A Division of Empire State Development
Starting a
Business in
New York State -
A Guide to Owning and
Operating a Small Business
A Beginner’s Guide to
Starting a Small Business
in New York State
Welcome to Entrepreneurship
This guidebook was prepared to help you get started on the road to a successful entrepreneurship
and keep you pointed in the right direction. It gives you information about everything from
planning and financing a business to marketing, keeping records and understanding government
regulations. It also contains what you need to know about expanding an existing business. In
addition to providing a solid overview of small business ownership, this guidebook will serve as
a reference to the many programs and resources that are available to new business owners.
For the purposes of this publication, a small business is one that is a resident in this state,
independently owned and operated, not dominant in its field and employs 100 or fewer persons.
These businesses are a vital part of the economic picture in New York State and across the nation.
New York Business Express
At New York Business Express, you can learn about the licenses, permits and regulations to starting
a business in New York State. New York Business Express helps users to quickly learn about and
access resources for starting, running and growing a business in New York. The Business Wizard
leads users through a series of questions to create a Custom Business Checklist that helps determine
which New York State, as well as federal and local requirements apply to their business. The Incentive
Guide helps users to find out which New York State programs and incentives they may be eligible.
At the Business Index, users can quickly and easily access forms they may need.
The purpose of this guidebook is to provide general business information for anyone considering the start-
up or expansion of a small business in New York State. It is not intended to be an exhaustive discussion of
the laws of New York State, since legal requirements may change from time to time and the application of
specific laws to individual cases may vary.
This Guidebook was last updated in April 2019. If there are any inactive hyperlinks, contact [email protected]
Contents
CHAPTER 1: Foundations for Success 1
CHAPTER 2: Mapping a Strategy 7
CHAPTER 3: Financing Your Venture 12
CHAPTER 4: Selling Yourself 17
CHAPTER 5: Keeping the Books 24
CHAPTER 6: Government Regulations 31
Glossary 37
Appendix A: Entrepreneurship Assistance Centers 39
Appendix B: Small Business Development Center 40
Appendix C: Empire State Development Regional Offices 43
Appendix D: Government Agencies 44
Appendix E: Business Trade Associations 44
Appendix F: Chambers of Commerce 51
Appendix G: Alternative Lenders 56
The chapters follow the
sequence of decisions
and actions that most
entrepreneurs go through,
beginning with choosing and
organizing a business, which
is covered in Chapter 1.
Chapter 2 takes you step-by-
step through the development
of a complete business plan,
which is critical for success.
Once a plan is established, you
can begin to look at financing,
which is covered in Chapter 3.
Your continual success will
depend to a great extent on
marketing, which is discussed
in Chapter 4. In Chapter 5, you
will find a review of the records
you need to maintain to manage
your business and meet legal
requirements, while Chapter
6 is devoted to government
regulations, including licensing
and permits, sales tax, insurance
and obligations to employees.
The last few pages contain
information on resources
available to you from both
public and private sources.
You have always wanted to start your
own business. You’ve thought about
it, dreamt about it, discussed it with
family and friends, perhaps even
done some research on the subject.
Each year, thousands of New Yorkers
follow their dreams and tackle the
challenges of entrepreneurship and
enjoy the rewards and satisfaction of
having accomplished something by
themselves, of being able to shape
their own destiny and contributing
to their community. Many people
who take this road wonder why they
didn’t do it sooner. With the right
planning, determination and resources,
you can do it too. Whether you’re
thinking of starting a food truck,
brewery, graphic design, accounting
service, home improvement,
laundromat, or e-commerce
business, this guidebook will help
you build a foundation for success.
Do You Have What It
Takes To Succeed?
Studies show that most successful
entrepreneurs share some key traits.
They are usually organized, determined
people who have a strong sense of
responsibility, are not afraid to make
decisions or mistakes, work well with
other people and enjoy the art of selling.
Here’s a look at some of those traits.
Organizational ability:
Small business
owners must pay strict attention to
details, be self-disciplined and use
their time efficiently. They must be
able to pay attention to employees,
customers, sales and expenses — all
at the same time. They must be able
to pay bills and wages on time and
maintain a budget to avoid the roller
coaster of having surplus funds one
month and a shortage the next.
Determination: The most successful
small business owners not only want to
succeed, they are determined to do so.
They have the ability to adjust rapidly
to change, learn quickly, recognize and
correct mistakes, think creatively, be
enterprising and resourceful, handle
discouragement and develop favorable
solutions to everyday problems. They
also realize the importance of taking risks.
Sense of responsibility: Small business
owners are completely responsible
for what happens to their business.
Long after others have gone home,
they may have to stay on the job
tending to any number of details —
getting your bookkeeping in order,
going over inventory, rearranging
merchandise, meeting clients or
seeing that repairs are made.
Decisiveness: Small business owners
must make many decisions, and often
make them quickly. Some entrepreneurs
come by that ability naturally; others learn
through experience. The best decision-
makers consider all the choices open
to them, use that knowledge judiciously
and don’t second-guess themselves
once a decision has been made. They
realize that making mistakes is part
of the process, and they forge ahead
with new decisions despite setbacks.
People skills:
Small business owners must
get along with people, understand their
needs and inspire their confidence. They
realize that courtesy and understanding
are an important part of dealing with
customers, suppliers, lenders and others
who play a key role in their business.
Marketing: Marketing and selling are a
part of operating all businesses, from
manufacturing to the service trades.
While some people are naturally adept at
sales skills, others work hard to develop
a sixth sense for marketing know-how
and opportunities, taking advantage
of the many books, courses, seminars,
and online training available to them.
Do you wonder if you have the right quali-
ties to make it on your own in
business? Take the quiz, “A Readiness
Test”, (see Figure 1-1) to find out.
CHAPTER 1
Foundations For Success
Assessing Your Resources
Opening your own business is an
exciting journey that can provide
lifelong satisfaction. But it is also
one of life’s greatest challenges and
also entails making some choices
that will deeply affect you and the
people around you. That’s why it’s
important to get all the information
you can before you start.
Education and information: In
today’s increasingly global economy,
education is essential for the business
person. In addition to a good general
education, you may want to consider
taking specialized courses to enhance
your working knowledge of financial
and other pertinent matters. New York
State has many fine learning institutions,
including private and state universities,
local community colleges, vocational
schools, adult education centers and
job training programs that offer a
range of entrepreneurial development
and business programs, such as the
Entrepreneurship Assistance Centers
(EAC) and Business Mentor NY. EACs
provide new and aspiring entrepreneurs
with training and business counseling
services to develop basic business
management skills, refining business
concept, devising early-stage marketing
plans, and obtaining business financing.
To find an EAC in your area, visit
EAC’s webpage at https://esd.ny.gov/
entrepreneurial-assistance-program or
Appendix A on page 39.
Business Mentor NY is a web-based,
mentoring program, which assists
entrepreneurs and established small
businesses overcome challenges to grow
their business. To connect with a mentor,
visit Business Mentor NY at https://
businessmentor.ny.gov/. It is also helpful
to consult trade journals, consumer
magazines, web publications, forums,
and social media on a regular basis to
keep up with current news and trends in
your industry. In general, the more you
know about the business before you start
the greater your chances for success.
1
2
Figure 1.1
A Readiness Test
Take this quiz to find out if you have the right qualities to operate your own business. Under each question, check the answer that
comes closest to saying what you feel, then find your score using the key provided.
1. Are you a self-starter?
____ Yes. I like to do things on my own and have a lot of initiative.
____ To a point. I’ll contribute what I am expected to.
____ No. I don’t put myself out unless it’s absolutely necessary.
2. Do you enjoy working with other people?
____ Yes. I like people and can get along with anybody.
____ Sometimes. If people don’t bother me too much, I can get along with them.
____ No. Most people are difficult to work with and irritating.
3. Do you welcome responsibility?
____ Yes. I like to take charge of things and see them through from beginning to end.
____ Not really. But I can handle it if I have to.
____ No. I’d rather let someone else be in charge.
4. Are you a good organizer?
____ Yes. I always have a plan before I start a project, and usually get things lined up when others want to do something.
____ It depends. I do all right up until a point, but when things get too overwhelming, I tend to back off.
____ No. I like to take things as they come. I try not to plan too much in advance.
5. Are you a hard worker?
____ Yes. I do whatever it takes to get the job done. I don’t mind working hard for something I want.
____ Usually. I’ll work hard for a while, but when I’ve had enough, that’s it.
____ No. I prefer to work only when I have to.
6. Are you comfortable making decisions?
____ Yes. I can make up my mind in a hurry if I have to, and usually things turn out well.
____ I’m not sure. If I have plenty of time, I usually can, but if I have to make up my mind fast, later I always wonder if
I made the right choice.
____ No. I don’t like being the one to decide things. I’m afraid of making the wrong choices.
7. Do you finish what you start?
____ Yes. If I’m determined to do something, nothing can stop me.
____ Usually. I can finish what I start as long as it is going well and is interesting.
____ No. I have great ideas, but frequently I have trouble carrying them out.
8. Are you eager and energetic?
____ Yes. I’m a tireless worker who looks forward to new challenges and tasks.
____ For the most part. I have a reasonable amount of energy.
____ No. I run out of steam sooner than most of my friends do.
9. Do you like to sell?
____ Yes. When I sell something I believe in, I feel as though I have done the customer a service. I find it extremely
satisfying and consider myself very persuasive.
____ Sometimes. Selling is a tough job, but I’m willing to learn the skills if I must.
____ No. I don’t like asking someone to buy something from me. I believe a good product or service should sell itself.
Scoring: How many check marks are beside the first answer? ____
How many check marks are beside the second answer? ____
How many check marks are beside the third answer? ____
If you have more than five checks beside the first answer, you probably have what it takes to run a business.
If you have more than five checks beside the third answer, you may have difficulty making it on your own.
If your score falls somewhere in the middle, you may need some help to make your business successful.
3
Often, the most successful entrepreneurs
are people who have worked for years
for someone else in a particular line of
business and who finally decide they
know the ropes well enough to leave
their employer and start up a similar
operation.
Capital: Money invested in a business
is called capital. Before you start your
business, you must identify sources of
money for equipment, supplies and
day-to-day operating expenses, and
plan in advance to have it available
when you’ll need it. Successful
entrepreneurs plan their cash flow at
least a year ahead, and many carry out
their projections two to five years in
advance. Insufficient start-up money or
under-capitalization, is one of the major
reasons half of all small businesses fail
during the first two years.
Professional assistance: Building a
successful business means relying on
others for support and advice. There is
a wide range of resources, both public
and private, that can offer the support
you need. Government agencies such as
Empire State Development (ESD) and the
U.S. Small Business Administration (SBA)
can provide guidance on everything
from securing access to capital, business
mentoring, and government procurement,
to exporting products or services. To
learn about ESD’s programs and services,
visit https://esd.ny.gov/doing-business-
ny/small-business-hub or find an ESD
office in Appendix C on page 43. For
information on SBA’s programs, visit SBA
at www.sba.gov or find SBA’s regional
office in Appendix D on page 44.
Professional advisors can assist with
planning and save you money in the long
run. A lawyer, for instance, can help you
buy or sell a business, formulate a legal
structure for your business, negotiate with
your landlord or financial institution, write
a personnel policy and resolve conflicts
that may arise. An accountant can help
review your start-up costs, prepare and
analyze financial statements, prepare
loan applications, set up a bookkeeping
system, and prepare tax returns.
You may want to consult a lender
for information about how to secure
financing or manage your finances,
while an insurance agent can help you
determine what kinds of insurance
coverage you will need and the
best policy for your business.
For information on trends in your field,
comparative operating figures and the
latest marketing strategies, you may
find local or national business trade
associations helpful. Find contact
information at Appendix E on page 44.
Choosing Your Business
There are several options to consider
when deciding what kind of business
to undertake. You can sell a product or
a service or a combination of the two.
You can purchase a new business or an
existing one, and run it by yourself or
with a partner. Whatever you ultimately
decide, it is important to take the time to
examine all the choices.
GENERAL CONSIDERATIONS
It is wise to choose a field in which you
have some prior knowledge. If you go into
a business that is completely unfa miliar,
you will be competing with experienced
professionals who already know things
it may take you years to learn. There are
probably some businesses you can start
almost immediately, provided you have
sufficient capital, but others will require
that you complete months or even years
of training.
Prior experience is important, but do not
neglect your personal interests. Initially,
you are likely to be working 10 to 15
hours a day, five to seven days a week
to make your operation a success. With
the business taking up that much of your
life, it is important for your mental and
physical health that you like what you are
doing. Investigate the long-term outlook
for the industries that interest you. Look
for opportunities in businesses where
expansion can be expected. Surveys
by trade groups, government and other
reputable organizations are a good
place to find businesses that are ripe for
development. You can get this information
by contacting trade associations, U.S.
Census Bureau and libraries.
As you look at different businesses,
consider consumer needs you can
fill. You should make sure there is a
market for your products and services
before you commit. Stay away from
overcrowded fields. While many fields
may offer good opportunities in general,
too many businesses that offer the
same thing in the same area may be a
prescription for failure.
Survey the people who are likely to
be your customers to find out what
they want and how much they are
willing to pay. This may be as simple as
questioning friends and acquaintances or
conducting an informal focus group.
The amount of capital you have
available will also influence your decision.
You may find an attractive business
opportunity, but discover that you do not
have enough money to finance it. If that is
the case, it is best to continue looking for
another business opportunity. A business
is practical only if you have sufficient
capital to keep it going until the profits
are adequate to support the business.
New York State actively promotes
a healthy business climate, but each
community is different. Take your time
in choosing a location, particularly if
the community is new to you. Study
the long-term population and business
trends in the region, the town and the
neighborhood where you might locate.
Finally, get a feel for the business
and social climates in the community
where you will set up your operation.
Talk with local business people and
professionals, including bankers, lawyers
and real estate brokers. You may want to
consider joining a chamber of commerce
or business trade association. You can
find a local chamber of commerce in
Appendix F on page 51 and business
trade association in Appendix E on
page 44. These organizations can
help your business gain credibility
in the community; exposure through
networking opportunities, referrals
and online or printed publications;
accessibility to discounted services,
products, training and development
programs; and advocacy on issues
affecting the small business community.
BUSINESS OPTIONS
There are three basic ways to go into
business for yourself — start a business
from scratch, buy an existing business or
buy a franchise.
The New Business
Starting a new business can be the
least expensive way to begin, and it
allows the most freedom since it has no
history. The business name, its location,
its equipment and its employees are
all yours to choose. If you are selling
products, you have the option of starting
with an all new inventory, unaffected
by the purchasing decisions made by
4
others. In addition, you are not affected
by prior commitments to employees,
leases and other obligations that an
existing business frequently has.
On the other hand, it can be difficult to
raise money for a new business and the
risk is higher. Since you probably do not
have an established clientele, you can
expect your advertising expenses to
be higher than those of an established
business, and you may have to go through
a prolonged period of trial and error as
you develop your marketing strategies.
Because you will have no history of prior
operations, cash flow will be unpredictable
and, most likely, insufficient.
Buying a Business
By purchasing an established business,
you have a product or service that is
already familiar to your customers, making
the job of advertising easier and less
costly. You may gain already established
goodwill, which includes all the intangible
efforts that go into building a thriving
business, including good customer and
trade relations, management efficiency
and public acceptance. Cash flow
generally has been established and there
is usually an existing relationship with
lenders and suppliers.
When you research your potential
purchase, carefully consider any
disadvantages. Depending on the
previous history of the business,
goodwill may not exist. The building
or its location may contain hidden
liabilities, such as being situated three
blocks away from a similar operation.
If the business involves retailing,
wholesaling or manufacturing, there
may be “dead stock” or inventory
that is obsolete or damaged, turns
over slowly or does not sell at all.
Also beware of undisclosed reasons
for selling, such as concealed financial
obligations, deteriorating local
conditions, labor problems, zoning
changes, an expiring non-renewable
lease or limited growth potential.
You can find out about businesses
for sale by letting your interest be
known among members of the local
business community, checking the
classified advertising sections of
local newspapers, online, and trade
magazines or newsletters, and
consulting commercial specialists
and industrial real estate business
brokers, lawyers and accountants.
There are a few additional precautions to
take when you are looking to purchase
a business. Beware of “partner wanted”
opportunities. By law, every partner in
a general partnership is responsible
for the debts of the entire partnership,
so be very cautious about getting
involved. You will also want to avoid new
partners, which are generally poor risks.
Do not let yourself get rushed into
a deal. All propositions and agreements
should be in writing and drawn up or
reviewed by a lawyer who works for you
and has experience in business sales.
Consult your nearest Better Business
Bureau, which can help you avoid
professional swindlers, and have the
business you are buying investigated
by both a lawyer and an accountant.
If you do decide to proceed, know
your legal responsibilities. The sale
of a business, either in part or as a
whole, is called a bulk sales transaction.
Regardless of the size or cost of
the sale, you must comply with the
laws regulating such transactions.
If the seller of your potential business
has ever been required to collect
New York State sales tax during
business operations, he or she may
we sales taxes to the state. If you buy
the business without having followed
bulk sales procedures, you may
be responsible for any outstanding
sales tax liability owed by the seller.
For more detailed tax information
including bulk sales information, see
Chapter 6 section on “Taxes”.
Franchising
When you purchase a franchise, the
business will operate under the name
and system of the master company.
The types of franchises available vary
from tax-preparation services and
soft drink distributorships to fast food
restaurants and hotel chains. The sizes
vary from single-person operations to
large businesses employing hundreds of
people.
What you get as a franchisee depends
on the terms of your contract. Frequently,
you benefit from training opportunities as
well as a precise formula covering every
detail of operation, which is based on
the previous trial-and-error experience
of the franchiser.
The Franchise Opportunities Guide,
available from the International Franchise
Association (IFA), lists descriptions of
hundreds of different franchises by
category and also provides a checklist
for evaluating a franchise. To purchase
a copy, visit www.franchise.org or find
contact information for IFA in Appendix E
on page 44.
Under New York State law, franchisors
are required to register with the New York
State Office of the Attorney General. To
find out if a franchisor is registered in New
York State, contact the Attorney General’s
Investor Protection Bureau at (212) 416-
8236 or https://ag.ny.gov/franchisors-
franchisees.
In any business purchase, conduct a
thorough research before you buy.
Study the required franchise disclosure
document and proposed contracts
carefully. As always, consult with
an attorney and other professional
advisors before making a binding
commitment. Be sure that all promises
made by the seller(s) or salesperson(s)
are clearly written into the contract.
Analyze the earnings claims. They
must be in writing, describe the basis
and assumptions for the claim, state
the number and percentage of other
franchises whose actual experience
equals or exceeds the claim. They also
must be accompanied by an offer to
show substantiating material for the
claim, and include cautionary language
regarding the exceptions to the claims.
It is also advisable to talk with others who
have already invested in the business.
Seek out both those recommended by
the company and others who might offer
a different point of view. Comparison
shop for other franchises in the same
field and similar business opportunities
that are not franchised.
Always be sure the rights you are buying
are exclusive and that the product
involved sells elsewhere under similar
circumstances.
5
Legal Forms of Business
Organization
No matter what business you are in, you
will need some form of legal business
organization. There are four basic forms
— sole proprietorship, partnership,
limited liability company, and corporation.
Each has advantages and disadvantages,
including tax consequences.
SOLE PROPRIETORSHIP
In a sole proprietorship, you own
and control the business. You reap
the profits, take the losses and are
personally responsible for the debts and
other obligations of the business. As a
sole proprietor, you report your business
income and expenses on your individual
income tax return.
Setting up a sole proprietorship is the
easiest way to go into business. Legally,
all you have to do is obtain the licenses
and tax identification numbers that
the federal, state or local government
requires for your type of business. If the
business has a name other than your
own, you must register with your local
county clerk and file a Certificate of
Assumed Name, commonly referred to
as a Business Certificate, see Chapter 6
section on “Licenses & Permits”.
This is the fastest, cheapest way to get
into business, and many successful
operations have started as sole
proprietorships. As your business
expands, you can change to a
partnership, limited liability company or
corporation if it is more advantageous.
PARTNERSHIP
There are several options available to
business owners who want to set up
their business as a partnership.
A general partnership is a business
owned and operated by two or more
persons. Partners can contribute capital,
specialized knowledge, marketing or
management skills and other valuable
help. They also share the risk.
Generally, partners share equally in the
rights and responsibilities of managing
the business, and by law each partner
is responsible for all the debts and
obligations of the firm. This means you
are personally liable for the full amount
of the partnership’s debts — even if the
debts exceed your investment and you
did not personally consent to the debts.
Partnerships are easy to start, but they
can run into trouble if the day-to-day
stress of running a small business
leads to friction between the partners.
A written partnership agreement, which
should be drawn up by a lawyer, is your
best protection. In it you can spell out
such issues as the capital contributions of
each partner, duties and responsibilities
of each partner, changes in partnership
structure, dispute resolution methods and
financial management.
The partnership itself is not taxable.
Instead, you report the firm’s income
and expenses on federal and state
“information” tax returns and you are
taxed on your share of the profits or
losses at your individual income tax
rate. The deduction of losses from
your personal income tax statement
could be a tax advantage.
Limited Partnership
A limited partnership is a partnership
formed by two or more persons
having one or more general partners
and one or more limited partners.
Personal liability is joint and individual
for the general partners who are
responsible for the obligations of
the partnership. Limited partners are
liable to the extent of their capital
contribution to the partnership.
The life-span of the limited partnership
is for the period stipulated in the
Certificate of Limited Partnership; or
until a dissolution event occurs.
For purposes of taxation, a limited
partnership is not treated as a
separate taxable entity; business
income is taxed through each
partner’s personal tax return.
If you want to operate a limited
partnership, you must file a Certificate
of Limited Partnership (following the
execution of a partnership agreement)
with the New York State Department of
State (DOS), Division of Corporations.
To form a limited partnership, you file a
Certificate of Limited Partnership with
the DOS, Division of Corporations, pay
the appropriate filing fee and specific
statutory requirements. For more detailed
information, visit: https://www.dos.ny.gov/
corps/ or find contact information for
DOS at Appendix D on page 44.
Limited Liability Partnership
A Limited Liability Partnership (LLP)
is a partnership, without limited
partners, each of whose partners is a
professional authorized by law to render
a professional service. Professionals are
defined as those persons authorized by
law to render a professional service in
New York. This includes, among others,
physicians, attorneys, certified public
accountants, architects and veterinarians.
For a complete listing of professional
services, visit New York State Education
Department (ED) at www.op.nysed.
gov/prof/ or find contact information
for ED at Appendix D on page 44.
Typically under New York law, general
partners are liable for the debts and
obligations of each partner when
partnership assets are not adequate.
But partners of an LLP are liable
only for their own professionally
negligent or wrongful acts, not for
the negligence of their partners.
A general partnership may elect to
become a LLP by filing a registration
form with DOS, Division of Corporations
and paying the appropriate filing fee
and specific statutory requirements.
For more detailed information, visit
DOS at https://www.dos.ny.gov/corps/
or find contact information for DOS at
Appendix D on page 44.
LIMITED LIABILITY COMPANY
A limited liability company (LLC)
retains the management flexibility of a
partnership while offering some of the
advantages of a corporate structure.
In an LLC members retain the same
liability protection they would receive
by incorporating, but avoid the double
taxation that is required of most
corporations. This ability to manage
your own business and avoid personal
liability as well as taxation on both
profits and personal dividends makes
the LLC well worth considering.
To form a LLC, you must prepare
organizational documents and file
the Articles of Organization with the
DOS, Division of Corporations and
pay the appropriate filing fee and
specific statutory requirements.
For more detailed information, visit
DOS at https://www.dos.ny.gov/
corps/ or find contact information for
DOS at Appendix D on page 44.
6
New York State’s Limited Liability
Company Law and Partnership Law has
publication requirements for limited
partnerships, LLPs and LLCs. The
company must publish in two newspapers,
which are designated by the county clerk
of the county where the company is
located. After publication, the publisher
of the newspapers will provide the
company with an affidavit of publication
that will be submitted along with the
Certificate of Publication form to DOS,
Division of Corporations.
CORPORATION
A corporation is a business that may have
one or many owners, and which conducts
transactions as an individual entity. Many
corporations start out as one of the other
forms of business organization presented
here. All corporations are considered C
corporations unless a special election is
filed for S corporation status.
The decision to incorporate is sometimes
based on a need for additional capital
for expansion, which may be done by
selling shares of the company to outside
investors. A corporation is run by elected
officers rather than by the owners or
shareholders. To identify if a business is
incorporated, look for the abbreviations
Inc., Corp. or Ltd.
There are many advantages to forming a
corporation. These include protection of
the stockholders from personal liability;
easy transfer of ownership; a separate
legal existence that is stable and relatively
permanent; and greater ease in securing
capital from investors.
Disadvantages include limitations on
corporate activities; possible conflict
between company management and the
board of directors; and government
regulation and paperwork at local, state
and federal levels. Corporations also
may be subject to substantial taxes and
government filing fees.
To form a corporation, you file a Certificate
of Incorporation with the DOS, Division of
Corporations, pay the appropriate filing
fee and specific statutory requirements.
For more detailed information, visit DOS
at https://www.dos.ny.gov/corps/ or find
contact information for DOS at Appendix D
on page 44.
S Corporation
Businesses that want to incorporate
but wish to avoid the tax burden of a
corporation may form an S corporation.
The income and expenses of the
S corporation are distributed to
shareholders in proportion to their share
holdings, and profits or losses are taxed
at the shareholders’ individual tax rates.
In contrast, a C corporation’s profits are
taxed twice, on both corporate profits and
shareholders’ income.
To qualify for S corporation status, the
corporation must meet the following: be
a domestic and eligible corporation; have
only allowable shareholders (individuals,
certain trusts, and estates and not
partnerships, corporations or non-resident
aliens as shareholders); no more than 100
shareholders; and only one class of stock.
To apply for S corporation status, you
must first be a corporation. Then, the
corporation must elect S corporation
status for federal income tax purposes
by filing Form 2553, Election by a Small
Business Corporation with the Internal
Revenue Service (IRS).
For more detailed information, visit IRS
at https://www.irs.gov/uac/form-2553-
election-by-a-small-business-corporation.
A corporation which has elected S
corporation status for federal income tax
purposes may then elect S corporation
status for New York State income and
corporation franchise tax purposes.
This is done by completing Form CT-6,
Election by a Federal S Corporation to be
Treated As a New York S Corporation and
submitting it to the DTF.
For more detailed information, visit DTF
at https://www.tax.ny.gov/forms/corp_s_
forms.htm or find contact information for
DTF at Appendix D on page 44.
Professional Advice
Whichever form of business organization
you choose, be sure to seek professional
advice due to the complex nature of these
various forms of business organizations.
It is advisable to consult with an attorney
and an accountant to help you thoroughly
evaluate which option is best for you.
A lawyer can prepare the proper legal
papers and advise you on your legal
obligations, while an accountant can
describe the tax advantages and
disadvantages.
7
Now that you have decided to
follow your dream and open your
own business, you must outline
a strategy or business plan.
When prepared carefully and
thoughtfully, the business plan is a road
map that can pave the way for your
growth and success. It should include
such details as what your business is,
how you plan to run and finance it, how
much it has earned or lost (if it is an
established enterprise) and how much
you project will earn in the future.
A detailed plan is an excellent
evaluation tool that you can use to
spot any potential weaknesses in your
proposed business. It is always easier
and less costly to rewrite a plan than
to change the direction of a business
that is already up and running.
A written plan will also help to organize
and consolidate your ideas so that you
can sell yourself and your business more
effectively. Financial institutions and
investors want to see sound plans and
ideas before deciding to lend or invest
capital, particularly to a new business.
It pays to take the time to make sure
your plan reflects all of your ideas and
strategies. You may consider hiring
someone to develop your business
plan, but only you can write the best,
most effective plan for your own
business. There are many formats you
can use. Figure 2-1, “The Business Plan,
An Outline”, is only a suggestion.
EXECUTIVE SUMMARY
In the executive summary, you will
highlight the important points of the
other sections of your business plan
in as brief as possible manner. Since
the executive summary is the most
important section of your business
plan, this should be the last section
you complete.
COMPANY DESCRIPTION
Start with a thorough description of the
central activities and purpose of your
business. Describe the desired legal
structure of your business and list all
owners of the business. Briefly describe
your customers, the industry of your
business, and the location and hours of
operation of your business.
State your long-range goals and the
milestones you will have to pass to
achieve them. Then make a timetable
for accomplishing specific short-term
business objectives that will enable you
to reach your larger goal. As an example,
your long-range goal may be “to be
the largest manufacturer of gluten free
desserts in the Northeast.” First you
must decide on your definition of “largest
manufacturer.” It may mean the largest
gross sales, the largest number
of employees or the most diverse
product lines to meet the customer’s
needs. Perhaps it means all of these,
but to get there you must put into place
logical, carefully considered steps to
reach your goal.
Be realistic when making short-term
CHAPTER 2
Mapping a Strategy
objectives. If a reasonable estimate of
your first year’s gross profit is $100,000,
do not set yourself a $500,000 goal.
Give yourself achievable targets in a
limited time frame, and then write a plan
for meeting them. A successful business
not only looks forward, but reevaluates its
past. It is in your best interest to compare
your actual business performance to your
written goals on a continuing basis.
MARKETING ANALYSIS
Thoroughly investigate the fields that
interest you and make note of trends.
You should strive to offer a unique
product or service with potential for
a long life span. This means knowing
where the future lies in your industry
in such areas as potential competitors,
new technology, cultural change
and economic trends. Once you are
confident that you have an excellent
product or service that fills a specific
client need better than anyone else,
Figure 2.1
The Business Plan
AN OUTLINE
I. EXECUTIVE SUMMARY
A. Briefly describe your business name and location, product or service, target market,
competition, prior experience, management and personnel team, and financial position
II. COMPANY DESCRIPTION
A. What your business is
B. List business goals
C. Timetable of objectives to reach these goals
III. MARKET ANALYSIS
A. Describe trends in your industry
B. Who are your target customers
IV. PRODUCTS OR SERVICES
A. What are the benefits and features of your product or service
B. How your product or service pricing compares to your competition
V. ORGANIZATION & MANAGEMENT
A. What is the present and future forms of business organization
B. Organizational staffing chart, resumes, personnel policies and hiring practices
VI. SALES & MARKETING STRATEGIES
A. How will you reach your prospects
B. How will you distinguish your business from the competition
VII. FINANCIALS
A. Income statement - revenue and expenses of the business
B. Balance sheet statement - assets, liabilities and equity of the business
C. Cash Flow satement - the flow of cash in and out of the business
D. Key business ratios compared to averages
E. Break-even analysis
F. Copies of income tax returns if you are already in business
8
you must convey that message to your
customer. To do this successfully you
need answers to at least these five basic
questions: Who are your customers?
Where are they? What do they want?
When do they want it? Why should
they buy it from you? By knowing your
costumer well, you will be better able
to predict what they want in the future,
which is essential for long-term growth.
PRODUCTS OR SERVICES
Describe what your business will offer
in the way of products or services, as
well as any features that make your
product or service stand out from the
competition. Include a description of
your supplies and suppliers, equipment
for manufacturing and methods of
product or service distribution.
Describe the price of your product
or service, including how it compares
to your competitors.
