Starting a Business in New York State - A Guide to Owning and Operating a Small Business

A Division of Empire State Development 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 The chapters follow the sequence of decisions and actions that most CHAPTER 2: Mapping a Strategy 7 entrepreneurs go through, beginning with choosing and CHAPTER 3: Financing Your Venture 12 organizing a business, which is covered in Chapter 1. CHAPTER 4: Selling Yourself 17 Chapter 2 takes you step-by- CHAPTER 5: Keeping the Books 24 step through the development of a complete business plan, CHAPTER 6: Government Regulations 31 which is critical for success. Once a plan is established, you Glossary 37 can begin to look at financing, which is covered in Chapter 3. Appendix A: Entrepreneurship Assistance Centers 39 Your continual success will depend to a great extent on Appendix B: Small Business Development Center 40 marketing, which is discussed in Chapter 4. In Chapter 5, you Appendix C: Empire State Development Regional Offices 43 will find a review of the records you need to maintain to manage Appendix D: Government Agencies 44 your business and meet legal requirements, while Chapter Appendix E: Business Trade Associations 44 6 is devoted to government regulations, including licensing Appendix F: Chambers of Commerce 51 and permits, sales tax, insurance and obligations to employees. Appendix G: Alternative Lenders 56 The last few pages contain information on resources available to you from both public and private sources. CHAPTER 1 Foundations For Success

You have always wanted to start your to change, learn quickly, recognize and Assessing Your Resources own business. You’ve thought about correct mistakes, think creatively, be it, dreamt about it, discussed it with enterprising and resourceful, handle Opening your own business is an family and friends, perhaps even discouragement and develop favorable exciting journey that can provide done some research on the subject. solutions to everyday problems. They lifelong satisfaction. But it is also one of life’s greatest challenges and Each year, thousands of New Yorkers also realize the importance of taking risks. also entails making some choices follow their dreams and tackle the Sense of responsibility: Small business that will deeply affect you and the challenges of entrepreneurship and owners are completely responsible people around you. That’s why it’s enjoy the rewards and satisfaction of for what happens to their business. important to get all the information having accomplished something by Long after others have gone home, you can before you start. themselves, of being able to shape they may have to stay on the job their own destiny and contributing tending to any number of details — Education and information: In to their community. Many people getting your bookkeeping in order, today’s increasingly global economy, who take this road wonder why they going over inventory, rearranging education is essential for the business didn’t do it sooner. With the right merchandise, meeting clients or person. In addition to a good general planning, determination and resources, seeing that repairs are made. education, you may want to consider taking specialized courses to enhance you can do it too. Whether you’re Decisiveness: Small business owners your working knowledge of financial thinking of starting a food truck, must make many decisions, and often and other pertinent matters. New York brewery, graphic design, accounting make them quickly. Some entrepreneurs State has many fine learning institutions, service, home improvement, come by that ability naturally; others learn including private and state universities, laundromat, or e-commerce through experience. The best decision- local community colleges, vocational business, this guidebook will help makers consider all the choices open schools, adult education centers and you build a foundation for success. to them, use that knowledge judiciously job training programs that offer a and don’t second-guess themselves range of entrepreneurial development Do You Have What It once a decision has been made. They and business programs, such as the realize that making mistakes is part Takes To Succeed? Entrepreneurship Assistance Centers of the process, and they forge ahead (EAC) and Business Mentor NY. EACs Studies show that most successful with new decisions despite setbacks. entrepreneurs share some key traits. provide new and aspiring entrepreneurs They are usually organized, determined People skills: Small business owners must with training and business counseling people who have a strong sense of get along with people, understand their services to develop basic business responsibility, are not afraid to make needs and inspire their confidence. They management skills, refining business decisions or mistakes, work well with realize that courtesy and understanding concept, devising early-stage marketing other people and enjoy the art of selling. are an important part of dealing with plans, and obtaining business financing. Here’s a look at some of those traits. customers, suppliers, lenders and others To find an EAC in your area, visit who play a key role in their business. Organizational ability: Small business EAC’s webpage at https://esd.ny.gov/ owners must pay strict attention to Marketing: Marketing and selling are a entrepreneurial-assistance-program or details, be self-disciplined and use part of operating all businesses, from Appendix A on page 39. their time efficiently. They must be manufacturing to the service trades. Business Mentor NY is a web-based, able to pay attention to employees, While some people are naturally adept at mentoring program, which assists customers, sales and expenses — all sales skills, others work hard to develop entrepreneurs and established small at the same time. They must be able a sixth sense for marketing know-how businesses overcome challenges to grow to pay bills and wages on time and and opportunities, taking advantage their business. To connect with a mentor, maintain a budget to avoid the roller of the many books, courses, seminars, visit Business Mentor NY at https:// coaster of having surplus funds one and online training available to them. businessmentor.ny.gov/. It is also helpful month and a shortage the next. Do you wonder if you have the right quali- to consult trade journals, consumer Determination: The most successful ties to make it on your own in magazines, web publications, forums, small business owners not only want to business? Take the quiz, “A Readiness and social media on a regular basis to succeed, they are determined to do so. Test”, (see Figure 1-1) to find out. keep up with current news and trends in They have the ability to adjust rapidly your industry. In general, the more you know about the business before you start the greater your chances for success.

1 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.

2 Often, the most successful entrepreneurs For information on trends in your field, be your customers to find out what are people who have worked for years comparative operating figures and the they want and how much they are for someone else in a particular line of latest marketing strategies, you may willing to pay. This may be as simple as business and who finally decide they find local or national business trade questioning friends and acquaintances or know the ropes well enough to leave associations helpful. Find contact conducting an informal focus group. their employer and start up a similar information at Appendix E on page 44. The amount of capital you have operation. available will also influence your decision. Capital: Money invested in a business Choosing Your Business You may find an attractive business is called capital. Before you start your There are several options to consider opportunity, but discover that you do not business, you must identify sources of when deciding what kind of business have enough money to finance it. If that is money for equipment, supplies and to undertake. You can sell a product or the case, it is best to continue looking for day-to-day operating expenses, and a service or a combination of the two. another business opportunity. A business plan in advance to have it available You can purchase a new business or an is practical only if you have sufficient when you’ll need it. Successful existing one, and run it by yourself or capital to keep it going until the profits entrepreneurs plan their cash flow at with a partner. Whatever you ultimately are adequate to support the business. least a year ahead, and many carry out decide, it is important to take the time to New York State actively promotes their projections two to five years in examine all the choices. a healthy business climate, but each advance. Insufficient start-up money or GENERAL CONSIDERATIONS community is different. Take your time under-capitalization, is one of the major in choosing a location, particularly if reasons half of all small businesses fail It is wise to choose a field in which you the community is new to you. Study during the first two years. have some prior knowledge. If you go into the long-term population and business Professional assistance: Building a a business that is completely unfamiliar,­ trends in the region, the town and the successful business means relying on you will be competing with experienced neighborhood where you might locate. professionals who already know things others for support and advice. There is Finally, get a feel for the business a wide range of resources, both public it may take you years to learn. There are probably some businesses you can start and social climates in the community and private, that can offer the support where you will set up your operation. you need. Government agencies such as almost immediately, provided you have sufficient capital, but others will require Talk with local business people and Empire State Development (ESD) and the professionals, including bankers, lawyers U.S. Small Business Administration (SBA) that you complete months or even years of training. and real estate brokers. You may want to can provide guidance on everything consider joining a chamber of commerce from securing access to capital, business Prior experience is important, but do not or business trade association. You can mentoring, and government procurement, neglect your personal interests. Initially, find a local chamber of commerce in to exporting products or services. To you are likely to be working 10 to 15 Appendix F on page 51 and business learn about ESD’s programs and services, hours a day, five to seven days a week trade association in Appendix E on visit https://esd.ny.gov/doing-business- to make your operation a success. With page 44. These organizations can ny/small-business-hub or find an ESD the business taking up that much of your help your business gain credibility office in Appendix C on page 43. For life, it is important for your mental and in the community; exposure through information on SBA’s programs, visit SBA physical health that you like what you are networking opportunities, referrals at www.sba.gov or find SBA’s regional doing. Investigate the long-term outlook and online or printed publications; office in Appendix D on page 44. for the industries that interest you. Look accessibility to discounted services, Professional advisors can assist with for opportunities in businesses where products, training and development planning and save you money in the long expansion can be expected. Surveys programs; and advocacy on issues run. A lawyer, for instance, can help you by trade groups, government and other affecting the small business community. reputable organizations are a good buy or sell a business, formulate a legal BUSINESS OPTIONS structure for your business, negotiate with place to find businesses that are ripe for your landlord or financial institution, write development. You can get this information There are three basic ways to go into a personnel policy and resolve conflicts by contacting trade associations, U.S. business for yourself — start a business that may arise. An accountant can help Census Bureau and libraries. from scratch, buy an existing business or review your start-up costs, prepare and As you look at different businesses, buy a franchise. analyze financial statements, prepare consider consumer needs you can The New Business loan applications, set up a bookkeeping fill. You should make sure there is a Starting a new business can be the system, and prepare tax returns. market for your products and services least expensive way to begin, and it You may want to consult a lender before you commit. Stay away from allows the most freedom since it has no for information about how to secure overcrowded fields. While many fields history. The business name, its location, financing or manage your finances, may offer good opportunities in general, its equipment and its employees are while an insurance agent can help you too many businesses that offer the all yours to choose. If you are selling determine what kinds of insurance same thing in the same area may be a products, you have the option of starting coverage you will need and the prescription for failure. with an all new inventory, unaffected best policy for your business. Survey the people who are likely to by the purchasing decisions made by

