecasts the trend will continue in 2022, predicting up to 17 million new small businesses to be formed.*

These findings are highlighted in the QuickBooks New Business Insights report, based on a recent survey of 8,000 U.S. employees and owners.

  • 86% | More than 8 in 10 people (86%) said that small businesses are crucial to the economy.
  • 57% | More than half (57%) of surveyed respondents said they dream of owning their own business “to be my own boss” and “to have more control over my future” as their leading motivations for starting a business..
  • 57% | Nearly 3 in 5 people in the U.S. (57%) said they intend to spend more money at small businesses over the next six months because they want to help local employers and enjoy the stellar customer service they get.
  • 50% | 50% of respondents said they’ve spent more with small businesses during the pandemic.

“When the pandemic hit, we saw an unprecedented number of new businesses formed as millions of people spotted new opportunities brought on by the ‘new normal’ or reevaluated their priorities. Now, almost two years later, we’re continuing to see this trend, as 2022 promises to deliver even more small business growth and prosperity.”

Alex Chriss, executive vice president and general manager of Intuit’s Small Business and Self-Employed Group


QuickBooks also surveyed 2,000 U.S. small business owners to understand the top priorities for businesses in the new year.

According to the Small Business Insights report, small business owners overwhelmingly said they are focused on making the pivot to online permanent, already accelerated by the pandemic.

88% | Percentage of surveyed small business owners say online sales will be an important source of revenue in 2022.

97% | Small Business owners who say digital technology will be important to their business in 2022.


Some concerns and considerations of small business owners

Attracting and Retaining Talent. 

44% | Despite current challenges in hiring, 44% of small businesses said they will expand their workforce over the next three months. T

40% | Percentage of U.S. employees who say they are looking for new or different jobs.

46% | To retain talent, 46% plan to increase pay for existing employees.

36% | Other owners are offering larger bonuses.


Optimizing for Online. 

A top priority for those starting a business in 2022 is building a user-friendly website, with “increasing online sales” noted as the top priority of 40% of business owners. Notably, this isn’t limited to ecommerce businesses:

74% | Percentage of brick-and-mortar business owners who say online revenue is important.

33% | In addition to a website, social media is also proving to be vital for businesses, with revenue from social media accounting for a 33% of small business revenue, on average.

22% | Brick-and-mortar businesses get 22% of their sales via social media.


Concerns with Economic and Financial Issues

Inflation

97% | Business owners and consumers (97% each respectively) are worried about inflation.

45% | Among business owners, 45% cited “rising costs” as the largest threat their businesses face.

63% | To overcome this, nearly two-thirds of business owners (63%) are planning to raise prices over the next three months.

Shipping and the supply chain issues

71% | 71% of small businesses have experienced supply chain problems this year…however…

62% | Of those that have experienced issues, 62% of the surveyed owners say their problems have already been resolved or that they expect them to be resolved soon.

67% |  More than two-thirds of business owners (67%) plan to fund their new business with personal savings

49% | 49% will apply for a small business loan from a bank or financial institution.


*The projection of 17 million new businesses includes sole proprietors. When new businesses hire employees or incorporate, rather than remain as sole proprietors, they need an Employer Identification Number (EIN). QuickBooks projections based on U.S. Census Bureau data suggest there will be around 5.3 million EINs registered in 2021, significantly outpacing the previous record of 4.3 million set in 2020. The same projection predicts there will be 5.6 million new businesses in 2022.


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SBA Announces Call for Nominations for National Small Business Week Awards | 2022 https://smallbusiness.com/small-business-week/sba-announces-call-for-nominations-for-2022-national-small-business-week-awards/ Thu, 09 Dec 2021 21:38:38 +0000 https://smallbusiness.com/?p=42295

(Press release via SBA.gov) Nominations are now being accepted for the 2022 National Small Business Week (NSBW) Awards. The NSBW Awards recognize the achievements of SBA-assisted small businesses and the contributions they have made to their communities and our nation’s economy. For more than 50 years, the U.S. Small Business Administration has celebrated National Small Business Week (NSBW), which recognizes the critical contributions of America’s entrepreneurs and small business owners.


via: SBA.gov

All nominations should be submitted electronically by 3 p.m. EST on January 11, 2022. The awards will be presented during the NSBW Awards ceremony in the first week of May 2022. To nominate a small business owner in your area or download related forms, criteria, and guidelines, visit sba.gov/nsbw.