ORGANIZATION & MANAGEMENT
Describe your desired legal structure
of your business in detail. Include
provisions for growth, such as the
addition of a partner, shareholders
or creation of a board of directors.
Provide a thorough review of your
abilities, including any particular
experiences or skills that will enable you
to run your business well. List anyone
else who will help you manage better,
such as an accountant, lawyer, insurance
agent, partner or employee. You should
include your own resume and those
of any partners or principal staff.
Describe procedures that demonstrate
that your business will be well-
structured and carefully monitored.
These may include organizational
staffing charts, in-house business
meeting schedules, cash flow analysis,
yearly reviews of staff and financial
statements, and procedures for use
of outside vendors and resources.
Personnel policies
Initially, you may plan to operate
without employees, either doing all
the work yourself, perhaps with the
help of a family member or contracting
some work to independent outside
contractors. This approach keeps things
simple, but statistically, businesses with
employees that grow in number tend
to last longer than those without them.
If you know you are going to hire
employees at some point, you should
include that in your business plan. Hiring
one or more employees forces you to
meet a variety of legal obligations, which
are discussed in Chapter 6. In addition,
you should have a personnel policy and
follow good hiring practices. Figure
2-2 contains some basic elements that
a personnel policy should contain.
Hiring practices
Begin your employee search by writing
detailed job descriptions. Once you
have defined what positions you
need to fill and what qualifications
are necessary to fill those positions,
you can begin your search.
Have a job application form available
for those candidates who do not
have a resume. Forms are available
at office supply stores and online.
Review applications as you receive
them and set up interviews with
those who appear best qualified.
During the interview give a brief
introduction about the job and the
company and specify what you expect
from your employees. Then let the
applicant do most of the talking. Ask
simple, specific questions, such as:
“What did you do at your last job?
What did you like or dislike about
it? What skills do you bring to this
job?” Do not ask about race, religion,
health, age, marital status, arrests not
followed by convictions and other
personal matters — it’s illegal to do so.
Compare the applicants in terms
of desired skills, work record, self-
motivation, willingness and ability to
learn, and ability to get along with
others. You may need to schedule a
second or even third interview to select
the best applicant. Before you offer the
position, contact references, especially
former employers, teachers, and others
who have worked with the applicant.
When you have made your decision,
offer the job to the person who is
your first choice. Complete the U.S.
Department of Homeland Security,
U.S. Citizenship and Immigration
Service (USCIS) Form I-9, “Employment
Eligibility Verification,” for all new hires.
You can obtain this form at this link
www.uscis.gov/i-9 or for information,
contact USCIS at (800) 375-5283.
A word of caution: Do not hire family
members and friends simply because
they need jobs. Make sure you need
an additional worker and that the
person you are considering has the
skills and experience you want.
Welcome your new employee by giving
a tour of the premises and introductions
to the other employees. Explain how
the business operates and who does
each job. Describe in detail what the
worker will be doing. Now is also a
good time to outline how and when
the employee will be evaluated.
Figure 2.2
Basic Elements of a Personnel Policy
Compensation: Find out what the prevailing wage rates are in your locale for
the type of workers you expect to be hiring. Remember, when you employ
people, you are in competition with other employers for the best help.
Fringe benefits: Although fringe benefits are not a legal requirement, a variety
of benefits such as health, dental, vision, commuter, and pension plans, tuition
reimbursement and life insurance can be a strong draw when competing for
new employees. Ask your insurance agent or accountant about them.
Working hours: Describe briefly the policy for working hours, including the
starting and quitting time, lunch schedules and days of the week employees
will be expected to work. Also establish policies for overtime. Consider
staffing options such as flex-time, job sharing and part-time employment
in addition to full-time positions. Such flexibility will increase the size of
your labor pool and may allow you to offer more or better service to your
customers.
Other policies: Other employee policies include vacation time, sick leave,
leave of absence with or without pay, paid holidays, hiring, termination,
promotions and evaluations and workplace harassment and discrimination.
9
Describe your employment policies in
detail. It’s a good idea to have these
in writing, perhaps in the form of an
employee manual, to help prevent
misunderstandings. Also make sure
your new employee knows who
to talk to when problems arise.
Do not forget to post New York State
minimum wage rates, as well as policies
regarding work hours and conditions
under New York State Department
of Labor’s (DOL) Employment Laws.
To learn about New York State posting
requirements, visit https://labor.ny.gov/
workerprotection/laborstandards/employer/
posters.shtm or call (888) 4-NYSDOL.
There are also mandatory federal
posting requirements regarding minimum
wage and other fair labor standards,
equal employee opportunity, and safety
and health protection.To learn about
federal posting requirements, visit https://
www.dol.gov/general/topics/posters.
There are many resources available
for locating potential applicants. You
can network with other business and
community people to find employees
who are looking for work. Depending
upon the type of position and level
of expertise required, post the job
description in online job boards, job
training programs, and schools. You can
also file with your local unemployment
office and job development program.
And there is always advertising in the
local newspaper.
The DOL’s New York State Job Bank
provides services to businesses
seeking to hire employees. For
information on NYS Job Bank,
visit http://newyork.us.jobs/ or call
(800) HIRE-992. DOL’s Business Services
can assist you in finding the right
employees and services such as, career
fairs, custom recruiting, skill matching,
human resources assistance, safety and
health assistance, and consultations with
the DOL staff.
To obtain information on DOL’s
Business Services, visit https://labor.
ny.gov/businessservices/landing.shtm
or call (888) 4-NYSDOL.
SALES & MARKETING STRATEGIES
You have an excellent product or
service that fills a specific client need
now you must convey that message
to your consumer. How are you going
to let them know about it? Accurate
target marketing may be the difference
between a business that fails and one
that flourishes, see Chapter 4 section
on “Target Your Market”.
Use this
information to develop your strategies
for
advertising and promotion. Be specific
about your plans. Include what types of
media you will use and how often. You
may also want to develop a system to
evaluate how effective your advertising
is, such as a weekly sales monitor or
customer survey.
Do not neglect to identify and keep
watch on the competition even before
you start your own business. You can
learn from their successes and mistakes.
And if you are to stay the proverbial “one
step ahead,” you must first know what
they are doing, and then do it better.
FINANCIALS
Until you have a business that is up
and running, you are not going to
have anything but projected financial
statements. Potential lenders or
investors will want to see these
when you try to borrow money or
attract capital for your business.
The income statement shows how
much money your business will
earn and spend. The balance sheet
statement shows your business overall
financial standing. The cash flow
statment shows the flow of money in
and out of your business. You will
find sample statements in Chapter 5.
Once your business is operational,
you should compare actual
statements with the projected
statements in your business plan.
Cash flow forecasting
As a new business that has no financial
history, the cash flow forecast is an
essential tool. Used correctly, it can
help keep you from going out of
business since it can tell you whether
you are solvent. The monthly cash
flow projection will let you know how
much cash you need at the end of
the month to meet your expenses.
You should try to estimate your monthly
cash flow at least 12 months in advance
and update it monthly with the real
figures. When there are significant
differences between real and projected
cash flow, try to figure out why, so that
your future projections will be more
accurate. Items to watch very carefully
in your cash flow analysis are credit
and accounts receivable (the money
people owe you). Be careful not to get
too much of your working capital tied
up in accounts receivable, since this
can rapidly deplete your cash pool and
the ability to pay your own creditors.
To calculate your financial status at
the end of each month, subtract total
expenditures from total cash available.
If the result is negative, you will have
to come up with more cash to meet
your expenses. Negative ending
positions are fairly typical in start-up
businesses and in businesses that
are growing rapidly. Plan for them by
making sure you have enough cash in
the bank to cover your expenses each
month. That may require borrowing or
attracting new permanent capital to
your business. Established ventures
with large seasonal variations often
depend on a revolving line of credit or
extended terms (payment due dates) to
handle a temporary shortage of cash.
Most business experts agree that you
should do your cash flow analysis and
cash flow projection monthly. It forces
you to be more realistic and disciplined
in your thinking and keeps your
attention focused on the bottom line.
Use Figure 2-3 as a guide for developing
your own cash flow projection. The
expenditure categories are only
suggestions. You can download
free cash flow projection templates
from the internet. There are also
accounting software programs
available that will do cash flow
statement, income statement, balance
sheet statement and much more.
Key business ratios
Key business ratios compare historical
or projected figures such as sales to
receivables, cost of sales to inventory,
sales to working capital and total current
assets to total current liabilities. Ratios
and percentages of particular expense
categories compared to gross sales
allow you to see how your business
compares to other similar businesses.
By comparing your ratios, either
historical or projected, with averages
for your type of business, you can see
if your operation is being efficiently
run and if your forecasts are realistic.
10
Figure 2-3
Sample Cash Flow Budgeting Form
Use of whole dollars
Estimate Actual Estimate Actual Estimate Actual
$ % $ % $ % $ % $ % $ %
1. cash on hand
(beginning of month)
2. cash receipts
(a) cash sales
(b) collections from credit accounts
(c) loan/other cash support (specify)
3. total cash receipts
(2a + 2b + 2c = 3)
4. total cash available (1+3)
5. cash paid out
purchases (merchandise)
business taxes, licenses
employer’s share Social Security
unemployment
rent
repairs and maintenance
gross employees’ salaries
insurance
professional fees
commissions
interest and bank charges
advertising
auto, truck
trade publications
office supplies
telephone
utilities
operating supplies
travel
laundry and uniform
entertainment
contract services
miscellaneous
subtotal
loan principle payment
with interest
capital purchases (specify)
other start-up costs
owners’ withdrawal
6. total cash paid out
7. cash position (4-6)
case assumpt ions. This type of analysis
can be valuable if you are thinking of
making a capital investment and want
a quick picture comparing the relative
merits of buying or leasing equipment
or property.
Break-even analysis
A break-even analysis shows the
point at which your business will be
breaking even, that is, neither making
a profit nor a loss. It is expressed
in dollars or number of sales. Once
you know your break-even point,
you have a goal and can devise a
specific plan on how to get there.
To do a break-even analysis you will
need to be familiar with certain financial
terminology. You already know that
break-even sales are the amount of
sales necessary to cover the exact
amount of all your business expenses.
In general, you will have two types of
expenses, fixed and variable. Fixed
costs (FC) are costs that remain constant
no matter your sales (S) volume.
These include overhead costs such as
rent, office and administrative costs,
salaries, benefits, utilities, as well as
such “hidden costs” as depreciation,
loan amortization and interest.
Variable costs (VC) are those costs
associated with sales. They include
the cost of goods sold, variable labor
costs and sales commissions.
The basic break-even formula is:
S = FC + VC. (S = break-even level
of sales in dollars; FC = fixed costs
in dollars; and VC = variable costs in
dollars.) While the concept is deceptively
simple, you should not neglect to
calculate and recalculate this figure on
a regular basis. Variable costs are just
that — they change often and can get
out of hand as sales volume grows.
Some of the figures you will use to
calculate your break-even analysis
will have to be estimates, particularly
in a new business. It is a good idea
to make your estimates conservative
by using somewhat pessimistic sales
and margin figures, and by slightly
overstating your expected costs.
When you calculate a projected break-
even level for a new business, you
will probably not know what your total
variable costs will be. You can use a
variation of the basic break-even formula
that is based on your anticipated gross
margin (GM, i.e. your gross profit on sales)
expressed as a percentage of sales:
S = FC/GM where GM = gross margin
expressed as a percentage of sales.
If you want to calculate how many units
you need to sell to break even, divide
the break-even in dollars by the unit
price, which gives you the number of
units you need to sell.
You can substitute different numbers to
quickly calculate their effects on your
business. One way to do this is to make
the best case, average case and worst
SOURCES OF ASSISTANCE
The State of New York has many
resources available to emerging
entrepreneurs. There are several
agencies that can provide information
to you on anything from writing a
business plan and obtaining capital
funding to finding good employees and
following appropriate legal business
practices. The following section is an
overview of these agencies along with
how to contact the office nearest you.
ENTREPRENEURSHIP
ASSISTANCE CENTERS
The Entrepreneurship Assistance Centers
(EAC) is an enterprise development
program currently operating 24 centers
strategically located in local communities
throughout New York State. EACs
are hosted by not-for-profit agencies,
community colleges, and Boards of
Cooperative Educational Services who
can support the intensive management
and technical guidance. EACs offer
one-on-one counseling and a 60+
hour training course supplemented
by concentrated technical assistance
and support services to help new
entrepreneurs complete business
plans and develop and expand a viable
business. In addition to learning general
management skills, participants learn
about working capital and cash flow
management, how to conduct break-even
analysis, hiring and managing employees,
and further developing marketing and
financial management skills.
To find an EAC in your area, visit
EAC’s webpage at https://esd.ny.gov/
entrepreneurialassistance-program or
Appendix A on page 39.
BUSINESS MENTOR NY
Business Mentor NY is the state’s first
large scale, web-based, mentoring
program focused on helping emerging
entrepreneurs and small business
owners overcome challenges to grow
their business. At Business Mentor
NY, you can obtain free counsel,
advice and support from volunteer
experienced entrepreneurs and
seasoned professionals. This online
facilitated matching system connects
you to mentors that can provide you
with guidance to address business
questions and difficulties, assist you
to build and grow your business, and
obtain knowledge and skills to keep
your business on track or take it to the
next level. At Business Mentor NY, you
can get answers to simple questions
or engage in longer-term mentorship
relationships. Mentorship is a powerful
tool that can help your business survive,
thrive and grow. To connect with a
mentor, visit Business Mentor NY at
https://businessmentor.ny.gov/.
NEW YORK SMALL BUSINESS
DEVELOPMENT CENTER
New York Small Business Development
Center (SBDC), administered by the
State University of New York and
funded by the U.S. Small Business
Administration, offers pro bono
counseling assistance for small
business entrepreneurs, both start-
ups and existing businesses. Services
include assistance on business
plan development, loan resource
identification, accounting, financial
planning, export information, cost
analysis and marketing as well as
targeted business training programs.
SBDC offices are conveniently located
throughout the state.
To find a SBDC in your area, visit
SBDC’s webpage at http://www.nyssbdc.
org/locations.html or Appendix B on
page 40.
U.S. SMALL BUSINESS
ADMINISTRATION
The U.S. Small Business Administration
(SBA) provides financial, technical
and management assistance to
help Americans start, run, and grow
their businesses. With a portfolio
of business loans, loan guarantees
and disaster loans in addition to
a venture capital portfolio, SBA is
the nation’s largest single financial
backer of small businesses.
For more information on SBA
programs and services, visit
www.sba.gov.
OTHER SOURCES
Business trade associations that may
be helpful as you develop your plans
include: The Business Council of
New York State, www.bcnys.org;
National Federation of Independent
Business (NFIB), www.nfib.com; and
Retail Council of New York State,
Inc., www.retailcouncilnys.com.
Your local chamber of commerce
also provides a multitude of
services that can help you grow
your business, from networking
opportunities to other services for
your business and employees.
You can find a local chamber of
commerce at this link www.officialusa.
com/stateguides/chambers/newyork.
html or in Appendix F on page 51.
Help is also available from SCORE, a
nonprofit association, where executives
volunteer their services to assist small
business owners find solutions to their
business problems. Their service is
offered free. You may contact SCORE at
www.score.org or call (800) 634-0245.
The New York State Department of
Labor can supply a wide range of
labor market information, such as
occupation, industry and regional
data. To obtain DOL information,
visit https://www.labor.ny.gov/home/
research.php or call (888) 4-NYSDOL.
The Census Bureau Economic
Statistics provides statistics about
U.S. businesses, including links to
data products, related programs
and other additional information.
For more information, visit
https://www.census.gov/econ/ or call
(301) 763-3321. Another useful tool is
the Census Business Builder, which
provides selected demographic and
economic data that is tailored to specific
types of users. For more information,
visit https://www.census.gov/data/data-
tools/cbb.html or call (800) 923-8282.
ACCESS RESOURCES
Make sure to take advantage of the
different types of assistance available
from various sources, which you
can find in the Appendix section
of this Guide, to help you map out
a detailed business strategy.
11
12
You’re on your way.
You’ve decided what kind of business
you plan to open and how you will go
about it. You’re familiar with the different
forms of business organization and have
drafted a convincing business plan.
Now you need to know the nuts and
bolts of how to finance your business.
The ability to raise money, also known as
capital, is essential not only for starting,
but for maintaining and expanding a
healthy business. No matter how good
your concept or your business plan, it
will fall flat without the proper financing,
the lifeblood of any enterprise.
Understanding Capital
Being knowledgeable and
well-prepared goes a long way toward
helping you secure the financial
resources you will need. It is essential
to have a clear understanding of the
different kinds of capital and their uses.
PERMANENT CAPITAL
Permanent capital, also known as equity
capital, is money you gather from your
own resources and personally put
into your business. It can also include
money contributed by partners and, if
you become incorporated, money that
comes from the sale of shares of stock
issued by your business. If you choose
to hold back some of your profit and put
it back into the business, it also becomes
permanent capital.
Permanent capital is just that — a
permanent part of the business.
This means it cannot be removed
from the business once it has been
invested, and there is no legal
obligation to pay a return on it or to
repay it. This money is always at risk,
because if the business fails, you
can lose part or all of the money.
Personal Resources
Before you begin your search for
capital, you will need to know how
much money your business will
require. To get an accurate answer
you should consider not only the costs
of starting, but also the costs of staying
in business. Many businesses take a
year or two to get up and running. This
means you will need enough funds to
cover the cost of materials, salaries,
rent, supplies and other items until
sales can meet these costs.
It’s common for many new business
owners to furnish a substantial amount
— from 25 to 50 percent — from their
own resources. Before coming up with a
figure, you should consider many things,
including your living expenses; your net
worth; how much permanent capital you
can furnish and how much you will need
to borrow; your first-year expenses;
your estimated break-even point; and
contingency plans if you need additional
funds. Remember to be honest. The
more candid you can be the better your
chances for success.
Do not use your credit cards to start
your business. You risk ruining your
personal credit if you are not able to
keep up with the payments. Using
your own money to finance your small
business is ideal. It is also the least
expensive and least obligatory method
of financing. You are responsible only
to yourself for what happens to the
money and you don’t have to ask for
permission to use it.
A good way to calculate the amount of
permanent capital you can contribute is to
fill out a “Personal Financial Statement”,
such as Figure 3-1. Besides tapping into
your own funds, you may also consider
approaching family and friends for
permanent capital. Other sources include
retirement income, the income of a
spouse, your income from a part-time or
full-time job, investment by partners and
sale of stock.
CHAPTER 3
Financing Your Venture
BORROWED CAPITAL
Although many new businesses begin
with permanent capital, very few
limit their financing to this alone. You
probably will want to borrow money
to invest in marketing, research,
additional fixed asset purchases such
as facility or machinery upgrading,
or other improvements aimed at
increasing productivity and controlling
costs.
No matter how you use this capital, the
bottom line is always the same — by
borrowing money to achieve specific
goals, you can often make your
business more profitable than if you
rely solely on personal savings.
CAPITAL NEEDS
As you try to decide how much capital
you will need, regardless of the kind of
capital you have to work with, permanent
or borrowed or a combination of the
two, it is helpful to know what all of
your startup costs will be. A startup
budget will help you determine this.
Startup costs consist of one-time costs
and regular monthly costs. One-time
costs will include some of the following
expenses: fixtures; equipment; licenses;
permits; initial inventory; website;
renovation; and consultants. Regular
monthly costs will include some of the
following expenses: rent, insurance;
supplies; utilities; payroll; taxes;
advertising; and loan payments.
A detailed startup budget is necessary
to help determine your capital need.
There are many sources of capital for
new and growing businesses. The
following sections briefly summarize
the most common sources, their
advantages and disadvantages and,
where appropriate how to contact those
sources. Not every option will apply to
you, but with knowledge, preparation
and determination you
can be confident of beginning your
search for capital on solid footing.
13
Lenders
There are many different types of
lenders and lending programs. After
personal savings, banks and alternative
lenders are the major source of capital
for entrepreneurs. Most lenders will
facilitate the financing of well-managed,
credit-worthy small businesses and strive
to give them the help they need.
When approaching a lender, be sure
you are well-prepared. You should have
a written business plan and a budget
that shows the type of business, credit
needed and anticipated reveneues and
expenses. If you need a loan for an
already established business, having
accurate, well-kept records will be to
your advantage. If you cannot afford
a full or part-time accountant, you can
maintain your own recordkeeping
through an accounting software program
or some type of computerized system.
Your lender is likely to be impressed
with a neat and complete set of records
that have a professional touch.
You must have realistic expectations
of your lender. In general, expect the
lender to be a valued advisor, in much
the same way as an attorney or an
accountant. Also expect your lender
to get to know your business and your
industry so he or she can make specific
recommendations on what kind of loan
is best suited for your company, how to
structure that loan and how to help you
chart the best financial course. Keep
in mind, however, that while lenders
serve as valued advisors, there are laws
prohibiting them from taking an active
management role. These are known as
“lender liability” laws, and basically state
that unless lenders are willing to accept
liability, they should not get involved
in making important management
decisions for a business.
When you approach a lender for
a loan, you should also begin to
establish business credit. You can do
this by co-signing as an individual for
a credit card in your business name,
as well as by establishing a checking
account in your business name. If
you are doing business under your
own name, set up an account in your
name and use it exclusively for your
business. If your business has its own
name, set up an account in the name
of the business.
When you open an account in the
name of a business, the bank will
probably want to see your Doing
Business As certificate which is
often referred as a DBA certificate or
Certificate of Assumed Name. You
receive this certificate when you
register your business name with the
county clerk. If you registered as a
Corporation, LLC or LLP, you will need
the Articles of Incorporation, Articles of
Organization or Certificate of Limited
Partnership that you filed with the
New York State Department of State,
see Chapter 6 section on “Licenses &
Permits”.
It works to your advantage to have a
separate business checking account.
This enables you to use the bank’s
name as a reference in getting credit
from suppliers. Your account also tells
your lender facts about your business
that can be helpful when you apply
for a loan. While looking into a loan,
you should also be aware of credit
unions, which offer many of the same
services as banks. Visit a local credit
union to discuss loan opportunities
and membership requirements. The
advantage of applying here for capital is
that lending rates and terms are usually
better than those of a commercial bank.
TYPES OF LOANS
Your lender can help you decide on
the best type of loan for your business
and circumstances. Since the language
of loan agreements can sometimes
be difficult, your lawyer can help you
understand certain terminology.
A short-term loan must be repaid in
less than a year. Small businesses with
an established track record use this
loan for working capital. For example,
a manufacturer or retailer might use a
short-term loan to cover expenses until
receivable payments come through.
A line of credit, sometimes called a
revolving line of credit, allows you to
borrow and repay repeatedly to meet
your business needs. At the end of the
year or season, the line of credit may
be renewed. The benefit of this type of
loan is that it allows you to maintain an
even cash flow, which in turn can help
you take advantage of special discounts
offered by suppliers or make up for
Figure 3.1
Personal Financial
Statement
Assets (what you own):
Cash
(checking, savings,
money market, CDs accounts)
$ ______
Account/Note Receivables
(money owed to you)
$ ______
Stocks, bonds, mutual funds,
college savings $ ______
IRA, 401k plan $ ______
Insurance cash values $ ______
Home and other real estate $ ______
Automobiles $ ______
Other $ ______
Other $ ______
Total Assets $ ______
Liabilities (what you owe):
Credit Cards $ ______
Account/Note Payables (money
you owe to others)
$ ______
Automobile Loans $ ______
Home and other real
estate mortgage $ ______
Loans against life insurance $ ______
Student loans $ ______
Unpaid taxes $ ______
Other $ ______
Other $ ______
Total liabilities $ ______
Net worth
(total assets
minus total liabilities):
$ ______
shortage of working capital.
A seasonal line of credit is a variation
designed to help businesses that have a
strong cyclical nature. When you apply
for a seasonal loan, resist the temptation
to borrow more than you need. Like
most other types of lines of credit, you
have to repay this type within a year or
possibly at the end of selling season.
An intermediate term loan may run as
long as three years and usually requires
collateral. You might consider it for a
business start-up, the purchase of new
equipment, the expansion of a store or
plant or an increase in working capital.
You should plan to repay an intermediate
term loan in monthly or quarterly
payments from your business profit.
A long-term loan typically runs for more
than three years, requires collateral and
may be granted for business start-ups,
purchasing major equipment or moving
a plant or store. It is commonly repaid
on a monthly or quarterly basis out of
cash flow or profit. The loan agreement
may contain provisions that limit your
company’s other debts, dividends
or principals’ salaries or that require
minimum equity or working capital levels.
A long-term loan also may require that a
percentage of the firm’s profit be used
expressly for repayment. Collateral for a
long-term loan may be the assets you
are purchasing, supplemented by your
personal guarantee, stocks, bonds,
certificates of deposit or other business
assets. One long-term loan commonly
used to finance a new business is a
home equity loan.
A traditional home equity loan is
based on the percentage of the
equity difference between the current
appraised value of your home and the
current amount you owe on it. It usually
requires regular payments of principal
and interest with a maximum term of 20
years. While this makes it an attractive
loan for small business owners, there
is the risk of losing your home if you
cannot keep up the payments.
A home equity line of credit functions as
a line of credit, which you choose when
and how much you borrow from the set
maximum amount. You usually have 5
to 10 years to borrow against this line of
credit and repayment periods are usually
10 to 20 years. This type of loan is
convenient for making large purchases,
but can be risky because interest rates
are variable and you may not be able to
keep up with the payments.
A cash-out refinance loan is a type of
home equity loan. Using the equity of
your home, you refinance your current
loan into a new loan for more than
you currently owe and you take the
difference in cash. Terms for this type of
loan can be up to 30 years with a fixed
or variable interest rate and payments
will be for principal and interest. This
type of loan gives you access to money,
but it also puts your home at risk if the
value of your home goes down.
The “5 C’s”
Each loan is unique, and each lender
looks at a loan for an individual business
on its own merits and terms. But there
are also some basics your lender will
want to know before giving you money.
In general, most lenders follow the
“5 C’s of credit” to rate you as a
borrower. You can also use these to
rate yourself.
Capacity: Your capacity is your ability
to generate enough cash and profit
to cover your debt. When and how
do you plan to pay back your loan?
Can the company generate enough to
pay it back through normal business
activities? Does the cash flow projection
show this? Do past income statements,
balance sheet statements and cash
flow statements show this? Does the
loan make financial sense or will it be a
burden to the company? This dollars and
cents assessment usually becomes the
determining factor in whether or not a
lender can approve a loan.
Capital: The lender will be looking at the
extent of your personal investment in the
business. Are you a firm believer in your
business? Are you a person who vows
to fold if losses exceed a certain amount
the first year? Or are you convinced next
year will be better?
Character: A lender is interested in
what kind of person you are. Are you
trustworthy? Competent? Reliable? How
good a manager are you? Do you handle
money well? Do you have a satisfactory
credit history over an extended period?
Lenders may equate character with
“credit history” because borrowers with
good character pay their loans on time,
thereby, having good credit scores.
The Fair Credit Reporting Act requires
each of the nationwide credit reporting
companies, TransUnion, Experian and
Equifax, to provide you with a free
copy of your credit report once every
12 months at your request. Make sure
you check your credit report annually
to determine if everything is good and
nothing has been wrongly reported on
your credit history.
Collateral: This may include inventory,
accounts receivable or other equity that
can be used if the original loan payback
structure doesn’t work. Which of your
assets could be used as security against
a loan? Do you own real estate, stock or
bonds, vehicles or equipment? Keep in
mind that most lenders will not lend money
based on collateral alone. No matter how
outstanding your character or how much
collateral you have, if your income tax
statement shows you can’t repay your
loan, your lender won’t give you one.
Conditions: Lenders will look at the
conditions of your industry and try to
identify any risks that may affect your
business and the repayment of your
loan. You will need to know your industry
and your business environment to
address any threats or challenges your
business may face.
Other Lending Programs
EMPIRE STATE DEVELOPMENT
The mission of Empire State
Development (ESD) is to promote a
vigorous and growing state economy,
encourage business investment and
job creation, and support diverse,
prosperous local economies across
New York State through the efficient use
of programs and services to facilitate
business development and growth. To
learn about ESD’s comprehensive set
of loan programs and services for small
businesses, visit https://esd.ny.gov/doing-
business-ny/small-business-hub.
ESD also funds loan programs that
are administered by Community
Development Financial Institutions
(CDFIs), local development organizations,
credit unions, agencies, and public
authorities. To find an alternative lender
servicing your area, visit https://esd.
ny.gov/lenderdirectory or obtain contact
information in Appendix G on page 56.
14
15
U.S. SMALL BUSINESS
ADMINISTRATION
The mission of the U.S. Small Business
Administration (SBA), an independent
agency of the federal government, is to aid,
counsel, assist and protect the interests
of small business concerns, to preserve
free competitive enterprise and to maintain
and strengthen the overall economy of
the nation. The SBA helps Americans start,
build and grow businesses.
Through an extensive network of
field offices and partnerships with
public and private organizations, SBA
provides several small business loans
and assistance programs, special
outreach efforts, and initiatives to aid
and inform small businesses.
To find a lender, visit https://www.sba.
gov/lendermatch.
Other Sources
of Funding
While loans and other lending programs
are major ways to finance a business, they
are not the only sources of capital. You
may also want to explore the possibility
of private stock offerings, venture capital,
angel investors and crowdfunding.
PRIVATE STOCK OFFERINGS
A private stock offering is a way of
getting capital for your business
through investors without losing
control of the decision making in your
business. Though you give up sole
ownership of your business, you will
still maintain a majority ownership of
the business since you decide who
invests in your business, as well as how
much they may participate in financial
and managerial issues. By issuing
shares for purchase, you are still not
obligated to pay interest on the money
invested, nor is a return on investments
guaranteed to shareholders. These
are both desirable factors, particularly
if you are a new enterprise. As your
business matures, you can buy back
these stocks.
There are always people looking for
a place to invest their money. Your
banker, lawyer or accountant may
know of someone who has money to
invest. Your own business contacts
may provide leads as well. Most people
rely on a combination of these different
sources. Private stock offerings must
follow the guidelines of the Securities
and Exchange Commission (SEC). You
do not need to make any filing with the
SEC, but you do require experienced
legal help so that you comply with
federal and state laws. Contact your
legal counsel for further information
on how to proceed.
VENTURE CAPITAL
Venture capital is another way to get
capital for your small business. If your
business has a good product, a strong
management team and a demonstrated
market with a strong growth potential,
you might be able to attract venture
capital funding. Venture capital firms
provide seed-stage and early-stage
capital to high-risk, high-growth and high-
return companies in exchange for an
active and controlling ownership in the
business. Venture capitalists are looking
for a high-return on their money in a short
period of time. Conduct research to find
an appropriate venture capital firm in your
area, industry and development stage.
ESD meets the critical needs of
New York State’s innovation economy
by providing funding to high-growth
startups as they move from concept to
commercialization, early growth and
expansion through ESD’s New York
Ventures. To learn about New York
Ventures, visit https://esd.ny.gov/doing-
business-ny/venture-capital.