3 others. In addition, you are not affected local newspapers, online, and trade What you get as a franchisee depends by prior commitments to employees, magazines or newsletters, and on the terms of your contract. Frequently, leases and other obligations that an consulting commercial specialists you benefit from training opportunities as existing business frequently has. and industrial real estate business well as a precise formula covering every On the other hand, it can be difficult to brokers, lawyers and accountants. detail of operation, which is based on raise money for a new business and the There are a few additional precautions to the previous trial-and-error experience risk is higher. Since you probably do not take when you are looking to purchase of the franchiser. have an established clientele, you can a business. Beware of “partner wanted” The Franchise Opportunities Guide, expect your advertising expenses to opportunities. By law, every partner in available from the International Franchise be higher than those of an established a general partnership is responsible Association (IFA), lists descriptions of business, and you may have to go through for the debts of the entire partnership, hundreds of different franchises by a prolonged period of trial and error as so be very cautious about getting category and also provides a checklist you develop your marketing strategies. involved. You will also want to avoid new for evaluating a franchise. To purchase Because you will have no history of prior partners, which are generally poor risks. a copy, visit www.franchise.org or find operations, cash flow will be unpredictable Do not let yourself get rushed into contact information for IFA in Appendix E and, most likely, insufficient. a deal. All propositions and agreements on page 44. Buying a Business should be in writing and drawn up or Under New York State law, franchisors By purchasing an established business, reviewed by a lawyer who works for you are required to register with the New York you have a product or service that is and has experience in business sales. State Office of the Attorney General. To already familiar to your customers, making Consult your nearest Better Business find out if a franchisor is registered in New the job of advertising easier and less Bureau, which can help you avoid York State, contact the Attorney General’s costly. You may gain already established professional swindlers, and have the Investor Protection Bureau at (212) 416- goodwill, which includes all the intangible business you are buying investigated 8236 or https://ag.ny.gov/franchisors- efforts that go into building a thriving by both a lawyer and an accountant. franchisees. business, including good customer and If you do decide to proceed, know In any business purchase, conduct a trade relations, management efficiency your legal responsibilities. The sale thorough research before you buy. and public acceptance. Cash flow of a business, either in part or as a Study the required franchise disclosure generally has been established and there whole, is called a bulk sales transaction. document and proposed contracts is usually an existing relationship with Regardless of the size or cost of carefully. As always, consult with lenders and suppliers. the sale, you must comply with the an attorney and other professional When you research your potential laws regulating such transactions. advisors before making a binding purchase, carefully consider any If the seller of your potential business commitment. Be sure that all promises disadvantages. Depending on the has ever been required to collect made by the seller(s) or salesperson(s) previous history of the business, New York State sales tax during are clearly written into the contract. goodwill may not exist. The building business operations, he or she may Analyze the earnings claims. They or its location may contain hidden we sales taxes to the state. If you buy must be in writing, describe the basis liabilities, such as being situated three the business without having followed and assumptions for the claim, state blocks away from a similar operation. bulk sales procedures, you may the number and percentage of other If the business involves retailing, be responsible for any outstanding franchises whose actual experience wholesaling or manufacturing, there sales tax liability owed by the seller. equals or exceeds the claim. They also may be “dead stock” or inventory For more detailed tax information must be accompanied by an offer to that is obsolete or damaged, turns including bulk sales information, see show substantiating material for the over slowly or does not sell at all. Chapter 6 section on “Taxes”. claim, and include cautionary language regarding the exceptions to the claims. Also beware of undisclosed reasons Franchising for selling, such as concealed financial When you purchase a franchise, the It is also advisable to talk with others who obligations, deteriorating local business will operate under the name have already invested in the business. conditions, labor problems, zoning and system of the master company. Seek out both those recommended by changes, an expiring non-renewable The types of franchises available vary the company and others who might offer lease or limited growth potential. from tax-preparation services and a different point of view. Comparison shop for other franchises in the same You can find out about businesses soft drink distributorships to fast food field and similar business opportunities for sale by letting your interest be restaurants and hotel chains. The sizes that are not franchised. known among members of the local vary from single-person operations to business community, checking the large businesses employing hundreds of Always be sure the rights you are buying classified advertising sections of people. are exclusive and that the product involved sells elsewhere under similar circumstances.

4 Legal Forms of Business did not personally consent to the debts. Limited Liability Partnership Partnerships are easy to start, but they A Limited Liability Partnership (LLP) Organization can run into trouble if the day-to-day is a partnership, without limited No matter what business you are in, you stress of running a small business partners, each of whose partners is a will need some form of legal business leads to friction between the partners. professional authorized by law to render organization. There are four basic forms A written partnership agreement, which a professional service. Professionals are — sole proprietorship, partnership, should be drawn up by a lawyer, is your defined as those persons authorized by limited liability company, and corporation. best protection. In it you can spell out law to render a professional service in Each has advantages and disadvantages, such issues as the capital contributions of New York. This includes, among others, including tax consequences. each partner, duties and responsibilities physicians, attorneys, certified public of each partner, changes in partnership accountants, architects and veterinarians. SOLE PROPRIETORSHIP structure, dispute resolution methods and For a complete listing of professional In a sole proprietorship, you own financial management. services, visit New York State Education and control the business. You reap The partnership itself is not taxable. Department (ED) at www.op.nysed. the profits, take the losses and are Instead, you report the firm’s income gov/prof/ or find contact information personally responsible for the debts and and expenses on federal and state for ED at Appendix D on page 44. other obligations of the business. As a “information” tax returns and you are Typically under New York law, general sole proprietor, you report your business taxed on your share of the profits or partners are liable for the debts and income and expenses on your individual losses at your individual income tax obligations of each partner when income tax return. rate. The deduction of losses from partnership assets are not adequate. Setting up a sole proprietorship is the your personal income tax statement But partners of an LLP are liable easiest way to go into business. Legally, could be a tax advantage. only for their own professionally all you have to do is obtain the licenses Limited Partnership negligent or wrongful acts, not for and tax identification numbers that the negligence of their partners. the federal, state or local government A limited partnership is a partnership A general partnership may elect to requires for your type of business. If the formed by two or more persons become a LLP by filing a registration business has a name other than your having one or more general partners and one or more limited partners. form with DOS, Division of Corporations own, you must register with your local Personal liability is joint and individual and paying the appropriate filing fee county clerk and file a Certificate of for the general partners who are and specific statutory requirements. Assumed Name, commonly referred to responsible for the obligations of For more detailed information, visit as a Business Certificate, see Chapter 6 the partnership. Limited partners are DOS at https://www.dos.ny.gov/corps/ section on “Licenses & Permits”. liable to the extent of their capital or find contact information for DOS at This is the fastest, cheapest way to get contribution to the partnership. Appendix D on page 44. into business, and many successful The life-span of the limited partnership LIMITED LIABILITY COMPANY operations have started as sole is for the period stipulated in the proprietorships. As your business A limited liability company (LLC) Certificate of Limited Partnership; or expands, you can change to a retains the management flexibility of a until a dissolution event occurs. partnership, limited liability company or partnership while offering some of the corporation if it is more advantageous. For purposes of taxation, a limited advantages of a corporate structure. partnership is not treated as a In an LLC members retain the same PARTNERSHIP separate taxable entity; business liability protection they would receive There are several options available to income is taxed through each by incorporating, but avoid the double business owners who want to set up partner’s personal tax return. taxation that is required of most their business as a partnership. If you want to operate a limited corporations. This ability to manage A general partnership is a business partnership, you must file a Certificate your own business and avoid personal owned and operated by two or more of Limited Partnership (following the liability as well as taxation on both persons. Partners can contribute capital, execution of a partnership agreement) profits and personal dividends makes specialized knowledge, marketing or with the New York State Department of the LLC well worth considering. management skills and other valuable State (DOS), Division of Corporations. To form a LLC, you must prepare help. They also share the risk. To form a limited partnership, you file a organizational documents and file Generally, partners share equally in the Certificate of Limited Partnership with the Articles of Organization with the rights and responsibilities of managing the DOS, Division of Corporations, pay DOS, Division of Corporations and the business, and by law each partner the appropriate filing fee and specific pay the appropriate filing fee and is responsible for all the debts and statutory requirements. For more detailed specific statutory requirements. obligations of the firm. This means you information, visit: https://www.dos.ny.gov/ For more detailed information, visit are personally liable for the full amount corps/ or find contact information for DOS at https://www.dos.ny.gov/ of the partnership’s debts — even if the DOS at Appendix D on page 44. corps/ or find contact information for debts exceed your investment and you DOS at Appendix D on page 44.

