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I was given information pertaining to available resources from the Caribbean Chamber Of Commerce located at the Brooklyn Navy Yard. The phone number reports that the organization no longer there. Where did they move?
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You can contact the Caribbean American Chamber of Commerce and Industry, Inc. at:
718-834-4544
Brooklyn Navy Yard, Building #5
Mezzanine A, Unit 239
63 Flushing Avenue
Brooklyn, New York 11205-1054
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Have interior design business newly certified NY NJ NMSDC and am looking for training as a green certified consultant for design and building. Are there grants for small minority women owned business for this type of training? Are there grants to keep small business alive during this harsh economic downturn?
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NYC Business Solutions Training Funds provides funding to enable New York City employers to invest in their workforce through a wide range of training. NYC Business Solutions Training Funds provide up to $400,000 to fund 60-70% of eligible training costs. There are strict eligibility guidelines for Training Funds. To learn more about Training Funds and eligibility requirements, visit nyc.gov/training. You can also contact your local NYC Business Solutions Center for assistance determining if your business is eligible, and to receive assistance completing the Training Funds pre-application.
Your local NYC Business Solutions Center can also help you determine if you are currently eligible as a minority and women-owned business for M/WBE Certification. Becoming M/WBE Certified provides you with access to an increased number of services and increased opportunities to Sell to Government.
To learn more about NYC Business Solutions and to find a Center near you, visit nyc.gov/nycbusiness or call 311.
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I'm contemplating about starting a business. I have a few good ideas, but I'm not sure what I should do — or if I can bootstrap to get started. Can you suggest process/method that would provide me good estimate of start-up cost?
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If you are interested in starting a business but not sure where to begin, you should contact your local NYC Business Solutions Center. NYC Business Solutions is a suite of no-cost services that help businesses start, operate and expand in New York City. NYC Business Solutions offers courses tailored specifically to entrepreneurs who are looking to launch their business but are not sure where to begin. Additionally, NYC Business Solutions offers FastTrac NewVenture, an intensive bootcamp designed to help entrepreneurs turn a business idea into a successful business launch. FastTrac NewVenture will teach you how to market your product or service, set financial goals and build an effective team. To learn more about NYC Business Solutions Courses and services, visit nyc.gov/nycbusiness or call 311 to be connected to an NYC Business Solutions Center that is convenient for you.
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I have invented a special product that will be of interest to pet business owners. Can you suggest a database that would enable me to research about low-cost manufacturing firms that might make product as per my specification? Also, Should I follow any specific decision making processing for selecting the "right" manufacturer?
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The first thing you should do is consider what factors are most important to your business, and where you are willing to compromise. For example, are you willing to settle for a much longer lead time or lower product quality in exchange for lower costs? Is the location of the manufacturer important to you? What production volume will your manufacturer need to be able to handle? It is a good idea to determine what your needs are upfront, to help guide your search and your conversations with potential manufacturing partners.
There are several online databases that you can use to help you search for an appropriate manufacturer. One database is maintained by a company called Panjiva (www.panjiva.com). Panjiva leverages data sources to identify, evaluate and monitor suppliers around the world, and compiles that data into easy-to-understand reports and ratings. You can check out their database and conduct searches for suppliers that meet your specifications for free, although there is a fee for additional information and services. You can also search for US suppliers at ThomasNet (www.thomasnet.com). The database is free to search, and provides the contact information of the suppliers listed.
If you’d like additional support launching your business, contact your local NYC Business Solutions Center. The Centers offer a suite of no-cost services that can help you launch your business, including business courses specifically created to help new entrepreneurs.
To learn more or find the NYC Business Solutions Center most convenient for you, visit nyc.gov/nycbusiness or call 311.
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Can you suggest how we can more effectively market our services to potential customers?
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Marketing is a key component of getting a business off the ground – no matter how great the service that you offer is, you won’t be successful if you aren’t connecting with potential customers! NYC Business Solutions offers a course called Mastering Marketing that will empower you with the marketing skills, tools and techniques you need to build and expand your customer base. The NYC Business Solutions suite of services is offered at no cost.
To learn more about NYC Business Solutions courses and register for an upcoming course, visit nyc.gov/nycbusiness or call 311.
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I have read many online articles about starting a business. However, I’m still unable to choose a name for my consulting business that would stand out. Can you please outline a simple process on how to arrive at a name if you own a service business?