ANGEL INVESTORS
An angel investor provides capital to
small businesses by investing in start-
ups in exchange for an equity ownership
in the business. Most angel investors
are affluent individuals who are focused
on helping a business during the early
stages and are less concerned with
making a quick and large profit from
their investment. Angel investors do
not take an active role in the operation
of the business and most often act as
advisors. Your friends, banker, lawyer or
accountant may know of angel investors.
Otherwise, conduct research to find
angel investors in your area.
CROWDFUNDING
Crowdfunding is one other way to get
capital for your small business. Through
crowdfunding, you can raise funds for
your business from a large number of
people who are willing to contribute
small amounts of money for your
business idea or project via an online
platform. The following are the most
common types of crowdfunding sources
for businesses:
• Reward crowdfunding consist of
people contributing to your business in
exchange for receiving your business
product or service at a reduced price.
• Equity crowdfunding consist of
people contributing to your business
in exchange for ownership in your
business.
• Lending crowdfunding consist of
people contributing to your business
by lending you money in exchange for
repayment with interest.
One other type of crowdfunding is
“Donation crowdfunding”. This platform is
usually used to raise funds for a specific
purpose in exchange for no returns to
the contributors.
DOCUMENTS REQUIRED WHEN
SEEKING FUNDING
Regardless of where you go to
secure capital for your business, your
documents should be in order and
easily accessible. From your business
history to statement of debt, these
should be clear, concise and accurate.
Keep in mind that funders will give more
credibility to a presentation that has
been reviewed by an accountant, lawyer
or other professional. Here is a list of
materials you will need to supplement
your business funding application:
• Business plan: Most of the following
items should already be in your
business plan. If not, consider adding
them.
• Business history: Give a brief
description and history of the business,
when it will start or got started,
ownership, number of persons to be
employed or currently employed and
products.
• Personal history: Describe yourself,
emphasizing your work experience
and reasons why you feel qualified to
operate your own business.
• Management resumes: Describe
the education, technical training,
employment and business experience
of each of your managerial employees.
• Financial statements: Provide a
projected income statement, balance
sheet statement and cash flow
statement. For an existing business,
provide financial statements for the past
three fiscal years.
16
A Word of
Encouragement
As you begin to investigate financial
resources for your business, you may
find yourself confused by the technical
language used by lenders and other
funders. Should you come across words
you do not understand, ask for an
explanation in plain language. Also, get
in the habit of taking notes. This will help
you later in meetings with counselors,
advisors and funders.
Obtaining capital for your business can
be difficult, but do not be discouraged.
There are almost always lenders and
individuals interested in taking a risk
for a chance at financial gain, and who
are willing to fund someone with good
prospects of success. Remember,
America was built by people like you —
people willing to take risks.
• Capital proceeds: State amount of
funding requested and explain exact
purposes for which it will be used.
• Collateral: List collateral to be offered
as security for the funding, with your
estimate of the current market value of
each item.
• Purchase offer agreement: Where
applicable, obtain a purchase offer
agreement or dealer equipment quote
showing exactly what you are buying
and for what price.
You may also need to provide these
other documents:
• Personal financial statement: Supply
a personal financial statement for each
principal, officer or stockholder with 20
percent or more ownership, showing
their net worth outside of the business.
• Debt: List installment debts, contracts,
notes and mortgages payable, showing
to whom payable, original amount,
original date, present balance, interest
rate, maturity date, monthly payment,
security and whether current or
delinquent.
• Income tax returns: Provide copies
of federal income tax returns for past
three years.
• Accounts receivable: Show amounts
due you, from whom and original date.
17
Once you have laid the groundwork for
your business, including organizing and
financing, it’s time to turn your energies
toward marketing, a carefully planned
approach to satisfying your customers’
needs.
Marketing involves nearly everything
that has to do with the sale of goods
and services, from researching the
competition to production, service,
delivery, pricing, business location,
advertising and promotion, including
expanding your markets.
Effective marketing does not have to
be complex. It is helpful to think of it
in terms of the 4 Ps — product, price,
promotion and place.
Product refers to the merchandise
or services you are selling (computer
system design, auto supplies, haircuts).
Price takes into account such things
as labor and overhead costs, profit,
competitive pricing and customer
perception.
Promotion looks at the many ways to
publicize your product or service.
Place refers to a number of different
factors, including location, shipping,
warehousing and distribution.
Initially, it will serve you well to have
a specific marketing plan. Later, as
you gain experience, you will want to
modify that plan to meet the changing
needs of your customers and business
environment.
In today’s changing business climate,
you may also consider the 4 Cs, a
consumer-oriented marketing campaign,
when developing a product or service.
Consumer relates to meeting the wants
and needs of your costumer.
Cost refers to the overall expense,
including shipment, time and added
benefits.
Convenience is about the ease of the
purchase whether online or at a physical
location.
Communication is about listening and
interacting with your customer.
THE MARKETING MIX
Each business satisfies customer needs
with its own unique “marketing mix,”
a combination of elements contained
in the 4 Ps and the 4 Cs. This includes
product benefits and planning, pricing,
cost, branding, communication,
channels of distribution, convenience,
personal selling, advertising, promotion,
packaging, display, servicing, physical
handling and fact finding and analysis.
Every company has a different marketing
mix. As a small business marketer, your
job is to define the most effective mix
to sell your product. To do this, you will
need a good working knowledge of the
4 Ps and 4 Cs and how they can affect
the sale of your product or service.
Product: Know Your
Customer
The first of the 4 Ps of the marketing mix
is product.
The overall goal of your small business
is to make a profit, but your means
for achieving that goal is satisfying
customers. This may seem obvious, but
there are many businesses that don’t pay
enough attention to the customer. To
increase your customer awareness, you
have to be able to answer some basic
questions:
Who are your potential customers? Be
specific about the kinds of people most
likely to use your product or service.
Are they working people, retirees or
teenagers? Are they people with special
interests, discretionary income or a lot of
leisure time? What is their income level?
Also be sure to distinguish between
the purchaser and the user. You may
have to take into account several levels
of intermediaries, such as middlemen,
manufacturers’ representatives, brokers,
sales agents, distributors and dealers.
For instance, if you are selling a food
item, your direct purchaser may be a
supermarket or grocer, which in turn will
sell directly to the consumers.
CHAPTER 4
Selling Yourself
Where are they? Know precisely where
your customers live. Do they live in the
city, the country or suburbia? Are they
nearby or out of state?
What do they want? Determine your
best-selling items or services. Also
think about what social trends, new
technologies and other factors are
likely to affect your customers. Will they
be more affected by price, quality or
convenience?
When do they want it? Do your
customers come to you daily or once
in a while? Are their buying habits
predictable or do they come in at
unusual times? Do they require rush
service? Perhaps they only buy during
special promotions or sales.
Why should they buy it from you? Think
about what makes your product or
service stand out from the competition.
Have you established a reputation for
personalized service, reasonable prices
or high quality? Perhaps your customers
value the availability of merchandise
or the convenience. Other selling
points include effective advertising and
promotion and good sales.
How do they buy your product or
service? Do your customers shop
online or in the store?
In the past, many business people
examined their product or service
and then identified potential
customers. Today, it’s more common
for entrepreneurs to first identify
customers’ needs or wants and then
build a business around it. In fact, they
are guided by the adage, “find a need
or want and fill it.” In either case, the
process of market research is critical.
This entails gathering and analyzing
information and then applying it to your
own situation by working with the various
elements of your marketing mix. No
matter how you collect your data, when
you have the answers, you will be in a
better position to satisfy your customers’
needs or wants.
18
MARKET RESEARCH
Market research can be as simple as
talking with the people who you think
might be interested in what you have
to sell or with your current customers.
Become acquainted with your potential
or current customers by being open
and friendly. Ask how your products
and services will fill or are filling their
needs and how you might satisfy their
other needs. You can talk to them
informally or have them fill out a simple
questionnaire. However you do it, direct
feedback from your potential or current
customers is invaluable in planning your
marketing strategy.
Market research can also involve
sophisticated sampling and survey
techniques, but these may be costly.
If you are willing to do some of the
research yourself, excellent information
is often available for free or at a nominal
cost from trade associations, online
or library references and government
sources.
The U.S. Bureau of Labor Statistics (BLS)
conducts the Consumer Expenditure
Survey (CE), a nationwide household
survey to find out how Americans spend
their money. To obtain information on
the complete range of consumers’
expenditures as well as their incomes
and demographic characteristics, visit
https://www.bls.gov/cex/home.htm. The
U.S. Census Bureau provides information
on the nation’s people and economy. To
obtain data, visit https://www.census.gov/.
TARGET YOUR MARKET
Once you have a profile of your
customers in terms of age, gender,
income level, geographic area and
interests, focus your time, energy and
resources on those who are or may be,
your best customers. It is important to do
this because you have limited resources
and cannot be all things to all people.
Business experts often cite the “80/20
rule” to emphasize this point. As
a general rule, 80 percent of your
profits derive from 20 percent of your
customers, and 80 percent of your sales
come from 20 percent of your typical
line of products or services.
To see if the 80/20 rule applies in
your business, make a list of your
best customers and a list of your best
products and/or services. Next, see if
you are reaching your target market.
List 10 ways you could do a better job of
reaching your targeted customers — the
20 percent that gives you 80 percent of
your business.
What are some good approaches to
targeting your market? Try to focus on
a particular geographic area (perhaps a
25-mile radius of your place of business);
your best-selling product or service
(if you have a winner, promote it); and
the people most likely to patronize
your business (professionals, families
with small children, health conscious
individuals, sports fans).
ANALYZE YOUR COMPETITIVE
ADVANTAGES
To most advantageously situate
yourself in the marketplace, you’ll need
to know what your competitors are
doing. Competition is a broad concept
that encompasses not only the specific
businesses in your particular industry
that offer similar products or services,
but other businesses or companies that,
although not direct competitors, satisfy
the same basic needs you do.
If you are working on a short-term plan
(roughly one year), you will want to
look primarily at those products that
are exactly the same as yours or very
similar. As you consider longer-range
planning, you will want to research or
analyze competitors that are less similar,
especially those that have a strong
market presence and more advanced
technology.
For example, if you own a small fast food
restaurant, your primary competitors are
other fast food restaurants located in
your general area that offer quick service
at reasonable prices. But other potential
competitors exist outside your industry.
Gourmet grocery stores, convenience
stores, drugstores, now offer ready-
to-eat foods. Your customers’ needs
— inexpensive food and quick service —
can now be fulfilled elsewhere.
Continually ask yourself why people
should buy from you rather than from
your competitors. The most successful
entrepreneurs have learned that
analyzing the competition is a never-
ending job. To know what you should
be doing, you must know what your
competitors are doing.
Find out about their products, prices
and services. What are they doing right?
What are they doing wrong?
Being aware of what the competition
offers will help you develop a marketing
mix that keeps your customers
happy. Use Figure 4-1 to analyze your
competitor.
Price: Getting it Right
The next of the 4 Ps of the marketing mix
is price.
A successful business is one that
has what the customer wants, at the right
moment and at an acceptable price. But
making the numbers add up so that they
are fair to both you and your customer
can be a complex job. You need to cover
costs, make a profit, attract customers
and build sales volume, all at the same
time. Prices must be competitive and
within your customers’ reach.
COMMON EQUATIONS
Before you set your price, you must
consider several factors. Following are
some equations that can give you an
overview of your costs.
The cost of goods sold is the cost of
your beginning inventory plus purchases,
minus ending inventory.
The gross profit margin is the difference
between the cost of goods sold and the
price at which they sold before taxes
and operating costs.
Figure 4.1
Competitor Checklist
Make up a sheet for each competitor and
rate yourself as better, equal or worse
in each category. As you score yourself,
ask how you could improve your score
in each area by changing your marketing
strategy, and think about how potential
customers perceive you.
Better Equal Worse
Product
n n n
Reliability
n n n
Quality
n n n
Prices
n n n
Customer service
n n n
Convenience
n n n
Payment methods
n n n
Guarantees
n n n
Expertise
n n n
Advertising
n n n
Location
n n n
Hours of Operation
n n n
Net profit margin equals gross profit
margin minus expenses, including taxes
or how much you make on an item after
all expenses are taken into account.
Initial markup represents the difference
between the cost of the item to you and
your original selling price. It is usually the
first price you offer. When merchandise
does not sell readily, this original selling
price must be lowered until the goods
do sell.
Figure 4-2, “Sample Pricing Guide”, is
an example of a worksheet that can be
used to calculate your selling price.
PRICING STRATEGY
Too often, small businesses will set prices
without concern for competitive offerings.
If your customers can satisfy their needs
in an equally convenient manner for a
lower price somewhere else, your pricing
formula needs to be modified.
There are many other considerations
that go into intelligent pricing. Such as,
how much does it costs to produce your
product, what is your cost to distribute
your product to your customer, what
are your competitors offering, what is
the image or identity you want your
customers to perceive of your product,
and who are your target customer base.
It pays to look at all these closely.
Premium pricing strategy – the price of
your product is set high because of the
uniqueness of it. The type of product you
offer is an important factor in setting the
price. If you position your product as a
“cut above” the competition, you should
charge more for it. If you offer additional
services with your product, your
customers should be willing to pay for
them. The more distinctive your product
is and the more personal attention you
give your customers, the more flexibility
you will have in setting a higher price.
For example, online retailers that offer
an exclusive product plus flexible
return policy, guarantee, and quality
personalized customer service will
usually be able to charge more.
Penetration pricing strategy – the price
of your product is set low to attract
customers. This price is only temporary
since it is used to draw attention to your
product and gain customers. Once you
have penetrated the market, you raise
the price of your product.
Economy pricing strategy – the price
of your product is low because all costs
are kept at a minimum. This strategy is
used to target customers that are price
conscious and are less concerned about
added services or product uniqueness.
Remember that your price communicates
an image for your product. Make sure
it is saying the right thing. If you market
yourself as the low-cost provider for a
product, it is important that you have the
lowest price. People aren’t willing to pay
the same price for the no-frills product as
for the product with all of the “bells and
whistles.”
Skimming pricing strategy – the price
of your product is high to maximize
revenue when it is first introduced to
customers. As competitors begin to enter
the market and offer a similar product,
you then lower the price on your
product.
Psychological pricing strategy – the
price set to make it appear that the
customer is obtaining an economical
value. There are several psychological
implications to the price you set. For
example, many businesses will set
prices that are just under a higher dollar
amount (e.g., $1.99, $29.99, $149.99,
etc.). While the price isn’t fooling
anybody, many customers have a mental
barrier about paying more than, for
example, two dollars for a product.
A good example of what price
communicates about a product can be
found in the menu pricing of a restaurant.
If the restaurant is trying to improve
its image as a high-end restaurant,
management may determine to raise
their prices to make them comparable to
other high-end restaurants.
When it comes to pricing, be willing
to experiment. Try different pricing
strategies and compare them with
those of your competitors. Research
is critical in pricing strategy. You must
first determine what your customers are
willing to pay for your product before
you offer it. As the life of your product
evolves, you will need to experiment
with different pricing strategies.
19
Figure 4.2
Sample Pricing Guide
Production and/or materials Cost
Labor:
Your salary ____________
Others’ salaries ____________
FICA ____________
Unemployment insurance ____________
Workers’ compensation and benefits ____________
Overhead:
Rent ____________
Equipment ____________
Supplies ____________
Vehicles ____________
Insurance ____________
Bookkeeping ____________
Legal services ____________
Advertising ____________
Maintenance ____________
Depreciation ____________
Taxes ____________
Telephone ____________
Interest on loans ____________
Cost of credit ____________
Marketing:
Fees/Commissions ____________
Delivery: ____________
Total: (a) ____________
Add profit: (b) ____________
Total a & b = Suggested selling price: (c) ____________
20
Promotion: Selling
Your Product
The third of the 4 Ps of the marketing
mix is promotion.
You have a great product targeted to a
specific market and set at a fair price.
Your next step is getting the word out.
This can be accomplished through
advertising, sales promotion and general
public relations, which are necessary
for most businesses. In fact, advertising
and sales promotion are essential
prerequisites to success, since they work
together to build customer awareness of
your product or service.
Although all of these elements work
interdependently, each has its own
function and place in business. The
purpose of advertising is to proclaim the
qualities and advantages of a product or
service by making a direct sales appeal
on social media, internet ads, direct mail
(post mail or email) and local television,
radio and newspaper.
Sales promotion is a more general
effort to publicize your business and
may include everything from giveaways,
contests, sweepstakes, free samples,
coupons to sponsorship of worthy
causes. Your business logo is an
important sales promotional tool. So are
your business sign and business card.
Public relations entails communicating
a specific message and educating
potential customers about your business.
In all cases, it’s important to define your
business’ unique selling proposition (USP)
and then make it the focus of your publicity.
ADVERTISING AND SALES
PROMOTION STRATEGY
Plan your course of action carefully and
keep track of the results. You can waste
money very quickly by advertising in a
medium that fails to reach your potential
customers or that costs too much relative
to what you have to spend. On the other
hand, spending too little on advertising
can hurt your business in the long run.
Here are some basic principles that can
help you plan:
• Establish an advertising budget.
• Investigate media resources and
determine which media reach your
customers most effectively.
• Target your ads to your customers.
Discounts may appeal to one group
whereas an emphasis on quality or
service may appeal to another.
• Advertise your best products. Use the
80/20 rule to decide which products
are really worth advertising. (This
does not apply to new product or new
service introductions, which may need
a boost from advertising to reach their
potential.)
• Try to capture the market when the
market is there. Advertise at peak sales
times.
• Keep your advertising messages clear
and simple.
• Check regularly with your customers
to make sure your ads are working. If
you are advertising in several media
outlets, ask your customers where they
learned about your business. This will
help you to measure the effectiveness
of your media outreach.
• Compare cost with results.
CHOOSING YOUR MEDIA
Internet website: Most small businesses
today have a website to promote their
products or services. The depth of the
website can vary from a simple one-
page outline to a more sophisticated
site where online purchasing is
conducted. A website is an integral
part of an overall marketing plan and
should be considered thoroughly before
implementing. There are programs that
will allow you to create your own website
or you can also hire a website designer
to create one for your business.
Email advertising:
Is a cost-effective
method of reaching a large number of
consumers. You can rent or buy email
lists to advertise your product or service
to new customers. If you have your own
email list, you can stay in contact with your
current customers and inform them of
special offers, new products or services.
Direct mail advertising: This method
works best if you have a narrowly
targeted customer list with names and
addresses of potential customers and
good customers. There are also ways
to heighten the impact of direct mail
advertising. For example, insert a free
item with your business name on it. Tell
your regular customers about special
offers ahead of time or announce a new
product or service.
Newspapers: Newspapers fall into three
general categories: dailies, weeklies and
local “shoppers,” which are distributed
free. In addition, some newspapers
publish special editions, such as a
“spring bridal fair” insert or a “summer
recreation” insert, which focus on
narrowly defined groups of consumers.
Consider running a series of small
advertisements for the cost of a single
full page. As a rule, small space used
on a regular schedule pays bigger
advertising dividends than “oneshot” or
infrequent larger ads. Also check into
the possibility of “co-op” advertising, in
which part of the cost of an ad is paid for
by suppliers in return for including one or
more of their brand-name products.
Television and radio: These electronic
media can be an effective alternative
to newspaper advertising for some
businesses. Most stations have their
own audience, which varies in size and
character according to the time of day
and the show being aired. Advertising
costs will depend on the length of
the ad, when it runs and how often it
runs. A station representative can give
you details. To use radio or television
effectively, target your advertising to
appeal to the audience it reaches, buy
the air times that reach your market
and repeat ads. You might consider
recording your own ad to give your
customers a chance to hear your voice.
Telemarketing: Some businesses
may choose marketing by phone, by
either using in-house staff or hiring a
telemarketing firm. Telemarketing is a
good, cost effective method to generate
new sales opportunities for your product
or service to a preselected market.
Develop a good telemarketing plan if
you are using in-house staff. If you are
hiring an outside telemarketing firm,
be sure you discuss the practices that
will be utilized for your telemarketing
campaign.
Billboards: Certain industries or
services are better suited for this kind
of advertising than others. For example,
hotels and dealerships can make effective
use of billboards on major routes. In
general, the message must be short
and easy to read to make an impact.
Networking Events: It is beneficial to
attend events that specifically attract
your potential customers. Identify events
in your local area that are right for your
business. Networking is an effective way
to develop new connections and expand
your customer base.
PUBLIC RELATIONS STRATEGY
Public relations (PR) strategy is the
process of developing an image
by identifying target audiences and
establishing mutually beneficial
relationships with them. PR strategy is
more than just charitable sponsorships
and getting your name in the paper.
An effective PR strategy raises
awareness, creates credibility, increases
sales and helps with the long-term
success of the business.
One component of public relations
is media relations. This differs from
advertising in that businesses do not
pay for media time or space. Rather, the
goal is to get your business product or
service mentioned in a local or national
publication, which can dramatically raise
public awareness of your business. A
business will benefit from the implied
third party endorsement from the media.
In fact, a mention in an editorial section
of a publication is more persuasive than
a comparable advertising mention.
Getting your name in front of the media
requires a good deal of work and
relationship building. Many firms hire
public relations agencies that already
have the media contacts and necessary
know-how to proactively “pitch your
story” to the media.
Public relations also includes a host
of other activities, such as special
events and promotions, internal
employee communications, preparing
for and responding properly in a crisis
situation, and strengthening ties with the
community or other specific groups.
Much like advertising, effective public
relations should be a part of a larger
marketing plan, based on research
with measurable objectives and an
evaluation component. A public relations
professional can help you design and
execute an effective plan for your
business.
Place: From Location to
Distribution
The last of the 4 Ps of the marketing mix
is place.
Your business location is essential for
retailing and important to manufacturing
and service businesses as well. That’s
why you must make a painstaking and
exhaustive study to choose a site that
meets your customers, employees,
suppliers and business needs. Patience
and planning at this stage will pay
dividends later on.
Ordinarily, the best locations for retail
business are also the most expensive.
Search for sites that deliver maximum
customer availability at the lowest cost.
In general, all businesses catering to the
same class of customer increase sales
of other operations in the same physical
area. Shopping is most convenient for
the customer when all requirements can
be found with a limited cluster of stores.
That’s why it is a good idea to locate
near other stores that cater to the same
customer you intend to reach. Some of
these stores may handle many of the
same lines you will stock, so make sure
you can be competitive.
TYPES OF LOCATION
Regional shopping malls draw from
an area of several hundred thousand
persons within a radius of six or more
miles. Consideration should be given in
the way customers’ spending habits have
changed before choosing a location.
Community shopping centers fall
somewhere between the giant
regional shopping malls and the small
neighborhood centers. They offer the
advantages of good management as
well as sufficient visibility, traffic and
customer convenience.
On the other end of the scale from
the regional shopping malls are the
neighborhood centers, which offer
an opportunity for shops that carry
convenience goods or offer personal
services to customers who live within
easy walking or driving distance.
A neighborhood center often has a
supermarket, grocery store or drugstore
as its focal point, and is also a prime
location for restaurants, hair salons,
dry cleaners, hardware stores and pet
stores. These neighborhood centers
are good only if there is an existing or
potential need locally for the business
you have in mind.
Central business districts (CBDs)
in cities are considered prime retail
locations. Businesses located in CBDs
cater mostly to the lunchtime crowd and
business-to-business service providers.
However, some CBDs are now including
residential spaces to make it a 24-hour
destination area. Rents may be high in
CBDs, but if your traffic study reveals an
active market, then CBD might offer your
small business a real opportunity.
In some large cities, there are secondary
business districts (SBDs) located just
outside the downtown area. Carefully
evaluate these SBDs to determine if
there is an opportunity for your business.
Look for new areas of development that
may have resulted from recent growth.
When you evaluate a location, find
out why businesses similar to yours
have been successful or unsuccessful
at that site. Determine what rent your
competitors are paying and try to rate
the quality of their management, their
service to customers and their general
reputation. If you start a new business in
an established area, you must prepare to
do better than your competition.
HOMEBASED BUSINESSES
Perhaps you are considering starting a
home-based business. Because of rapid
technological advances and the Internet,
many entrepreneurs are choosing this
cost efficient alternative.
There are many factors besides
expenses to consider when deciding to
locate your business in your home. You’ll
need to dedicate space that will be used
only for business purposes and your
home will need to have the technological
capacity to support your business.
Do you have the self-discipline it will
require to separate your personal
activities from business activities? Are
there local zoning regulations that you’ll
need to adhere to? These are just a
few of the questions that you’ll need
to answer before deciding on a home-
based business.
21
22
TRAFFIC STUDIES
When weighing your location options,
it pays to conduct traffic studies. If your
business depends on drop-in traffic,
do a pedestrian traffic study — simply
count the number of people passing by.
You will need to do this more than
once to get an accurate measure. Use
different days of the week and different
times of day. If possible, make a survey
to find out where they are going.
Numbers alone do not make a market.
You need to determine how many of
the passersby might be buyers and then
break down the total number in terms of
their estimated buying power, gender,
age and spending habits. No matter how
good a location appears to be, if people
are not there to shop, then they are
unlikely to buy from you.
If your potential location is along a major
road, consider that customers may
not want to shop at your store if your
parking is inadequate, if the local traffic
is too congested or if the automobile
traffic pattern makes it difficult to get
in and out of your parking lot. Another
consideration is the reason people are
driving on that particular road. Are they
using it to get to shopping areas or is it
mainly a commuter route? The more you
know about traffic patterns and habits,
the better you’ll be able to assess the
viability of your site.
Check to see if there are any plans for
construction of new roads or businesses
that might affect your customer traffic.
A local commercial realtor should be
able to give you the status of any vacant
shops or property. For information
about potential or pending infrastructure
changes, contact the local county or
government in your area.
RENTING PROPERTY
Rent
Before you choose the place where you
want to locate your business, you must
first determine how much rent you can
afford. The amount of rent you can pay
will depend on your sales volume. The
term, “100 percent” is used to identify
a location where higher sales volume
will command a higher rent than other
locations. In a less favorable location,
you can expect to pay a lower rent.
Make comparisons between the rents
of neighboring stores and the property
you are considering leasing. Physical
condition, including the need for
renovation, repairs or changes, can be
an important factor. If substantial repairs
or changes are necessary, can you talk
the landlord into making them or do you
have to take on the obligation, perhaps
in return for a reduced rent for the term
of the lease?
It is a good idea to have an attorney
look over your lease before you sign.
The best lease is one that anticipates
all contingencies and then is written to
protect the welfare of both principals.
Be wary of signing a short-term, non-
renewable lease. You need time to build
your business and some assurance that
your rent will not increase unreasonably
in the next few years. Make note of what
you can and cannot do with the property
and who pays for such services as
snowplowing and electrical repairs.
In the end, you are going to have to
negotiate with the landlord to obtain
lease terms you can live with.
Realtors
One of the professionals to whom
you can turn for help when it comes to
selecting a location is your local realtor.
A reputable realtor is one of your best
sources for information about vacancies,
rents paid for different store locations,
the buying habits of the local community
and the direction of local business
growth.
Commercial lease guarantees
As a start-up seeking to lease a
commercial space, you may be required
to provide a personal guarantee. Most
landlords will seek a personal guarantee
from one of the owners of the business
when signing a commercial lease. A
personal guarantee ensures that the rent
will be paid back if the business fails or
goes bankrupt. Be sure to negotiate the
terms of the personal guarantee to limit
your exposure in case of any of these
occurrences. The listing real estate
broker should be able to you provide
with the requirements of the landlord.
Locations for manufacturers
Depending on the type of business
you determine to operate, you will
have different space needs. For
example, manufacturers, warehouses or
distributors businesses, have different
space requirements than retail or
professional businesses. Manufacturers,
warehouses or distributors will have to
place their businesses in areas zoned
as industrial spaces. Some other items
to consider besides space needs are
accessibility to major highways, good
transportation facilities, adequate
power and labor pool. To learn about
the various programs Empire State
Development (ESD) has to assist
industrial businesses in locating or
expanding in New York State, contact
an ESD regional office listed at https://
esd.ny.gov/regions or in Appendix C on
page 43.
DISTRIBUTION
How you distribute your product to your
customers is another important item of
your marketing plan. Will your customers
buy your product directly from you at
either your retail location or online, will
you use a manufacturer’s representative
or a wholesaler, or will you use a
combination of all these methods?
Whatever you decide, it is important
to choose a distribution strategy and
stick with it making sure that your other
marketing efforts work in concert with
your distribution plan.
A manufacturer’s representative sells
on commission as an agent for different
clients with similar product lines. In other
words, they are salespeople who work
for several different companies. Many
small manufacturers find that their total
sales in a region are not sufficient to
support a full-time salesperson, in which
case the manufacturer’s representative is
a viable alternative. You do the shipping,
billing and collecting, just as you would
if you sold directly to the retailer. Your
gross profit per item will usually be
higher than it would if you went through
a wholesaler, but the commission can
even things out.
One way to test-market a product is
to arrange with a retailer to sell it on
consignment. The store receives a
commission for items sold but does
not purchase them. This method
allows both you and the retailer to test
customer response before committing
to the production in earnest and tying
up your money.
A wholesaler purchases large
quantities of merchandise at a discount
23
price, warehouses and handles the
merchandise, and sells to retailers
and others. Wholesalers, distributors
or middlemen, as they are sometimes
called, reduce the amount you receive
per item but save you substantial time
and effort.
Be sure your distribution channel is
dependable since it is an important part
of your marketing strategy.
Expanding Your Markets
As your business grows, there may come
a time when you want to branch out and
find new markets. Two large, profitable
and often overlooked areas are selling to
government and selling overseas.
SELLING TO GOVERNMENT
Federal, state and local governments
can be important customers for your
business and selling to them is easier
than you might think. Government
agencies are always on the lookout
for new suppliers, and there are laws
which provide an incentive for agencies
to contract with small and minority- or
women-owned and service-disabled
veteran-owned businesses. Government
can be a ripe area for the enterprising
small business owner.
Every year the federal government
spends billions of dollars for products
such as janitorial supplies, sleeping
bags, furniture, T-shirts and paint, just
to name a few. It also buys professional
services such as environmental, legal,
engineering, accounting and language
services. Another big buyer is New York
State which spends billions annually on
goods and services.
ESD offers a number of resources for
expanding businesses, including referrals
and marketing advice. The Procurement
Assistance Unit can give you information
to help find the right government
market for your business; connect with
government agencies looking for your
product or service; meet buyers at
procurement workshops, trade shows
and special events; and learn about
subcontracting opportunities.
ESD also manages the New York State
Contract Reporter. It lists all NY State
agency bids worth at least $50,000,
as well as contracts let by authorities,
commissions and public benefit
corporations. Several municipalities,
fire, water and school districts, libraries
and not-for-profit also post ads looking
for commodities and services. By using
this one source, you can get information
about contracts that are up for bid
across NY State. Subscribe on-line at
www.nyscr.ny.gov.
In addition to opportunities to market
to NY State, ESD can help you find
subcontracting opportunities with
major corporations that provide goods
and services to NY State government
agencies.
To help minority- and women-owned
businesses attract customers from
public and private sector buyers, New
York State has established a statewide
certification program. Once certified, your
company officially will be recognized
by state agencies and authorities as
a certified minority or women-owned
business enterprise. Your business will
be listed in the directory that is available
at www.ny.newnycontracts.com.
The benefits of certification are
substantial. A number of state programs
are available exclusively to or targeted
to certified minority- and women-owned
businesses in the areas of financing,
bonding, education, training and
technical assistance.