5 New York State’s Limited Liability S Corporation Professional Advice Company Law and Partnership Law has Businesses that want to incorporate Whichever form of business organization publication requirements for limited but wish to avoid the tax burden of a you choose, be sure to seek professional partnerships, LLPs and LLCs. The corporation may form an S corporation. advice due to the complex nature of these company must publish in two newspapers, The income and expenses of the various forms of business organizations. which are designated by the county clerk S corporation are distributed to It is advisable to consult with an attorney of the county where the company is shareholders in proportion to their share and an accountant to help you thoroughly located. After publication, the publisher holdings, and profits or losses are taxed evaluate which option is best for you. of the newspapers will provide the at the shareholders’ individual tax rates. A lawyer can prepare the proper legal company with an affidavit of publication In contrast, a C corporation’s profits are papers and advise you on your legal that will be submitted along with the taxed twice, on both corporate profits and obligations, while an accountant can Certificate of Publication form to DOS, shareholders’ income. describe the tax advantages and Division of Corporations. To qualify for S corporation status, the disadvantages. CORPORATION corporation must meet the following: be A corporation is a business that may have a domestic and eligible corporation; have one or many owners, and which conducts only allowable shareholders (individuals, transactions as an individual entity. Many certain trusts, and estates and not corporations start out as one of the other partnerships, corporations or non-resident forms of business organization presented aliens as shareholders); no more than 100 here. All corporations are considered C shareholders; and only one class of stock. corporations unless a special election is To apply for S corporation status, you filed for S corporation status. must first be a corporation. Then, the The decision to incorporate is sometimes corporation must elect S corporation based on a need for additional capital status for federal income tax purposes for expansion, which may be done by by filing Form 2553, Election by a Small selling shares of the company to outside Business Corporation with the Internal investors. A corporation is run by elected Revenue Service (IRS). officers rather than by the owners or For more detailed information, visit IRS shareholders. To identify if a business is at https://www.irs.gov/uac/form-2553- incorporated, look for the abbreviations election-by-a-small-business-corporation. Inc., Corp. or Ltd. A corporation which has elected S There are many advantages to forming a corporation status for federal income tax corporation. These include protection of purposes may then elect S corporation the stockholders from personal liability; status for New York State income and easy transfer of ownership; a separate corporation franchise tax purposes. legal existence that is stable and relatively This is done by completing Form CT-6, permanent; and greater ease in securing Election by a Federal S Corporation to be capital from investors. Treated As a New York S Corporation and Disadvantages include limitations on submitting it to the DTF. corporate activities; possible conflict For more detailed information, visit DTF between company management and the at https://www.tax.ny.gov/forms/corp_s_ board of directors; and government forms.htm or find contact information for regulation and paperwork at local, state DTF at Appendix D on page 44. 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.

6 CHAPTER 2 Mapping a Strategy

Now that you have decided to Figure 2.1 follow your dream and open your own business, you must outline The Business Plan a strategy or business plan. AN OUTLINE When prepared carefully and I. EXECUTIVE SUMMARY A. Briefly describe your business name and location, product or service, target market, thoughtfully, the business plan is a road competition, prior experience, management and personnel team, and financial position map that can pave the way for your II. COMPANY DESCRIPTION growth and success. It should include A. What your business is such details as what your business is, B. List business goals how you plan to run and finance it, how C. Timetable of objectives to reach these goals much it has earned or lost (if it is an III. MARKET ANALYSIS established enterprise) and how much A. Describe trends in your industry you project will earn in the future. B. Who are your target customers IV. PRODUCTS OR SERVICES A detailed plan is an excellent A. What are the benefits and features of your product or service evaluation tool that you can use to B. How your product or service pricing compares to your competition spot any potential weaknesses in your V. ORGANIZATION & MANAGEMENT proposed business. It is always easier A. What is the present and future forms of business organization and less costly to rewrite a plan than B. Organizational staffing chart, resumes, personnel policies and hiring practices to change the direction of a business VI. SALES & MARKETING STRATEGIES that is already up and running. A. How will you reach your prospects A written plan will also help to organize B. How will you distinguish your business from the competition VII. FINANCIALS and consolidate your ideas so that you A. Income statement - revenue and expenses of the business can sell yourself and your business more B. Balance sheet statement - assets, liabilities and equity of the business effectively. Financial institutions and C. Cash Flow satement - the flow of cash in and out of the business investors want to see sound plans and D. Key business ratios compared to averages ideas before deciding to lend or invest E. Break-even analysis capital, particularly to a new business. F. Copies of income tax returns if you are already in business It pays to take the time to make sure your plan reflects all of your ideas and owners of the business. Briefly describe objectives. If a reasonable estimate of strategies. You may consider hiring your customers, the industry of your your first year’s gross profit is $100,000, someone to develop your business business, and the location and hours of do not set yourself a $500,000 goal. plan, but only you can write the best, operation of your business. Give yourself achievable targets in a most effective plan for your own State your long-range goals and the limited time frame, and then write a plan business. There are many formats you milestones you will have to pass to for meeting them. A successful business can use. Figure 2-1, “The Business Plan, achieve them. Then make a timetable not only looks forward, but reevaluates its An Outline”, is only a suggestion. for accomplishing specific short-term past. It is in your best interest to compare your actual business performance to your EXECUTIVE SUMMARY business objectives that will enable you to reach your larger goal. As an example, written goals on a continuing basis. In the executive summary, you will your long-range goal may be “to be highlight the important points of the MARKETING ANALYSIS the largest manufacturer of gluten free other sections of your business plan Thoroughly investigate the fields that desserts in the Northeast.” First you in as brief as possible manner. Since interest you and make note of trends. must decide on your definition of “largest the executive summary is the most You should strive to offer a unique manufacturer.” It may mean the largest important section of your business product or service with potential for gross sales, the largest number plan, this should be the last section a long life span. This means knowing of employees or the most diverse you complete. where the future lies in your industry product lines to meet the customer’s in such areas as potential competitors, needs. Perhaps it means all of these, COMPANY DESCRIPTION new technology, cultural change but to get there you must put into place Start with a thorough description of the and economic trends. Once you are logical, carefully considered steps to central activities and purpose of your confident that you have an excellent reach your goal. business. Describe the desired legal product or service that fills a specific structure of your business and list all Be realistic when making short-term client need better than anyone else, 7 you must convey that message to your If you know you are going to hire followed by convictions and other customer. To do this successfully you employees at some point, you should personal matters — it’s illegal to do so. need answers to at least these five basic include that in your business plan. Hiring Compare the applicants in terms questions: Who are your customers? one or more employees forces you to of desired skills, work record, self- Where are they? What do they want? meet a variety of legal obligations, which motivation, willingness and ability to When do they want it? Why should are discussed in Chapter 6. In addition, learn, and ability to get along with they buy it from you? By knowing your you should have a personnel policy and others. You may need to schedule a costumer well, you will be better able follow good hiring practices. Figure second or even third interview to select to predict what they want in the future, 2-2 contains some basic elements that the best applicant. Before you offer the which is essential for long-term growth. a personnel policy should contain. position, contact references, especially PRODUCTS OR SERVICES Hiring practices former employers, teachers, and others who have worked with the applicant. Describe what your business will offer Begin your employee search by writing in the way of products or services, as detailed job descriptions. Once you When you have made your decision, well as any features that make your have defined what positions you offer the job to the person who is product or service stand out from the need to fill and what qualifications your first choice. Complete the U.S. competition. Include a description of are necessary to fill those positions, Department of Homeland Security, your supplies and suppliers, equipment you can begin your search. U.S. Citizenship and Immigration Service (USCIS) Form I-9, “Employment for manufacturing and methods of Have a job application form available Eligibility Verification,” for all new hires. product or service distribution. for those candidates who do not You can obtain this form at this link Describe the price of your product have a resume. Forms are available www.uscis.gov/i-9 or for information, or service, including how it compares at office supply stores and online. contact USCIS at (800) 375-5283. to your competitors. Review applications as you receive ORGANIZATION & MANAGEMENT them and set up interviews with A word of caution: Do not hire family those who appear best qualified. members and friends simply because Describe your desired legal structure they need jobs. Make sure you need During the interview give a brief of your business in detail. Include an additional worker and that the introduction about the job and the provisions for growth, such as the person you are considering has the company and specify what you expect addition of a partner, shareholders skills and experience you want. or creation of a board of directors. from your employees. Then let the applicant do most of the talking. Ask Welcome your new employee by giving Provide a thorough review of your simple, specific questions, such as: a tour of the premises and introductions abilities, including any particular “What did you do at your last job? to the other employees. Explain how experiences or skills that will enable you What did you like or dislike about the business operates and who does to run your business well. List anyone it? What skills do you bring to this each job. Describe in detail what the else who will help you manage better, job?” Do not ask about race, religion, worker will be doing. Now is also a such as an accountant, lawyer, insurance health, age, marital status, arrests not good time to outline how and when agent, partner or employee. You should the employee will be evaluated. include your own resume and those of any partners or principal staff. Describe procedures that demonstrate Figure 2.2 that your business will be well- Basic Elements of a Personnel Policy structured and carefully monitored. Compensation: Find out what the prevailing wage rates are in your locale for These may include organizational the type of workers you expect to be hiring. Remember, when you employ staffing charts, in-house business people, you are in competition with other employers for the best help. meeting schedules, cash flow analysis, yearly reviews of staff and financial Fringe benefits: Although fringe benefits are not a legal requirement, a variety statements, and procedures for use of benefits such as health, dental, vision, commuter, and pension plans, tuition of outside vendors and resources. reimbursement and life insurance can be a strong draw when competing for new employees. Ask your insurance agent or accountant about them. Personnel policies Working hours: Describe briefly the policy for working hours, including the Initially, you may plan to operate starting and quitting time, lunch schedules and days of the week employees without employees, either doing all will be expected to work. Also establish policies for overtime. Consider the work yourself, perhaps with the staffing options such as flex-time, job sharing and part-time employment help of a family member or contracting in addition to full-time positions. Such flexibility will increase the size of some work to independent outside your labor pool and may allow you to offer more or better service to your contractors. This approach keeps things customers. simple, but statistically, businesses with employees that grow in number tend Other policies: Other employee policies include vacation time, sick leave, to last longer than those without them. leave of absence with or without pay, paid holidays, hiring, termination, promotions and evaluations and workplace harassment and discrimination.