Nominations for the following categories will be accepted

Small Business Person of the Year:

  • A business/owner from each of the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and Guam will be selected for the State Winner award.
  • The state award winners will compete for the title of National Small Business Person of the Year, SBA’s signature award.

Small Business Exporter of the Year

Phoenix Awards for Disaster Recovery:

  • Phoenix Award for Small Business Disaster Recovery
  • Phoenix Award for Outstanding Contributions to Disaster Recovery, Public Official
  • Phoenix Award for Outstanding Contributions to Disaster Recovery, Volunteer

Federal Procurement Awards:

  • Small Business Prime Contractor of the Year
  • Small Business Subcontractor of the Year
  • Dwight D. Eisenhower Awards for Excellence (for large prime contractors who use small businesses as suppliers and contractors)
  • 8(a) Graduate of the Year

Awards to SBA Resource Partners:

  • Small Business Development Center (SBDC) Excellence and Innovation Center Award
  • Women’s Business Center of Excellence Award
  • Veterans Business Outreach Center of the Year

Small Business Investment Company of the Year

For contact information and other information, visit online at https://www.sba.gov/local- assistance.


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Holiday Shopping Can Beat Forecast (Despite Inflation and Covid-19) | 2021 https://smallbusiness.com/small-business-saturday/holiday-shopping-can-beat-forecast-despite-inflation-and-new-covid-variant-2021/ Fri, 03 Dec 2021 23:11:32 +0000 https://smallbusiness.com/?p=42280 (December 3, 2021)


The 2021 holiday season appears to be on track to exceed the National Retail Federation’s earlier forecast.

Despite supply chain disruptions, inflation, and challenges like the new COVID-19 omicron variant, the National Retail Federation’s (NRF) chief economist said today that holiday spending can turn out even better than the retail trade association earlier forecasted.


“Now that we’re in December, the holiday shopping season is nearing the finish line. The question is how have factors ranging from economic indicators to the twists of the COVID-19 pandemic affected the season so far, and what role will they play in the weeks that remain? There’s no crystal ball to provide a definitive answer, but the latest data is encouraging and provides useful insights. In fact, the season could turn out even better than we expected. Consumers and retailers have both revised their playbooks and broken with previous traditions. With the momentum we’ve seen so far likely to continue, it seems probable that we will exceed our initial projection.”

Jack Kleinhenz
NRF Chief Economist



Kleinhenz’s remarks came in the December issue of NRF’s Monthly Economic Review.

Highlights:

  • 11.5% | Holiday retail sales during November and December could grow as much as 11.5 percent over the same period in 2020.
  • Between 8.5% and 10.5% | Such spending would exceed NRF’s forecast that holiday sales would be up between 8.5 percent and 10.5 percent.
  • Consumers remain in solid financial shape and do not appear to be stretched. With shopping starting earlier, the Thanksgiving weekend (including Small Business Saturday) now helps to mark off the holiday season rather than serving as the kickoff it once was.
  • 4.1% | Over the past year, disposable personal income has been up 4.1 percent
  • 12% | During the past year, personal spending has increased 12 percent
  • Initial unemployment claims fell to their lowest level since 1969 the weekend before Thanksgiving
  • 546,000 jobs were added to payrolls in October followed by 210,000 in November
  • 4.2% | The November unemployment rate fell to a new pandemic low of 4.2 percent.
  • Initial unemployment claims fell to their lowest level since 1969 the weekend before Thanksgiving
  • 546,000 jobs were added to payrolls in October followed by 210,000 in November
  • 4.2% | The November unemployment rate fell to a new pandemic low of 4.2 percent.
  • 4.2 million jobs | Continued strong growth rates will reduce the 4.2 million jobs needed to return employment to pre-pandemic levels

However, there are “potential economic wildcards”

NRF economist Kleinhenz called the COVID-19 omicron variant “the latest wildcard raising uncertainty around the economic outlook,” but said it is too early to predict what impact it will have on the economy. The University of Michigan Index of Consumer Sentiment declined to 67.4 in November, its lowest level in a decade, but Kleinhenz said spending data is a more relevant measure of consumer behavior.

Source

NRR Monthly Economic Review: December 2021

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NRF: 51 Million Shoppers Participated in Small Business Saturday | 2021 https://smallbusiness.com/small-business-saturday/small-business-saturday-2021/ Tue, 30 Nov 2021 18:43:45 +0000 https://smallbusiness.com/?p=42262 Nearly 180 million Americans shopped during the five-day holiday shopping period from Thanksgiving Day through Black Friday, Small Business Saturday, and Cyber Monday, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.