For more information contact ESD at
855-ESD-4MWB or 855-373-4692 or
Eligible veteran owned business can
increase their participation in New York
State’s contracting opportunities by
becoming certified as a Service-Disabled
Veteran-Owned Business (SDVOBs).
This certification provides SDVOBs with
a greater role in the state’s economy
by increasing their procurement
opportunities. For more information,
contact the Division of Service-Disabled
Veterans’ Business Development
at 518-474-2015 or
INTERNATIONAL TRADE
In today’s growing global economy,
opportunities abound for potential
investors in a range of fields such
as agriculture, pharmaceuticals,
transportation, technology,
information systems and
environmental cleanup equipment.
In conjunction with SBDC and local
business organizations throughout the
state, ESD’s Global NY participates in
export seminars and offers individual
counseling to firms and business owners
who are interested in exporting New
York State products.
Global NY also promotes New York
products through trade shows and trade
missions in select foreign markets, and
assists in matching foreign buyers with
manufacturers or exporters of New
York State goods through technical and
financial assistance programs, including
the Export Marketing Assistance
Service (EMAS), State Trade Expansion
Program (STEP) and the Global NY Grant
Fund. Services are also available to
link New York State firms with foreign
companies that are interested in joint
ventures, acquisitions or licensing
arrangements. For more information on
ESD’s international services, check with
your nearest ESD regional office listed
at Appendix C on page 43, call 212-803-
2300, email [email protected] or visit
www.global.ny.gov.
Other sources of export assistance
include trade and professional
associations, and chambers of
commerce. The U.S. Commercial
Service is part of the U.S. Department
of Commerce’s International Trade
Administration and has trade experts
that can help U.S. companies to start
exporting to new global markets.
For further information and to find a local
office, visit www.export.gov.
EXPLORING NEW MARKETS
Be sure to include the new markets that
your company will target such as local,
state and federal governments as well
as international markets as part of your
marketing plan.
24
Good recordkeeping is one of the keys
to business success. Having a complete,
accurate and up-to-date picture of your
business financial condition will allow
you to keep track of your progress and
set realistic goals, as well as to spot
problems and correct them before they
get out of hand.
Sound records will help you control
costs, save on taxes, negotiate with
lenders for business loans and manage
payroll records and sales tax. The
discipline of recordkeeping will also
make you a more cost-conscious and
effective manager.
There are two basic parts of a
company’s financial information. The first
is bookkeeping, which entails recording
the income and expense transactions
for each business day. The second is
accounting, which analyzes and reports
on the financial condition of your
business.
Creating a System
For most start-up businesses, the
necessary tools for recordkeeping
involve no more than a computer with
an accounting software program or a
few ledgers, and file folders for storing
receipts, purchase orders, inventory
sheets and other paperwork. An office
supply store should have all the materials
you need to set up a computerized or
manual system of recordkeeping.
There are advantages to computerizing
your recordkeeping system, including
good organization, faster input and
output of the information you need, and
less math errors and paper to track.
In addition, an accounting software
program makes it easier for your
accountant to reconcile your books at
a later date, and it also helps to simplify
invoicing, correspondence and other
routine business tasks. There are some
basic elements of bookkeeping that you
must familiarize yourself with to input the
correct information.
You will need certain reports for tax
purposes and other type of reports that
tell you how the business is progressing.
Recordkeeping can vary depending
on the type of business. Here are the
most typical categories and the form of
records required:
• Purchases: Orders to suppliers and
vendors; receipts (of orders received);
inventory logs.
• Sales: Invoices; contracts; purchase
orders (from customers and clients);
credit slips.
• Revenue: Daily summary of cash,
check, credit card receipts.
• Expenses: Canceled checks; petty
cash vouchers; invoices (bills your
business pays).
• Personnel records: Employment
applications; benefit plans; payroll.
• Business records: Business
registration; permits; licenses; leases;
patents. A corporation or limited liability
corporation will need to include records
such as bylaws, shareholder agreements,
articles of organization and minutes of
meetings.
• Tax returns: Federal, state and
local returns.
Be aware that you will need to keep
your records for varying periods of
time. How long records should be
retained depends on several factors,
including function of the records, fiscal
and legal requirements and industry
specific regulations. Additionally, there
is considerable variation in retention
periods depending on the industry
in which a business is involved.
Entrepreneurs should be familiar with
general laws and regulations governing
their records and those specific to their
industry, and understand what records
to retain, how long and why. Your
accountant can also help you establish
a good recordkeeping system for your
business.
CHAPTER 5
Keeping the Books
The information you keep will form an
important foundation for your business’
history, current status and future
objectives and possibilities. The more
orderly you are at the outset, the greater
the chances of keeping organized as
your business grows and develops.
Whether you will be maintaining a
computerized recordkeeping or a
manual recordkeeping, there are
five basic categories of accounts
that will help you to establish a good
recordkeeping system:
ASSETS
Are any items the company owns
that have value, such as equipment,
furniture, vehicles, land, building,
inventory, accounts receivables (credit
you extend to your customers), and
cash in your business checking and/or
savings account.
To monitor the money flowing in to
and out of your business, it’s vital to
separate your personal and business
expenses. Even if your business is
a sole proprietorship, establishing a
business checking account will simplify
your life, especially at tax time. It’s also
the first step toward building a business
relationship with your local bank.
LIABILITIES
Are outstanding debts the company has
to pay, such as business credit cards,
short-term or long-term loans, payroll
taxes, sales taxes and accounts payables
(credit extended by suppliers to your
company).
EQUITY
This is the investment (amount of funds)
contributed by the owner(s) into the
business.
REVENUES
This is the money your business makes
from selling products or services.
One of the primary accounts under
revenue is “Sales”. Here you record all
incoming money transactions from sales,
25
Establishing Good Habits
To get off to a good start, it is important
to establish efficient practices and
proper habits from the beginning and
sticking to them. These range from
setting up a routine on when to invoice
your clients, pay your bills or make your
bank reconciliation.
HANDLING REVENUES AND
EXPENSES
Deposit your business income in
your business account and make all
your expense payments through your
business checking account. The only
time you should write a check payable to
yourself is when you are paying yourself
a salary. In general, avoid writing checks
payable to cash. To do this, establish a
petty cash fund for small, cash expenses.
Any business expense paid by cash
should be supported by documents
verifying the expense and its purpose.
If you cannot get a receipt, put a written
statement in your records detailing the
date and reason for the expenditure.
SUPPORTING YOUR
TRANSACTIONS
Canceled checks, invoices, deposit
slips, purchase orders, and other items
are proof of your business transactions
and should be filed in an orderly
manner and stored in a safe place.
Memorandums or sketchy records that
approximate income, deductions or other
items affecting your tax liability are not
adequate. Keep records that support
items on a tax return until the statute of
limitations for that tax return runs out.
Keep documentation for any money or
property that your business receives,
even if it is from a non-business source.
Also maintain permanent documents
of any assets that you can depreciate.
You will need this and any supporting
documentation to take advantage of
depreciation, capital gains and other
allowances.
Documents for your business should be
easily available in case your company
is audited. Records must be kept as
long as they may be needed to be in
compliance with the requirements of
the Internal Revenue Service (IRS). Visit
the IRS website at www.irs.gov to learn
about their requirements.
TAX CONSIDERATIONS
Self-employment tax is part of the system
for providing Social Security coverage
for people who work for themselves
as sole proprietors or partners. These
benefits, which are paid out when you
retire, become disabled or pass away
depend on how much you earn. Your
documents should show the earnings
that will be taxed.
Basic Bookkeeping
The way you choose to keep your books
is more than an exercise in organizing
paperwork. It directly affects how you get
taxed, so it is advisable to check with an
accountant before settling on a tax year
and accounting method.
Your taxes are based on a one-year
period, which is called a taxable year.
This can be either a calendar year
(beginning January 1 and ending
December 31) or a fiscal year, which
consist of 12 consecutive months. Most
business owners choose a calendar
year as their tax year. Your taxable year
is established when you file your first
federal income tax return, and you must
continue to use this tax year unless you
get permission from the IRS to change it.
You can use either the cash or accrual
method of accounting to record your
business transactions. When using the
cash method of accounting, you report
income when the money is received and
report expenses when paid.
This system is familiar to most people
since it is the same method most people
use to keep their checkbooks up to
date. Sole proprietors, partnerships,
S corporations, and limited liability
companies can use the cash method
of accounting. By law, the cash method
of accounting cannot be used by
corporations (other than S corporations)
with average annual gross receipts
of more than $5 million and the same
applies to partnerships that have a
corporation (other than an S corporation)
as a partner.
When using the accrual method of
accounting, you report income when it
is earned and report expenses when
you incur the obligation regardless of
whether you received or made payment.
collections on account receivables and
other sources. Not only is this information
critical for tax purposes, it can also help
you identify your best customers and
best-selling products or product lines.
The accounts you create under revenue
do not need to be elaborate. Organize
your accounts into categories that
can help you analyze the success of
your sales efforts and planning. You
could include categories such as sales
discounts, sales returns and allowances
and interest income.
Even if you have a bookkeeper or
outside accountant set up your accounts,
you must decide for yourself how much
information or detail you need. For
example, a restaurant owner may want to
separate day from night sales. A gourmet
store may want to separate fresh and
packaged good sales. Remember to
keep it simple. The transactions you
record should meet the requirements of
the government, financial institution and
your own needs.
EXPENSES
This is money you spend to operate
your business. It is important to take
time to think about the accounts under
expenses because it will help you keep
track of your business expenses. These
accounts will also be used to generate
the income statement, balance sheet
statement and cash flow statement.
Some typical expense accounts might
be: rent; wages; professional services;
advertising; utilities (includes telephone,
electricity and Internet); freight; office
supplies; maintenance; insurance;
property taxes; interest charges, bank
fees; and miscellaneous.
Though you will be billed for most of
your expenses, be sure to maintain
records for all transactions, whether
purchased on credit or cash. It may
be useful to breakdown your expense
accounts into operating expenses and
non-operating expenses. For example,
rent, insurance, salaries, advertising, and
other expenses related to the normal
operation of your business will be
categorized as operating expenses. Non-
operating expenses will be expenses
that are not part of the normal operation
of your business, such as interest
charges you pay on a business loan.
26
Generally, if your business is a sole
proprietor you can use either the cash
or accrual method of accounting or a
combination of the two (also known as
the hybrid method) as long as you apply
your accounting method consistently and
your records clearly show your income.
On the other hand, if the production,
purchase or sale of merchandise is an
income-producing factor and you must
keep inventory to clearly show income, the
accrual method of accounting should be
used to record your purchases and sales.
There are two basic systems to keep
your company’s books: single entry and
double entry. The single entry system
is used in manual recordkeeping since
transactions are recorded with a single
entry in the ledgers. The double entry
system provides greater accuracy since
every transaction must be recorded with
two entries in the ledgers. When you
use an accounting software program to
record your transactions, the program
automates the double entry system.
SINGLEENTRY SYSTEM
This system concentrates on the
revenue and expense accounts. It is a
partial system that records the flow of
revenue and expense using a summary
of receipts and disbursements. This
system is primarily used by new, cash-
based, small service businesses with
uncomplicated and limited transactions.
This system does not provide too much
information on the financial health of
your business because assets and
liabilities are not being tracked.
All your deposits are made to your
business checking account as well as
all payments. The single entry system is
an expanded version of your personal
check register, but with additional
columns for sources, uses and balances.
For each deposit or payment, enter the
date, vendor and dollar amount in the
proper column. At the end of the month,
add each column to determine total
revenues and expenses. You may want
to prepare an annual summary to help in
preparation of your income tax returns.
DOUBLEENTRY SYSTEM
In a double entry system, you use at least
two accounts to record each business
transaction. When you record transactions
into the accounts, it is called posting.
You will post transactions into at least
two of the five basic accounts categories
— assets, liabilities, equity, revenues and
expenses. The system is self-balancing
because each transaction is shown as
a debit entry (amount is entered on the
left side of the account ledger) in one
account and a credit entry (amount is
entered on the right side of the account
ledger) in another. Total debits must
always equal total credits. If they do not,
then the books do not balance, and it is
evident an error has been made. This
system forces you to spot problems that
you might not otherwise see. However,
if you use an accounting software
program to keep your books, you do not
need to worry about the double entry
system. You will only need to enter each
transaction once and the program will
automatically make the second entry.
At the end of your accounting period,
this system makes it easier to prepare
an income statement, which provides
a report on the profits or loss of the
operations, a balance sheet statement,
which shows the overall financial position
of your business in terms of assets,
liabilities and equity and the cash
flow statement, which reports on the
cash that has flowed in and out of the
business. You can use these statements
to analyze the overall financial health of
your business and as documentation to
borrow money and for tax purposes.
Analyzing Your Income
Statement
Regardless of the bookkeeping method
you use (manual or computerized), your
records should be detailed enough to
prepare an accurate income statement
(also known as the profit and loss
statement) at the end of your tax year.
This statement is a brief summary of
what has taken place in your business
operation during the course of the year,
and its sections contain information
that can help you make every day
operational decisions.
The government has an interest in
your income statement since your tax
return is almost entirely derived from
it. Your financial institution or investors
will also want to have revenue figures
and details of the computation of your
revenues over a period of years. Even if
you did not have to prepare an income
statement for these purposes, it would
be worthwhile to do so because of the
valuable information it discloses.
As you continue to read this section,
it will be helpful to follow the “Sample
Income Statement”, Figure 5-1. You will
also need to familiarize yourself with
the following terms to understand the
income statement.
NET SALES
This is the amount of sales generated by
your business products and/or services
minus any sales returns and allowances
and/or sales discounts.
COST OF GOODS SOLD (COGS)
This is all costs directly related to
producing your products and/or services
(these costs are known as variable
costs since these costs will change
based upon how much products and/
or services are being produced). For
example, freight paid on purchases,
materials used to produce the product
and/or services would be included
as variable costs. Add variable costs
to beginning inventory and subtract
from this figure ending inventory. The
difference is the cost of the goods sold.
The formula for Cost of Goods Sold
(COGS) = Beginning Inventory + Variable
Costs – Ending Inventory.
GROSS PROFIT
This is the amount of profit your business
made once you have deducted COGS
from net sales. The formula for Gross
profit = Net sales – COGS.
OPERATING EXPENSES
This refers to expenses that definitely
cannot be charged against the
production of your products and/or
services. Selling and administrative
expenses are part of operating
expenses. These expenses are usually
independent of the volume of sales
your business does (these expenses are
referred as fixed costs). All expenses
incurred in operating a business are
included, such as salaries and wages
for administrative and sales staff;
sales commissions; shipping; supplies;
utilities; rent; insurance; property taxes;
advertising; and telephone. If you total
these expenses and take them as a
percentage of your sales, you will have
an idea of the extent to which these
expenses are cutting into your profits.
The percentage rises when sales are
poor and falls when business is good.
Do not include the purchase of land,
building, furniture, fixtures or equipment
27
as expense items. These are assets to
your business and will remain with the
business for a period of years. However
a percentage of their cost is depreciated
each year under operating expenses.
OPERATING INCOME LOSS
Operating income also known as
earnings before interest and taxes
(EBIT) shows the profit from actual
operation of the business. To find
your operating income (loss), deduct
operating expenses from gross income.
It does not include any financial income
earned, cost of financing the business or
taxes paid on your business earnings.
OTHER INCOME AND EXPENSES
You will need to list all of your earnings
from investments and expenses from
debts on your income statement. An
example of other income is interest
earned on bank accounts (known as
other interest earned) and of other
expense is interest paid on loans (known
as interest expense).
INCOME (LOSS) BEFORE INCOME
TAXES
This category is not applicable to sole
proprietors since income (loss) from the
business is reported differently than
corporations.
To find the amount of income (loss)
before income taxes, add other income
and deduct other expenses from
operating income (loss).
INCOME TAXES
Here you will list the taxes paid on the
taxable income of your business.
NET INCOME LOSS
Net income (loss) is also known as net
profit (loss) and usually is found at the
end of the income statement. To get net
income (loss), subtract income taxes from
income before taxes.
If there is a profit, this money can be
distributed to the owners or reinvested
back into the business.
Figure 5-1
Sample Income Statement
YOUR BUSINESS NAME
INCOME STATEMENT
FOR YEAR ENDING DECEMBER 31, 20___
Sales revenue
Sales $250,000
Less: Sales returns and allowances $3,000
Sales discounts 2,000 5,000
Net sales 245,000
Cost of goods sold 147,000
Gross profit 98,000
Operating expenses
Selling expenses
Commission expense $7,000
Shipping expense 2,000
Advertising expense 1,500
Supplies expense 500 11,000
Administrative expenses
Salaries 20,000
Utilities expense 7,000
Rent 15,000
Telephone expense 5,000
Office supplies 1,500
Insurance expense 2,000 50,500 61,500
Operating Income
36,500
Other revenues
Interest revenue 150
Other expenses
Interest expense 300
Income before income taxes
36,350
Income taxes 7,350
Net income $29,000
28
Analyzing Your
Balance Sheet
The balance sheet (also known as the
statement of financial position) is like a
snapshot — it shows what your business
owns, what it owes and what it is worth
at a specific point in time, which is
usually at the close of the business’ fiscal
year either on December 31 or on the
last day of your tax year. The balance
sheet lists the assets (what the business
owns), liabilities (what the business owes)
and equity (what the business is worth).
To better understand the basic
components of the balance sheet, use
the description provided here to see
how all the parts fit together and follow
the “Sample Balance Sheet Statement”,
Figure 5-2.
ASSETS
These are items owned by the business
that have value. Assets are categorized
as current assets (items that can be
turned into cash during the course of the
coming tax year) and long-term assets
(items that will not be turned into cash
or consumed during the course of the
coming tax year).
CURRENT ASSETS
Cash, accounts receivables and
inventory are some of the accounts listed
under current assets.
Cash: Includes currency, checks,
business checking and savings accounts.
Petty cash: It is cash available on hand
to use for small purchases.
Accounts receivable: This shows how
much your customers, who have bought
your product or service, owe your
company.
Inventory: This is the goods on hand
at the time the balance sheet is drawn
up. It is important to have a complete
set of inventory records at the end of
the year. If accurate inventory records
are kept (and usually they are not), it
may still be necessary to do a manual
count of goods on hand at the end of
the period. In the case of a selling or
service establishment, the goods on
hand are classified separately according
to whether they are finished goods
for sale or supplies to be used in the
operation of the business. In the case
of a manufacturing establishment, raw
materials, goods in process and finished
goods are also classed separately.
Figure 5-2
Sample Balance Sheet
YOUR BUSINESS NAME
BALANCE SHEET
FOR YEAR ENDING DECEMBER 31, 20__
Assets
Current Assets
Cash $30,000
Petty Cash 200
Accounts receivable 14,000
Inventory 8,300
Total current assets $52,500
Long-term assets
Equipment 25,000
Less: Accumulated Depreciation 500
Total long-term assets 24,500
Total assets $77,000
Liabilities and Equity
Current liabilities
Accounts payable 7,000
Income tax payable 7,200
Payroll tax payable 6,500
Interest payable 300
Total current liabilities 21,000
Long-term liabilities
Equipment loan 10,000
Total Liabilities 31,000
Equity
Common stock 35,000
Retained earnings 11,000
Total Equity 46,000
Total liabilities and equity $77,000
29
LONGTERM ASSETS
Are items purchased for the use and
operation of the business and which will
not be sold or completely used during
the course of the tax year, but are kept
for long-term use. Some examples of
long-term assets are machinery, furniture,
equipment, vehicles, land and building.
Accumulated Depreciation: This is a
deduction taken for the depreciation
of long-term assets. Each year the
accumulated depreciation amount is
increased by the amount of depreciation
that is considered to have taken place.
To have all this information in proper
form for the balance sheet, your records
should show the original cost, annual
depreciation, total depreciation taken
to date and net book value. Net book
value is the original cost minus the total
depreciation to date. You should also
make a note of the estimated number
of years the equipment is expected to
last and the amount of depreciation for
each year.
There are many other assets that may
also be reported, such as prepaid
insurance and supplies.
LIABILITIES
These are debts of the business or what
the business owes to creditors. Liabilities
are categorized as current liabilities
(obligations that will be paid during the
course of the coming tax year) and long-
term liabilities (obligations that are for
more than a year or long-term).
CURRENT LIABILITIES
These are obligations that the business
will pay during the course of the coming
tax year, such as payroll taxes, income
taxes and interest on loans.
LONG-TERM LIABILITIES
These are long-term obligations that will
be due in more than one tax year, such
as loans.
EQUITY
Equity is the difference between assets
and liabilities or Equity = Assets –
Liabilities. In other words, the amount left
over after deducting what is owed from
what is owned will give you the worth of
the business.
Equity can be referred as owner’s equity
for sole proprietors or stockholders’
equity for corporations. Included under
equity is the original investment in
the business and any additions or
subtractions that may cause equity to
increase or decrease.
For sole proprietors, additions may come
through new money invested in the
business or through retention of some
of the profits and subtractions may come
through withdrawal of some of the money
from the business or through losses.
In a partnership, limited liability
partnership or limited liability company,
the share of equity belonging to each
partner or member must be shown
separately on the balance sheet. This is
very important when determining how
to distribute profits and when dissolving
the business. Your records should show
each partner’s or member’s original
investment and the share of the profits
that each is entitled minus withdrawals.
If your business is organized as a
corporation, the equity section of the
balance sheet should list the capital
stock outstanding at the original issue
price. Any profits that have been
allowed to accumulate in the business
are shown in a separate section called
retained earnings. Payments made to
shareholders in the form of dividends are
listed as dividends paid.
USING THE BALANCE SHEET
The balance sheet is useful because of
the wealth of information it contains to
help you in the day-to-day and long-term
operation of your business.
The following are a few of its uses.
Determine the status of working capital
or cash on hand: To stay in business
you have to watch both your liquidity and
your solvency. Your business is insolvent
as soon as your liabilities exceed your
assets. If a condition like that persists
for a very long period, you are almost
certain to go bankrupt. Though your
assets may exceed your total liabilities
and you may consider your business as
being solvent, you may still be in serious
difficulty if you are short of funds. If you
cannot meet your current liabilities when
they come due, your business may have
to close down. For this reason, it is very
important to check the size of current
liabilities and compare them with current
assets. The balance sheet provides you
with this information.
Frequent and periodic estimates of
current assets and current liabilities can
help you arrange your finances to avoid
a temporary shortage of funds and at
the same time make the best use of the
funds you have.
Determine the current ratio: Provides
you with a concise picture of the liquidity
of your business. To find the current ratio
of your business, divide current assets
by current liabilities. Some accountants
suggest that the current ratio should
be 2-to-1 (2:1) or a sufficient amount of
current assets to cover your current
liabilities twice. If the ratio falls to 1-to-1
or 1:1, you may be at risk of running into
liquidity problems and affecting your
credit standing.
If you determine that you are operating
on too narrow a margin, your problems
will not necessarily be solved by
borrowing more money because this
involves additional expenses on interest.
You need to weigh the cost of borrowing
against the financial gain of having more
cash in the business.
If your business is frequently short of
working capital despite attempts to
remedy the situation, you may want to
consider securing additional permanent
equity, either by taking in a partner or
selling shares of stock. Since no interest
is paid on permanent equity, you avoid
incurring additional costs.
A business can have too much as
well as too little working capital. If the
balance sheet and other supporting
statements when analyzed as suggested
above show that the business has more
working capital than it really needs, there
is a strong case for either paying off
outstanding loans or possibly expanding
the business.
Determine the level of inventory: This is
an important item in your current assets
section of your business’ balance sheet.
Business owners frequently discover
they have fallen into the practice of
carrying too much inventory of goods
compared to the amount of merchandise
being sold. This is most likely to develop
if there is no proper procedure for
inventory control. If this occurs in your
business, it might be necessary to run a
sale and offer your customers a special
bargain to reduce your inventory.
30
If you reduce the inventory your
business is carrying, your cash position
will improve, because less money is
tied up. Of course, you do not want to
reduce inventory if it is going to result in
a significant decrease in sales.
Determine the amount of sales on
credit: Another item to watch closely
is accounts receivable. A periodic
monitoring of accounts receivable
and losses incurred on bad debts
(receivables that will not be collected)
provide the basis for deciding whether
extending credit on sales is cost
effective. Account receivables may be
a large part of your business sales, but
you have to weigh the cost of extending
credit against its benefits.
Though you may periodically review the
loss sustained on bad debts, it is not
the only factor to consider. Too much
working capital tied up in receivables
can lead your business to be short on
cash, which in turn can make it difficult
to take advantage of your creditors’
discounts. Your business costs can also
be further increased if you are forced
to borrow money to continue extending
credit to your customers.
If you are offering your own line of credit
to your customers, you will have to
determine collection costs associated
with extending credit since these costs
can build up rapidly if you let your
accounts receivables get out of control.
Analyzing Your Cash
Flow Statement
The cash flow statement (also known as
the statement of cash flows) provides
a summary of all the cash that flows
in and out of your business during a
specific time period. It allows you to see
what caused a change in cash since
you will be reporting on where cash
came from and where it was used. In
the cash flow statement, you will list the
operating activities (cash earned or spent
to produce income), investing activities
(cash spent or earned from buying or
selling long-term assets), and financing
activities (cash obtained from or paid to
investors or lenders) that either increased
or decreased the cash of your business.
The cash flow statement is a good
indicator of the financial flexibility of
your business. It indicates the liquidity
and solvency condition of your business
at a specific time period. To better
understand the basic components of the
cash flow statement, use the description
provided here to see how all the parts
fit together and follow the “Sample Cash
Flow Statement”, Figure 5-3.
OPERATING ACTIVITIES
Include all activities that when added
to or subtracted from net income,
give you the amount generated from
operating activities of your business.
Some examples of operating activities
are accounts receivable, inventory and
accounts payable.
INVESTING ACTIVITIES
These are all activities involving the
purchase or sale of long-term assets
such as equipment, land and building.
This total will give you the amount of
cash generated from investing activities
of your business.
FINANCING ACTIVITIES
Involves all activities that increase or
decrease the liability or equity of your
business either through borrowing
money form a lender, paying off a
debt, keeping the earnings in the
business (sole proprietors), withdrawing
the earnings from the business (sole
proprietors), selling shares of the
company (corporations), buying back
outstanding shares of the company
(corporations).
When you add net increase or decrease
to the cash at the beginning of the year,
you end up with with the cash at the end
of the year.
MANAGING YOUR BOOKKEEPING
Take time to investigate all your
bookkeeping options and if it all seems
intimidating, do not be afraid to ask
for assistance from a professional
bookkeeper or accountant. Whether you
decide to do your bookkeeping yourself
or have someone do it for you, keeping
good track of your finances is key to
building and maintaining a financially
healthy and profitable business.
Figure 5-3
Sample Cash Flow Statement
YOUR BUSINESS NAME
CASH FLOW STATEMENT
FOR YEAR ENDING DECEMBER 31, 20__
Cash flows from operating activities
Net income $29,000
Accounts receivable $ (14,000)
Inventory (8,300)
Accounts payable 7,000
Total cash flows from operating activities (15,300)
Cash flows from investing activities
Equipment (25,000)
Total cash flows from investing activities (25,000)
Cash flows from financing activities
Equipment loan 10,000
Retained Earnings 11,000
Total cash flows from financing activities 21,000
Net increase in cash 9,700
Cash at beginning of year 10,000
Cash at end of year $19,700
31
This final chapter outlines broad areas
of regulation that are common to all
businesses. You’ll find summaries of key
points in the areas of licensing, taxes,
employer requirements and trademark
and business name registration.
There are many special federal and state
regulations that are not covered here
but that affect small businesses. Be sure
to thoroughly investigate any that apply
to your specific business. If you have
questions, it is advisable to bring them
up with the appropriate agencies. Also
keep in mind that it may be necessary to
obtain sound legal advice.
Licenses and Permits
Licenses and permits from federal, state
and local governments give individuals,
partnerships and corporations the
authority to carry on specific business
activities. Hundreds of businesses
are subject to licensing by one unit of
government or another. Retail shops,
breweries, pet grooming, restaurants,
plumbing and electrical services, day
cares and event planning are just a few
of the many diverse businesses covered
by government regulations.
In addition, New York State licenses a
wide range of occupations including
dentists, nurses, acupuncturist, teachers,
chiropractors, social workers, dietitians
and veterinarians. These licenses usually
involve the payment of fees and proof of
qualification by examination.
It is your responsibility to know if your
business requires licensing. Before you
begin operating your business carefully
research the applicable state and local
laws. Check with your town, village,
city and county governments to make
sure you have complied with all local
ordinances. The best way to begin is to
call your county clerk’s office to obtain
local government requirements. You
may also need to check with your local
planning and zoning board, and building
safety inspector.
NEW YORK BUSINESS EXPRESS
New York Business Express provides
prospective and current business owners
a comprehensive and streamlined
resource on business and professional
requirements for starting, running and
growing a business in New York State in
one centralized location. To learn about
the licenses and permit requirements for
your business visit New York Business
Express at https://www.businessexpress.
ny.gov/.
REGISTERING YOUR
BUSINESS NAME
If you choose to operate your business
as a sole proprietor under a name
other than your own legal name or as a
general partnership, you must register
with the county clerk where your
business will be located. To do this you
will need a Certificate of Assumed Name,
commonly referred to as a “Business
Certificate”.
If you choose to operate your business
as a corporation, limited liability
company or limited liability partnership,
you must register with the New York
State Department of State, Division of
Corporations.
REGISTRATION OF MARKS
Registration of a mark identifies and
distinguishes the origin and ownership of
a product or service and carries certain
legal protections. Registration of a mark
will help to protect against infringement
of the mark by other parties. Federal
mark law preempts state mark law.
TRADEMARK
A trademark is a word, name, symbol,
device or any combination of these
used by a manufacturer to identify and
distinguish the good, including a unique
product. For example, “Kleenex” is
a trademark for a certain brand of
paper products.
CHAPTER 6
Government Regulations
SERVICE MARK
A service mark is a word, name, symbol,
device or any combination of these
used by a service provider to identify
and distinguish the service, including a
unique service. For example, “Realtor”
identifies a real estate salesperson as a
member of the National Association of
Realtors.
COLLECTIVE MARK
A collective mark is used by the
members of a cooperative, association,
labor union or other group to identify
and distinguish the goods or services
of its members. For example, “The
International Labor Communications
Association (ILCA)” identifies an
organization that provides labor
publications.
CERTIFICATION MARK
A certification mark is used in connection
with the goods or services of any person
other than the owner of the mark to
certify regional origin, quality, accuracy,
material, method of manufacture,
assembly or fabrication by a union or
any other characteristics of the goods
or services. “USDA Organic” is one
example of certification mark.
You can file a trademark and/or service
mark registration with the New York
State Department of State at https://
www.dos.ny.gov/corps/index.html. You
can register trademarks, service marks,
collective marks and certification marks
with the United States Patent Office at
https://www.uspto.gov/trademark.
Business Insurance
You are not required by law to have
liability, property damage or other types
of business insurance, but realistically,
very few businesses can operate without
some form of insurance coverage.