8 Describe your employment policies in target marketing may be the difference and accounts receivable (the money detail. It’s a good idea to have these between a business that fails and one people owe you). Be careful not to get in writing, perhaps in the form of an that flourishes, see Chapter 4 section too much of your working capital tied employee manual, to help prevent on “Target Your Market”. Use this up in accounts receivable, since this misunderstandings. Also make sure information to develop your strategies for can rapidly deplete your cash pool and your new employee knows who advertising and promotion. Be specific the ability to pay your own creditors. to talk to when problems arise. about your plans. Include what types of To calculate your financial status at Do not forget to post New York State media you will use and how often. You the end of each month, subtract total minimum wage rates, as well as policies may also want to develop a system to expenditures from total cash available. regarding work hours and conditions evaluate how effective your advertising If the result is negative, you will have under New York State Department is, such as a weekly sales monitor or to come up with more cash to meet of Labor’s (DOL) Employment Laws. customer survey. your expenses. Negative ending To learn about New York State posting Do not neglect to identify and keep positions are fairly typical in start-up requirements, visit https://labor.ny.gov/ watch on the competition even before businesses and in businesses that workerprotection/laborstandards/employer/ you start your own business. You can are growing rapidly. Plan for them by posters.shtm or call (888) 4-NYSDOL. learn from their successes and mistakes. making sure you have enough cash in There are also mandatory federal And if you are to stay the proverbial “one the bank to cover your expenses each posting requirements regarding minimum step ahead,” you must first know what month. That may require borrowing or wage and other fair labor standards, they are doing, and then do it better. attracting new permanent capital to equal employee opportunity, and safety FINANCIALS your business. Established ventures and health protection.To learn about with large seasonal variations often Until you have a business that is up federal posting requirements, visit https:// depend on a revolving line of credit or and running, you are not going to www.dol.gov/general/topics/posters. extended terms (payment due dates) to have anything but projected financial handle a temporary shortage of cash. There are many resources available statements. Potential lenders or Most business experts agree that you for locating potential applicants. You investors will want to see these should do your cash flow analysis and can network with other business and when you try to borrow money or cash flow projection monthly. It forces community people to find employees attract capital for your business. you to be more realistic and disciplined who are looking for work. Depending The income statement shows how in your thinking and keeps your upon the type of position and level much money your business will attention focused on the bottom line. of expertise required, post the job earn and spend. The balance sheet Use Figure 2-3 as a guide for developing description in online job boards, job statement shows your business overall your own cash flow projection. The training programs, and schools. You can financial standing. The cash flow expenditure categories are only also file with your local unemployment statment shows the flow of money in suggestions. You can download office and job development program. and out of your business. You will free cash flow projection templates And there is always advertising in the find sample statements in Chapter 5. local newspaper. from the internet. There are also Once your business is operational, accounting software programs The DOL’s New York State Job Bank you should compare actual available that will do cash flow provides services to businesses statements with the projected statement, income statement, balance seeking to hire employees. For statements in your business plan. sheet statement and much more. information on NYS Job Bank, visit http://newyork.us.jobs/ or call Cash flow forecasting Key business ratios (800) HIRE-992. DOL’s Business Services As a new business that has no financial Key business ratios compare historical can assist you in finding the right history, the cash flow forecast is an or projected figures such as sales to employees and services such as, career essential tool. Used correctly, it can receivables, cost of sales to inventory, fairs, custom recruiting, skill matching, help keep you from going out of sales to working capital and total current human resources assistance, safety and business since it can tell you whether assets to total current liabilities. Ratios health assistance, and consultations with you are solvent. The monthly cash and percentages of particular expense the DOL staff. flow projection will let you know how categories compared to gross sales To obtain information on DOL’s much cash you need at the end of allow you to see how your business Business Services, visit https://labor. the month to meet your expenses. compares to other similar­ businesses. ny.gov/businessservices/landing.shtm You should try to estimate your monthly By comparing your ratios, either or call (888) 4-NYSDOL. cash flow at least 12 months in advance historical or projected, with averages and update it monthly with the real SALES & MARKETING STRATEGIES for your type of business, you can see figures. When there are significant if your operation is being efficiently You have an excellent product or differences between real and projected run and if your forecasts are realistic. service that fills a specific client need cash flow, try to figure out why, so that now you must convey that message your future projections­ will be more to your consumer. How are you going accurate. Items to watch very carefully to let them know about it? Accurate in your cash flow analysis are credit

9 Break-even analysis Figure 2-3 A break-even analysis shows the point at which your business will be Sample Cash Flow Budgeting Form breaking even, that is, neither making Estimate Actual Estimate Actual Estimate Actual Use of whole dollars a profit nor a loss. It is expressed $ % $ % $ % $ % $ % $ % in dollars or number of sales. Once 1. cash on hand you know your break-even point, (beginning of month) you have a goal and can devise a 2. cash receipts specific plan on how to get there. (a) cash sales To do a break-even analysis you will (b) collections from credit accounts need to be familiar with certain financial (c) loan/other cash support (specify) terminology. You already know that 3. total cash receipts break-even sales are the amount of (2a + 2b + 2c = 3) sales necessary to cover the exact 4. total cash available (1+3) amount of all your business expenses. 5. cash paid out In general, you will have two types of purchases (merchandise) expenses, fixed and variable. Fixed business taxes, licenses costs (FC) are costs that remain constant no matter your sales (S) volume. employer’s share Social Security These include overhead costs such as unemployment rent, office and administrative costs, rent salaries, benefits, utilities, as well as repairs and maintenance such “hidden costs” as depreciation, gross employees’ salaries loan amortization and interest. insurance Variable costs (VC) are those costs professional fees associated with sales. They include commissions the cost of goods sold, variable labor costs and sales commissions. interest and bank charges advertising The basic break-even formula is: S = FC + VC. (S = break-even level auto, truck of sales in dollars; FC = fixed costs trade publications in dollars; and VC = variable costs in office supplies dollars.) While the concept is deceptively telephone simple, you should not neglect to utilities calculate and recalculate this figure on operating supplies a regular basis. Variable costs are just travel that — they change often and can get out of hand as sales volume grows. laundry and uniform Some of the figures you will use to entertainment calculate your break-even analysis contract services will have to be estimates, particularly miscellaneous in a new business. It is a good idea subtotal to make your estimates conservative loan principle payment by using somewhat pessimistic sales with interest and margin figures, and by slightly capital purchases (specify) overstating your expected costs. other start-up costs When you calculate a projected break- owners’ withdrawal even level for a new business, you will probably not know what your total 6. total cash paid out variable costs will be. You can use a 7. cash position (4-6) variation of the basic break-even formula the break-even in dollars by the unit case assumptions.­ This type of analysis that is based on your anticipated gross price, which gives you the number of can be valuable if you are thinking of margin (GM, i.e. your gross profit on sales) units you need to sell. making a capital investment and want expressed as a percentage of sales: You can substitute different numbers to a quick picture comparing the relative S = FC/GM where GM = gross margin merits of buying or leasing equipment expressed as a percentage of sales. quickly calculate their effects on your business. One way to do this is to make or property. If you want to calculate how many units the best case, average case and worst you need to sell to break even, divide

