New York SBDC Research Network

From the Bureau of Labor Statistics : The aging of the United States population will influence the economy for many years to come. The Census Bureau projects that in 2050, the population aged 65 and older will be 83.7 million, almost double its estimate of 43.1 million in 2012... Understanding expenditure patterns in later life is crucial to evaluating financial security in retirement. This analysis uses integrated data from the 2014 Consumer Expenditure Survey (CE), which separates the 55-and-older age range into three groups: ages 55–64, 65–74, and 75 and older. Data show that: *Housing is the greatest expense in dollar amount and as a share of total expenditures for households with a reference person 55 and older. *Clothing and transportation spending, and contributions for pensions and Social Security decline with the age of the reference person. *Healthcare spending increases with the age of the reference person.

The  2015 Survey of Market Absorption of New Multifamily Units annual report  provides absorption details for units constructed in 2014. The Survey of Market Absorption of New Multifamily Units is conducted by the U.S. Census Bureau on behalf of the Department of Housing and Urban Development. This survey measures how soon privately financed, nonsubsidized, unfurnished units in buildings with five or more units are rented or sold (absorbed) after completion. In addition, it collects data on characteristics such as number of bedrooms, asking rent and asking price.

From the IRS: Most employers have fewer than 50 full-time employees or full-time equivalent employees and are not subject to the Affordable Care Act’s  employer shared responsibility provision . If an employer has fewer than 50 full-time employees, including full-time equivalent employees, on average during the prior year, the employer is not an ALE for the current calendar year.  Therefore, the employer is not subject to the employer shared responsibility provisions or the employer information reporting provisions for the current year. Calculating the number of employees is especially important for employers that have close to 50 employees or whose workforce fluctuates throughout the year.

Today, the Office of Advocacy, an independent office within the Small Business Administration, released the annual Small Business Profiles in a fresh, redesigned format. The user-friendly, data-rich profiles combine catchy visuals and more in-depth data than previous editions. They capture vital data on U.S. and state-level economic growth, industry, and jobs using completely reproducible data from the leading government statistical agencies. The profiles illustrate the state and national economies in terms of small business employment, diversity, and trade. They show the most important small business industries, both in the number of firms and how many jobs they account for. And they show establishment turnover trends and county-level job change. Visit Advocacy’s website to view the US or your state’s profile.

Each year the New York Small Business Development Center recognizes outstanding small businesses in a variety of ways.  This Success Story from the  Mid-Hudson SBDC  appears in our  2015 Annual Report .  Lea Fridrich The Garden Cafe Mid-Hudson SBDC Lea Fridrich’s love for vegetarian food is only surpassed by her love for people! Lea had her eye on a well-established, well-loved vegetarian restaurant in Woodstock that she knew was for sale, and in June 2014 she offered to purchase it. A customer who frequented the restaurant Lea managed at the time was so impressed with Lea’s skills and passion that she agreed to finance the purchase of the restaurant and to become a limited partner. Lea was left with the task of determining a reasonable valuation for the business and estimating the total amount of financing required to realize her vision for the restaurant. Mid-Hudson SBDC Advisor Sam Kandel worked closely with Lea to determine a fair valuation, manage the expectations

Nature or nurture? Are procrastinators made, or are they born? Turns out, it’s a little bit of both. On the one hand, some chalk procrastination up to a response from an authoritarian parenting style. So, if your parents were overly strict, you might not have been able to develop good self-regulation skills on your own. Turns out, maybe you really can blame Mom and Dad. Not only that, but procrastination can even be a form of rebellion at a younger age, and it’s unfortunately an easy habit to carry into adulthood. On the flipside, our tendency to procrastinate could be partly genetic. Studies show that procrastination is heritable, and is linked with the frontal systems of our brain that regulate our so-called “executive functioning,” which includes things like self-control, planning, and problem solving. The research shows that procrastinators may have “subtle executive dysfunction,” or a lessened ability to regulate themselves and plan well. However, while there is a

There are so many podcasts out now that it can be difficult to choose where to start. Best to go to a trusted source and seek their advice. Jonathan Michael at Bplans.com gives you a good place to start:  Whether you are considering starting your own business, or you are already a successful entrepreneur, listening to how others succeeded can help you better achieve the goals you have set for your business.   Podcasts are an informative, fun way to gain knowledge and inspiration, and can be listened to while working, exercising, commuting, and so on. The key is finding worthwhile podcasts to listen to.   ...5. Entrepreneur on Fire  John Lee Dumas, founder and host of Entrepreneur on Fire, interviews successful entrepreneurs every single day. A consistent podcast, the show has a new episode every day of the week, each with a different guest. Entrepreneur on Fire was awarded a Best of iTunes Award in 2013, and its insights can definitely help guide you in your own entrepreneurial e

Each year the New York Small Business Development Center recognizes outstanding small businesses in a variety of ways.  This Success Story from the  Canton SBDC  appears in our  2015 Annual Report .  Dennis & Kelly Forsyth Four Sites Camp Wildwood Canton SBDC Dennis and Kelly Forsyth have owned property on Black Lake for many years and love the region. They had the opportunity to purchase Camp Wildwood, a business that had been in business for more than 50 years. The property included a gorgeous house as well as four cottages and four RV sites. Black Lake, often called a “freshwater fisherman’s paradise,” attracts thousands due to its proximity to the St. Lawrence Seaway, the Thousand Islands, the Adirondack Park, and Canada. Dennis and Kelly realized that if Camp Wildwood closed, it would impact tourism in their area. They felt they were uniquely suited to run the facility due to their connections in the region and skills at maintaining the cabins and grounds. They cam

Getting information about not-for-profit organizations may be easier than you realize. From   GRANTSPACE , a service of Foundation Center "According to  IRS disclosure regulations , exempt organizations must make its three most recently filed annual 990 or 990-PF returns and all related supporting documents available for public inspection. This public disclosure rule also applies to Form 1023, which is filed to obtain exempt status." Check out the list of websites from which one can get an organization's Form 990 or Form 990-PF.