51 million shoppers participated in Small Business Saturday.

The importance of supporting local businesses remained top of mind for many consumers, with 71% indicating they were shopping specifically on Small Business Saturday. Black Friday surpassed Cyber Monday in terms of total online shoppers, with 88 million shopping online the Friday after Thanksgiving compared with 77 million on Monday.


“Retailers have adapted and enticed customers with a number of incentives throughout November. The Thanksgiving holiday weekend remains a significant time for friends and families to check specific holiday items off their lists. Over the last few years, consumers have shifted their holiday shopping plans to start earlier in the season.”

NRF President and CEO Matthew Shay


179.8 million | Number of unique shoppers who made in-store and online purchases during the holiday weekend. The figure compares with 186.4 million shoppers in 2020 and is in line with the average of the last four years.
49% | Percentage of shoppers surveyed who said they took advantage of early holiday sales or promotions before Thanksgiving this year. 
82% | Percentage of shoppers surveyed who felt the deals were the same or better than last Thanksgiving weekend.


The number of people who shopped in stores increased this year. 

Retailers saw an increase in foot traffic, with approximately 104.9 million shoppers visiting stores, up from 92.3 million in 2020.

The overall number of online shoppers decreased to a total of 127.8 million from 145.4 million last year. 

Black Friday remained the most popular day for in-store shopping, with 66.5 million shoppers.

$301.27 | Holiday-related purchases such as gifts, décor, apparel, and toys. (This is down slightly from $311.75 in 2020.

Top gift purchases over the weekend (bought by percent of those surveyed)

51% | Clothing and accessories
32% | Toys
28% | Gift cards/certificates
27% | Books, music, movies, video games 
24% | Electronics

With a longer holiday shopping season, consumers have welcomed the flexibility it offers. 

84% | Percentage of holiday shoppers surveyed who said they have already started shopping
52% | Percentage of holiday shoppers surveyed who said they have already completed their holiday shopping


SOURCE | NRF defines the holiday season as of November 1 through December 31 and has forecast that sales will grow between 8.5 percent and 10.5 percent over 2020 to between $843.4 billion and $859 billion. According to NRF’s annual survey released in October, consumers plan to spend $997.73 on gifts, holiday items, and other non-gift purchases for themselves and their families this year. The survey of 5,759 adult consumers was conducted November 24-29 and has a margin of error of plus or minus 1.3 percentage points.


Read more about the holiday season at the NRF Winter Holiday Headquarters.

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Small Business Saturday; Small Business Everyday | 2021 https://smallbusiness.com/small-business-saturday/small-business-saturday-small-business-everyday-2021/ Wed, 24 Nov 2021 22:14:27 +0000 https://smallbusiness.com/?p=42246

The 12th annual Small Business Saturday takes place this year on November 27, 2021 (the Saturday after Thanksgiving). American Express created the event as a counterpart to promotions supporting big-box retailers (Black Friday) and  Cyber Monday which encourage shoppers to buy products through big box retail stores and mega-online e-commerce channels. While local holiday events that promote holiday shopping have been around for decades, Small Business Saturday helped turn the day into a national marketing event that reminds consumers why it is important to support small and local businesses, products, and services.


According to the U.S Chamber of Commerce, shoppers have also been eager to jump on board and support their local small businesses. Last year, the U.S. Small Business Administration reported Americans spent nearly $20 billion on Small Business Saturday, and in the years before that, consumers spent a cumulative $100 billion-plus related to the event.


Small business owners and their customers understand the importance of supporting small and local businesses

56% | Percentage of small business owners who agree that customer support is more critical than ever. (1)

78% | Percentage of owners who say holiday sales will impact their ability to keep their doors open in 2022. (1)

“The past year has presented unique challenges for small business owners across the country. It has never been more vital to support the small businesses that make our communities unique and contribute to the culture of our neighborhoods. Small Business Saturday provides us with an opportunity to connect with our local community and remind them to get out and shop small all holiday season.”

Nicole and Michael Nicholas owners of Aunts et Uncles in Brooklyn, NY


Advice from shoppers on ways small businesses can encourage seasonal shopping

A recent survey of holiday shoppers commissioned by Union Bank revealed the hurdles consumers say they are facing this holiday shopping season. (2)

When asked what would make the consumers more likely to shop at a small business this year, here are some of the responses.