10 SOURCES OF ASSISTANCE your business on track or take it to the services that can help you grow The State of New York has many next level. At Business Mentor NY, you your business, from networking resources available to emerging can get answers to simple questions opportunities to other services for entrepreneurs. There are several or engage in longer-term mentorship your business and employees. agencies that can provide information relationships. Mentorship is a powerful You can find a local chamber of to you on anything from writing a tool that can help your business survive, commerce at this link www.officialusa. business plan and obtaining capital thrive and grow. To connect with a com/stateguides/chambers/newyork. funding to finding good employees and mentor, visit Business Mentor NY at html or in Appendix F on page 51. https://businessmentor.ny.gov/. following appropriate legal business Help is also available from SCORE, a practices. The following section is an NEW YORK SMALL BUSINESS nonprofit association, where executives overview of these agencies along with DEVELOPMENT CENTER volunteer their services to assist small how to contact the office nearest you. New York Small Business Development business owners find solutions to their ENTREPRENEURSHIP Center (SBDC), administered by the business problems. Their service is ASSISTANCE CENTERS State University of New York and offered free. You may contact SCORE at www.score.org or call (800) 634-0245. The Entrepreneurship Assistance Centers funded by the U.S. Small Business (EAC) is an enterprise development Administration, offers pro bono The New York State Department of program currently operating 24 centers counseling assistance for small Labor can supply a wide range of strategically located in local communities business entrepreneurs, both start- labor market information, such as throughout New York State. EACs ups and existing businesses. Services occupation, industry and regional are hosted by not-for-profit agencies, include assistance on business data. To obtain DOL information, community colleges, and Boards of plan development, loan resource visit https://www.labor.ny.gov/home/ Cooperative Educational Services who identification, accounting, financial research.php or call (888) 4-NYSDOL. can support the intensive management planning, export information, cost The Census Bureau Economic and technical guidance. EACs offer analysis and marketing as well as Statistics provides statistics about one-on-one counseling and a 60+ targeted business training programs. U.S. businesses, including links to hour training course supplemented SBDC offices are conveniently located data products, related programs by concentrated technical assistance throughout the state. and other additional information. and support services to help new To find a SBDC in your area, visit For more information, visit entrepreneurs complete business SBDC’s webpage at http://www.nyssbdc. https://www.census.gov/econ/ or call plans and develop and expand a viable org/locations.html or Appendix B on (301) 763-3321. Another useful tool is business. In addition to learning general page 40. the Census Business Builder, which management skills, participants learn U.S. SMALL BUSINESS provides selected demographic and about working capital and cash flow ADMINISTRATION economic data that is tailored to specific management, how to conduct break-even types of users. For more information, analysis, hiring and managing employees, The U.S. Small Business Administration (SBA) provides financial, technical visit https://www.census.gov/data/data- and further developing marketing and tools/cbb.html or call (800) 923-8282. financial management skills. and management assistance to To find an EAC in your area, visit help Americans start, run, and grow ACCESS RESOURCES EAC’s webpage at https://esd.ny.gov/ their businesses. With a portfolio Make sure to take advantage of the entrepreneurialassistance-program or of business loans, loan guarantees different types of assistance available Appendix A on page 39. and disaster loans in addition to from various sources, which you a venture capital portfolio, SBA is can find in the Appendix section BUSINESS MENTOR NY the nation’s largest single financial of this Guide, to help you map out Business Mentor NY is the state’s first backer of small businesses. a detailed business strategy. large scale, web-based, mentoring For more information on SBA program focused on helping emerging programs and services, visit entrepreneurs and small business www.sba.gov. owners overcome challenges to grow their business. At Business Mentor OTHER SOURCES NY, you can obtain free counsel, Business trade associations that may advice and support from volunteer be helpful as you develop your plans experienced entrepreneurs and include: The Business Council of seasoned professionals. This online New York State, www.bcnys.org; facilitated matching system connects National Federation of Independent you to mentors that can provide you Business (NFIB), www.nfib.com; and with guidance to address business Retail Council of New York State, questions and difficulties, assist you Inc., www.retailcouncilnys.com. to build and grow your business, and Your local chamber of commerce obtain knowledge and skills to keep also provides a multitude of

11 CHAPTER 3 Financing Your Venture

You’re on your way. BORROWED CAPITAL Personal Resources You’ve decided what kind of business Although many new businesses begin Before you begin your search for you plan to open and how you will go with permanent capital, very few capital, you will need to know how about it. You’re familiar with the different limit their financing to this alone. You much money your business will forms of business organization and have probably will want to borrow money require. To get an accurate answer drafted a convincing business plan. to invest in marketing, research, you should consider not only the costs Now you need to know the nuts and additional fixed asset purchases such of starting, but also the costs of staying bolts of how to finance your business. as facility or machinery upgrading, in business. Many businesses take a The ability to raise money, also known as or other improvements aimed at year or two to get up and running. This capital, is essential not only for starting, increasing productivity and controlling means you will need enough funds to but for maintaining and expanding a costs. cover the cost of materials, salaries, healthy business. No matter how good No matter how you use this capital, the rent, supplies and other items until your concept or your business plan, it bottom line is always the same — by sales can meet these costs. will fall flat without the proper financing, borrowing money to achieve specific It’s common for many new business the lifeblood of any enterprise. goals, you can often make your owners to furnish a substantial amount Understanding Capital business more profitable than if you — from 25 to 50 percent — from their rely solely on personal savings. own resources. Before coming up with a Being knowledgeable and CAPITAL NEEDS figure, you should consider many things, well-prepared goes a long way toward As you try to decide how much capital including your living expenses; your net helping you secure the financial you will need, regardless of the kind of worth; how much permanent capital you resources you will need. It is essential capital you have to work with, permanent can furnish and how much you will need to have a clear understanding of the or borrowed or a combination of the to borrow; your first-year expenses; different kinds of capital and their uses. two, it is helpful to know what all of your estimated break-even point; and contingency plans if you need additional PERMANENT CAPITAL your startup costs will be. A startup funds. Remember to be honest. The Permanent capital, also known as equity budget will help you determine this. Startup costs consist of one-time costs more candid you can be the better your capital, is money you gather from your chances for success. own resources and personally put and regular monthly costs. One-time into your business. It can also include costs will include some of the following Do not use your credit cards to start money contributed by partners and, if expenses: fixtures; equipment; licenses; your business. You risk ruining your you become incorporated, money that permits; initial inventory; website; personal credit if you are not able to comes from the sale of shares of stock renovation; and consultants. Regular keep up with the payments. Using issued by your business. If you choose monthly costs will include some of the your own money to finance your small to hold back some of your profit and put following expenses: rent, insurance; business is ideal. It is also the least it back into the business, it also becomes supplies; utilities; payroll; taxes; expensive and least obligatory method permanent capital. advertising; and loan payments. of financing. You are responsible only A detailed startup budget is necessary to yourself for what happens to the Permanent capital is just that — a to help determine your capital need. money and you don’t have to ask for permanent part of the business. permission to use it. This means it cannot be removed There are many sources of capital for from the business once it has been new and growing businesses. The A good way to calculate the amount of invested, and there is no legal following sections briefly summarize permanent capital you can contribute is to obligation to pay a return on it or to the most common sources, their fill out a “Personal Financial Statement”, repay it. This money is always at risk, advantages and disadvantages and, such as Figure 3-1. Besides tapping into because if the business fails, you where appropriate how to contact those your own funds, you may also consider can lose part or all of the money. sources. Not every option will apply to approaching family and friends for you, but with knowledge, preparation permanent capital. Other sources include and determination you retirement income, the income of a can be confident of beginning your spouse, your income from a part-time or search for capital on solid footing. full-time job, investment by partners and sale of stock.