Chief among these are general liability
insurance and property insurance. In
some type of businesses, life insurance
may also be important. The New York
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policies provide coverage to buildings
and structures, business contents and
property, and the property of others in the
care, custody and control of the insured.
The New York Property Insurance
Underwriting Association provides
property owners with fire and
extended coverage, and insurance
against vandalism, sprinkler leakage,
malicious mischief, and rent or business
interruption. For more information, visit
this link www.nypiua.com or find contact
information in Appendix E on page 44.
BUSINESS INTERRUPTION
If your business is closed for a period
due to some type of catastrophe, you will
want to consider business interruption
insurance, which helps cover expenses
until the business is back in operation.
BUSINESS LIFE INSURANCE
Business life insurance is used to protect
a business or the family of a business
owner from financial loss resulting from
the death of someone associated with
the business. If you are a sole proprietor,
such a policy can be used to help
dispose of your business in the event
of your death. You must decide if you
want it liquidated by sale, left to your
children or other beneficiaries or sold to
your employees. Cash from an insurance
policy can make these transfers easier.
In a partnership or limited liability
company, the most common use of
life insurance is to insure each partner
for the benefit of the other partner or
partners in conjunction with a buy-
and-sell agreement. This enables
the survivor or survivors to buy the
deceased interest and to continue
operating the business on a reorganized
basis. The family of the deceased can
be guaranteed immediate cash upon
liquidation of its business interest.
Some businesses will want to investigate
key employee life insurance. This provides
protection to offset financial losses due
to the death of a valuable employee. Split
dollar plans enable the employer to retain
key selected employees by helping them
to purchase life insurance at a shared
relatively low cost.
Taxes
NEW YORK STATE DEPARTMENT
OF TAXATION AND FINANCE
Whether you’re starting a new business
or purchasing an existing one,
Publication 20, “New York State Tax
Guide for New Businesses”, provides
basic information about New York State’s
Tax Law and regulations. As a new
business owner, you may be required
to register for certain taxes or obtain
licenses or permits. This publication
outlines the procedures to follow and
forms to file with the Tax Department.
The Tax Department also provides access
to tax forms, instructions, publications
and other applicable information on your
responsibilities as a new business owner.
Visit www.tax.ny.gov or find contact
information in Appendix D on page 44.
STATE AND LOCAL SALES AND
USE TAXES
New York State sales tax is collected
on the sale or rental of all goods unless
they are specifically exempted by the
law. Sales tax on services, however, is
collected only if the law specifically taxes
that service. Most things sold at retail, from
electronics and take-out food to hotel
rooms and entertainment, are covered by
these laws. For tax purposes, a sale can
include a trade, exchange or barter.
If you sell or deliver taxable goods or
perform taxable services in an area that
has a local sales tax, you will also have
to collect that tax. If you operate your
business in the metropolitan commuter
transit district (“MCTD” includes
New York City or Rockland, Nassau,
Suffolk, Orange, Putnam, Dutchess or
Westchester counties), you will also have
to collect additional sales tax.
If you must collect sales tax, you should
register as a vendor with the New
York State Department of Taxation and
Finance at least 20 days before you
start conducting business. After the Tax
Department approves your completed
application, it will send you a Certificate
of Authority. This certificate allows you
to charge and collect the required state
and local sales tax in New York State.
You must keep detailed records of all
sales and transactions that are subject to
sales and use taxes.
State Department of Financial Services
supervises all insurance businesses
in New York State. It licenses and
supervises all insurance companies,
brokers, agents and insurance adjusters.
This state supervision protects the buyer
of insurance by assuring the solvency of
licensed companies and by examining
their claims practices. For more
information, visit www.dfs.ny.gov.
You should purchase your insurance
from a company licensed in New York
State if you want the full protection of the
State’s insurance law. To get the best
coverage for your particular situation,
discuss your needs with a New York
State-licensed insurance agent or broker.
GENERAL LIABILITY
Your business — and in many cases,
you personally — can be sued if
someone is injured or suffers property
damage, either while on your business
premises or as a result of your business
operations. Liability for damages may
be due to negligence, imposed by law
or assumed by contract. If one of your
customers slips on a wet spot on your
floor and sustains a permanent injury,
that wet spot could put you out of
business if you are not insured against
liability. The same could be true if one
of your employees breaks or damages a
valuable item in a customer’s home while
making a delivery.
A liability insurance policy typically
provides legal defense against a suit
and reimbursement of damages, up
to the policy limits, if you are found
liable. Policies are written for specified
monetary limits, with stated coverages
and exclusions. To insure the broadest
possible protection of your assets, have
an insurance professional negotiate
the specific coverage suitable to your
particular business.
PROPERTY
Property insurance protects your
business against loss caused by the
destruction of a part or all of your
property by fire, windstorm, explosion,
vandalism and other disasters. The
standard policy lists the perils covered
and can be broadened or restricted,
depending on the needs of your
business. Typical property insurance
Registering may also allow you to claim
an exemption from paying sales tax to
your suppliers, particularly if you are
buying raw materials to create a product
to later be sold at retail or if you are
buying something to resell. There is a
long list of sales tax exemptions, and it
pays to be aware of them, particularly
if you are involved in manufacturing,
processing, assembling or refining.
No matter what kind of business you
start, it is necessary that you follow
all regulations regarding state and
local sales and use taxes. You may be
subject to serious penalties if you fail to
register with the Tax Department and
collect the appropriate sales taxes. Even
if your business did not collect sales
tax during a specific period, you must
file sales and use tax returns by the
due date. Failure to do so can result in
penalties. Publication 750, “A Guide to
Sales Tax in New York State”, provides
detailed information regarding sales tax
requirements, obtaining a Certificate of
Authority, recordkeeping and the sales
and use tax returns to file.
BULK SALES
If you are purchasing an existing
business rather than forming a new one
or purchasing assets from an existing
business, you must determine if the
seller has ever been required to register
to collect New York State sales and use
taxes. If so, the sale of the business –
or any part of it – is called a “bulk sales
transaction” and, regardless of the size
or cost of the sale, you have certain legal
responsibilities and could be liable for
the former owner’s unpaid sales taxes.
You must register by filing form DTF-17,
“Application for a Sales Certificate of
Authority”, at least 20 days before you
take possession of or pay for business
assets from a person required to collect
sales and use taxes in a bulk sale
transaction. You must also be registered
at least 20 days before making taxable
sales or using exemption certificates. If
you do not register, you may be subject
to penalties.
You must notify the Tax Department of
your pending bulk sale purchase by filing
Form AU-196.10, “Notification of Sale,
Transfer or Assignment in Bulk”, at least
ten days before paying for or taking
possession of any business assets,
whichever occurs first. Regulations
require that you send Form AU-196.10
by registered mail, certified mail with
return receipt or hand delivered to the
Tax Department.
Within five business days, the Tax
Department will issue the purchaser
either Form AU-197.1, “Purchaser’s and/
or Escrow Agent’s Release – Bulk Sale”,
provided any sales tax due on the
taxable assets in the transaction have
been paid or Form AU-196.2, “Notice
of Claim to Purchaser”, if the seller has
an existing or pending sales tax liability.
This form explains your responsibilities
relating to the purchase and advises you
to withhold payment of the purchase
price of the business from the seller until
the department completes its review.
You should place the purchase amount
outstanding sales and use tax liabilities
can be paid to the Tax Department.
The Tax Department will notify the
purchaser within 90 days to determine
if the seller owes any sales and use
tax. You will be notified by the Tax
Department of the total amount of
any taxes for which you may be held
responsible under the bulk sales
provision. You must pay, out of the
purchase price, the taxes owed by the
seller, but not an amount greater than
either the purchase price of the fair
market value of the business assets
being purchased, whichever is greater.
You can withdraw from the escrow
account the amount of tax due and pay
it to the Tax Department. Once you,
as the purchaser or the seller pays
the taxes owed by the seller, the Tax
Department will issue an authorization
to release any balance in the escrow
account to the seller.
You may also be liable for a separate
sales tax, based on your purchase
of the assets of the business. Sales
tax is imposed on the transfer of any
tangible personal property sold in
bulk, except property intended for
resale or tax-exempt property. You, the
purchaser, must pay this tax. No sales
tax is imposed on real property or on
intangible personal property such as
accounts receivable or goodwill.
At the Tax Department you can obtain
additional information on bulk sales.
Employer Requirements
Every business owner must comply
with the major state and federal labor
laws and regulations that govern
fair employment practices and labor
relations. Some are designed to provide
safe and healthy working conditions;
fair wages and hours; and prohibit and
restrict certain types of work.
Other laws provide for workers’
compensation, unemployment insurance,
disability benefits insurance and Social
Security.
On the federal level, the National Labor
Relations Act is administered by the
National Labor Relations Board, whose
activities fall into two main categories:
prevention of unfair labor practices
and the determination of collective
bargaining representatives.
The New York State Labor Employment
Relations Act guarantees employees
the right to organize and engage in
collective bargaining and prohibits
certain unfair labor practices. This is the
same right that employees engaged in
interstate commerce are guaranteed
under federal law. It is administered
by the Public Employment Relations
Board. The act also provides protection
for employees on the job. It provides a
list of labor practices that are deemed
unfair, including interfering with the
formation or administration of unions;
refusing to bargain collectively or
discuss grievances with employee
representatives; and discharging or
otherwise discriminating against an
employee for filing a complaint or giving
testimony.
HIRING PRACTICES
The New York State Human Rights Law
is the state’s primary statute addressing
discrimination. Among other things, it
forbids discrimination in any business
in New York State that employs four or
more people. Discrimination includes
employment decisions based on age,
race, creed, color, national origin,
sexual orientation, military status, sex,
disability, pregnancy-related condition,
domestic violence victim status, genetic
predisposition or carrier status, familial
status or marital status.
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In addition to state law, there are federal
laws that affect business employment
policies and practices, which further
protect from discriminatory actions.
These federal laws reinforce those
issues covered under New York State
law and extend to include other areas,
such as immigration status.
The Immigration Reform and Control Act
requires employers to verify employment
eligibility. Under this requirement, all
employees of both public and private
businesses must fill out a form stating
that they are eligible to work in the
United States. Failure to comply with
these requirements can result in civil and
criminal penalties.
SAFETY AND HEALTH
All employers are obligated to provide
their employees with a safe work
environment. The work area must
be free from recognized hazards that
are likely to cause death or serious
physical harm and must follow the
specific safety and health requirements
of the Occupational Safety and Health
Administration (OSHA).
OSHA’s requirements affect all
businesses, even those with only one
employee. OSHA representatives
have the authority to enforce safe
and healthful working conditions by
inspecting the premises of a business,
interviewing employees privately and
reviewing required records at any time.
Under OSHA, if you employ 10 or more
people, you must keep records of
occupational injuries and illnesses. In
addition, all employers must display
an OSHA poster describing their
responsibilities to their employees. You
can get a free copy by calling OSHA at
(800) 321-6742 or download a poster at
OSHA’s webpage.
OSHA offers a free on-site consultation
program to help determine if
your business conforms to OSHA
requirements. These experts can also
advise you on how to handle any
hazards in your place of business,
how to be in compliance with OSHA
requirements, and assistance with
establishing injury and illness prevention
programs. Consultants’ findings are not
reported to OSHA.
For more information on OSHA, visit
https://www.osha.gov/.
WAGES AND HOURS
Manual workers must be paid weekly
and not more than seven days after the
end of the week in which the wages
were earned. Office, clerical and other
workers must be paid according to the
agreed terms of employment and at least
semi-monthly.
Under the New York State Minimum Wage
Act, you must pay your employees the
applicable hourly minimum wage rate. The
only deductions you can make from wages
are those required by law and those
authorized in writing by the employee.
In addition, it is unlawful to pay one
employee more than the other employee
of the opposite sex for equal work.
As an employer, you are required to keep
records of the hours worked and wages
paid to all of your employees. You must
furnish these records to the New York
State Department of Labor upon request.
You must also provide in writing to your
employees your company’s policy on sick
leave, vacation, personal leave, holidays
and working hours.
On public work projects, such as the
building of roads, bridges or schools, you
must pay workers, laborers, or mechanics
the wage and fringe benefits for the
corresponding occupation as set by the
locality where the work is performed. This
is known as prevailing wage.
In some industries and professions,
employees must be given at least 24
hours of rest in each calendar week.
Minors under 18 must have employment
certificates (“working papers”) or permits
issued by local school authorities before
they can work. The employer must keep
these papers on file. Minors under 18 may
not be employed in certain hazardous
occupations or during school hours.
For more information on New York State
Labor Laws, visit www.labor.ny.gov.
WITHHOLDING TAXES
Federal
If you have employees, you must
withhold income taxes from their wages.
You can get the necessary forms and
instructions from the Internal Revenue
Service (IRS). The amount of taxes
you must withhold is based on the
information contained in each individual’s
withholding allowance certificate, Form
W-4. You must have all employees fill out
this form when they begin employment
with your company.
You are required to file quarterly returns
with the IRS. You may also be required
to make monthly or semi-monthly
deposits of funds collected from your
employees during the previous month.
Annually, you must file a reconciliation of
your quarterly returns along with copies of
the withholding statements that you give
to your employees, Form W-2. You may
decide to have an accountant, payroll
manager or payroll service handle all or
some of these details for you.
Penalties and excess payments may
accrue from failure to make payments or
to file returns properly. You can get a copy
of Publication 15, (Circular E), “Employer’s
Tax Guide”, which provides information on
reporting federal income tax withholdings,
Social Security taxes and federal
unemployment tax at www.irs.gov.
State
Every employer maintaining an office
or transacting business in New York
State must also withhold New York
State personal income tax from
employee wages. You can get a copy of
Publication NYS-50, “Employer’s Guide
to Unemployment Insurance, Wage
Reporting and Withholding Tax”, which
provides information on employer rights,
responsibilities and filing requirements
in New York State at www.tax.ny.gov.
You must register with the New York
State Department of Labor and complete
Form NYS-100, “New York State
Employer Registration for Unemployment
Insurance, Withholding, and Wage
Reporting” at www.labor.ny.gov.
HEALTH INSURANCE
A healthier business starts with healthier
employees. NY State of Health’s
Small Business Marketplace can make
it simple and easy for you to offer
affordable, high quality health and
dental insurance coverage for your
employees. You can compare multiple
plans and carriers online, and enrollment
is streamlined and convenient for you.
Billing is consolidated so you pay only
one monthly bill. Learn more about the
Marketplace at https://nystateofhealth.
ny.gov or call 1-855-355-5777.
Employee Benefits
WORKERS’ COMPENSATION
According to New York State Workers’
Compensation Law, qualifying businesses
must obtain workers’ compensation
insurance before putting employees
to work. Personal injuries incurred
in the course of employment and
deaths resulting from such injuries are
compensable under this law. Rates
for workers’ compensation insurance
vary according to the nature of the
employment and hazards involved.
You can arrange to have insurance
carried with any private company
authorized to transact the business of
workers’ compensation insurance in the
New York State, or you can make an
arrangement with the New York State
Insurance Fund (NYSIF), a not-for-profit
state agency. NYSIF writes workers’
compensation insurance for normal
risks at a discount from standard rates,
depending on the size of the premium.
For more information, call NYSIF at (212)
312-9000 or visit https://ww3.nysif.com/.
You also have the option of applying
to the chairperson of the Workers’
Compensation Board to become a self-
insurer. You must post and maintain, in
a conspicuous place, a printed notice
stating that you have complied with all
the rules and regulations governing
workers’ compensation. You must also
state that you have secured the payment
of compensation to your employees and
their dependents as provided under
the Workers’ Compensation Law. You
can get these printed notices from your
insurance carrier.
For further information, contact the
Workers’ Compensation Board’s
Advocate for Business at (877) 632-4996
or email [email protected].
If your business is not covered under the
Workers’ Compensation Law, you should
carry your own accident and health
insurance with a casualty insurance
company.
You can find contact information for
NYSIF and the Workers’ Compensation
Board’s Advocate for Business in
Appendix D on page 44.
DISABILITY BENEFITS
The Disability and Paid Family Leave
Benefits Law, contained in Article 9
of the Workers’ Compensation Law,
provides disability benefits to workers
as a result of non-occupational injury
or sickness. If you employ one or more
employees (in covered employment) for
each of at least 30 days in any calendar
year, then you are subject to this law and
must get coverage, generally in the form
of insurance, from a company authorized
to write accident and health insurance in
New York State or the New York State
Insurance Fund.
You may also have the option of
operating as a self-insurer, but you must
furnish the Workers’ Compensation
Board with proof of your ability to pay
benefits, and the board chairperson may
require a deposit of securities, cash or
surety bond.
PAID FAMILY LEAVE
As of January 2018, most private
employers in New York State with one
or more employees are required to
participate in New York Paid Family
Leave (PFL). PFL provides employees
with job-protected, paid time off to: bond
with a newly born, adopted or fostered
child; care for a family member with a
serious health condition; or assist loved
ones when a spouse, domestic partner,
child or parent is deployed abroad
on active military service. Under PFL,
eligible employees can take up to 10
weeks of leave at 55% of their average
weekly wage, up to a cap. Benefits will
increase through 2021, at which time
eligible employees will be able to take
up to 12 weeks of leave at 67% of their
average weekly wage, up to a cap. In
addition to these benefits, PFL has
strong employee protections, ensuring
employees can return to the same or
comparable position after taking leave,
they can continue their health insurance
while on leave on the same conditions
as if they were working, and they cannot
be discriminated or retaliated against
for requesting or taking PFL. Insurance
coverage for Paid Family Leave is
generally included under your existing
employer’s disability benefits policy. You
can collect the cost of Paid Family Leave
from your employees through payroll
deductions in accordance to the amount
specified under the program. Be sure
to inform your employees about your
Paid Family Leave and display, in a
conspicuous place, a poster about your
PFL coverage. For more information
on your PFL-related responsibilities
as an employer, and to access forms,
templates and other employer resources,
visit: https://paidfamilyleave.ny.gov/ or
call (844) 337-6303.
UNEMPLOYMENT INSURANCE
The New York State Unemployment
Insurance Program is administered
by the New York State Department
of Labor, Unemployment Insurance
Division and financed by employers to
provide short-term financial assistance to
individuals that are out of work through
no fault of their own.
When you begin a business in New York
State and hire one or more employees,
you must notify the New York State
Department of Labor Unemployment
Insurance Division to get a determination
of your tax status since the conditions
for tax liability differ among nonprofits,
governmental, Indian tribes, household,
agricultural and all other employers.
If you are a liable employer, the
Unemployment Insurance Division
will give you an employer registration
number that identifies your business with
the Unemployment Insurance Division.
This registration number is different
than the Federal Employer Identification
Number (FEIN) also known as an
Employer Identification Number (EIN).
In general, you are liable on the first day
of the calendar quarter in which you pay
remuneration totaling $300 or more or
as of the day you purchase or otherwise
acquire the business of a previously
liable employer.
Upon receiving your employer
registration number from the
Unemployment Insurance Division, you
will receive a poster “Unemployment
Insurance Notice to Employees” (IA
133) that informs employees they are
protected under the Unemployment
Insurance Law. You must post and
maintain, in a conspicuous place,
the poster so employees can easily
see it. You can register with the New
York State Department of Labor
and complete Form NYS-100, “New
York State Employer Registration for
Unemployment Insurance, Withholding,
and Wage Reporting” at www.labor.
ny.gov. To obtain information on your
unemployment insurance requirements,
see Publication NYS-50, “Employer’s
Guide to Unemployment Insurance,
Wage Reporting and Withholding Tax” at
www.tax.ny.gov.
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FEDERAL UNEMPLOYMENT TAX
The Federal Unemployment Tax
Act (FUTA) along with New York
State Unemployment Insurance
Program provides for unemployment
compensation to individuals who have
lost their jobs. The federal tax due, within
limits, may be reduced by a portion
of the unemployment insurance taxes
paid to New York State. Employers
are responsible for paying both FUTA
and New York State Unemployment
Insurance taxes. Your business will be
subjected to FUTA if you pay wages
of $1,500 or more during any calendar
quarter in the current calendar year or
any calendar quarter in the preceding
calendar year; or employ at least one
person for some part of a day in any
20 or more weeks during the current or
preceding calendar year. To obtain more
information on your FUTA requirements,
see Publication 940, “Employer’s Annual
Federal Unemployment Tax Return”, at
www.irs.gov.
SOCIAL SECURITY AND
MEDICARE TAXES
Both employers and employees bear
the cost of Social Security and Medicare
taxes. As an employer, you must apply
for a Federal Employer Identification
Number (FEIN), more commonly known
as Employer Identification Number (EIN)
by filing Form SS-4, “Application for
Employer Identification Number” with the
IRS at www.irs.gov.
Sole proprietors and partners who
earn $400 or more are responsible for
paying self-employment tax, which is
a tax consisting of Social Security and
Medicare taxes. This self-employment
tax is reported in the federal income tax
return.
To obtain information on Social Security
and Medicare taxes requirements, see
Publication 15 (Circular E), “Employer’s
Tax Guide” at www.irs.gov.
New York State
and Federal Poster
Requirements
To obtain information on New York State
and federal requirements on posters
that need to be displayed in a prominent
area of your business for employees
information, visit New York State
Department of Labor at https://labor.
ny.gov/workerprotection/laborstandards/
employer/posters.shtm and the United
States Department of Labor at https://
www.dol.gov/general/topics/posters.
Energy Supplier
New York State opened its electric and
natural gas industries to competition.
This change means that many
companies, small and large, can choose
either their local utility company or
a third-party supplier known as an
Energy Services Company (ESCO) as
their energy supplier. As a result of
this, business owners have expanded
products, services and price options.
Before calling your local utility company
or ESCO, take a moment to collect
information to have a better idea of your
energy needs. Call as many ESCOs
as possible to determine what types
of benefits are available. Asking the
right questions is important. Start by
finding out the kilowatt rate an ESCO
offers. Then make sure your company
discusses with the ESCO: whether rates
are fixed or variable; what contract
options are available; and whether there
is an access fee when service begins or
a penalty to discontinue service.
To obtain information on energy
suppliers, visit www.dps.ny.gov.
A Final Word
By deciding to start your own
business, you are joining thousands of
entrepreneurs before you who have
made the same journey in search of
personal and financial satisfaction.
As you move along this road, you
may want to refer back to many of the
sections, including the appendices in
this Guide. With solid research, sound
information, dedication and hard
work, you will find the journey into
entrepreneurship a worthwhile one.
37
Glossary
Account: A record of transactions between
parties.
Accounting records: Documents of all
business transactions. They may be
documents recorded in a computer or
in ledgers or journals, and any other
supporting documents.
Accounts payable: A list of current business
debts or liabilities that must be paid in the
future (usually within one year).
Accounts receivable: A list of the amounts
a firm is owed by others for merchandise
or services sold on credit. Even though a
business does not have the money in hand,
the money owed is considered an asset,
part of the value of the business. Once
collected, it becomes working capital.
Asset: Anything of worth that is owned.
Assets may include cash on hand or in
the bank, accounts receivable, securities,
property or buildings, equipment, fixtures,
merchandise inventory and supplies.
Balance sheet: A report that shows what
a business owns and owes. Typically,
business assets and their cost are listed
on one side and liabilities and owners’
equity (investment in the business) on the
other. Liabilities include everything the
business owes. If the balance sheet is
figured correctly, total assets will equal total
liabilities plus owners’ equity.
Budget: A plan of financial operations
embodying an estimate of projected
expenditures for a given period and the
proposed means of financing them.
Capital: Money available to invest; the
total of accumulated assets available for
production; the total of property and money
resources the business owner can make
available for business.
Cash: Money in hand or readily available,
including currency and checks, that can be
drawn on demand.
Cash discount: A deduction or allowance
that is given if payment is completed within
a stated period of time.
Cash flow statement: A report that shows
how much of the cash generated by the
business remains after operating, investing
and financing activities.
Collateral: Property or other assets pledged
by a borrower to secure a loan. In the event
of default, the lender has the right to use
proceeds from the sale of the collateral to
obtain repayment of the loan.
Contingency: A possible future event or
condition arising from currently known or
unknown causes, the outcome of which
cannot be determined at the present time.
Contract: A legally binding agreement
regarding mutual responsibilities between
two or more parties. Generally in business,
a contract exists when there has been a
meeting of the minds, and it sometimes
need not be in writing. Many sales and
order forms are binding contracts and
should only be signed when the terms of
the agreement are well understood.
Co-op advertising: Advertisements in
which the message and the cost are shared
with others, often between a supplier and
one or more retailers.
Corporation: A legal entity, created by
a state charter, that can do business the
same as individuals in a sole proprietorship
or partnership. The corporation acts on its
own through its officers and is empowered
to make contracts and carry out business
activities like an individual business owner.
Unlike other types of ownership, the shares
of a corporation may be owned by a
number of persons. (Compare with limited
liability company, partnership, and sole
proprietorship. See also S. corporation.)
Credit: Permission to pay in the future for
goods or services received now. Credit is
used to increase trade and sales.
Current assets: All those assets that are
available without restriction to meet current
financial responsibilities, such as cash,
government securities, marketable securities,
notes receivable (other than from officers or
employees), accounts receivable, inventories,
prepaid expenses, and any other item that
can be converted to cash in the normal
course of business within one year.
Current liabilities: Liabilities of a company
that will mature within one year or within
the normal operating cycle of the business,
whichever is longer, such as accounts
payable, notes payable, accrued expenses
such as wages, salaries, and taxes payable.
Debt: That which is owed as an obligation
resulting from the borrowing of money or
from the purchase of goods and services.
Depreciation: Expiration in the service life
of fixed assets; a decrease in value through
age, wear or deterioration charged as an
expense for tax and accounting purposes.
Direct mail: Sales letters, postcards, leaflets,
folders, booklets and catalogues delivered
through the mail to attract new customers
and encourage purchases.
Disbursement: Process of sending payment
to a specified person or organization.
Dissolution: The voluntary or involuntary
termination of a partnership, corporation or
contract.
Double entry: A system of bookkeeping
that requires an entry for a corresponding
amount to the credit (right) side of an
account for every entry made to the debit
(left) side of an account.
Equity capital: Money put into a business by
investors.
Financial statements: Documents that
show a financial situation. The three basic
statements needed to document the
information necessary to run a business
and get financing are the income statement,
balance sheet statement and cash flow
statement.
Fiscal year: A period of 12 months
designated as a year for accounting
purposes. It does not have to correspond to
the calendar year.
Fixed assets: Land, buildings, machinery,
furniture and other items that have an
expected useful business life measured
in years and are not converted into cash
during a normal fiscal period. Depreciation
is applied to those fixed assets that (unlike
land) will wear out.
Fixed costs: Expenses or costs that do
not vary from one period to the next in
proportion to the rate of activities of the
business, such as depreciation, interest,
insurance or rent.
Franchise: An exclusive right or privilege to
deal in a certain line or brand of goods or
services.
Gross: Overall total before deductions.
Gross Profit: Overall total earned after
operating expenses are deducted.
Income: Accounting term used to represent
the excess of revenues earned over
expenses incurred in conducting business
operations.
Income statement: A report that shows the
total amount of sales (revenue) and total
costs (expenses) of a business that result in
a net profit or loss.
Income taxes: Taxes owed to federal,
state or local government based on the
profits made by a business. Income taxes
represent a cost to the business and are
shown on the income statement.
Intangible assets: Assets of a business
that may be of value but that can not be
measured or objectively evaluated, such as
patents, copyrights and trademarks.
Interest: The additional amount paid for
borrowing money.
Invoice: A bill sent to a customer is called a
sales invoice. A bill received from a supplier
is called a vendor invoice or purchase
invoice.
Inventory: Raw materials, work in process
and finished goods available for sale;
supplies used to carry on a business and
not purchased for resale. Both manufactures
and retailers have inventory.
Lease: A rental agreement.
S corporation: A special corporation that
is taxed at the shareholders’ individual
tax rate. To be eligible for S corporation
status, a business must meet certain
criteria. (Compare with corporation, limited
liability company, partnership and sole
proprietorship.)
Secured loan: A loan that is backed by
items of value that can be sold.
Securities: Documents that identify legal
ownership of a commodity, which often
refers to stocks, bonds or mutual funds that
are placed by a debtor with a creditor along
with authority for the creditor to sell them if
the debt is not paid.
Service business: A business that sells
services, such as janitorial, medical, legal,
landscaping, transportation, and other
services.
Small business: Defined by New York
State law as a business with fewer than
100 employees, independently owned
and operated and not dominant in its field.
For loan and tax purposes, federal law
has specific criteria for different business
sectors.
Sole proprietorship: A form of legal
organization for a business in which there
is one owner. (Compare with corporation,
limited liability company, limited partnership
and S corporation.)
Stock: An ownership share in a corporation;
another name for a share. Stock also refers
to accumulated merchandise. The things a
retailer has available for sale is referred to
as stock and when those things are put out
for display, the shelves are stocked.
Tangible assets: Things that can be seen,
evaluated and, if necessary, converted into
cash, such as land, building and machinery.
(Compare with intangible assets.)
Target market: An identifiable group of
current and prospective customers.
Variable costs: Expenses or costs that
vary from one period to the next in
proportion to the rate of activities of the
business, such as freight or raw materials.
(Compare with fixed costs.)
Wholesaler: One who sells goods in volume
to retailers, who then sell the merchandise
to customers.
Working capital: Capital immediately
available for the continued operation of a
business.
38
Ledger: A book containing a group
of accounts that record the financial
transactions of a business. It is a summary
of transactions in which debits and credits
are posted.
Liability: Anything that is a debt or obligation
owed by the business to other people or
business that must be liquidated, renewed
or refunded at some future date.
Liability insurance: Risk protection to cover
possible loss due to personal injury and/
or damage to property from lawsuits, if a
business or its agents are found at fault.
Limited liability company: A business
that retains the management flexibility
of a partnership while offering some of
the advantages of a corporate structure.
(Compare corporation, partnership, S
corporation and sole proprietorship.)
Limited partnership: A legal partnership
where some owners assume responsibility
only up to the amount invested.
Liquidate: To settle a debt or to convert
to cash.
Liquidity: The ability of a firm to meet
its current debts with cash payments; a
measure of the adequacy of current assets
to meet current obligations as they become
due.
Loan: Money lent at interest.
Long-term liabilities: Debt obligations
with a maturity of more than one year after
issuance, such as bonds, mortgages, trust
deeds, intermediate and long-term loans,
and equipment loans.
Market: Customers; a group or category of
people who are or could become buyers.
Marketing: The process of acquainting
potential customers with the range of goods
or services available for sale; a management
approach to the provision of goods and
services that combines profit, customer
satisfaction and planned growth.
Market price: The average price for a
similar item or service that the consumer
has paid or is willing to pay.
Media: Radio, television, internet, and
printed publications such as newspapers,
magazines and billboards.
Middleman: A generic term that includes
those men and women in the distribution
system whose services stop short of dealing
directly with the public, such as brokers,
sales agents, wholesalers and distributors
Net: What is left after deducting all charges.
(Compare with gross.)
Net income(also known as net profit): The
amount of revenue left after subtracting all
the expenses of running the business
Net worth: Refers to the value of the
business and is calculated by subtracting
liabilities from assets.
Notes payable: An unconditional written
promise signed by the borrower to pay
a certain sum of money at a fixed or
determinable time with intererst to the lender.