64% | Offer holiday sales
59% | Offer unique, exclusive gifts
49% | Provide free local delivery’
48% | Offer online ordering
47% | Offer price breaks
46% | Provide a cheery, holiday experience


“Purchasing locally handcrafted items or the gift of an experience, such as a concert, can be more personal and more fun,” Deborah Small, professor of marketing and psychology at Wharton Business School recently told ConsumerReports.org. “By choosing something handcrafted or locally grown, or making a purchase that helps support a neighborhood business, your gift will be more personal and authentic,” she said.


See SmallBusiness.com posts throughout the years.


”Photos:
Nicole Nicholas, Aunts et Uncles, Brooklyn, NY via American Express
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Sources

(1) The American Express Shop Small Impact Study consisted of two studies conducted by Teneo on behalf of American Express. The consumer survey was an anonymous online survey conducted from October 13-18, 2021 among a sample of 1,013 adults 18 years of age and older. The American Express Shop Small Impact Study consisted of two studies conducted by Teneo on behalf of American Express. The consumer survey was an anonymous online survey conducted from October 13-18, 2021 among a sample of 1,013 adults 18 years of age and older. Consumer data is weighted by five variables: age, sex, geographic region, race and education to ensure reliable and accurate representation of the total U.S. population, 18 years of age and older based on U.S. Census data. The small business owner survey was conducted online among a sample of 523 small business owners/managers in the U.S. from October 12-19, 2021. Respondent companies must conduct sales in a physical location in one of the following industries: arts/entertainment/recreation, retail trade, restaurant/bar/coffee shop/hotel/hospitality, or personal services.

(2) Union Bank Small Business Holiday Spending 2021 Survey: Research was gathered through an online survey commissioned by Union Bank and conducted by global independent research firm Edelman DxI. The survey was completed by 1,000 U.S. consumers (age 18+) and 200 U.S. small business owners, sampled to be nationally representative. Data was collected between Oct. 5 and Oct. 13, 2021. The margin of error is +/- 2 percentage points.

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Apple Unveils a New Small Business Service That Brings Together Device Management, Support and Storage https://smallbusiness.com/tech/apple-unveils-a-new-small-business-service-that-brings-together-device-management-support-and-storage/ Wed, 10 Nov 2021 17:55:27 +0000 https://smallbusiness.com/?p=42230


Apple Business Essentials, a new service available today in beta, brings device management, support, and storage into one complete subscription for small businesses. (November 10, 2021)


In a press release, Apple says the new service brings together device management, 24/7 Apple Support, and iCloud storage into flexible subscription plans for small businesses with up to 500 employees.

The company also unveiled a new Apple Business Essentials app that enables employees to install apps for work and request support. According to Apple, the service supports small businesses through the total device management life cycle — from device setup to employee onboarding and device upgrades — while providing security, prioritized support, and secure data storage and backup.


“Small businesses are at the core of our economy, and we’re proud that Apple products play a role in helping these companies grow. Apple Business Essentials is designed to help streamline every step of employee device management within a small business — from setup, onboarding, and upgrading, to accessing fast service and prioritized support, all while keeping data backed up and secure, so companies can focus on running their business.”

Susan Prescott, Apple’s vice president of Enterprise and Education Marketing


Simple Setup and Onboarding with Collections

Apple says the new service is “a complete solution that makes employee onboarding simple, allowing a small business to easily configure, deploy, and manage Apple products from anywhere.”

Within Apple Business Essentials, Collections enable IT personnel to configure settings and apps for individual users, groups, or devices. When employees sign in to their corporate or personally owned device with their work credentials, Collections automatically push settings such as VPN configurations and Wi-Fi passwords. In addition, Collections will install the new Apple Business Essentials app on each employee’s home screen, where they can download corporate apps assigned to them, such as Cisco Webex or Microsoft Word.

Strong Security with FileVault, Activation Lock, and User Enrollment

With Apple Business Essentials, it’s simple to maintain strong security across the organization. IT managers can enforce critical security settings such as FileVault for full-disk encryption on Mac, and Activation Lock to protect devices that may be lost or stolen — and Apple Business Essentials ensures these aren’t turned off by mistake. When employees use a personal device at work, User Enrollment creates cryptographic separation for work data, to ensure employee data remains private while company data remains secure.

Secure Storage and Backup with iCloud

Apple Business Essentials provides a dedicated iCloud account for work, providing simple and secure storage, backup, and collaboration on files and documents. Business data in iCloud is automatically stored and backed up, making it easy to move between devices or upgrade to a new device.