12 Lenders When you open an account in the Figure 3.1 name of a business, the bank will Personal Financial There are many different types of probably want to see your Doing Statement lenders and lending programs. After Business As certificate which is personal savings, banks and alternative often referred as a DBA certificate or lenders are the major source of capital Certificate of Assumed Name. You Assets (what you own): for entrepreneurs. Most lenders will receive this certificate when you Cash (checking, savings, facilitate the financing of well-managed, register your business name with the money market, CDs accounts) $ ______credit-worthy small businesses and strive county clerk. If you registered as a to give them the help they need. Corporation, LLC or LLP, you will need Account/Note Receivables When approaching a lender, be sure the Articles of Incorporation, Articles of (money owed to you) $ ______you are well-prepared. You should have Organization or Certificate of Limited a written business plan and a budget Partnership that you filed with the Stocks, bonds, mutual funds, that shows the type of business, credit New York State Department of State, college savings $ ______needed and anticipated reveneues and see Chapter 6 section on “Licenses & expenses. If you need a loan for an Permits”. IRA, 401k plan $ ______already established business, having It works to your advantage to have a accurate, well-kept records will be to separate business checking account. Insurance cash values $ ______your advantage. If you cannot afford This enables you to use the bank’s a full or part-time accountant, you can name as a reference in getting credit Home and other real estate $ ______maintain your own recordkeeping from suppliers. Your account also tells through an accounting software program your lender facts about your business Automobiles $ ______or some type of computerized system. that can be helpful when you apply Your lender is likely to be impressed for a loan. While looking into a loan, Other $ ______with a neat and complete set of records you should also be aware of credit that have a professional touch. unions, which offer many of the same Other $ ______You must have realistic expectations services as banks. Visit a local credit of your lender. In general, expect the union to discuss loan opportunities Total Assets $ ______lender to be a valued advisor, in much and membership requirements. The the same way as an attorney or an advantage of applying here for capital is accountant. Also expect your lender that lending rates and terms are usually Liabilities (what you owe): to get to know your business and your better than those of a commercial bank. Credit Cards $ ______industry so he or she can make specific TYPES OF LOANS recommendations on what kind of loan Account/Note Payables (money is best suited for your company, how to Your lender can help you decide on you owe to others) $ ______structure that loan and how to help you the best type of loan for your business chart the best financial course. Keep and circumstances. Since the language Automobile Loans $ ______in mind, however, that while lenders of loan agreements can sometimes serve as valued advisors, there are laws be difficult, your lawyer can help you Home and other real prohibiting them from taking an active understand certain terminology. estate mortgage $ ______management role. These are known as A short-term loan must be repaid in “lender liability” laws, and basically state less than a year. Small businesses with Loans against life insurance $ ______that unless lenders are willing to accept an established track record use this liability, they should not get involved loan for working capital. For example, Student loans $ ______in making important management a manufacturer or retailer might use a decisions for a business. short-term loan to cover expenses until Unpaid taxes $ ______When you approach a lender for receivable payments come through. a loan, you should also begin to A line of credit, sometimes called a Other $ ______establish business credit. You can do revolving line of credit, allows you to this by co-signing as an individual for borrow and repay repeatedly to meet Other $ ______a credit card in your business name, your business needs. At the end of the as well as by establishing a checking year or season, the line of credit may Total liabilities $ ______account in your business name. If be renewed. The benefit of this type of you are doing business under your loan is that it allows you to maintain an own name, set up an account in your even cash flow, which in turn can help Net worth (total assets name and use it exclusively for your you take advantage of special discounts minus total liabilities): $ ______business. If your business has its own offered by suppliers or make up for name, set up an account in the name of the business.

13 shortage of working capital. but can be risky because interest rates thereby, having good credit scores. A seasonal line of credit is a variation are variable and you may not be able to The Fair Credit Reporting Act requires designed to help businesses that have a keep up with the payments. each of the nationwide credit reporting strong cyclical nature. When you apply A cash-out refinance loan is a type of companies, TransUnion, Experian and for a seasonal loan, resist the temptation home equity loan. Using the equity of Equifax, to provide you with a free to borrow more than you need. Like your home, you refinance your current copy of your credit report once every most other types of lines of credit, you loan into a new loan for more than 12 months at your request. Make sure have to repay this type within a year or you currently owe and you take the you check your credit report annually possibly at the end of selling season. difference in cash. Terms for this type of to determine if everything is good and nothing has been wrongly reported on An intermediate term loan may run as loan can be up to 30 years with a fixed your credit history. long as three years and usually requires or variable interest rate and payments collateral. You might consider it for a will be for principal and interest. This Collateral: This may include inventory, business start-up, the purchase of new type of loan gives you access to money, accounts receivable or other equity that equipment, the expansion of a store or but it also puts your home at risk if the can be used if the original loan payback plant or an increase in working capital. value of your home goes down. structure doesn’t work. Which of your You should plan to repay an intermediate assets could be used as security against term loan in monthly or quarterly The “5 C’s” a loan? Do you own real estate, stock or bonds, vehicles or equipment? Keep in payments from your business profit. Each loan is unique, and each lender mind that most lenders will not lend money A long-term loan typically runs for more looks at a loan for an individual business based on collateral alone. No matter how than three years, requires collateral and on its own merits and terms. But there outstanding your character or how much may be granted for business start-ups, are also some basics your lender will collateral you have, if your income tax purchasing major equipment or moving want to know before giving you money. statement shows you can’t repay your a plant or store. It is commonly repaid In general, most lenders follow the loan, your lender won’t give you one. on a monthly or quarterly basis out of “5 C’s of credit” to rate you as a cash flow or profit. The loan agreement borrower. You can also use these to Conditions: Lenders will look at the may contain provisions that limit your rate yourself. conditions of your industry and try to identify any risks that may affect your company’s other debts, dividends Your capacity is your ability Capacity: business and the repayment of your or principals’ salaries or that require to generate enough cash and profit loan. You will need to know your industry minimum equity or working capital levels. to cover your debt. When and how and your business environment to A long-term loan also may require that a do you plan to pay back your loan? address any threats or challenges your percentage of the firm’s profit be used Can the company generate enough to business may face. expressly for repayment. Collateral for a pay it back through normal business long-term loan may be the assets you activities? Does the cash flow projection Other Lending Programs are purchasing, supplemented by your show this? Do past income statements, personal guarantee, stocks, bonds, balance sheet statements and cash EMPIRE STATE DEVELOPMENT certificates of deposit or other business flow statements show this? Does the The mission of Empire State assets. One long-term loan commonly loan make financial sense or will it be a Development (ESD) is to promote a used to finance a new business is a burden to the company? This dollars and vigorous and growing state economy, home equity loan. cents assessment usually becomes the encourage business investment and determining factor in whether or not a A traditional home equity loan is job creation, and support diverse, lender can approve a loan. based on the percentage of the prosperous local economies across equity difference between the current Capital: The lender will be looking at the New York State through the efficient use appraised value of your home and the extent of your personal investment in the of programs and services to facilitate current amount you owe on it. It usually business. Are you a firm believer in your business development and growth. To requires regular payments of principal business? Are you a person who vows learn about ESD’s comprehensive set and interest with a maximum term of 20 to fold if losses exceed a certain amount of loan programs and services for small years. While this makes it an attractive the first year? Or are you convinced next businesses, visit https://esd.ny.gov/doing- loan for small business owners, there year will be better? business-ny/small-business-hub. is the risk of losing your home if you Character: A lender is interested in ESD also funds loan programs that cannot keep up the payments. what kind of person you are. Are you are administered by Community A home equity line of credit functions as trustworthy? Competent? Reliable? How Development Financial Institutions a line of credit, which you choose when good a manager are you? Do you handle (CDFIs), local development organizations, and how much you borrow from the set money well? Do you have a satisfactory credit unions, agencies, and public maximum amount. You usually have 5 credit history over an extended period? authorities. To find an alternative lender to 10 years to borrow against this line of Lenders may equate character with servicing your area, visit https://esd. credit and repayment periods are usually “credit history” because borrowers with ny.gov/lenderdirectory or obtain contact 10 to 20 years. This type of loan is good character pay their loans on time, information in Appendix G on page 56. convenient for making large purchases,