Overhead: Those expenses that are
necessary in the production of goods,
performance of services or operation of
a retail business, such as rent, utilities,
insurance, telephone, and supplies.
Owner’s equity (or stockholders’ equity):
The amount of capital left after subtracting
the liabilities of the business from the assets
of the business.
Partnership: A legal form of business
organization in which two or more owners
organize the business, put in the owner’s
equity and share in the profits or losses
of the company. Partners combine their
knowledge, capital and/or labor to reach
a common objective. (Compare with
corporation, limited partnership, limited
liability company, S corporation and sole
proprietorship.)
Petty cash: A cash fund used to pay for
minor items that are relatively inexpensive
and more conveniently paid for by cash
rather than by check or credit card.
Posting: To enter in an account. Literally,
post means to give a position to
something, so when figures are posted in
a computerized or manual ledger, they are
assigned their right position in the firm’s
accounts.
Pricing: Setting a selling price.
Profit margin: The difference between
selling price and costs, and is expressed as
a percentage.
Promotion: Marketing activities that
stimulate the demand for goods or services
by advertising, publicity and events that
attract attention, create consumer interest or
build loyalty.
Reserve: That which is held back or stored
for future use in case of emergency. The
success or failure of new businesses often
depends on the availability of cash reserves
to weather financial crises.
Retail: Selling directly to the ultimate
consumer; selling in small amounts to the
general public.
Revolving credit: An agreement allowing
a customer to borrow funds when
needed up to a specified maximum for an
undetermined period of time.
39
Appendix A
Entrepreneurship
Assistance Centers (EAC)
EACs assist new and aspiring
entrepreneurs in developing basic
business management skills,
refining business concepts, devising
early-stage marketing plans, and
obtaining business financing.
CAPITAL REGION
CAPITAL CHAMBER FOUNDATION
Five Computer Drive South
Albany, NY 12205
Phone: 518-431-1430
Service Area: Rensselaer, Schenectady,
Columbia, Greene, Saratoga, Montgomery,
Fulton, Albany Counties, and Town of Colonie
CENTRAL NEW YORK REGION
SYRACUSE UNIVERSITY
South Side Renovation Center
2610 South Salina Street
Syracuse, NY 13205
Phone: 315-443-8596
Service Area: Onondaga, Oswego, Syracuse,
Madison and Cortland Counties
FINGER LAKES REGION
URBAN LEAGUE OF ROCHESTER, INC.
265 North Clinton Avenue
Rochester, NY 14605
Phone: 585-325-6530, Ext.3031
Service Area: Monroe, Wayne, Ontario, Erie
and Genesee Counties
LONG ISLAND REGION
HOFSTRA UNIVERSITY
Oak Street Center, Room 107-B
255 Hofstra University
Hempstead, NY 11549
Phone: 516-463-5285
Service Area: Nassau and Suffolk Counties
SUFFOLK COUNTY COMMUNITY
COLLEGE
Grant Campus
Sally Ann Slacke Building
1001 Crooked Hill Road
Brentwood, NY 11717
Phone: 631-851-6214
Service Area: Suffolk County
MID-HUDSON REGION
WOMEN’S ENTERPRISE DEVELOPMENT
CENTER, INC.
3 Neptune Road, Suite A21
Poughkeepsie, NY 12601
Phone: 845-363-6432
Service Area: Dutchess, Orange, Putnam,
Ulster and Sullivan Counties
WOMEN’S ENTERPRISE DEVELOPMENT
CENTER, INC.
901 North Broadway, Suite 23
White Plains, NY 10603
Phone: 914-948-6098, Ext. 10
Service Area: Westchester County
MOHAWK VALLEY REGION
BUSINESS TRAINING INSTITUTE, INC
The Radisson Centre
200 Genesee Street
Utica, NY 13502
Phone: 315-733-9848
Service Area: Oneida, Madison and
Herkimer Counties
NEW YORK CITY REGION
BEDFORD STUYVESANT RESTORATION
CORPORATION
1368 Fulton Street
Brooklyn, NY 11216
Phone: 718-636-6373
Service Area: Kings County
BUSINESS OUTREACH CENTER
NETWORK, INC.
96-11 40th Road
Corona, NY 11368
Phone: 718-205-3773
Service Area: Queens County
CAMBA, INC.
2244 Church Avenue, 4th Floor
Brooklyn, NY 11226
Phone: 718-226-0436
Service Area: Kings County
CHINATOWN MANPOWER PROJECT/
BUSINESS OUTREACH CENTER
70 Mulberry Street, 3rd Floor
New York, NY 10013
Phone: 212-571-1691
Service Area: New York County
HOTBREAD KITCHEN, LTD
1590 Park Avenue
New York, NY 10029
Phone: 212-369-3331
Service Area: East Harlem and
surrounding neighborhoods
LOCAL DEVELOPMENT CORPORATION OF
EAST NEW YORK
80 Jamaica Avenue, 3rd Floor
Brooklyn, NY 11207
Phone: 718-385-6700
Service Area: East King County and
surrounding neighborhoods
RENAISSANCE ECONOMIC
DEVELOPMENT CORPORATION
2 Allen Street, 7th Floor
New York, NY 10002
Phone: 212-964-6022
Service Area: Manhattan, Queens
and Kings Counties
SOBRO VENTURE
199 Lincoln Avenue, Suite 215
Bronx, NY 10454
Phone: 718-732-7561
Service Area: Bronx County
SOUTH BRONX OVERALL ECONOMIC
DEVELOPMENT CORPORATION (SOBRO)
555 Bergen Avenue, 3rd Floor
Bronx, NY 10455
Phone: 718-732-7534
Service Area: Bronx County
QUEENS ECONOMIC DEVELOPMENT
CORPORATION
120-55 Queens Blvd, Suite 309
Kew Gardens, NY 11424
Phone: 718-263-0546
Service Area: Queens County
WASHINGTON HEIGHTS AND INWOOD
DEVELOPMENT CORPORATION
611 West 177th Street, Lower Level
New York, NY 10033
Phone: 212-795-1600
Service Area: Upper Manhattan
and Western Bronx
NORTH COUNTRY REGION
ADIRONDACK ECONOMIC DEVELOPMENT
CORPORATION
67 Main Street, Suite 300
Saranac Lake, NY 12983
Phone: 518-891-5523, Ext.101
Service Area: Clinton, Essex, Franklin, Fulton,
Hamilton, Herkimer, Jefferson, Lewis, Oneida,
Oswego, Saratoga, St. Lawrence, Warren and
Washington Counties
40
SOUTHERN TIER REGION
BINGHAMTON LOCAL DEVELOPMENT
CORPORATION
SUNY Broome Community College
Continuing Education
120 Hawley Street, 3rd Fl., Rm. 306
Binghamton, NY 13901
Phone: 607-778-5203
Service Area: Binghamton, Broome, Tioga,
Chenango, and Delaware Counties
IBERO AMERICAN ACTION LEAGUE, INC.
106 Chemung Street
Waverly, NY 14892
Phone: 607-249-6193
Service Area: Ontario, Wayne, Seneca,
Steuben, Yates, Cayuga, Schuyler, Tioga, and
Chemung Counties
WESTERN NEW YORK REGION
ACCORD CORPORATION
84 Schuyler Street
Belmont, NY 14813
Phone: 585-268-7605, Ext.1125
Service Area: Allegany, Steuben and
Cattaraugus Counties
IBERO – AMERICAN ACTION LEAGUE, INC
Medaille College
18 Agassiz Circle
Buffalo, NY 14214
Phone: 716-880-3288
Service Area: Erie and Niagara Counties
Appendix B
Small Business
Development Center
(SBDC)
SBDCs offer pro bono counseling
assistance for small business
entrepreneurs, both start-ups and
existing businesses, including assistance
on business plan development, loan
resource identification, accounting,
financial planning, export information,
cost analysis, and marketing as well as
targeted business training programs.
CAPITAL REGION
ADIRONDACK REGIONAL
CHAMBER OF COMMERCE
136 Glen Street, Suite 3
Glen Falls, NY 12801
Phone: 518-380-5077
CAPITAL REGION CHAMBER OF
COMMERCE
5 Computer Drive South
Albany, NY 12205
Phone: 518-380-5077
MADISON COUNTY CENTER FOR
ECONOMIC DEVELOPMENT
3215 Seneca Turnpike
Canastota, NY 13032
Phone: 315-792-7547
ONONDAGA COMMUNITY COLLEGE SBDC
4926 Onondaga Road
Mulroy Hall, Room 407
Syracuse, NY 13215
Phone: 315-498-6070
TECH GARDEN
235 Harrison Street
Syracuse, NY 13202
Phone: 315-498-6070
FINGER LAKES REGION
COLLEGE AT BROCKPORT SBDC
Hartwell Hall 101
350 New Campus Drive
Brockport, NY 14420
Phone: 585-395-8410
DOWNTOWN ROCHESTER OUTREACH
CENTER
College of Brockport Metro Center
55 St. Paul Street
Riverside Entrance
Rochester, NY 14604
Phone: 585-395-8410
FINGER LAKES COMMUNITY COLLEGE
Community Affairs Office
3325 Marvin Sands Drive
Canandaigua, NY 14424
Phone: 585-395-8410
FLCC VICTOR FREE LIBRARY
200 Victor Heights Parkway
Victor, NY 14564
Phone: 585-395-8410
GENESSEE CHAMBER OF COMMERCE
8276 Park Road
Batavia, NY 14020
Phone: 585-343-7440
GENESSEE COMMUNITY COLLEGE
The Med Tech Center
99 Med Tech Drive, Suite 106
Batavia, NY 14020
Phone: 585-343-4866 Ext.24
HTR OUTREACH
Lenox Tech Enterprise Center
150 Lucius Gordon Drive, Suite 100
West Henrietta, NY 14586
Phone: 585-395-8410
ROCHESTER’S SOUTH WEDGE
224 Mt. Hope Avenue
Rochester, NY 14620
Phone: 585-245-5429
GORE MOUNTAIN
CHAMBER OF COMMERCE
Tannery Pond Community Center
228 Main Street
North Creek, NY 12853
Phone: 518-324-3211
RENSSELAER COUNTY
CHAMBER OF COMMERCE
90 4TH Street
Troy, NY 12180
Phone: 518-380-5077
SARATOGA ECONOMIC DEVELOPMENT
CORPORATION
28 Clinton Street
Saratoga Springs, NY 12866
Phone: 518-380-5077
SOUTHERN SARATOGA
CHAMBER OF COMMERCE
15 Park Avenue, Suite 7B
Clifton Park, NY 12065
Phone: 518-380-5077
SUNY ADIRONDACK
640 Bay Road
Queensbury, NY 12804
Phone: 518-380-5077
UNIVERSITY AT ALBANY SBDC
6 Executive Park Drive, Ent. B
Albany, NY 12203
Phone: 518-380-5077
CENTRAL NEW YORK REGION
CAYUGA COUNTY EDA
2 State Street
Auburn, NY 13021
Phone: 315-498-6070
CAZENOVIA COLLEGE CENTER FOR
ENTREPRENEURSHIP & COMMUNITY
DEVELOPMENT
1 Liberty Street
Cazenovia, NY 13035
Phone: 315-498-6070
COOPERATIVE FEDERAL CREDIT UNION
800 North Salina Street
Syracuse, NY 13208
Phone: 315-308-1372
CORTLAND COUNTY
CHAMBER OF COMMERCE
37 Church Street, 1st Floor
Cortland, NY 13045
Phone: 607-756-2814
CORTLAND COUNTY IDA/BDC
37 Church Street, 2nd Floor
Cortland, NY 13045
Phone: 607-756-5005
GREATER OSWEGO FULTON CHAMBER
OF COMMERCE
121 East First Street
Oswego, NY 13126
Phone: 315-312-3493
41
SENECA COUNTY WORKFORCE
DEVELOPMENT
1 DiPronio Drive
Waterloo, NY 13165
Phone: 315-539-1905
SUNY GENESEO COLLEGE CAMPUS
1 College Circle
Doty Hall, Room 119
Geneseo, NY 14454
Phone: 585-245-5429
WYOMING COUNTY OUTREACH OFFICE
6470 Route 20A
Perry, NY 14530
Phone: 585-237-4110 Ext. 109
LONG ISLAND REGION
EOC- HEMPSTEAD OUTREACH CENTER
SBDC
269 Fulton Avenue
Hempstead, NY 11550
Phone: 516-564-8672
FARMINGDALE STATE COLLEGE-SBDC
Farmingdale State College
Campus Commons
2350 Broadhollow Road
Farmingdale, NY 11735
Phone: 934-420-2765
STONY BROOK SOUTHAMPTON
39 Tuckahoe Road
Chancellor’s Hall, Room 182
Southampton, NY 11968
Phone: 631-632-9070
STONY BROOK UNIVERSITY BUSINESS
INCUBATOR AT CALVERTON
4603 Middle Country Road
Calverton, NY 11933
Phone: 631-632-9070
STONY BROOK UNIVERSITY SBDC
Research and Development Park
Building 17, Room 146
Stony Brook, NY 11794
Phone: 631-632-9070
MID-HUDSON REGION
DUTCHESS COUNTY REGIONAL
CHAMBER OF COMMERCE
1 Civic Center Plaza, 4th Floor
Poughkeepsie, NY 12601
Phone: 845-454-1700 ext.1014
EMPIRE STATE DEVELOPMENT
AT STEWART AIRPORT
33 Airport Center Drive, Suite 201
New Windsor, NY 12533
Phone: 845-567-3610
FORDHAM UNIVERSITY OUTREACH
400 Westchester Avenue
West Harrison, NY 10604
Phone: 845-356-6065
GREATER MAHOPAC-CARMEL
CHAMBER OF COMMERCE
953 S. Lake Boulevard
Mahopac, NY 10541
Phone: 845-356-6065
MID-HUDSON REGION SBDC
Ulster County Office Complex
3 Development Court
Kingston, NY 12401
Phone: 845-443-8058
ORANGE COUNTY
CHAMBER OF COMMERCE
40 Matthews Street
Goshen, NY 10924
Phone: 845-294-1700
PORT JERVIS SATELLITE DEVELOPMENT
AGENCY
134 Pike Street, 2nd Floor
Port Jervis, NY 12771
Phone: 845-594-3626
ROCKLAND CENTER FOR ADVANCED
MANUFACTURING TECHNOLOGIES
37 West Broad Street, 2nd Floor
Haverstraw, NY 10927
Phone: 845-356-6065
ROCKLAND COMMUNITY COLLEGE
Bruckner Hall, Room 6102
145 College Road
Suffern, NY 10901
Phone: 845-356-6065
SULLIVAN COUNTY PARTNERHSHIP
FOR ECONOMIC DEVELOPMENT
198 Bridgeville Road
Monticello, NY 12701
Phone: 845-443-8058
SUNY NEW PALTZ SCHOOL OF
BUSINESS
Tricor Avenue
van den Berg Hall, Room 105A
New Paltz, NY 12561
Phone: 845-257-2310
THINK DUTCHESS SATELLITE
3 Neptune Road
Wappingers Falls, NY 12601
Phone: 845-443-8058
WHITE PLAINS OUTREACH
800 Westchester Avenue
Rye Brook, NY 10573
Phone: 845-356-6065
MOHAWK VALLEY REGION
FULTON MONTGOMERY COUNTY
REGIONAL CHAMBER OF COMMERCE
2 North Main Street
Gloversville, NY 12078
Phone: 518-380-5077
HERKIMER COUNTY
CHAMBER OF COMMERCE
420 East German Street
Herkimer, NY 13350
Phone: 315-792-7547
MOHAWK VALLEY EDGE/RIDC
584 Phoenix Drive
Rome, NY 13441
Phone: 315-792-7547
MVCC’S THINCUBATOR
326 Broad Street
Utica, NY 13501
Phone: 315-624-7715
NEW YORK CITY REGION
BARUCH COLLEGE SBDC
55 Lexington Avenue, Suite 2-140
New York, NY 10010
Phone: 646-312-4790
BROOKLYN NAVY YARD
63 Flushing Avenue
Building 92, 3rd Floor
Brooklyn, NY 11205
Phone: 718-797-0187
BROOKLYN SATELLITE OFFICE
New Utrecht Brooklyn Public Library
1743 86th Street
Brooklyn, NY 11214
Phone: 718-619-5603
BROOKLYN SBDC NEW YORK CITY
COLLEGE OF TECHNOLOGY
25 Chapel Street, 11th Floor
Brooklyn, NY 11201
Phone: 718-797-0187
COLLEGE OF STATEN ISLAND SBDC
2800 Victory Blvd
Building 3A, Room 105
Staten Island, NY 10314
Phone: 718-982-2560
COLUMBIA – HARLEM SBDC
Interchurch Center
475 Riverside Drive, 3rd Fl.
New York, NY 10115
Phone: 646-745-8573
LAGUARDIA COMMUNITY COLLEGE
SBDC
30-20 Thomson Avenue, Suite BA02
Long Island City, NY 11101
Phone: 718-482-5303
LEHMAN COLLEGE SBDC
250 Bedford Park Boulevard West
Carman Hall, Room 128
Bronx, NY 10468
Phone: 718-960-8806
42
SUNY CANTON SBDC
French Hall, Room 201
34 Cornell Drive
Canton, NY 13617
Phone: 315-386-7312
TICONDEROGA AREA
CHAMBER OF COMMERCE
94 Montcalm Street
Ticonderoga, NY 12883
Phone: 518-324-3211
WANAKENA RANGER SCHOOL
257 Ranger School Road
Wanakena, NY 13695
Phone: 315-386-7312
WATERTOWN SBDC
Jefferson Community College
1220 Coffeen Street
Watertown, NY13601
Phone: 315-782-9262
SOUTHERN TIER REGION
BINGHAMTON UNIVERSITY SBDC
120 Hawley Street, Suite 294
Binghamton, NY 13902
Phone: 607-777-4024
CATSKILL WATERSHED CORPORATION
905 Main Street, Municipal Building
Margaretville, NY 12455
Phone: 845-586-1400
CHENANGO COUNTY
CHAMBER OF COMMERCE
15 South Broad Street
Norwich, NY 13815
Phone: 607-334-1400
CORNING/PAINTED POST
Incubator Works
109 Canada Road
Painted Post, NY 14870
Phone: 607-777-4024
DELAWARE SATELLITE
Delaware County Chamber
5 1/2 Main Street
Delhi, NY 13753
Phone: 607-746-2281
ELMIRA ACADEMIC WORKFORCE
318 Madison Avenue
Elmira, NY 14901
Phone: 607-937-6861
OTSEGO NOW
189 Main Street, Suite 500
Oneonta, NY 13820
Phone: 607-267-4010, Ext. 105
SCHUYLER COUNTRY PARTNERSHIP
FOR ECONOMIC DEVELOPMENT
910 South Decatur Street
Watkins Glen, NY 14891
Phone: 607-937-6861
PACE UNIVERSITY SBDC
163 William Street, Room 328
New York, NY 10038
Phone: 212-618-6655
ST. GEORGE SATELLITE
CSI Tech Incubator
60 Bay Street
Staten Island, NY 10301
Phone: 718-873-4496
YORK COLLEGE
94-50 159TH Street
Science Building, Room 107
Jamaica, NY 11451
Phone: 718-262-2880
NORTH COUNTRY REGION
ESSEX COUNTY IDA
7566 Court Street
Elizabethtown, NY 12932
Phone: 518-324-3211
KEENE VALLEY NATURE CONSERVANCY
8 Nature Way
Keene, NY 12943
Phone: 518-324-3211
LAKE PLACID (ROOST)
2608 Main Street
Lake Placid, NY 12946
Phone: 518-324-3211
LEWIS COUNTY IDA SBDC
7642 State Street
Lowville, NY 13367
Phone: 315-782-9262
MASSENA CHAMBER OF COMMERCE
16 Church Street
Massena, NY 13662
Phone: 315-386-7312
NORTH COUNTRY SBDC
Clinton Community College
100 Clinton Point Drive
Plattsburgh, NY 12901
Phone: 518-324-3211
OGDENSBURG SATELLITE
Sherman Inn
615 Franklin Street
Ogdensburg, NY 13669
Phone: 315-386-7312
ONEWORK SOURCE FRANKLIN COUNTY
158 Finney Boulevard
Malone, NY 12953
Phone: 518-324-3211
ST. REGIS MOHAWK TRIBAL BUILDING
Akwesasne Business Center
447 Frogtown Road, Suite 201
Akwesasne, NY 13655
Phone: 315-386-7312
STEUBEN COUNTY IDA
7234 Route 54
Bath, NY 14810
Phone: 607-937-6861
TIOGA COUNTY
CHAMBER OF COMMERCE
80 North Avenue
Owego, NY 13827
Phone: 607-777-4024
TOMPKINS COUNTY
AREA DEVELOPMENT
The Gateway Building
401 East State Street, Suite 402-B
Ithaca, NY 14850
Phone: 607-777-4024
TOMPKINS COUNTY
CHAMBER OF COMMERCE
904 East Shore Drive
Ithaca, NY 14850
Phone: 607-777-4024
WESTERN NEW YORK REGION
ALFRED OUTREACH
Incubator Works
200 North Main Street
Alfred, NY 14802
Phone: 607-777-4024
BUFFALO STATE COLLEGE SBDC
Grover Cleveland Hall, Room 206
1300 Elmwood Avenue
Buffalo, NY 14222
Phone: 716-878-4030
DUNKIRK OUTREACH CENTER
TRAINING AND OUTREACH CENTER
10807 Bennett Road
Dunkirk, NY 14048
Phone: 716-338-1024
JAMESTOWN COMMUNITY COLLEGE SBDC
525 Falconer Street
Jamestown, NY 14702
Phone: 716-338-1024
LOCKPORT SATELLITE
Bewley Building Street, Suite 405
Lockport, NY 14094
Phone: 716-434-3815
NCIDA OFFICE
6311 Inducon Corporate Drive, Suite 2
Sanborn, NY 14132
Phone: 716-285-8484
NF CULINARY INSTITUTE
28 Old Falls Street
Niagara Falls, NY 14303
Phone: 716-210-2570
NIAGARA COUNTY COMMUNITY
COLLEGE SBDC
3111 Saunders Settlement Road
Sanborn, NY 14132
Phone: 716-210-2515
43
CAPITAL REGION
MAIN OFFICE
625 Broadway
Albany, NY 12245
Phone: 518-292-5100
Hedley Park Place
433 River Street, Suite 1003
Troy, NY 12180
Phone: 518-270-1130
Email: [email protected]
CENTRAL NY REGION
620 Erie Boulevard West, Suite 112
Syracuse, NY 13204
Pho ne: 315-425-9110
Email: nys-centralny@esd.ny.gov
FINGER LAKES REGION
400 Andrews Street, Suite 300
Rochester, NY 14604
Phone: 585-399-7050
Email: nys-fingerlakes@esd.ny.gov
LONG ISLAND REGION
150 Motor Parkway
Hauppauge, NY 11788
Phone: 631-435-0717
Email: nys-longisland@esd.ny.gov
MIDHUDSON REGION
33 Airport Center Drive, Suite 201
New Windsor, NY 12553
Phone: 845-567-4882
Email: nys-midhudson@esd.ny.gov
MOHAWK VALLEY REGION
207 Genesee Street
Utica, NY 13501
Phone: 315-793-2366
Email: nys-mohawkval@esd.ny.gov
NEW YORK CITY REGION
MAIN OFFICE and REGIONAL
633 Third Avenue
New York, NY 10017
Phone:
212-803-3100
Email: [email protected]
NORTH COUNTRY REGION
61 Area Development Drive
Plattsburgh, NY 12901
Phone: 518-561-5642
Email: nys-northcountry@esd.ny.gov
Dulles State Office Building
317 Washington Street
Watertown, NY 13601
Phone: 315-785-7907
Email: nys-northcountry@esd.ny.gov
SOUTHERN TIER REGION
State Office Building
44 Hawley Street, Room 1508
Binghamton, NY 13901
Phone: 607-721-8605
Email: nys-southerntier@esd.ny.gov
333 East Water Street, 4th Floor
Elmira, NY 14901
Phone: 607-426-2999
Email: nys-southerntier@
esd.ny.gov
WESTERN NEW YORK
REGION
MAIN OFFICE and REGIONAL
95 Perry Street, Suite 500
Buffalo, NY 14203-3030
Phone: 716-846-8200
Email: nys-westernny@esd.ny.gov
Appendix C
Empire State Development
Regional Offices
1-800-STATE-NY (1-800-782-8369)
44
Appendix D
Government Agencies
Government Agencies provide guidance
on everything from requirements to
assistance and support to help operate
and grow your business.
NEW YORK STATE
NEW YORK STATE DEPARTMENT
OF STATE
One Commerce Plaza
99 Washington Avenue
Albany, NY 12231
Phone: 518-473-2492
NEW YORK STATE DEPARTMENT
OF TAXATION AND FINANCE
W A Harriman Campus
Albany, NY 12227
Phone: 518-485-6027
NEW YORK STATE EDUCATION
DEPARTMENT
89 Washington Avenue
Albany, NY 12234
Phone: 518-474-3852
NEW YORK STATE INSURANCE FUND
199 Church Street
New York, NY 10007
Phone: 212-312-9000
NEW YORK STATE
WORKERS’ COMPENSATION BOARD
Advocate for Business
328 State Street
Schenectady, NY 12305
Phone: 877-632-4996
FEDERAL
U.S. SMALL BUSINESS ADMINISTRATION
Buffalo District Office
130 S. Elmwood Avenue, Suite 540
Buffalo, NY 14202
Phone: 716-551-4301
New York District Office
26 Federal Plaza, Suite 3100
New York, NY 0278
Phone: 212-264-4354
Syracuse District Office
224 Harrison Street, Suite 506
Syracuse, NY 13202
Phone: 315-471-9393
Appendix E
Business Trade
Associations
Business Trade Associations can be a
wellspring of advice, information and
other pertinent data. When contacting an
association, be sure to inquire whether
there are free materials available.