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Your first step should be to brainstorm potential names that you like and that make sense for your business. As you begin to think of names, ask yourself:
- Do you want your business name to evoke what your business does?
- Do you want your business name to evoke your name?
- Is the potential name catchy and memorable?
- Is the potential name easy to spell (many people prefer shorter names)?
Once you have determined your short list of names:
- Run the name by people you trust to get their honest opinion
- Determine if there a domain name (website URL) available that is the same or similar to the potential name. You can do a quick search at merchantwarehouse.com or other similar websites.
- Do an internet search to see if any of your competitors have a similar name. You don’t want your business to be easily confused with your competitors.
You should determine several business names that you would feel comfortable using, since you will also need to ensure that you are legally allowed to use your business name. These requirements will depend on what your business structure is, and where you are registering your business. For example, if you will be registering as a Corporation in New York State, you can begin your name availability check at the Corporation & Business Entity Database, accessible through the Department of State website.
To help you determine the steps you will need to take to launch your business and begin operation, NYC Business Solutions offers NYC Business Express, a tool dedicated to making it easier to do business in New York City. NYC Business Express (www.nyc.gov/businessexpress) provides a customized list of City, State and Federal requirements you will have to meet and guidance in terms of next steps.
If you would like additional assistance launching your business, NYC Business Solutions offers a suite of services to help businesses start, operate and expand in New York City. NYC Business Solutions can help you complete your business plan, determine the best legal structure for your business, access financing and market your business to potential customers. To learn more about NYC Business Solutions and find the center nearest you, visit www.nyc.gov/nycbusiness or call 311.
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I would like to sell my business in a few years but am not sure how to go about the whole process, particularly the pricing decision. Could you steer me to someone that could give me some help, and/or help determine the value of my business?
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For assistance coming to an appropriate value for your business, you may want to utilize a third-party business appraiser that specializes in creating business valuation reports. While these third-parties will charge a fee for this service, it is considered by many experts to be worthwhile. Having a third-party valuation will be viewed upon favorably by potential buyers of your business, and any financial institutions that they will be leaning on for financing assistance to make the purchase. You should do your research to ensure that you are using an appraiser who is Certified by the state and who is reputable. Just as it is important to understand your financial statements even if you work with an accountant, you should also familiarize yourself with the factors that go into creating the valuation report.
There are other factors besides your business’ valuation that go into setting your selling price, and many other factors you should keep in mind when trying to sell your business. You should educate yourself on what these factors are and how to make smart decisions that can lead to a successful sale by speaking with your accountant and doing independent research.
Score.org, a small business mentoring site, has a wealth of online resources that can help you understand how a business’ value is determined and other useful tips for successfully selling your business.
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Do I need a sales tax ID number (Certificate of Authority)? If so, how do I get one?
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A Sales Tax ID Number is required for all businesses that will be making sales in New York State that are subject to sales tax. To find out if you need a sales tax ID number, we would like to recommend a tool called NYC Business Express (www.nyc.gov/businessexpress). Using the NYC Business Express Wizard, you can obtain a customized list of typical City, State, and Federal requirements for your business, including sales tax ID number requirements.
To obtain a Certificate of Authority, you must file form DTF-17 “Application for Registration as a Sales Tax Vendor” with the NYS Department of Taxation and Finance at 20 days but no more than 90 days before you begin operating your business. If your application is approved, your Certificate of Authority will be mailed to you. You cannot legally conduct business until you have received your valid Certificate of Authority.
You can obtain an application for a Certificate of Authority:
- - Online: Visit www.nyc.gov/businessexpress and search for “Application for registration as a sales tax vendor” or locate the application through the Index.
- - Via phone: Call (800) 698-2909 to obtain an application.
NYC Business Solutions can provide you with additional assistance obtaining your Sales Tax ID number and determining what licenses and permits your business may need to operate legally. For more information or to find an NYC Business Solutions Center near you, visit nyc.gov/nycbusiness or call 311.
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How can I work with the City of New York?
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The City of New York has an annual procurement budget that can exceed 15 Billion dollars, which means that there are tremendous opportunities for businesses who want to enter into contracts with the City. If you have never worked with government before, the best way to start is to attend the no-cost procurement workshop that is hosted by NYC Business Solutions. The workshop covers basic government contracting issues and answers to frequently asked questions, as well as information on how to register to sell to the government. The workshop is offered on the second Tuesday of every month from 10AM to 12PM, and is located at the NYC Department of Small Business Services on 110 William Street in Lower Manhattan.
