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The New Jersey Board of Public Utilities (NJBPU) and Supplier Diversity Development Council (SDDC) present its annual conference on Tuesday, September 13th, 2016 at the Livingston Student Center, Rutgers University, 84 Joyce Kilmer Avenue, Piscataway, NJ 08854. The SDDC Annual Conference hosts over 200 attendees, representing New Jersey’s largest utilities, prime contractors, and diverse business owners. The conference acts as a forum for utilities to share procurement opportunities, and for business owners to gain a comprehensive understanding about how to strategically position their business before utilities and primes. Click here to read more 

Five Tips for Hispanic Business Owners To Start Their Business
By: Marcus Cobbe, Northeast Small Business Strategist
 
As we celebrate Hispanic Heritage month this year, it’s a good time to recognize the many contributions of Hispanic small business owners. According to the U.S. Census Bureau, there are 3.3 million Hispanic-owned businesses in the U.S. https://www.census.gov/newsroom/press-releases/2015/cb15-209.html
 
We know many of these businesses are relatively new. In a Wells Fargo/Gallup national study, Hispanic-owned businesses were more likely than their counterparts in the general population to be in the start-up phase (18 percent compared to 10 percent).
 
Starting a business is no easy feat. It involves careful planning, making key financial decisions and above all, strong commitment. While the statistics surrounding start-up success are sobering – only half of new businesses survive five years – careful planning can help set aspiring entrepreneurs on the path to success.
 
From our experience working with successful Hispanic business owners, here are five tips for starting a business:
 
Develop a Business Plan
Developing a business plan is a key step for business success. An effective plan can help you prioritize how to spend your time, money, and set measurable goals. It also can help you identify current or future obstacles so you can better anticipate and avoid potential risks. Moreover, a business plan also may help you obtain business financing. For example, for an SBA loan and some larger business loans and lines of credit, lenders may require a formal written business plan before extending credit.
 
Set up your Finances
Financing is the fuel that can help your business run. That’s why it’s good for businesses to start building a strong credit history, which is essential for future borrowing. To begin, a business owner should establish dedicated business accounts separate from personal accounts. Some other financial tools new businesses should consider include:
 

• Checking account. A dedicated business checking account is the foundation for your business finances and makes it easier to monitor cash flow.
• Savings account. Don’t overlook a business savings account, which can be used for ongoing, recurring and future expenses.
• Business credit card.  Especially useful for tax season, a designated business credit card for everyday expenses helps you separate business and personal expenses.
• Payment processing. Offering customers convenient payment options with a merchant services account can help bring in more revenue and improve cash flow.
• Online banking. Take full advantage of online tools offered by your financial institution for managing cash and tracking spending.

Get Credit-Ready
One of the most important things you can do before pursuing financing for your business is to get credit ready. It’s important to work with a bank that offers tools and resources that make financing easier to understand, and a banker who can show you what your business needs to get approved for a loan. Before applying for a small business loan or line of credit, your bank will want to see that your business generates steady cash flow, has low levels of debt, and is in a strong financial position in order to manage debt payments. The more you know about what bankers want to see in a credit application, the more prepared you will be to pursue credit for your business.
 
Seek Support from Experts
Seek guidance from experienced peers and professionals as you start your business, such as a certified public accountant, attorney and a marketing expert. Your accountant can advise you about tax requirements or exemptions that you could qualify for, as well as how to keep detailed financial records that can help you streamline the bookkeeping process. An attorney can help  determine the legal protections you may need, and help decide what legal entity is best for your business. A marketing expert can provide support on how to create a tailored marketing plan that fits your business goals, as well as help build your business brand online with your social media presence. Additionally, you also may want to consider working with a business banker for support in getting your business up and running.
 
Take Advantage of Networking and Free Resources
There are numerous free resources available that can offer advice, training and assistance. The SBA.gov website is a great place to start.  This site offers a version of its site in Spanish. Additionally, Minority Business Development Centers (MBDCs) connect Hispanic business owners with training courses, one-on-one assistance and other services to help them succeed. Lastly, the U.S. Hispanic Chamber of Commerce (USHCC) has more than 200 local chapters designed to support ambitious Hispanic business owners.
 
With the right tools and guidance, more Hispanic-owned businesses can achieve success.

UPS is excited to announce that they have officially launched an X-Port Challenge for businesses seeking to take their products / services abroad.

The UPS X-PORT Challenge is a promotion designed to support businesses that have international growth aspirations, and to introduce these businesses to UPS and their international capabilities.  Businesses can apply to earn an opportunity to pitch their solutions/products and win up to $10,000 in export shipping credits from UPS.

A designated panel of judges will select 10 finalists to participate at a Pitch-Off event.  If selected as a finalist, applicants will pitch the judges on why their business is ready for the global marketplace. Three winners will be selected based on their international appeal and execution strategy. 

Apply today at www.ups.com/x-portchallenge2016