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The Newsletter of the Women's Business Resource Center

Section: Community

Business Focus
The Newsletter of the Women's Business Resource Center

News for the Entrepreneur
March 2009


In This Issue
Tax Season
New NO East Business Opens
Small Business Survival
INTERNET RESOURCES

WBRC's Website

SBA District Office - New Orleans Website
Funded in part through a Cooperative Agreement with


The Urban League's Women's Business Resource Center is glad to bring your its second issue of Business Focus. We are excited about everything packed inside this issue. There is news about business grand openings, seminars and worskhops and of course meaningful tips for the entrepreneur in all phases of business. We also feature information you can use about taxes.

Enjoy this issue! Please feel free to contact our center with any comments and ideas for future issues.

Sincerely,

Angele VonDerPool
Director, Women's Business Resource Center

CONTACT WBRC

Urban League of Greater New Orleans
Women's Business Resource Center
2322 Canal Street, 2nd Floor
New Orleans, LA 70119-6504
Phone: 504-620-9647
Fax: 504-620-9658


The Reason for the Season... Tax Season
- Angele VonDerPool
Everyone in business must keep records, especially those that will come in handy when it's time to think about paying taxes on the business. Tax season is upon us, and as small business owners you must be mindful to report your revenues accurately. As the Director of the WBRC it is my job to inform owners of tips to improve their operations and why.

You need good records to monitor the progress of your business. Records can show whether your business is improving or what changes you need to make. Good records can increase the likelihood of business success. So keeping track of all bills and receipts is highly recommended to saving on taxes. In order to receive deductions you must have your receipts. This may seem trivial but the taxes businesses pay make a tremendous impact on the community.

State and local taxes and tax incentives are a key factor in governmental decision making. Taxes are a component of operating costs, while incentives are viewed by corporations as a viable means to reduce these costs and increase return on investment. To states and communities, tax structures and tax incentives are scrutinized to determine the fiscaland economic impacts upon their economies and upon the competitiveness in attracting new investment opportunities to the region.
In order to improve the vitality of this region we must pay our taxes.

It is our mission to help individuals create the opportunity to achieve success.

TAX DATES
TO REMEMBER

April 15th - Deadline for filing federal taxes

April 15th - First installment payment for 2009 estimates taxes due

April 30th - File form 941 for 1st quarter taxes

April 15th - last day to make IRA deposits to be credit on 2008 tax return

New Business Opens in New Orleans EAST
On Saturday, March 28th, the Urban League's Women's Business Resource Center was so elated to be a part of the Grand Opening event for the General Stop located at 7070 Read Blvd. Owned and operated by Jacqueline Smith, a graduate of the Urban League's Women's Business Resource Center, the General Stop is conveniently located to accommodate the needs of residents in New Orleans East in search of a variety of economical products. The well attended grand opening event featured great in store promotions. The Urban League of Greater New Orleans proudly recognizes the dedication of residents like Jacqueline Smith to open and sustain small business.

Jacqueline Smith has been a client of the Urban League's Women's Business Resource Center (WBRC) for over three years. She came to the WBRC to receive assistance in preparing a loan package to receive funds to open a small business. Jacqueline had a dream of opening a dollar store following Hurricane Katrina. Learning more about small business development and entrepreneurship, Ms. Smith pursued small business development training at the WBRC. Her training included NxLevel® Entrepreneurial Training. The NxLevel® training provides business skills training, coupled practical hands-on guidance in marketing, bookkeeping, financial projections, and negotiating with lenders.

After investing hours of time searching research the market and searching for suppliers of like services she realized there was a need for a store in Eastern New Orleans. Ms. Smith worked with WBRC's expert counselors to develop a solid business plan that allowed her to prepare and present a concise loan package for lenders. The loan package also included Ms. Smith's financial projections and marketing plan all developed under the tutelage of WBRC's expert business counselors and staff. She also received QuickBooks® training and complimentary software to computerize her accounting records. All the resources and tools Ms. Smith harnessed gave her an understanding of the market and how to successfully capture her potential customers.

Ms. Smith learned early that the typical entrepreneur may hear NO often, but perseverance pays off. After receiving news of her bank loan acceptance she thought the check would soon follow, but it took months to receive it. Instead of waiting, Jacqueline and her husband dug into their pockets and financed their first order themselves. Ms. Smith says, "I learned quickly what could go wrong will, but just keep moving."

WBRC's UPCOMING EVENTS

April 4th - Missing Link Marketplace, 10AM - 4PM, Urban League of Greater New Orleans, 2322 Canal Street, NOLA 70119

April 15th - GIRL POWER Speaker Series Image + Attitude = Performance, 6PM, 2322 Canal Street,, NOLA 70119

April 14th - 30th - Entrepreneurial Training, 6PM, River Region Chamber of Commerce, LaPLace, LA 70068 -- CALL FOR MORE INFORMATION 985-359-9777
Tips for Small Business Survival during Tough Times
- The Money Doctor, Mildred Noah
Through these troubled times with our economy, the effect will be felt by small businesses and entrepreneurs. How can you survive these difficult economic conditions?
This is not a comprehensive list of strategies, just a few suggestions.

Remain optimistic and focused on keeping your business in afloat.
Don't panic - be confident, calm and focus on the task at hand (surviving and growing your business).
Increase revenue by offering specials, discounts or incentives.
Be proactive - think ahead.
Keep marketing.

Tips to Grow Rich

- George White, Jr. CPA

Calculate your Net Worth
Write down your short and long term goals
Organize a home budget and stick to it
Invest in stocks, CD's, and Money Market accounts
Consolidate bills into home equity loan
Make extra payments on your mortgage
Consolidate insurances
Invest in rental property
Buy term insurance
Start a part-time business and Open IRA

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