Support and Repairs with AppleCare+ for Business Essentials

Businesses have the option to add fast and reliable service for employee devices with prioritized Apple Support. When a business adds AppleCare+ for Business Essentials to its plan, they get 24/7 access to phone support, training for both IT administrators and employees, and up to two device repairs per plan each year. Employees can initiate repairs directly from the new Apple Business Essentials app, and an Apple-trained technician can come onsite in as little as four hours to get their devices back up and running.

Flexible Subscription

A set of three Apple Business Essentials plans enable businesses to cover every employee and device in their organization.

Plans can be customized to support each user with up to three devices and up to 2TB of secure storage in iCloud, starting at $2.99 per month, with optional AppleCare+ for Apple Business Essentials. (AppleCare+ for Business Essentials is not available during the free beta period; pricing to be announced)

Availability

Apple Business Essentials is available as a free beta starting today in the US. The service will be fully available in the spring of 2022. For beta information, see: apple.com/business/essentials.


Video: Promotional video provided by Apple

Image: Apple

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Government Resources for Military Vets Who Are Starting, Growing a Small Business| Veterans Day, 2021 https://smallbusiness.com/military/government-resources-for-military-vets-who-are-starting-growing-a-small-business-veterans-day-2021/ Mon, 08 Nov 2021 22:00:40 +0000 https://smallbusiness.com/?p=42209

The U.S. Small Business Administration offers support for veterans as they enter the world of business ownership. Look for funding programs, training, and federal contracting opportunities. Here is a list of such services. (Links are provided by the SBA.)

Office of Veterans Business Development (OVBD)

Office of Veterans Business Development (OVBD)

Devoted exclusively to promoting veteran entrepreneurship, the OVBD facilitates the use of all U.S. Small Business Administration (SBA) programs by veterans, service-disabled veterans, reservists, active-duty service members, transitioning service members, and their dependents or survivors.

SBA programs provide access to capital and preparation for small business opportunities. They can also connect veteran small business owners with federal procurement and commercial supply chains.

The Veterans Business Outreach Center Program is an OVBD initiative that oversees Veterans Business Outreach Centers (VBOC) across the country. This small business program features a number of success stories and offers business plan workshops, concept assessments, mentorship, and training for eligible veterans.

Find your nearest center.

Funding for veteran-owned small businesses

You can use SBA tools like Lender Match to connect with lenders. In addition, SBA makes special consideration for veterans through several programs.

Veteran entrepreneurship training programs

SBA programs feature customized curriculums, in-person classes, and online courses to give veterans the training to succeed. These programs teach the fundamentals of business ownership and provide access to SBA resources and small business experts.

  • Boots to Business: An entrepreneurial program offered on military installations around the world and a training track of the U.S. Department of Defense Transition Assistance Program (TAP). Boots to Business Reboot extends the entrepreneurship training offered in TAP to veterans of all eras in their communities. Boots to Business Revenue Readiness is available after completion of Boots to Business or Boots to Business Reboot and provides a six-week virtual program that prepares participants to take their business idea from concept to an executable business model.
  • Women Veteran Entrepreneurship Training Program (WVETP): Provides entrepreneurial training to women veterans, women service members, and women spouses of service members and veterans as they start or grow a business. SBA funds these entrepreneurship training programs available exclusively for women veterans through grantees:
  • IVMF – Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE)
  • Service-Disabled Veteran Entrepreneurship Training Program (SDVETP): Provides entrepreneurship training program(s) to service-disabled veteran entrepreneurs who aspire to be small business owners or currently own a small business. SBA funds entrepreneurship training programs for service-disabled veterans through grantees:
  • Veteran Federal Procurement Entrepreneurship Training Program (VFPETP): Delivers entrepreneurship training to veteran-owned and service-disabled veteran-owned businesses nationwide interested in pursuing, or already engaged in federal procurement.

Government contracting programs for veterans

Every year, the federal government awards a portion of contracting dollars specifically to businesses owned by military veterans. Also, small businesses owned by veterans may be eligible to purchase surplus property from the federal government. 

Check out the rules of eligibility for these government contracting programs for veterans.

Military spouse resources

Military spouse entrepreneurs and business owners have access to the same small business programs and resources that are available to service members and veterans. Find training, counseling, access to capital, and contracting resources.

Links to More Veterans Business Development Resources | 2021

Content



Veterans, Service Members, and Military Spouses

Women Veterans

Service-Disabled Veterans

Reserve and National Guard Members

Resource Partners

Other Government Resources

Federal Advisory Committees

Other SBA Resources

Grant Opportunities and Documents


Photo: GettyImages | The content found on this list are provided by the U.S. Veterans Administration.


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