14 U.S. SMALL BUSINESS follow the guidelines of the Securities platform. The following are the most ADMINISTRATION and Exchange Commission (SEC). You common types of crowdfunding sources The mission of the U.S. Small Business do not need to make any filing with the for businesses: Administration (SBA), an independent SEC, but you do require experienced • Reward crowdfunding consist of agency of the federal government, is to aid, legal help so that you comply with people contributing to your business in counsel, assist and protect the interests federal and state laws. Contact your exchange for receiving your business of small business concerns, to preserve legal counsel for further information product or service at a reduced price. on how to proceed. free competitive enterprise and to maintain • Equity crowdfunding consist of and strengthen the overall economy of VENTURE CAPITAL people contributing to your business the nation. The SBA helps Americans start, Venture capital is another way to get in exchange for ownership in your build and grow businesses. capital for your small business. If your business. Through an extensive network of business has a good product, a strong • Lending crowdfunding consist of field offices and partnerships with management team and a demonstrated people contributing to your business public and private organizations, SBA market with a strong growth potential, by lending you money in exchange for provides several small business loans you might be able to attract venture repayment with interest. and assistance programs, special capital funding. Venture capital firms One other type of crowdfunding is outreach efforts, and initiatives to aid provide seed-stage and early-stage “Donation crowdfunding”. This platform is and inform small businesses. capital to high-risk, high-growth and high- usually used to raise funds for a specific To find a lender, visit https://www.sba. return companies in exchange for an purpose in exchange for no returns to gov/lendermatch. active and controlling ownership in the the contributors. business. Venture capitalists are looking Other Sources for a high-return on their money in a short DOCUMENTS REQUIRED WHEN period of time. Conduct research to find SEEKING FUNDING of Funding an appropriate venture capital firm in your Regardless of where you go to While loans and other lending programs area, industry and development stage. secure capital for your business, your are major ways to finance a business, they ESD meets the critical needs of documents should be in order and are not the only sources of capital. You New York State’s innovation economy easily accessible. From your business may also want to explore the possibility by providing funding to high-growth history to statement of debt, these of private stock offerings, venture capital, startups as they move from concept to should be clear, concise and accurate. angel investors and crowdfunding. commercialization, early growth and Keep in mind that funders will give more PRIVATE STOCK OFFERINGS expansion through ESD’s New York credibility to a presentation that has Ventures. To learn about New York been reviewed by an accountant, lawyer A private stock offering is a way of or other professional. Here is a list of getting capital for your business Ventures, visit https://esd.ny.gov/doing- business-ny/venture-capital. materials you will need to supplement through investors without losing your business funding application: control of the decision making in your ANGEL INVESTORS • Business plan: Most of the following business. Though you give up sole An angel investor provides capital to items should already be in your ownership of your business, you will small businesses by investing in start- business plan. If not, consider adding still maintain a majority ownership of ups in exchange for an equity ownership them. the business since you decide who in the business. Most angel investors • Business history: Give a brief invests in your business, as well as how are affluent individuals who are focused description and history of the business, much they may participate in financial on helping a business during the early when it will start or got started, and managerial issues. By issuing stages and are less concerned with ownership, number of persons to be shares for purchase, you are still not making a quick and large profit from employed or currently employed and obligated to pay interest on the money their investment. Angel investors do products. invested, nor is a return on investments not take an active role in the operation guaranteed to shareholders. These of the business and most often act as • Personal history: Describe yourself, are both desirable factors, particularly advisors. Your friends, banker, lawyer or emphasizing your work experience if you are a new enterprise. As your accountant may know of angel investors. and reasons why you feel qualified to business matures, you can buy back Otherwise, conduct research to find operate your own business. these stocks. angel investors in your area. • Management resumes: Describe There are always people looking for CROWDFUNDING the education, technical training, a place to invest their money. Your employment and business experience banker, lawyer or accountant may Crowdfunding is one other way to get of each of your managerial employees. know of someone who has money to capital for your small business. Through crowdfunding, you can raise funds for • Financial statements: Provide a invest. Your own business contacts projected income statement, balance may provide leads as well. Most people your business from a large number of people who are willing to contribute sheet statement and cash flow rely on a combination of these different statement. For an existing business, sources. Private stock offerings must small amounts of money for your business idea or project via an online provide financial statements for the past three fiscal years. 15 • Capital proceeds: State amount of A Word of funding requested and explain exact purposes for which it will be used. Encouragement • Collateral: List collateral to be offered As you begin to investigate financial as security for the funding, with your resources for your business, you may estimate of the current market value of find yourself confused by the technical each item. language used by lenders and other • Purchase offer agreement: Where funders. Should you come across words applicable, obtain a purchase offer you do not understand, ask for an agreement or dealer equipment quote explanation in plain language. Also, get showing exactly what you are buying in the habit of taking notes. This will help and for what price. you later in meetings with counselors, You may also need to provide these advisors and funders. other documents: Obtaining capital for your business can • Personal financial statement: Supply be difficult, but do not be discouraged. a personal financial statement for each There are almost always lenders and principal, officer or stockholder with 20 individuals interested in taking a risk percent or more ownership, showing for a chance at financial gain, and who their net worth outside of the business. are willing to fund someone with good prospects of success. Remember, • Debt: List installment debts, contracts, America was built by people like you — notes and mortgages payable, showing people willing to take risks. 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.

16 CHAPTER 4 Selling Yourself

Once you have laid the groundwork for THE MARKETING MIX Where are they? Know precisely where your business, including organizing and Each business satisfies customer needs your customers live. Do they live in the financing, it’s time to turn your energies with its own unique “marketing mix,” city, the country or suburbia? Are they toward marketing, a carefully planned a combination of elements contained nearby or out of state? approach to satisfying your customers’ in the 4 Ps and the 4 Cs. This includes What do they want? Determine your needs. product benefits and planning, pricing, best-selling items or services. Also Marketing involves nearly everything cost, branding, communication, think about what social trends, new that has to do with the sale of goods channels of distribution, convenience, technologies and other factors are and services, from researching the personal selling, advertising, promotion, likely to affect your customers. Will they competition to production, service, packaging, display, servicing, physical be more affected by price, quality or delivery, pricing, business location, handling and fact finding and analysis. convenience? advertising and promotion, including Every company has a different marketing When do they want it? Do your expanding your markets. mix. As a small business marketer, your customers come to you daily or once Effective marketing does not have to job is to define the most effective mix in a while? Are their buying habits be complex. It is helpful to think of it to sell your product. To do this, you will predictable or do they come in at in terms of the 4 Ps — product, price, need a good working knowledge of the unusual times? Do they require rush promotion and place. 4 Ps and 4 Cs and how they can affect service? Perhaps they only buy during Product refers to the merchandise the sale of your product or service. special promotions or sales. or services you are selling (computer Why should they buy it from you? Think system design, auto supplies, haircuts). Product: Know Your about what makes your product or Price takes into account such things Customer service stand out from the competition. as labor and overhead costs, profit, Have you established a reputation for competitive pricing and customer The first of the 4 Ps of the marketing mix personalized service, reasonable prices perception. is product. or high quality? Perhaps your customers value the availability of merchandise Promotion looks at the many ways to The overall goal of your small business or the convenience. Other selling publicize your product or service. is to make a profit, but your means for achieving that goal is satisfying points include effective advertising and Place refers to a number of different customers. This may seem obvious, but promotion and good sales. factors, including location, shipping, there are many businesses that don’t pay How do they buy your product or warehousing and distribution. enough attention to the customer. To service? Do your customers shop Initially, it will serve you well to have increase your customer awareness, you online or in the store? a specific marketing plan. Later, as have to be able to answer some basic In the past, many business people you gain experience, you will want to questions: examined their product or service modify that plan to meet the changing Who are your potential customers? Be and then identified potential needs of your customers and business specific about the kinds of people most customers. Today, it’s more common environment. likely to use your product or service. for entrepreneurs to first identify In today’s changing business climate, Are they working people, retirees or customers’ needs or wants and then you may also consider the 4 Cs, a teenagers? Are they people with special build a business around it. In fact, they consumer-oriented marketing campaign, interests, discretionary income or a lot of are guided by the adage, “find a need when developing a product or service. leisure time? What is their income level? or want and fill it.” In either case, the Consumer relates to meeting the wants Also be sure to distinguish between process of market research is critical. and needs of your costumer. the purchaser and the user. You may This entails gathering and analyzing Cost refers to the overall expense, have to take into account several levels information and then applying it to your including shipment, time and added of intermediaries, such as middlemen, own situation by working with the various benefits. manufacturers’ representatives, brokers, elements of your marketing mix. No sales agents, distributors and dealers. matter how you collect your data, when Convenience is about the ease of the For instance, if you are selling a food you have the answers, you will be in a purchase whether online or at a physical item, your direct purchaser may be a better position to satisfy your customers’ location. supermarket or grocer, which in turn will needs or wants. Communication is about listening and sell directly to the consumers. interacting with your customer.