Veterans: Growing your business? Boots to Business REBOOT THE AMERICAN LEGION, VBOC OF NYC & NJ and The SMALL BUSINESS ADMINISTRATION PRESENT A FREE TWO DAY PROGRAM FOR VETERANS WHO WANT TO START, EXPAND OR PURCHASE A SMALL BUSINESS. American Legion Post 170, 33 W. Passaic St., Rochelle Park, NJ 07662 Wednesday, May 11th and Thursday,  May 12th 2016 From  09:00 AM to 4:00 PM – refreshments provided at no cost courtesy of American Legion Post  170 Registration required by April 27, 2016 Registration Link: https://docs.google.com/forms/d/1sfVrIL2u3xJgL3luQNd6Mxy0QxBQyQVkIOJD3b0xVSM/viewform?c=0&w=1 For Questions Contact: Gene Spillane, SBA Veterans Small Business Outreach Officer Eugene.Spillane@SBA.gov / 972-645-2427

If you operate a “local business” (meaning one that gets most of its customers from your local area), don’t overlook the Internet as an important way to attract new customers and stay top of mind with existing customers or past customers. According to  Google research , having good online information gets more people to shop in brick-and-mortar stores and businesses. For local businesses, there are some specific steps to take to make sure that your business can be found by searchers in your geographical area.  Because after all, you want local shoppers.  So being found by local searchers is the name of the game for you -- not just Web visibility in general. HERE   a checklist of important steps to take for local SEO:

From Empire State Development: The $35 million Global NY Fund provides loans and grants to help New York State’s small- and medium-sized businesses go global and create new jobs in New York.   The Global NY team is coming to all 10 regions of New York State to introduce the $35 million Global NY Fund, which provides loans and grants to help small and medium-sized New York businesses start exporting or increase their global export sales. Grants are also available to non-profits that provide export assistance and trade education to New York State companies. To find out more about any of our events and to RSVP, please email  or call: 212-803-2300  Tour schedule Mohawk Valley – March 29th (breakfast 8:30-10:30) Location: Room IT 225 at Mohawk Valley Community College 1101 Sherman Dr, Utica, NY 13501   Capital Region – March 30th (breakfast 8:30-10:30) Location: Albany Marriott Hotel 189 Wolf Road Albany, NY 12205

Each year the New York Small Business Development Center recognizes outstanding small businesses in a variety of ways.  This Success Story from the  Buffalo SBDC  appears in our  2015 Annual Report .  Jabril & Ellen Shareef Living Green Insulation Products and Services, Inc. Buffalo SBDC Living Green Insulation Products and Services, Inc. has worked with the Buffalo State SBDC for several years. Co-owners, Jabril and Ellen Shareef have been engaged in construction related enterprises for over 20 years, and completed the Buffalo SBDC’s Minority and Women Bonding Readiness Program. When they approached the Buffalo SBDC more recently, they were forming their first green business enterprise, which converts recycled paper into cellulose insulation. Jabril and Ellen worked with Advisor Bill Grieshober to develop a complex funding proposal for $960,000 that included funding from First Niagara Bank and the Erie County Industrial Development Agency. They also secured an energy

Remember Qwikster? In September 2011, Netflix CEO Reed Hastings decided to spin off the DVD section of his business from the streaming service and name it Qwikster. Users revolted--big time. Learn how to  benefit by avoiding these CEO's mistakes.   

The Small Business Administration's (SBA) Emerging Leaders  Program helps business owners in challenged communities grow their operations by providing them with the tools they need. Learn more about the Emerging Leaders program . 

Psychologists have found that  successful leaders share the same basic traits . While circumstances also play into the mix, great leaders are those who build these traits over time.  In this newsletter, we cover other ways to build your leadership skills, as well as a few examples of things not to do, courtesy of some well-known CEOs. 

Did you know Steve Jobs loved lecturing at universities because it gave him an opportunity to scout talented potential employees and build his team first hand?  Read more about the habits  of successful business leaders .

Are you an employer who is seeking assistance with your business? Young workers are a potential commodity that you may wish to consider, the following linked article will explain the reasons why. CLICK HERE

Ignoring your financial statement is like ignoring the health of your business. Startups and new business owners often overlook understanding gross margin. This can have a direct impact on your ability to effectively manage a growing business, price your products, and most importantly, make a profit. CONTINUE READING

Each year the New York Small Business Development Center recognizes outstanding small businesses in a variety of ways.  This Success Story from the  Brooklyn SBDC  appears in our  2015 Annual Report .  Andrew Walcott Fusion East Brooklyn SBDC Serial entrepreneur Andrew Walcott has been a client of the Brooklyn SBDC for more than five years, working with several of the advisors. He is the son of immigrant parents, who raised him in the inner-city community of East New York. He is a product of local NYC public schools and a graduate of Brooklyn College, where he is currently an adjunct-professor. He is an Air Force Veteran who worked his way through law school and also has earned CPA credentials.  He has owned and operated his own law and accounting practice for many years. Earlier this year Andrew and his childhood friends opened Fusion East Caribbean & Soul Food, an exciting restaurant in the very neighborhood in which he grew up. East New York is a section of Brook