ACCOUNTING
ACCOUNTING AND FINANCIAL
WOMEN’S ALLIANCE
2365 Harrodsburg Road, Suite A325
Lexington, KY 40504
Phone: 1-800-326-2163
www.afwa.org
AMERICAN INSTITUTE OF CERTIFIED
PUBLIC ACCOUNTANTS
1211 Avenue of the Americas
New York, NY 10036-8775
Phone: 212-596-6200
www.aicpa.org
ASSOCIATION FOR FINANCIAL
PROFESSIONALS
4520 East-West Highway, Suite 800
Bethesda, MD 20814
Phone: 301-907-2862
www.afponline.org
ASSOCIATION OF CHARTERED
ACCOUNTANTS
IN THE UNITED STATES
347 5th Ave, Ste 1406
New York, NY 10016
Phone: 212-481-7950
www.acaus.org
NATIONAL ASSOCIATION OF TAX
PROFESSIONALS
3517 North McCarthy Road
Appleton, WI 54913
Phone: 800-558-3402
https://www.natptax.com/Pages/default.aspx
NATIONAL CONFERENCE OF
CPA PRACTITIONERS
22 Jericho Turnpike, Suite 110
Mineola, NY 11501
Phone: 516-333-8282
www.nccpap.org
NATIONAL SOCIETY OF ACCOUNTANTS
1330 Braddock Place, Suite 540
Alexandria, VA 22314
Phone: 1-800-966-6679
www.nsacct.org
NEW YORK STATE SOCIETY OF CERTIFIED
PUBLIC ACCOUNTANTS
14 Wall Street, 19th Floor
New York, NY 10005
Phone: 800- 633-6320
www.nysscpa.org
THE ASSOCIATION OF ACCOUNTANTS AND
FINANCIAL PROFESSIONALS IN BUSINESS
10 Paragon Drive, Suite 1
Montvale, New Jersey 07645
Phone: 800-638-4427
www.imanet.org
THE INDEPENDENT ASSOCIATION OF
ACCOUNTANTS OF NEW YORK
4043 Maple Road, Box 100A
Amhrest, NY 14226
Phone: 716-832-7853
www.iaaofny.com
THE NATIONAL SOCIETY OF TAX
PROFESSIONALS
11700 NE 95th Street, Suite 100
Vancouver, WAS 98682
Phone: 360-695-8309
www.nstp.org
SECURITIES INDUSTRY AND FINANCIAL
MARKETS ASSOCIATION
120 Broadway – 35th Floor
New York, NY 10271
Phone: 212-313-1200
www.sifma.org
ADVERTISING/MEDIA
ADVERTISING RESEARCH FOUNDATION
432 Park Avenue South, 4th Floor
New York, NY 10016
Phone: 212-751-5656
www.thearf.org
AMERICAN ASSOCIATION OF
ADVERTISING AGENCIES
1065 Avenue of the Americas, 16th Floor
New York, NY 10018
Phone: 212-682-2500
www.aaaa.org
AMERICAN MARKETING ASSOCIATION
NEW YORK
234 5th Avenue
New York, NY 10001
Phone: 646-701-5367
www.amanewyork.org
ASSOCIATION FOR NATIONAL
ADVERTISERS
708 Third Avenue
New York, NY 10017
Phone: 212-697-5950
www.ana.net
DATA MARKETING & ANALYTICS
225 Reinekers Lane, Suite 325
Alexandria, VA 22314
https://thedma.org/
EDITORIAL FREELANCERS ASSOCIATION
71 West 23rd Street, 4th Floor
New York, NY 10010
Phone: 212-929-5400
www.the-efa.org
45
INTERNATIONAL ASSOCIATION OF PET
CEMETERIES AND CREMATORIES
390 Amwell Road, Suite 402
Hillsborough, NJ 08844
Phone: 1-800-952-1398
www.iaopc.com
INTERNATIONAL PET AND ANIMAL
TRANSPORTATION
1029 North Beaulah Street
Hawkins, TX 75765
Phone: 903-769-2267
www.ipata.org
ANTIQUES
AMERICAN HISTORICAL PRINT
COLLECTORS SOCIETY
94 Marine Street
Farmingdale, NY 11735
Phone: 631-227-3227
www.ahpcs.org
ANTIQUARIAN BOOKSELLER’S
ASSOCIATION OF AMERICA
20 West 44th Street, Suite 507
New York, NY 10036
Phone: 212-944-8291
www.abaa.org
ART AND ANTIQUE DEALERS
LEAGUE OF AMERCIA
P.O. Box 2066, Lenox Hill Station
New York, NY 10021
Phone: 212-879-7558
https://aadla.com/
INTERNATIONAL FINE PRINT DEALERS
ASSOCIATION
250 West 26th Street, Suite 405
New York, NY 10001
Phone: 212-674-6095
www.ifpda.org
APPLIANCES
AMERICAN BOILER MANUFACTURERS
ASSOCIATION
8221 Old Courthouse Road, Suite 380
Vienna, Virginia 22182
Phone: 703-356-7172
www.abma.com
APPLIANCE PARTS DISTRIBUTORS
ASSOCIATION
6761 East Ten Mile Road
Center Line, MI 48015
Phone: 800-900-0800
http://www.apda.com/
ASSOCIATION OF HOME APPLIANCE
MANUFACTURERS
1111 19th Street NW, Suite 402
Washington, DC 20036
Phone: 202-872-5955
www.aham.org
PUBLIC RELATIONS SOCIETY OF AMERICA
120 Wall Street, 21st Floor
New York, NY 10005
Phone: 212-460-1400
www.prsa.org
TRANSWORLD ADVERTISING AGENCY
NETWORK
P.O. Box 600620
Newton, MA 02458
Phone: 617-795-1706
www.taan.org
AGRICULTURE
ECOLOGICAL FARMING ASSOCIATION
2901 Park Avenue, Suite D-2
Soquel, CA 95073
Phone: 831-763-2111
www.eco-farm.org
FARM FOUNDATION
1301 West 22nd Street, Suite 906
Oak Brook, IL 60523
Phone: 630-571-9393
www.farmfoundation.org
FARMER’S MARKET FEDERATION OF
NEW YORK
117 Highbridge Street, Suite U1
Fayetteville, NY 13066
Phone: 315-400-1447
www.nyfarmersmarket.com
GROCERY MANUFACTURER’S
ASSOCIATION
13501 I Street, Suite 300
Washington, Dc 20005
Phone: 202-639-5900
www.gmaonline.org
NORTHEAST ORGANIC FARMING
ASSOCIATION
1423 Hathaway Drive
Farmington, NY 14425
Phone: 585-271-1979
www.nofa.org
ORGANIC TRADE ASSOCIATION
444 North Capitol NW, Suite 445A
Washington, DC 20001
Phone: 202-403-8520
www.ota.com
PRODUCE MARKETING ASSOCIATION
1500 Casho Mill Road
Newark, DE 19711
Phone: 302-738-7100
www.pma.com
ANIMALS
AMERICAN PET ASSOCIATION
www.myapaonline.org
UNITED ABRASIVES MANUFACTURERS
ASSOCIATION
30200 Detroit Road
Cleveland, OH 44145
Phone: 440-899-0010
www.uama.org
UNITED SERVICERS ASSOCIATION
3501 N. Southport Avenue, Suite 199
Chicago, Il 60657
Phone: 800-683-2558
www.unitedservicers.com
VALVE MANUFACTURERS ASSOCIATION
1625 K Street NW, Suite 325
Washington, DC 20006
Phone: 202-331-8105
www.vma.org
AUTOMOTIVE
AUTO ALLIANCE
803 7th Street, N.W., Suite 300
Washington, DC 20001
Phone: 202-326-5500
www.autoalliance.org
AUTO CARE ASSOCIATION
7101 Wisconsin Avenue, Suite 1300
Bethesda, MD 20814
Phone: 301-654-6664
www.autocare.org
AUTOMOTIVE PARTS REMANUFACTURERS
ASSOCIATION
7250 Heritage Village Plaza, Suite 201
Gainesville, Virginia 20155
Phone: 703-968-2772
www.apra.org
AUTOMOTIVE SERVICE ASSOCIATION
8209 Mid Cities Blvd
North Richland Hills, Texas 76182
Phone: 817-514-2900
www.asashop.org
GASOLINE AND AUTOMOTIVE SERVICE
DEALERS ASSOCIATION
372 Doughty Blvd,
Inwood, NY 11096
Phone: 516-371-6201
www.gasda-ny.com
AVIATION
NEW YORK AVIATION MANAGEMENT
ASSOCIATION
230 Washington Avenue Extension, Suite 101
Albany, NY 12220
www.nyama.com
BAKERY
AMERICAN BAKERS ASSOCIATION
601 Pennsylvania Avenue, NW, Suite 230
Washington, DC 20004
Phone: 202-789-0300
www.americanbakers.org
46
CONSTRUCTION
AMERICAN SUBCONTRACTORS
ASSOCIATION
1004 Duke Street
Alexandria, VA 22314
Phone: 703-684-3450
www.asaonline.com
ARCHITECTURAL WOODWORK INSTITUTE
46179 Westlake Drive, Suite 120
Potomac Falls, VA 20165
Phone: 571-323-3636
www.awinet.org
ASSOCIATED BUILDERS AND
CONTRACTORS
440 1st Street, NW, Suite 200
Washington, DC 20001
Phone: 202-595-1505
www.abc.org
ASSOCIATED GENERAL CONTRACTORS
2300 Wilson Blvd, Suite 300
Arlington, VA 22201
Phone: 703-548-3119
www.agc.org
CONSTRUCTION FINANCIAL
MANAGEMENT ASSOCIATION
100 Village Blvd, Suite 200
Princeton, NJ 08540
Phone: 609-452-8000
www.cfma.org
INDUSTRIAL DESIGNERS SOCIETY
OF AMERICA
555 Grove Street, Suite 200
Herndon, VA 20170
Phone: 703-707-6000
www.idsa.org
NATIONAL ASSOCIATION OF
HOME BUILDERS
1201 15th Street NW
Washington, DC 20005
Phone: 1-800-368-5242
www.nahb.org
NATIONAL CONSTRUCTION TRADE
ASSOCIATION
760 Sixes Road
Canton, GA 30114
Phone: 678-813-1525
www.ncta-at.org
NATIONAL FIRE PROTECTION
ASSOCIATION
1 Batterymarch Park
Quincy, MA 02169
Phone: 1-800-344-3555
www.nfpa.org
NEW YORK STATE BUILDERS
ASSOCIATION
152 Washington Avenue, Lower Level
Albany, NY 12210
Phone: 518-465-0635
www.nysba.com
BUSINESS
NATIONAL FEDERATION OF INDEPENDENT
BUSINESS
Phone: 800-634-2669
www.nfib.com
NEW YORK PROPERTY INSURANCE
UNDERWRITING ASSOCIATION
100 William Street, #1100
New York, NY 10038
Phone: 212-208-9700
www.nypiua.com
RETAIL COUNCIL OF NEW YORK STATE
258 State Street
Albany, NY 12210
Phone: 518-465-3586
www.retailcouncilnys.com
THE BUSINESS COUNCIL OF NEW YORK
STATE, INC.
111 Washington Avenue, Suite 400
Albany, NY 12210
Phone: 518-465-7511
www.bcnys.org
CALL CENTERS
ASSOCIATION OF TELESERVICES
INTERNATIONAL
222 South Westmonte Drive, Suite 111
Altamonte, FL 32714
Phone: 866-896-2874
www.atsi.org
CATERING
NATIONAL ASSOCIATION FOR CATERING
AND EVENTS NACE
10440 Little Patuxent Parkway, Suite 300
Columbia, MD 21044
Phone: 410-290-5410
www.nace.net
CHILD CARE
CHILD CARE AWARE OF AMERICA
1515 North Courthouse Road, 3rd Floor
Arlington, VA 22201
Phone: 703-341-4100
https://usa.childcareaware.org/
NATIONAL CHILD CARE ASSOCIATION
P.O. Box 195
Morrisville, PA 19067
Phone: 877-537-6222
www.nccanet.org
CONFECTIONARY
NATIONAL CONFECTIONER’S
ASSOCIATION OF THE UNITED STATES
1101 30th Street NW, Suite 200
Washington, DC 20007
Phone: 202-534-1440
www.candyusa.org
INDEPENDENT BAKERS ASSOCIATION
P.O. Box 3731
Georgetown Station
Washington, D.C. 20027
Phone: 202-333-8190
www.ibabaker.com
THE BREAD BAKERS GUILD OF AMERICA
670 West Napa Street, Suite B
Sonoma, CA 95476
Phone: 707-935-1468
www.bbga.org
BED AND BREAKFAST
AMERICAN BED & BREAKFAST
ASSOCIATION
P.O. Box 1387
Midothan, VA 23113
Phone: 804-379-2222
www.abba.com
BICYCLE
NATIONAL BICYCLE DEALERS
ASSOCIATION
25431 Cabot Road, Suite 204
Laguana Hills, CA 92653
Phone: 949-722-6909
www.nbda.com
BOOKS
AMERICAN BOOKSELLERS ASSOCIATION
333 Westchester Avenue, Suite S202
White Plains, NY 10604
Phone: 800-637-0037
www.bookweb.org
BUILDING MAINTENANCE
BUILDING SERVICE CONTRACTORS
ASSOCIATION INTERNATIONAL
330 North Wabash Avenue, Suite 2000
Chicago, IL 60611
Phone: 800-368-3414
www.bscai.org
CLEANING & MAINTENANCE
MANAGEMENT
3300 Dundee Road
Northbrook, IL 60062
Phone: 847-982-0800
www.cmmonline.com
INTERNATIONAL FACILITY MANAGEMENT
ASSOCIATION
800 Gessner Road, Suite 900
Houston, TX 77024
www.ifma.org
47
FASHION
ASSOCIATION OF SEWING AND
DESIGN PROFESSIONALS
2885 Sanford Avenue SW # 19588
Grandville, MI 49418
Phone: 1-877-755-0303
www.sewingprofessionals.org
COSTUME SOCIETY OF AMERICA
P.O. Box 852
Columbus, GA 31902-0852
Phone: 800-272-9447
www.costumesocietyamerica.com
COUNCIL OF FASHION DESIGNERS OF
AMERICA
65 Bleecker Street, 11th Floor
New York, NY 10012
Phone: 212-302-1821
www.cfda.com
FASHION FOOTWEAR ASSOCIATION
OF NEW YORK
575 Fifth Avenue, 14th Floor
New York, NY 10017
Phone: 212-751-6422
www.ffany.org
FASHION GROUP INTERNATIONAL
8 West 40th Street, 7th Floor
New York, NY 10018
Phone: 212-302-5511
www.fgi.org
GARMENT CONTRACTORS
ASSOCIATION OF CALIFORNIA
110 East 9th Street, Suite A790
Los Angeles, CA 90079-1790
Phone: 213-629-4422
www.garmentcontractors.org
GARMENT DISTRICT ALLIANCE
209 West 38th Street, 2nd Floor
New York, NY 10018
Phone: 212-764-9600
www.garmentdistrict.nyc
INTERNATIONAL TEXTILE AND
APPAREL ASSOCIATION
P.O. Box 70687
Knoxville, TN 37938-0687
Phone: 865-992-1535
www.itaaonline.org
UNITED STATES FASHION
INDUSTRY ASSOCIATION
1717 Pennsylvania Avenue NW, Suite 430
Washington, DC 20006
Phone: 202-419-0444
https://www.usfashionindustry.com/
FLOORING
FLOORING CONTRACTORS ASSOCIATION
7439 Millwood Drive
West Bloomfield, MI 48322
Phone: 248-661-5015
www.fcica.com
DRY CLEANING/LAUNDROMAT
COIN LAUNDRY ASSOCIATION
1660 Midwest Road, Suite 205
Oakbrook Terrace, IL 60181
Phone: 800-570-5629
www.coinlaundry.org
DRY CLEANING AND LAUNDRY INSTITUTE
INTERNATIONAL
14700 Sweitzer Lane
Laurel, MD 20707
Phone: 800-638-2627
www.dlionline.org
ELECTRICAL CONTRACTOR
INDEPENDENT ELECTRICAL
CONTRACTORS
4401 Ford Avenue, Suite 1100
Alexandria, VA 22302
Phone: 800-456-4324
www.ieci.org
INTERNATIONAL SOCIETY OF CERTIFIED
ELECTRONICS TECHNICIANS
3000-A Landers Street
Fort Worth, TX 76107
Phone: 800-946-0201
www.iscet.org
NATIONAL ELECTRICAL CONTRACTORS
ASSOCIATION
3 Bethesda Metro Ctr, Ste 1100
Bethesda, MD 20814-3299
Phone: 301-657-3110
www.necanet.org
EMPLOYMENT AGENCY
NATIONAL ASSOCIATION OF
PERSONNEL SERVICES
78 Dawson Village Way, Suite 410-201
Dawsonville, GA 30534
Phone: 844-627-7360
www.naps360.org
ENTERTAINMENT
ENTERTAINMENT MERCHANTS
ASSOCIATION
11304 Chandler Boulevard, #6339
N. Hollywood, CA 91601
Phone: 818-523-9671
www.entmerch.org
THE GAME MANUFACTURERS
ASSOCIATION
240 North 5th Street, Suite 340
Columbus, OH 43215
Phone: 614-255-4500
www.gama.org
SUBCONTRACTORS TRADE ASSOCIATION
1325 Avenue of the Americas
New York, NY 10019
Phone: 212-398-6220
www.stanyc.com
URBAN GREEN COUNCIL
55 Broad Street, 9th Floor
New York, NY 10004
Phone: 212-514-9385
www.urbangreencouncil.org
CONSUMER ELECTRONICS
ELECTRONIC COMPONENTS INDUSTRY
ORGANIZATION
1111 Alderman Drive, Suite 400
Alpharetta, GA 30005
Phone: 678-393-9990
www.ecianow.org
NATIONAL ELECTRONIC SERVICE
DEALERS ASSOCIATION
P.O. Box 378
Hillsboro, TX 76645
Phone: 817-921-9061
www.nesda.com
COSMETOLOGY
BEAUTY SUPPLY INSTITUTE
5015 Floyd Road, Suite 300
Mableton, GA 30126
Phone: 404-551-4398
www.beautysupplyinstitute.com
INDEPENDENT COSMETIC
MANUFACTURER AND DISTRIBUTORS
16775 Addison Road, Suite 200
Addison, TX 75001
Phone: 800-334-2623
www.icmad.org
PROFESSIONAL BEAUTY ASSOCIATION
15825 North 71st Street, Suite 100
Scottsdale, AZ 85254
Phone: 480-281-0424
www.probeauty.org
CRAFT/HOBBY
AMERICAN CRAFT COUNCIL
1224 Marshall Street NE, Suite 200
Minneapolis, MN 55413
Phone: 800-836-3470
www.craftcouncil.org
DRUG STORE/PHARMACY
NATIONAL ASSOCIATION OF
CHAIN DRUG STORES
1776 Wilson Blvd, Suite 200
Arlington, VA 22209
Phone: 703-549-3001
www.nacds.org
48
AMERICAN RESORT DEVELOPMENT
ASSOCIATION
1201 15th Street NW, Suite 400
Washington, DC 20005
Phone: 202-371-6700
www.arda.org
HUMAN RESOURCES
EMPIRE STATE SOCIETY OF ASSOCIATION
EXECUTIVES, INC
1A Pine West Plaza
Albany, NY 12205
Phone: 518-463-1755
www.essae.org
NATIONAL HUMAN RESOURCES
ASSOCIATION
P.O. Box 16802
Rochester, NY 14616
www.humanresources.org
ICE CREAM
NATIONAL ICE CREAM
RETAILERS ASSOCIATION
1030 West Devon Avenue
Elk Grove Village, IL 60007
Phone: 866-303-6960
www.nicra.org
IMPORT/EXPORT
AMERICAN ASSOCIATION OF
EXPORTERS AND IMPORTERS
1717 K Street NW, Suite 1120
Washington, DC 20006
Phone: 202-857-8009
www.aaei.org
INFORMATION TECHNOLOGY
AMERICAN COUNCIL FOR TECHNOLOGY
AND INDUSTRY ADVISORY COUNCIL
3040 Williams Drive, Suite 500
Fairfax, VA 22031
Phone: 703-208-4800
www.actiac.org
ASSOCIATION FOR INFORMATION
SCIENCE AND TECHNOLOGY
8555 16th Street, Suite 850
Silver Spring, MD 20910
Phone: 301-495-0900
www.asist.org
ASSOCIATION FOR INTELLIGENT
INFORMATION MANAGEMENT
8403 Colesville Road, Suite 1100
Silverspring, MD 20910
Phone: 301-587-8202
https://www.aiim.org/
AUDIOVISUAL AND INTEGRATED
EXPERIENCE ASSOCIATION AVIXA
11242 Waples Mill Road, Suite 200
Fairfax, VA 22030
Phone: 800-659-7469
www.avixa.org
GIFT SHOP
GIFT AND HOME TRADE ASSOCIATION
2550 Sandy Plains Road, Suite 225
Box 214
Marietta, GA 30066
Phone: 877-600-4872
www.giftandhome.org
SOUVENIRS, GIFTS & NOVELTIES
MAGAZINE
1062 Lancaster Avenue, Suite 15F
Bryn Mawr, PA 19010
Phone: 610-645-6940
www.sgnmag.com
GROCERY STORE
FOOD MARKETING INSTITUTE
2345 Crystal Drive, Suite 800
Arlington, VA 22202
Phone: 202-452-8444
www.fmi.org
NATIONAL GROCERS ASSOCIATION
1005 North Glebe Road, Suite 250
Arlington, VA 22201
Phone: 703-516-0700
www.nationalgrocers.org
HARDWARE
NORTH AMERICAN RETAIL HARDWARE
ASSOCIATION
136 North Delaware Street, Suite 200
Indianapolis, IN 46204
Phone: 800-772-4424
www.nrha.org
HOME FURNISHINGS
INTERNATIONAL CASUAL FURNISHINGS
ASSOCIATION
1912 Eastchester Drive, Suite 100
High Point, NC 27265
Phone: 336-881-1016
www.icfanet.org
NATIONAL HOME FURNISHING
ASSOCIATION
500 Guiseppe Court, Suite 6
Roseville, CA 95678
Phone: 800-422-3778
www.myhfa.org
HOSPITALITY
AMERICAN HOTEL & LODGING
EDUCATIONAL FOUNDATION
1250 Street NW, Suite 1100
Washington, DC 20005
Phone: 202-289-3180
www.ahlef.org
FLORIST
SOCIETY OF AMERICAN FLORISTS
1001 North Fairfax Street, Suite 201
Alexandria, VA 22314
Phone: 800-336-4743
www.safnow.org
FOOD AND WINE
AMERICAN BEVERAGE ASSOCIATION
1275 Pennsylvania Ave. NW, Suite 1100
Washington, DC 20004
Phone: 202-463-6770
www.ameribev.org
AMERICAN BEVERAGE LICENSEES
5101 River Road, Suite 108
Bethesda, MD 20816-1560
Phone: 301-656-1494
www.ablusa.or
g
BREWER’S ASSOCIATION
P.O. Box 1679
Boulder, CO 80306
Phone: 888-822-6273
www.brewersassociation.org
FOOD AND BEVERAGE ASSOCIATION
OF AMERICA
111 East 14th Street, Suite 390
New York, NY 10003
Phone: 212-344-8252
www.fbassoc.com
NATIONAL ASSOCIATION OF BEVERAGE
IMPORTERSWINESPIRITSBEER
529 14th Street NW, Suite 1183
Washington, DC 20045
Phone: 202-393-6224
www.bevimporters.org
NATIONAL BEER WHOLESALERS
ASSOCIATION
1101 King Street, Suite 600
Alexandria, VA 22314
Phone: 800-300-6417
www.nbwa.org
FUNERAL
NEW YORK STATE FUNERAL
DIRECTORS ASSOCIATION
1 South Family Drive
Albany, NY 12205
www.nysfda.org
FRANCHISES
INTERNATIONAL FRANCHISE
ASSOCIATION
1900 K Street, NW, Suite 700
Washington, DC 20006
Phone: 202-628-8000
www.franchise.org
49
AMERICAN COMPOSITES
MANUFACTURERS ASSOCIATION
2000 North 15th Street, Suite 250
Arlington, VA 22201
Phone: 703-525-0511
www.acmanet.org
BUILDERS HARDWARE MANUFACTURERS
ASSOCIATION
355 Lexington Avenue, 15th Floor
New York, NY 10017
Phone: 212-297-2122
www.buildershardware.com
FIRE EQUIPMENT MANUFACTURER’S
ASSOCIATION
1300 Summer Avenue
Cleveland, OH 44115
Phone: 216-241-7333
www.femalifesafety.org
MANUFACTURERS ASSOCIATION OF
CENTRAL NEW YORK
5788 Widewaters Parkway
Syracuse, NY 13214
www.macny.org
NATIONAL ASSOCIATION OF
MANUFACTURERS
733 10th Street NW, Suite 700
Washington, DC 20001
Phone: 202-637-3000
www.nam.org
PAINTING CONTRACTOR
PAINTING AND DECORATING
CONTRACTORS OF AMERICA
2316 Millpark Drive
Maryland Heights, MO 63043
Phone: 1-800-332-7322
www.pdca.org
PHOTOGRAPHIC STUDIO
AMERICAN PHOTOGRAPHIC ARTISTS NY
P.O. Box 1514
217 East 70th Street
New York, NY 10021
Phone: 347-766-7647
www.ny.apanational.org
PROFESSIONAL PHOTOGRAPHERS
OF AMERICA
229 Peachtree St. NE, Suite 2200
Atlanta, GA 30303
Phone: 800-786-6277
www.ppa.com
PRINTING BUSINESS
AMERICAN INSTITUTE OF GRAPHIC ARTS
233 Broadway, Suite 1740
New York, NY 10279
Phone: 212-807-1990
www.aiga.org
AMERICAN GEM TRADE ASSOCIATION
3030 LBJ Freeway, Suite 840
Dallas, TX 75234
Phone: 214-742-4367
www.agta.org
JEWELERS OF AMERICA
120 Broadway, Suite 2820
New York, NY 10271
Phone: 800-223-0673
www.jewelers.org
JEWELERS SECURITY ALLIANCE
6 East 45th Street, Suite 1305
New York, NY 10017
Phone: 212-687-0328
www.jewelerssecurity.org
LANDSCAPING
AMERICAN HORT
2130 Stella Court
Columbus, OH 43215
Phone: 614-487-1117
www.americanhort.org
ASSOCIATION OF PROFESSIONAL
LANDSCAPE DESIGNERS
2207 Forest Hills Drive
Harrisburg, PA 17112
Phone: 717-238-9780
www.apld.org
LEGAL
AMERICAN BAR ASSOCIATION
1050 Connecticut Ave. N.W., Suite 400
Washington, D.C. 20036
www.americanbar.org
NEW YORK STATE BAR ASSOCIATION
1 Elk Street
Albany, NY 12207
www.nysba.org
MAIL ORDER
NATIONAL ETAILING AND MAILING
ORGANIZATION OF AMERICA
P.O. Box 658
Scarborough, ME 04070
Phone: 781-237-7483
www.nemoa.org
MANUFACTURING
AMERICAN BEARING MANUFACTURERS
ASSOCIATION
330 North Wabash Avenue, Suite 2000
Chicago, IL 60611
Phone: 202-367-1155
www.americanbearings.org
COMPTIA
3500 Lacey Road, Suite 100
Downers Grove, IL 60515
Phone: 630-678-8300
www.comptia.org
COMPUTER AND COMMUNICATIONS
INDUSTRY ASSOCIATION
655 15th Street NW, Suite 410
Washington, DC 20005
Phone: 202-783-0070
www.ccianet.org
CTIA WIRELESS COMMUNICATIONS
INDUSTRY
1400 16th Street NW, Suite 600
Washington, DC 20036
Phone: 202-736-3200
www.ctia.org
INFORMATION SYSTEMS SECURITY
ASSOCIATION
1964 Gallows Road, Suite 310
Vienna, VA 22182
www.issa.org
THE ASSOCIATION OF TECHNOLOGY,
MANAGEMENT AND APPLIED
ENGINEERING
3801 Lake Boone Trail, Suite 190
Raleigh, NC 27607
Phone: 919-635-8335
www.atmae.org
INTERNATIONAL TRADE
FOREIGN TRADE COMMISSIONERS
ASSOCIATION IN NEW YORK
www.ftcany.com
THE FEDERATION OF INTERNATIONAL
TRADE ASSOCIATIONS
172 5th Ave, Suite 118
Brooklyn, NY 11217
www.fita.org
UNITED STATES COUNCIL FOR
INTERNATIONAL BUSINESS
1212 Avenue of the Americas
New York, NY 10036
Telephone: 212-354-4480
www.uscib.org
WORLD TRADE CENTERS ASSOCIATION
120 Broadway Suite 3350 NW,
New York, NY 10271
www.wtca.org
JEWELRY
AMERICAN GEM SOCIETY
8881 West Sahara
Las Vegas, NV 89117
Phone: 866-805-6500
www.ags.org
50
ASSOCIATION OF RETAIL
TRAVEL AGENTS
4320 North Miller Road
Scottsdale, AZ 85251
Phone: 866-369-8969
http://www.arta.travel/
THE TRAVEL INSTITUTE
945 Concord Street
Framingham, MA 01701
Phone: 781-237-0280
www.thetravelinstitute.com
U.S. TRAVEL ASSOCIATION
1100 New York Avenue, NW, Suite 450
Washington, DC 20005
Phone: 202-408-8422
www.ustravel.org
TRUCKING
AMERICAN TRUCKING ASSOCIATIONS
950 North Glebe Road, Suite 210
Arlington, VA 22203
Phone: 703-838-1700
www.trucking.org
WASTE MANAGEMENT
NEW YORK ASSOCIATION FOR
REDUCTION, REUSE AND RECYCLING
1971 Western Avenue, #1180
Albany, NY 12203
Phone: 518-482-7395
https://www.nysar3.org/index.php
NEW YORK STATE ASSOCIATION FOR
SOLID WASTE MANAGEMENT
546 East Road
St. Johnsville, NY 13452
Phone: 518-568-2095
https://nysaswm.org
SWANA THE SOLID WASTE
ASSOCIATION OF NORTH AMERICA
1100 Wayne Avenue Suite 650
Silver Spring, MD 20910
www.swana.org
THE FEDERATION OF SOLID WASTE
ASSOCIATION
http://nyfederation.org/
RETAIL
NATIONAL RETAIL FEDERATION
1101 New York Avenue NW
Washington, DC 20005
Phone: 800-673-4692
www.nrf.com
RENEWABLE ENERGY
AMERICAN COUNCIL ON
RENEWABLE ENERGY
1600 K. Street NW, Suite 650
Washington, DC 20006
Phone: 202-393-0001
www.acore.org
AMERICAN WIND ENERGY ASSOCIATION
1501 Main Street NW, Suite 900
Washington, DC 20005
Phone: 202-383-2500
www.awea.org
GEOTHERMAL RESOURCES COUNCIL
P.O. BOX 1350
Davis, CA 95617
Phone: 530-758-2360
https://geothermal.org/
NORTH AMERICAN BOARD OF CERTIFIED
ENERGY PRACTITIONERS NABCEP
56 Clifton Country Road, Suite 202
Clifton Park, NY 12065
Phone: 800-654-0021
www.nabcep.org
SOLAR ENERGY INDUSTRIES
ASSOCIATION
600 14th Street NW, Suite 400
Washington, DC 20005
Phone: 202-682-0556
www.seia.org
UNITED STATES ENERGY ASSOCIATION
1300 Pennsylvania Avenue NW, Suite 550
Mailbox 142
Washington, DC 20004
Phone: 202-312-1230
www.usea.org
US RENEWABLE ENERGY ASSOCIATION
P.O. Box 0550
Lexington, Michigan 48450
Phone: 810-359-2250
www.usrea.org
TRAVEL
AMERICAN SOCIETY OF TRAVEL
ADVISORS
675 North Washington Street, Suite 490
Alexandria, VA 22314
Phone: 800-275-2782
www.asta.org
PRINTING INDUSTRIES ALLIANCE
636 North French Road, Suite 1
Amherst, NY 14228
Phone: 716-691-3211
www.pialliance.org
PRINTING INDUSTRIES OF AMERICA
301 Brush Creek Road
Warrendale, PA 15086
Phone: 800-910-4283
www.printing.org
REAL ESTATE
BUILDING OWNERS AND MANAGERS
ASSOCIATION INTERNATIONAL
1101 15th Street, NW, Suite 800
Washington, DC 20005
Phone: 202-326-6377
www.boma.org
NATIONAL ASSOCIATION OF REAL
ESTATE BROKERS
9831 Greenbelt Road, Suite 309
Lanham, MD 20706
Phone: 301-552-9340
www.nareb.com
NEW YORK STATE ASSOCIATION OF
REALTORS
130 Washington Avenue
Albany, NY 12210
Phone: 518-463-0300
www.nysar.com
THE COUNSELORS OF REAL ESTATE
430 North Michigan Avenue
Chicago, IL 60611
Phone: 312-329-8427
www.cre.org
RESTAURANT
AMERICAN CULINARY FEDERATION
180 Center Place Way
St. Augustine, FL 32095
Phone: 800-624-9458
www.acfchefs.org
NATIONAL RESTAURANT ASSOCIATION
2055 L Street NW, Suite 700
Washington, DC 20036
Phone: 312-329-8427
www.restaurant.org
NEW YORK STATE RESTAURANT
ASSOCIATION
409 New Kramer Road, Suite 202
Albany, NY 12205
www.nysra.org
51
CHAMBER OF COMMERCE
OF THE TONAWANDAS
254 Sweeney Street
North Tonawanda, NY 14120
Phone: 716-692-5120
www.the-tonawandas.com
CHAUTAUQUA CHAMBER OF COMMERCE
512 Falconer Street
Jamestown, NY 14701
Phone: 716-484-1101
www.chautauquachamber.org
CHEEKTOWAGA CHAMBER OF COMMERCE
Apple Tree Business Park
2875 Union Road, Suite 7A
Cheektowaga, NY 14227
Phone: 716-684-5838
www.cheektowaga.org
CHEMUNG COUNTY
CHAMBER OF COMMERCE
400 East Church Street
Elmira, NY 14901
Phone: 607-734-5137
www.chemungchamber.org
CHENANGO CHAMBER OF COMMERCE
15 South Broad Street
Norwich, NY 13815
Phone: 607-334-1400
www.chenangony.org
CITY ISLAND CHAMBER OF COMMERCE
280 City Island Avenue
Bronx, NY 10464
Phone: 718-885-3090
www.cityislandchamber.org
CLAYTON CHAMBER OF COMMERCE
517 Riverside Drive
Clayton, NY 13624
Phone: 315-686-3771
www.1000islands-clayton.com
CLINTON CHAMBER OF COMMERCE
21 West Park Row
Clinton, NY 13323
Phone: 315-853-1735
www.clintonnychamber.org
COLUMBIA COUNTY
CHAMBER OF COMMERCE
1 North Front Street
Hudson, NY 12534
Phone: 518-828-4417
www.columbiachamber-ny.com
COOPERSTOWN CHAMBER OF COMMERCE
31 Chestnut Street
Cooperstown, NYT 13326
Phone: 607-547-9983
www.cooperstownchamber.org
CORNING AREA CHAMBER OF COMMERCE
1 West Market Street, Suite 202
Corning, NY 14830
Phone: 607-936-4686
www.corningny.com
BRONXVILLE CHAMBER OF COMMERCE
51 Pondfield Road, Suite 1 (2nd Floor)
Bronxville, NY 10708
Phone: 914-337-6040
www.bronxvillechamber.com
BROOKLYN CHAMBER OF COMMERCE
335 Adams Street, Suite 2700
Brooklyn, NY 11201
Phone: 718-875-1000
www.ibrooklyn.com
BUFFALO NIAGARA PARTNERSHIP
257 West Genesee Street, Suite 600
Buffalo, NY 14202
Phone: 716-852-7100
www.thepartnership.org
CAMBRIDGE VALLEY
CHAMBER OF COMMERCE
P.O. Box 405
Cambridge, NY 12816
Phone: 518-677-0887
www.cambridgenychamber.com
CAMDEN CHAMBER OF COMMERCE
64 Main Street
Camden, NY 13316
Phone: 315-245-5000
www.camdennychamber.com/
CANANDAIGUA CHAMBER OF COMMERCE
113 South Main Street
Canandaigua, NY 14424
Phone: 585-394-4400
www.canandaiguachamber.com
CANTON CHAMBER OF COMMERCE
60 Main Street
Canton, NY 13617
Phone: 315-386-2871
www.cantonny.gov/chamber
CAPE VINCENT CHAMBER OF COMMERCE
173 North James Street
P.O. Box 482
Cape Vincent, New York 13618
Phone: 315-654-2481
www.capevincent.org
CARTHAGE AREA CHAMBER OF COMMERCE
120 South Mechanic Street
Carthage, NY 13619
Phone: 315-493-3590
www.carthageny.info
CAYUGA COUNTY
CHAMBER OF COMMERCE
2 State Street
Auburn, NY 13021
Phone: 315-252-7291
www.cayugacountychamber.com
CHAMBER OF COMMERCE OF THE MORICHES
P.O. Box 686
Center Moriches, NY 11934-0686
Phone: 631-874-3849
www.moricheschamber.org
Appendix F
Chambers of Commerce
Chambers of Commerce seek to help
small businesses to flourish in their
local areas by providing members with
networking opportunities, discounts on
products, advocacy assistance and other
business services.