Registration for the workshop is required, and can be done several ways:
- - Visit nyc.gov/nycbusiness and click on the “Selling to Government” section of the website
- - Call 311 and ask for “Small Business Courses”
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I need to find employees for my business quickly, but I don’t have the time or expertise to do so. Are there any resources available to assist?
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NYC Business Solutions’ Customized Recruitment service can solve your problem by bringing the right talent to your door. NYC Business Solutions has a constantly-expanding network of thousands of candidates and expertise in advertising open positions if the candidate pool is not sufficient. They will manage the entire process for you, from identifying and prescreening job candidates according to your business specifications, to scheduling interviews and even providing interview space, if necessary. As with the entire suite of NYC Business Solutions services, customized recruitment services are offered at no cost to you.
If you are opening a new store location, there is a no-cost recruitment service available specifically to meet your needs. NYC Business Solutions Location Opening service includes a customized recruitment strategy, candidate identification, and an efficient referral process to save you time and money. Once they’ve identified the best candidates and brought them to your door, they also offer logistical support to help manage the complex and sometimes overwhelming process of hiring for a new location.
If you’d like to learn more or take advantage of NYC Business Solutions’ no-cost recruitment services, please go to nyc.gov/recruitment. If you would like to speak with an Account Manager to learn more, just follow the directions on the website or call 311 to find an NYC Business Solutions Center that is convenient for you.
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My small business is profitable, but I have poor personal credit history. As a result, I’ve been turned down by every major bank for a small business loan. Are there any other lending options out there?
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Alternative lenders may be a good option for you. Alternative lenders exist to fill the gap between bank financing requirements and small businesses in need of financing. They can be much more willing to look past credit history and other traditional loan criteria when evaluating whether an applicant should receive a loan. At the same time, you should be prepared for the process to take longer with an alternative lender than with a traditional lender.
To learn more about lending options and find the right lender to meet your need, contact your local NYC Business Solutions Center. The Center can determine which lenders would be the best fit and help you package your loan application. To learn more or find the NYC Business Solutions Center most convenient for you, visit nyc.gov/nycbusiness or call 311.
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I’m starting a restaurant but have no idea which permits and licenses I will need. Where do I go to find this information?
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Determining what licenses and permits you need in order to open and operate your business can be daunting. That’s why we have NYC Business Express, an online tool that can make the process easier (www.nyc.gov/businessexpress). NYC Business Express is designed to help businesses like you identify what City, State and Federal requirements exist for your business, and to provide easy access to the necessary paperwork that you will need to meet these requirements and open your business.
If you need additional assistance navigating government regulations or would like some additional support as you launch your restaurant, contact your nearest NYC Business Solutions Center. NYC Business Solutions Centers offer a suite of no-cost services that help businesses start, operate and expand in New York City. Our services includes business courses tailored specifically to people planning to launch their business, as well as courses specifically designed for those in the restaurant industry. NYC Business Solutions can also help you find the right talent when you are ready to hire your restaurant staff, and can even provide financing assistance if you need additional capital to start, operate or someday expand your business. To learn more or find the NYC Business Solutions Center most convenient for you, visit nyc.gov/nycbusiness or call 311.
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I often feel like my accountant is making business decisions on my behalf that I do not fully understand. How can I educate myself to make these decisions on my own?
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That is a great question. Even if you consult with financial advisers when making business decisions, it is important that you are well-informed of the financial health of your business and what the implications of your financial situation may be. The best way to begin empowering yourself to make financial and strategic decisions for your business is to get to know your financial statements. NYC Business Solutions offers free online resources to both help you understand how to read, interpret and use the information in your financial statements to make the sorts of decisions you want to be able to make for your business, and to prepare your business for what lies ahead.
NYC Business Solutions also offers a workshop in QuickBooks. This workshop will teach you how to use QuickBooks accounting software to capture accurate accounting data, as well as provide greater detail into how to understand and analyze your financial statements and use this information to make smart business decisions.
To access these resources and learn more about NYC Business Solutions Courses, visit nyc.gov/nycbusiness or call 311.
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