ADIRONDACK REGIONAL
CHAMBERS OF COMMERCE
136 Glen Street, Suite 3
Glens Falls, NY 12801
Phone: 518-798-1761
www.adirondackchamber.org
ADIRONDACK SPECULATOR REGION
CHAMBER OF COMMERCE
P.O. Box 184
Speculator, NY 12164
Phone: 518-548-4521
www.speculatorchamber.com
CAPITAL REGION
CHAMBER OF COMMERCE
ALBANY OFFICE
5 Computer Drive South
Colonie, NY 12205
Phone: 518-431-1400
www.capitalregionchamber.com
SCHENECTADY OFFICE
1473 Erie Boulevard
Schenectady, NY 12305
BABYLON VILLAGE
CHAMBER OF COMMERCE
P.O. Box 443
Babylon, NY 11702
https://www.babylonvillagechamberofcommerce.com/
BEDFORD HILLS CHAMBER OF COMMERCE
85 Adams Street
Bedford Hills, NY 10507
Phone: 914-241-8627
BETHLEHEM CHAMBER OF COMMERCE
318 Delaware Avenue, Suite 11
Delmar, NY 12054
Phone: 518-439-0512
www.bethlehemchamber.com
BOLTON LANDING
CHAMBER OF COMMERCE
4928 Lakeshore Drive
P.O. Box 368
Bolton Landing, NY 12814
Phone: 518-644-3831
www.boltonchamber.com
BREWSTER CHAMBER OF COMMERCE
16 Mount Ebo Road South, Suite 12A
Brewster, NY 10509
Phone: 845-279-2477
www.brewsterchamber.com
52
GREATER EAST AURORA
CHAMBER OF COMMERCE
652 Main Street
East Aurora, NY 14052
Phone: 716-652-8444
www.eanycc.com
GREATER GOUVERNEUR
CHAMBER OF COMMERCE
53 Herm Town Road
Gouverneur, NY 13642
Phone: 315-287-0331
www.gouverneurchamber.net
GREATER GREENWICH
CHAMBER OF COMMERCE
6 Academy Street
Greenwich, NY 12834
Phone: 518-692-7979
www.greenwichchamber.org
GREATER NEW HYDE PARK CHAMBER
OF COMMERCE
P.O. Box 247
New Hyde Park, NY 11040
Phone: 888-400-0311
www.nhpchamber.org
GREATER NEW YORK
CHAMBER OF COMMERCE
20 West 44th Street, 4th Floor
New York, NY 10036
Phone: 212-686-7220
www.chamber.nyc
GREATER NEWARK NY
CHAMBER OF COMMERCE
199 Van Buren Street
Newark, NY 14513
Phone: 315-331-2705
www.newarknychamber.org
GREATER OLEAN AREA
CHAMBER OF COMMERCE
301 North Union Street
Olean, NY 14760
Phone: 716-372-4433
www.oleanny.com
GREATER OSSINING CHAMBER OF
COMMERCE
2 Todd Place
Ossining, NY 10562
Phone: 914-941-0009
www.ossiningchamber.org
GREATER ROCHESTER
CHAMBER OF COMMERCE
150 State Street, Suite 400
Rochester, NY 14614
Phone: 585-244-1800
www.greaterrochesterchamber.com
GREATER SAYVILLE CHAMBER OF COMMERCE
P.O. Box 235
Sayville, NY 11782
Phone: 631-567-5257
www.sayville.com
GATES CHILI CHAMBER OF COMMERCE
P.O. Box 24083
Rochester, NY 14624
Phone: 585-234-2033
www.gcchamber.com
GENESEE COUNTY CHAMBER OF COMMERCE
8276 Park Road
Batavia, NY 14020
Phone: 585-343-7440
www.geneseeny.com
GENEVA AREA CHAMBER OF COMMERCE
537 Exchange Street
One Franklin Square Building, Suite 202
Geneva, NY 14456
Phone: 315-789-1776
www.genevany.com
GLEN COVE CHAMBER OF COMMERCE
264 Glen Street
Glen Cove, NY 11542
Phone: 516-676-6666
www.glencovechamber.org
GRAND ISLAND CHAMBER OF COMMERCE
1870 Whitehaven Road
Grand Island, NY 14072
Phone: 716-773-3651
www.gichamber.org
GRANVILLE AREA CHAMBER OF COMMERCE
1 Main Street
Granville, NY 12832
Phone: 518-642-2815
www.granvillenychamber.com
GREAT NECK CHAMBER OF COMMERCE
P.O. Box 220432
Great Neck, NY 11022
Phone: 516-487-2000
www.greatneckchamber.org
GREATER BALDWINSVILLE
CHAMBER OF COMMERCE
36 Oswego Street, Suite 206
Baldwinsville, NY 13027
Phone: 315-638-0550
www.baldwinsvillechamber.com
GREATER BINGHAMTON
CHAMBER OF COMMERCE
Five South College Drive
Binghamton, NY 13905
Phone: 607-772-8860
www.greaterbinghamtonchamber.com
GREATER CAZENOVIA
CHAMBER OF COMMERCE
59 Albany Street
Cazenovia, NY 13035
Phone: 315-655-9243
www.cazenoviachamber.com
GREATER DELHI AREA CHAMBER OF
COMMERCE
P.O. Box 46
Delhi, New York 13753
www.visitdelhiny.com
CORTLAND COUNTY
CHAMBER OF COMMERCE
37 Church Street
Cortland, NY 13045
Phone: 607-756-2814
www.cortlandareachamber.com
DEPOSIT CHAMBER OF COMMERCE
P.O. Box 222
Deposit, NY 13754
www.depositchamber.com
DUTCHESS COUNTY REGIONAL
CHAMBER OF COMMERCE
1 Civic Center Plaza, Suite 400
Poughkeepsie, NY 12601
Phone: 845-454-1700
www.dcrcoc.org
EAST HAMPTON CHAMBER OF COMMERCE
58B Park Place
East Hampton, NY 11937
Phone: 631-324-0362
www.easthamptonchamber.com
EAST MEADOW CHAMBER OF COMMERCE
P.O. Box 77
East Meadow, NY 11554
Phone: 516-794-3727
www.eastmeadowchamber.com
EAST NORTHPORT CHAMBER OF COMMERCE
24 Larkfield Road
East Northport, NY 11731
Phone: 631-261-3573
www.eastnorthport.com
EAST QUOGUE CHAMBER OF COMMERCE
P.O. Box 877
East Quogue, NY 11942
Phone: 631-728-5555
www.eqny.com
ELLICOTTVILLE CHAMBER OF COMMERCE
P.O. Box 456
9 W. Washington Street
Ellicottville, NY 14731
Phone: 716-699-5046
www.ellicottvilleny.com
FAIR HAVEN CHAMBER OF COMMERCE
P.O. Box 13
Fair Haven, N.Y. 13064
Phone: 315-947-6037
www.fairhavenny.com
FREDONIA CHAMBER OF COMMERCE
5 East Main Street
Fredonia, NY 14063
Phone: 716-679-1565
FULTON MONTGOMERY COUNTY REGIONAL
CHAMBER OF COMMERCE
2 North Main Street
Gloversville, NY 12078
Phone: 518-725-0641
https://www.fultonmontgomeryny.org/
53
MANHATTAN CHAMBER OF COMMERCE
575 Fifth Avenue, 14th Floor
New York, NY 10017
Phone: 212-473-7875
www.manhattancc.org
MONTAUK CHAMBER OF COMMERCE
742 Montauk Highway
Montauk, NY 11954
Phone: 631-668-2428
www.montaukchamber.com
NARROWSBURG CHAMBER OF COMMERCE
P.O. Box 44
Narrowsburg, NY 12764
www.narrowsburg.org
NEW HARTFORD CHAMBER OF COMMERCE
P.O. Box 372
New Hartford, NY 13413
Phone: 315-796-1520
www.newhartfordchamber.com
NEW PALTZ REGIONAL CHAMBER
OF COMMERCE
257 Main Street
New Paltz, NY 12561
Phone: 845 255-0243
www.newpaltzchamber.org
NEW ROCHELLE CHAMBER OF COMMERCE
417 North Avenue
New Rochelle, NY 10801
Phone: 914-632-5700
www.newrochellechamber.org
NIAGARA USA CHAMBER
6311 Inducon Corporate Drive, #2
Sanborn, NY 14132
Phone: 716-285-9141
www.niagarachamber.org
NORTH COUNTRY CHAMBER OF COMMERCE
7061 Route 9
P.O. Box 310
Plattsburgh, NY 12901
Phone: 518-563-1000
www.northcountrychamber.com
NORTHPORT CHAMBER OF COMMERCE
P.O. Box 33
Northport, NY 11768
Phone: 631-754-3905
www.northportny.com
OGDENSBURG CHAMBER OF COMMERCE
1 Bridge Plaza
Ogdensburg, NY 13669
Phone: 315-393-3620
www.ogdensburgny.com
ORANGE COUNTY CHAMBER OF COMMERCE
40 Matthews Street
Goshen, NY 10924
Phone: 845-294-1700
www.orangeny.com
HORNELL AREA CHAMBER OF COMMERCE
40 Main Street
Hornell, NY 14843
Phone: 607-324-0310
www.hornellny.com
HUDSON VALLEY GATEWAY
CHAMBER OF COMMERCE
1 South Division Street
Peekskill, NY 10566
Phone: 914-737-3600
www.hvgatewaychamber.com
HUNTER CHAMBER OF COMMERCE
P.O. Box 177
Hunter, NY 12442
www.hunterchamber.org
HUNTINGTON TOWNSHIP CHAMBER
OF COMMERCE
164 Main Street
Huntington, NY 11743
Phone: 631-423-6100
www.huntingtonchamber.com
INLET AREA CHAMBER OF COMMERCE
160 State Route 28 at Arrowhead Park
Inlet, NY 13360
Phone: 315-357-5501
www.inletny.com
JAMESTOWN AREA OF COMMERCE
512 Falconer Street
Jamestown, NY 14701
Phone: 716-484-1101
KATONAH CHAMBER OF COMMERCE
P.O. Box 389
Katonah, NY 10536
www.katonahchamber.org
KENMORE TOWN OF TONAWANDA
CHAMBER OF COMMERCE
3411 Delaware Avenue, Suite 206
Kenmore, NY 14217
Phone: 716-874-1202
www.ken-ton.org
LAKE GEORGE REGIONAL CHAMBER
OF COMMERCE
2176 U.S. 9
Lake George, NY 12845
Phone: 518-668-5755
www.lakegeorgechamber.com
LANCASTER AREA CHAMBER OF COMMERCE
11 West Main Street, Suite 100
Lancaster, NY 14086
Phone: 716-681-9755
www.wnychamber.com
LIVINGSTON COUNTY AREA
CHAMBER OF COMMERCE
4635 Millennium Drive
Geneseo, NY 14454
Phone: 585-243-2222
https://www.livingstoncountychamber.com/
GREATER SLEEPY HOLLOW TARRYTOWN
CHAMBER OF COMMERCE
One Neperan Road
Tarrytown, NY 10591
Phone: 914-631-1705
www.greatersleepyhollowtarrytown.com
GREATER UTICA CHAMBER OF COMMERCE
520 Seneca St, Suite 102
Utica, NY 13502
Phone: 315-724-3151
www.greateruticachamber.org
GREATER WATERTOWNNORTH COUNTRY
CHAMBER OF COMMERCE
1241 Coffeen Street
Watertown, NY 13601
Phone: 315-788-4400
www.watertownny.com
GREATER WESTHAMPTON CHAMBER
OF COMMERCE
7 Glovers Lane
Westhampton Beach, NY 11978
Phone: 631-288-3337
www.westhamptonchamber.org
GREECE REGIONAL
CHAMBER OF COMMERCE
2402 West Ridge Road
Greece, NY 14626
Phone: 585-227-7272
www.greecechamber.org
GREENE COUNTY CHAMBER OF COMMERCE
327 Main Street, P.O. Box 248
Catskill, NY 12414
Phone: 518-943-4222
www.greenecountychamber.com
GUILDERLAND CHAMBER OF COMMERCE
2050 Western Ave., Ste. 109
Guilderland, NY 12084
Phone: 518-456-6611
www.guilderlandchamber.com
HAGUE ON LAKE CHAMBER OF COMMERCE
P.O. Box 615
Hague, NY 12836
Phone: 518-543-6441
www.visithague.com
HAMPTON BAYS CHAMBER OF COMMERCE
P.O. Box 632
Hampton Bays, NY 11946
Phone: 631-728-2211
www.hamptonbayschamber.com
HANCOCK AREA CHAMBER OF COMMERCE
P.O. Box 525
Hancock, NY 13783
http://www.chamber.visithancockny.com/index.html
HERKIMER COUNTY CHAMBER
OF COMMERCE
420 East German Street, Suite 1, Box 7
Herkimer, NY 13350
Phone: 315-866-7820
www.herkimercountychamber.com
54
STATEN ISLAND CHAMBER OF COMMERCE
P.O. Box 41277
Staten Island, NY 10304
Phone: 718-727-1900
www.sichamber.com
SUNNYSIDE CHAMBER OF COMMERCE
P.O. Box 4129
Sunnyside, NY 11104
www.sunnyside-chamber.org
SYOSSET WOODBURY CHAMBER OF
COMMERCE
93 Jackson Avenue
Syosset, NY 11791
Phone: 516-307-1330
www.syossetchamber.com
TICONDEROGA AREA CHAMBER
OF COMMERCE
94 Montcalm Street, Suite 1
Ticonderoga, NY 12883
Phone: 518-585-6619
www.ticonderogany.com
TOMPKINS COUNTY
CHAMBER OF COMMERCE
904 East Shore Drive
Ithaca, NY 14850
Phone: 607-273-7080
www.tompkinschamber.org
TUPPER LAKE CHAMBER OF COMMERCE
121 Park Street
Tupper Lake, NY 12986
Phone: 518-359-3328
http://www.tupperlake.com/live/tupper-lake-
chamber-of-commerce
ULSTER COUNTY REGIONAL
CHAMBER OF COMMERCE
214 Fair Street
Kingston, NY 12401
Phone: 845-338-5100
www.ulsterchamber.org
UNADILLA CHAMBER OF COMMERCE
http://unadillachamberofcommerce.org/
WARWICK VALLEY CHAMBER OF COMMERCE
32 South Street
Warwick, NY 10990
Phone: 845-986-2720
www.warwickcc.org
WATKINS GLEN AREA CHAMBER
OF COMMERCE
214 North Franklin Street
Watkins Glen, NY 14891
Phone: 607-535-4300
www.watkinsglenchamber.com
WEBSTER CHAMBER OF COMMERCE
1110 Crosspointe Lane, Suite C
Webster NY, 14580
Phone: 585-265-3702
www.websterchamber.com
SARANAC LAKE AREA CHAMBER
OF COMMERCE
39 Main Street
Saranac Lake, NY 12983
Phone: 518-891-1990
http://slareachamber.org/
SARATOGA COUNTY
CHAMBER OF COMMERCE
28 Clinton Street
Saratoga Springs, NY 12866
Phone: 518-584-3255
www.saratoga.org
SCHOHARIE COUNTY CHAMBER
OF COMMERCE
P.O. Box 143
Schoharie, NY 12157
Phone: 518-295-8824
www.schohariechamber.com
SCHROON LAKE CHAMBER OF COMMERCE
P.O. Box 726
Schroon Lake, NY 12870
Phone: 518-532-7675
www.schroonlakechamber.org
SENECA COUNTY CHAMBER OF COMMERCE
1 West Main Street
P.O. Box 350
Waterloo, NY 13165
Phone: 315-568-2906
www.senecachamber.org
SHARON SPRINGS CHAMBER OF COMMERCE
P.O. Box 182
Sharon Springs, NY 13459
Phone: 518-860-5513
http://sharonspringschamber.com/
SHELTER ISLAND CHAMBER OF COMMERCE
P.O. Box 598
Shelter Island, NY 11964
Phone: 877-893-2290
https://www.shelterislandchamber.org/
SKANEATELES AREA
CHAMBER OF COMMERCE
22 Jordan Street
Skaneateles, NY 13152
Phone: 315-685-0552
www.skaneateles.com
SOUTHAMPTON CHAMBER OF COMMERCE
76 Main Street
Southampton, NY 11968
Phone: 631-283-0402
www.southamptonchamber.com
SOUTHTOWNS REGIONAL CHAMBER OF
COMMERCE
P.O. BOX 848
Hamburg, NY 14075
Phone: 716-649-7917
www.hamburg-chamber.org
SPRINGVILLE AREA CHAMBER OF COMMERCE
23 North Buffalo Street
Springville, NY 14141
Phone: 716-592-4746
www.springvillechamber.com
ORCHARD PARK CHAMBER OF COMMERCE
6524 East Quaker Street
Orchard Park, NY 14127
Phone: 716-662-3366
www.orchardparkchamber.org
ORLEANS COUNTY CHAMBER OF COMMERCE
P.O. Box 501
Medina, NY 14103
Phone: 585-301-8464
www.orleanschamber.com
OTSEGO CHAMBER OF COMMERCE
189 Main Street, Suite 500
Oneonta, NY 13820
Phone: 607-267-4010
www.otsegocc.com
QUEENS CHAMBER OF COMMERCE
The Bulova Building
75-20 Astoria Blvd, Suite 140
Jackson Heights, NY 11370
Phone: 718-898-8500
www.queenschamber.org
RED HOOK AREA CHAMBER OF COMMERCE
7346 South Broadway
Red Hook, NY 12571
Phone: 845-758-0824
www.redhookchamber.org
RENSSELAER COUNTY REGIONAL CHAMBER
OF COMMERCE
90 Fourth Street, Suite 200
Troy, NY 12180
Phone: 518-274-7020
www.renscochamber.com
ROCKVILLE CENTRE CHAMBER
OF COMMERCE
P.O. Box 226
Rockville Centre, NY 11571
Phone: 516-766-0666
www.rockvillecentrechamberofcommerce.com
ROME AREA CHAMBER OF COMMERCE
139 West Dominick Street
Rome, NY 13440
Phone: 315-337-1700
www.romechamber.com
ROSCOE CHAMBER OF COMMERCE
P.O. Box 443
Roscoe, NY 12776
www.roscoeny.com
ROSENDALE CHAMBER OF COMMERCE
P.O. Box 533
Rosendale, NY 12472
www.rosendalechamber.org
SAG HARBOR CHAMBER OF COMMERCE
P.O. Box 2810
Long Wharf
Sag Harbor, NY 11963
www.sagharborchamber.com
55
YATES COUNTY CHAMBER OF COMMERCE
2375 Route 14A
Penn Yan, NY 14527
Phone: 315-536-3111
www.yatesny.com
YONKERS CHAMBER OF COMMERCE
55 Main Street, 2nd Floor
Yonkers, NY 10701
Phone: 914-963-0455
www.yonkerschamber.com
YORKTOWN CHAMBER OF COMMERCE
3565 Crompond Road, Suite 203
Cortlandt, NY 10567
Phone: 914-245-4599
www.yorktownchamber.org
WINDHAM CHAMBER OF COMMERCE
P.O. Box 613
Windham, NY 12496
Phone: 518-764-3872
http://www.movingwindhamforward.com/
WOODSTOCK CHAMBER OF COMMERCE
P.O. Box 36
Woodstock, NY 12498
Phone: 845-679-6234
www.woodstockchamber.com
WYOMING COUNTY
CHAMBER OF COMMERCE
36 Center Street, Suite A
Warsaw, NY 14569
Phone: 585-786-0307
https://www.wycochamber.org/
WELLSVILLE AREA CHAMBER OF COMMERCE
114 North Main Street
Wellsville, NY 14895
Phone: 585-593-5080
www.wellsvilleareachamber.com
WEST ISLIP CHAMBER OF COMMERCE
P.O. Box 58
West Islip, NY 11795
Phone: 631-661-3838
www.westislipchamber.org
WEST SENECA CHAMBER OF COMMERCE
1300 Union Road
West Seneca, NY 14224
Phone: 716-674-4900
https://westseneca.org/
56
EXCELSIOR GROWTH FUND
5 Hanover Square, 10th Floor
New York, New York 10004
Phone: 866-466-9232
GREATER JAMAICA DEVELOPMENT COMPANY
90-04 161st Street
Jamaica, New York 11432
Phone: 718-291-0282
GREATER SYRACUSE BUSINESS
DEVELOPMENT CORPORATION
101 S. Salina Street, #10, Suite 1030
Syracuse, New York 13202
Phone: 315-373.0348
GREENE COUNTY ECONOMIC DEVELOPMENT,
TOURISM AND PLANNING
411 Main Street
Catskill, New York 12414
Phone: 518-719-3290
GROW AMERICA FUND
708 Third Avenue, Suite 710
New York, New York 10017
Phone: 212-682-1106
HARLEM ENTREPRENEURIAL FUND, LLC
361 West 125th Street, 4th Floor
New York, New York 10027
Phone: 212-749-0900 Ext 122
KIVA ZIP
394 Broadway, Floor 5
New York, New York 10013
Phone: 828-479-5482
LA FUERZA UNIDA COMMUNITY
DEVELOPMENT CORPORATION
34 Muttontown Lane, Suite 203
East Norwich, New York 11732
Phone: 516-922-8100
LONG ISLAND DEVELOPMENT CORPORATION/
LIDC & L.I. SMALL BUSINESS ASSISTANCE
400 Post Ave., Suite 201A
Westbury, New York 11590
Phone: 866-433-5432
LOWER EAST SIDE PEOPLES
FEDERAL CREDIT UNION
37 Avenue B
New York, New York 10009-7441
Phone: 212-529-8197
LUMBER CITY DEVELOPMENT CORPORATION
500 Wheatfield Street
North Tonawanda, New York 14120
Phone: 716-695-8580
MOHAWK VALLEY ECONOMIC
DEVELOPMENT DISTRICT, INC
26 W. Main Street
PO Box 69
Mohawk, New York 13407
Phone: 315-866-4671
CAYUGA COUNTY DEPARTMENT
OF PLANNING & ECONOMIC
DEVELOPMENT CORPORATION
160 Genesee Street, 5th Floor
Auburn, New York 13121
Phone: 315-253-1276
CCDDNA D/B/A BUSINESS CENTER
FOR NEW AMERICANS
120 Broadway, Suite 230
New York, New York 10271
Phone: 212-898-4130
CENTRAL NEW YORK REGIONAL PLANNNG &
DEVELOPMENT BOARD/CNY-RPDB
126 N. Salina Street, Suite 200
Syracuse, New York 13202
Phone: 315-422-8276 Ext 205
CHAUTAUQUA OPPORTUNITIES
FOR DEVELOPMENT, INC
17 W Courtney Street
Dunkirk, New York 14048
Phone: 716-366-8176
CITY OF CORNING
500 Civic Center Plaza
Corning, New York 14830
Phone: 607-962-0340 ext. 1117
CITY OF OSWEGO
20 West Oneida Street
Conway Municipal Center, 3rd Floor
Oswego, New York 13126
Phone: 315-343-3795
CITY OF UTICA
1 Kennedy Plaza
Utica, New York 13502
Phone: 315-792-0195
COMCO DEVELOPMENT CORPORATION/
THE CENTRAL NEW YORK
ENTERPRISE DEVELOPMENT FUND
126 N. Salina Street
Syracuse, New York 13202
Phone: 315-422-5472
COMMUNITY CAPITAL NEW YORK
44 Executive Boulevard
Elmsford, New York 10523
Phone: 914-747-8020 ext. 110
COMMUNITY LOAN FUND OF
THE CAPITAL REGION, INC/CLFCR
255 Orange Street, #103
Albany, New York 12210
Phone: 518-436-8586
COOPERATIVE FEDERAL -
SYRACUSE COOPERATIVE FEDERAL CREDIT
723 Westcott Street
Syracuse, New York 13210
Phone: 315-473-0205
CREDIT INC.
555 Bergen Ave., 3rd Floor
Bronx, New York 10455
Phone: 718-732-7534
Appendix G
Alternative Lenders
Empire State Development supports
alternative lenders throughout New York
State to help small businesses meet their
financing needs.
ACCION EAST
80 Maiden Lane, Suite 903
New York, New York 10038
Phone: 866-245-0783
ADIRONDACK ECONOMIC DEVELOPMENT
CORPORATION/AEDC
67 Main St., Suite 300
Saranac Lake, New York 12983
Phone: 518 891-5523
ALTERNATIVE FEDEDERAL CREDIT UNION
125 N. Fulton Street
Ithaca, New York 14850
Phone: 607-216-3446
AMSTERDAM URBAN RENEWAL AGENCY
City Hall
61 Church Street
Amsterdam, New York 12010
Phone: 518-843-0604
BOC CAPITAL CORPORATION
85 South Oxford Street, 2nd Floor
Brooklyn, New York 11217
Phone: 718-625-1296
BRONX OVERALL ECONOMIC
DEVELOPMENT CORPORATION
851 Grand Concourse, Room 123
Bronx, New York 10451
Phone: 718-590-5623
BROOKLYN COOPERATIVE
FEDERAL CREDIT UNION /BCFCU
1474 Myrtle Ave
Brooklyn, New York 11237
Phone: 718-418-8232 ext.2020
BUFFALO URBAN
DEVELOPMENT CORPORATION
95 Perry Suite, Suite 404
Buffalo, New York 14216
Phone: 716-362-8361
BUFFALO URBAN LEAGUE, INC.
15 East Genesee Street
Buffalo, New York 14203
Phone: 716-250-2453
CAMBA ECONOMIC DEVELOPMENT
CORPORATION
2211 Church Avenue, Suite 207
Brooklyn, New York 11226
Phone: 718-282-0108 ext. 79283
CAPITAL REGION CHAMBER
5 Computer Drive South
Albany, New York 12205
Phone: 518-431-1423
57
UTICA INDUSTRIAL DEVELOPMENT AGENCY
1 Kennedy Plaza
Utica, New York 13502
Phone: (315) 792-0195
UTICA INDUSTRIAL DEVELOPMENT
CORPORATION
584 Phoenix Drive
Rome, New York 13441-4990
Phone: 315-338-0393
UTICA
NEIGHBORHOOD
HOUSING SERVICE, INC.
DBA HOMEOWNERSHIP CENTER
1611 Genesee Street
Utica, New York 13501
Phone: 315-724-4197
VEDC TRI STATE
BUSINESS OPPORTUNITY FUND
708 3rd Avenue, 6th Floor
New York, New York 10017
Phone: 212-231-4313
WARREN COUNTY, LDC
1340 State Route 9
Lake George, New York 12845
Phone: 518-761-6007
WASHINGTON HEIGHTS AND INWOOD
DEVELOPMENT CORPORATION
611 West 177th Street
New York, New York 10033-7048
Phone: 212-795-1600
WESTERN REGION CORPORATION
95 Perry Street, Ste. 403
Buffalo, New York 14203
Phone: 716-362-8380
WESTMINSTER ECONOMIC
DEVELOPMENT INITIATIVE
436 Grant Street
Buffalo, New York 14213
Phone: 716-791-5025
WOMEN’S VENTURE FUND
154 Christopher Street, Suite 3C
New York, New York 10014
Phone: 212-563-0499
PRIMARY CARE DEVELOPMENT
CORPORATION
45 Broadway, Suite 530
New York, New York 10006
Phone: 212-437-3920
RENAISSANCE ECONOMIC
DEVELOPMENT CORPORATION
2 Allen Street, 7th Floor
New York, New York 10002
Phone: 212 964-6022
SCHUYLER COUNTY
PARTNERSHIP FOR
ECONOMIC DEVELOPMENT
910 South Decatur Street
Village of Watkins Glen, New York 14891
Phone: 607-535-4341
SOUTHERN TIER REGIONAL
ECONOMIC DEVELOPMENT CORPORATION/
REDEC RELENDING CORPORATION
8 Dennison Parkway East, 3rd Floor, Ste. 403
Corning, New York 14830
Phone: 607-962-3021 ext. 111
TIOGA COUNTY
LOCAL DEVELOPMENT
ECONOMIC CORPORATION – TCLDC
56 Main St.
Owego, New York 13827
Phone: 607-687-8254
TOMPKINS COUNTY AREA DEVELOPMENT
401 E. State Street, Suite 402B
Ithaca, New York 14850
Phone: 607-273-0005
TOWN OF UNION
ECONOMIC DEVELOPMENT OFFICE/
LOCAL DEVELOPMENT CORPORATION
3111 East Main Street
Endwell, New York 13760
Phone: 607-786-2321
TRUFUND FINANCIAL SERVICES
39 W. 37th Street
New York, New York 10018
Phone: 646-732-9919
ULSTER COUNTY
244 Fair Street, 6th Floor
Kingston, New York 12401
Phone: 845-334-5596
MOHAWK VALLEY
ECONOMIC DEVELOPMENT
GROWTH ENTERPRISE – EDGE
584 Phoenix Drive
Rome, New York 13441-4105
Phone: 800-765-4990
MONTGOMERY COUNTY
BUSINESS DEVELOPMENT CENTER
9 Park Street
Fonda, New York 12068
Phone: 518-853-8334
NEIGHBORHOOD TRUST
FEDERAL CREDIT UNION
1112 St. Nicholas Avenue
New York, New York 10032
Phone: 212-740-0900 ext.321
NEW YORK BUSINESS DEVELOPMENT
CORPORATION
50 Beaver Street
Albany, New York 12207
Phone: 212-430-4512
NORTH COUNTRY ALLIANCE
C/O THE DEVELOPMENT AUTHORITY OF THE
NORTH COUNTRY
317 Washington Street, Suite 414
Watertown New York 13601
Phone: 315-785-2593
ORANGE COUNTY
CHAMBER OF COMMERCE
40 Matthews Street, #104
Goshen, New York 10924
Phone: 845-294-1700
ORLEANS ECONOMIC DEVELOPMENT
AGENCY
121 North Main Street
Albion, New York 14411
Phone: 585-589-7060
PATHSTONE ENTERPRISE CENTER
400 East Ave.
Rochester, New York 14607
Phone: 585-340-3385
Andrew M. Cuomo
Governor, State of New York
Howard Zemsky
President & CEO, Empire State Development
Commissioner, NYS Department of Economic Development
1904