17 MARKET RESEARCH List 10 ways you could do a better job of Being aware of what the competition Market research can be as simple as reaching your targeted customers — the offers will help you develop a marketing talking with the people who you think 20 percent that gives you 80 percent of mix that keeps your customers might be interested in what you have your business. happy. Use Figure 4-1 to analyze your to sell or with your current customers. What are some good approaches to competitor. Become acquainted with your potential targeting your market? Try to focus on or current customers by being open a particular geographic area (perhaps a Figure 4.1 and friendly. Ask how your products 25-mile radius of your place of business); Competitor Checklist and services will fill or are filling their your best-selling product or service needs and how you might satisfy their (if you have a winner, promote it); and Make up a sheet for each competitor and other needs. You can talk to them the people most likely to patronize rate yourself as better, equal or worse informally or have them fill out a simple your business (professionals, families in each category. As you score yourself, ask how you could improve your score questionnaire. However you do it, direct with small children, health conscious in each area by changing your marketing individuals, sports fans). feedback from your potential or current strategy, and think about how potential customers is invaluable in planning your ANALYZE YOUR COMPETITIVE customers perceive you. marketing strategy. ADVANTAGES Better Equal Worse Market research can also involve To most advantageously situate sophisticated sampling and survey yourself in the marketplace, you’ll need Product n n n techniques, but these may be costly. to know what your competitors are Reliability n n n If you are willing to do some of the doing. Competition is a broad concept Quality n n n research yourself, excellent information that encompasses not only the specific Prices n n n n n n is often available for free or at a nominal businesses in your particular industry Customer service Convenience n n n cost from trade associations, online that offer similar products or services, Payment methods n n n or library references and government but other businesses or companies that, sources. Guarantees n n n although not direct competitors, satisfy Expertise n n n The U.S. Bureau of Labor Statistics (BLS) the same basic needs you do. Advertising n n n conducts the Consumer Expenditure If you are working on a short-term plan Location n n n Survey (CE), a nationwide household (roughly one year), you will want to Hours of Operation n n n survey to find out how Americans spend look primarily at those products that their money. To obtain information on are exactly the same as yours or very the complete range of consumers’ similar. As you consider longer-range Price: Getting it Right expenditures as well as their incomes planning, you will want to research or and demographic characteristics, visit analyze competitors that are less similar, The next of the 4 Ps of the marketing mix https://www.bls.gov/cex/home.htm. The especially those that have a strong is price. U.S. Census Bureau provides information market presence and more advanced A successful business is one that on the nation’s people and economy. To technology. obtain data, visit https://www.census.gov/. has what the customer wants, at the right For example, if you own a small fast food moment and at an acceptable price. But TARGET YOUR MARKET restaurant, your primary competitors are making the numbers add up so that they Once you have a profile of your other fast food restaurants located in are fair to both you and your customer customers in terms of age, gender, your general area that offer quick service can be a complex job. You need to cover income level, geographic area and at reasonable prices. But other potential costs, make a profit, attract customers interests, focus your time, energy and competitors exist outside your industry. and build sales volume, all at the same resources on those who are or may be, Gourmet grocery stores, convenience time. Prices must be competitive and your best customers. It is important to do stores, drugstores, now offer ready- within your customers’ reach. this because you have limited resources to-eat foods. Your customers’ needs COMMON EQUATIONS and cannot be all things to all people. — inexpensive food and quick service — Before you set your price, you must Business experts often cite the “80/20 can now be fulfilled elsewhere. consider several factors. Following are rule” to emphasize this point. As Continually ask yourself why people some equations that can give you an a general rule, 80 percent of your should buy from you rather than from overview of your costs. profits derive from 20 percent of your your competitors. The most successful customers, and 80 percent of your sales entrepreneurs have learned that The cost of goods sold is the cost of come from 20 percent of your typical analyzing the competition is a never- your beginning inventory plus purchases, line of products or services. ending job. To know what you should minus ending inventory. To see if the 80/20 rule applies in be doing, you must know what your The gross profit margin is the difference your business, make a list of your competitors are doing. between the cost of goods sold and the best customers and a list of your best Find out about their products, prices price at which they sold before taxes products and/or services. Next, see if and services. What are they doing right? and operating costs. you are reaching your target market. What are they doing wrong?

18 Net profit margin equals gross profit Economy pricing strategy – the price implications to the price you set. For margin minus expenses, including taxes of your product is low because all costs example, many businesses will set or how much you make on an item after are kept at a minimum. This strategy is prices that are just under a higher dollar all expenses are taken into account. used to target customers that are price amount (e.g., $1.99, $29.99, $149.99, Initial markup represents the difference conscious and are less concerned about etc.). While the price isn’t fooling between the cost of the item to you and added services or product uniqueness. anybody, many customers have a mental your original selling price. It is usually the Remember that your price communicates barrier about paying more than, for first price you offer. When merchandise an image for your product. Make sure example, two dollars for a product. does not sell readily, this original selling it is saying the right thing. If you market A good example of what price price must be lowered until the goods yourself as the low-cost provider for a communicates about a product can be do sell. product, it is important that you have the found in the menu pricing of a restaurant. Figure 4-2, “Sample Pricing Guide”, is lowest price. People aren’t willing to pay If the restaurant is trying to improve an example of a worksheet that can be the same price for the no-frills product as its image as a high-end restaurant, used to calculate your selling price. for the product with all of the “bells and management may determine to raise whistles.” their prices to make them comparable to PRICING STRATEGY Skimming pricing strategy – the price other high-end restaurants. Too often, small businesses will set prices of your product is high to maximize When it comes to pricing, be willing without concern for competitive offerings. revenue when it is first introduced to to experiment. Try different pricing If your customers can satisfy their needs customers. As competitors begin to enter strategies and compare them with in an equally convenient manner for a the market and offer a similar product, those of your competitors. Research lower price somewhere else, your pricing you then lower the price on your is critical in pricing strategy. You must formula needs to be modified. product. first determine what your customers are There are many other considerations Psychological pricing strategy – the willing to pay for your product before that go into intelligent pricing. Such as, price set to make it appear that the you offer it. As the life of your product how much does it costs to produce your customer is obtaining an economical evolves, you will need to experiment product, what is your cost to distribute value. There are several psychological with different pricing strategies. your product to your customer, what are your competitors offering, what is Figure 4.2 the image or identity you want your Sample Pricing Guide customers to perceive of your product, and who are your target customer base. Production and/or materials Cost It pays to look at all these closely. Labor: Premium pricing strategy – the price of Your salary ______your product is set high because of the Others’ salaries ______uniqueness of it. The type of product you FICA ______offer is an important factor in setting the Unemployment insurance ______price. If you position your product as a Workers’ compensation and benefits ______“cut above” the competition, you should Overhead: charge more for it. If you offer additional Rent ______services with your product, your Equipment ______customers should be willing to pay for Supplies ______them. The more distinctive your product Vehicles ______is and the more personal attention you Insurance ______give your customers, the more flexibility Bookkeeping ______you will have in setting a higher price. Legal services ______For example, online retailers that offer Advertising ______an exclusive product plus flexible Maintenance ______return policy, guarantee, and quality Depreciation ______personalized customer service will Taxes ______usually be able to charge more. Telephone ______Interest on loans ______Penetration pricing strategy – the price Cost of credit ______of your product is set low to attract customers. This price is only temporary Marketing: since it is used to draw attention to your Fees/Commissions ______product and gain customers. Once you Delivery: ______have penetrated the market, you raise Total: (a) ______the price of your product. Add profit: (b) ______Total a & b = Suggested selling price: (c) ______

19 Promotion: Selling • Target your ads to your customers. Newspapers: Newspapers fall into three Discounts may appeal to one group general categories: dailies, weeklies and Your Product whereas an emphasis on quality or local “shoppers,” which are distributed service may appeal to another. free. In addition, some newspapers The third of the 4 Ps of the marketing publish special editions, such as a mix is promotion. • Advertise your best products. Use the 80/20 rule to decide which products “spring bridal fair” insert or a “summer You have a great product targeted to a are really worth advertising. (This recreation” insert, which focus on specific market and set at a fair price. does not apply to new product or new narrowly defined groups of consumers. Your next step is getting the word out. service introductions, which may need Consider running a series of small This can be accomplished through a boost from advertising to reach their advertisements for the cost of a single advertising, sales promotion and general potential.) full page. As a rule, small space used public relations, which are necessary on a regular schedule pays bigger for most businesses. In fact, advertising • Try to capture the market when the advertising dividends than “oneshot” or and sales promotion are essential market is there. Advertise at peak sales infrequent larger ads. Also check into prerequisites to success, since they work times. the possibility of “co-op” advertising, in together to build customer awareness of • Keep your advertising messages clear which part of the cost of an ad is paid for your product or service. and simple. by suppliers in return for including one or Although all of these elements work • Check regularly with your customers more of their brand-name products. interdependently, each has its own to make sure your ads are working. If Television and radio: These electronic function and place in business. The you are advertising in several media media can be an effective alternative purpose of advertising is to proclaim the outlets, ask your customers where they to newspaper advertising for some qualities and advantages of a product or learned about your business. This will businesses. Most stations have their service by making a direct sales appeal help you to measure the effectiveness own audience, which varies in size and on social media, internet ads, direct mail of your media outreach. character according to the time of day (post mail or email) and local television, • Compare cost with results. and the show being aired. Advertising radio and newspaper. CHOOSING YOUR MEDIA costs will depend on the length of Sales promotion is a more general the ad, when it runs and how often it effort to publicize your business and Internet website: Most small businesses today have a website to promote their runs. A station representative can give may include everything from giveaways, you details. To use radio or television contests, sweepstakes, free samples, products or services. The depth of the website can vary from a simple one- effectively, target your advertising to coupons to sponsorship of worthy appeal to the audience it reaches, buy causes. Your business logo is an page outline to a more sophisticated site where online purchasing is the air times that reach your market important sales promotional tool. So are and repeat ads. You might consider your business sign and business card. conducted. A website is an integral part of an overall marketing plan and recording your own ad to give your Public relations entails communicating should be considered thoroughly before customers a chance to hear your voice. a specific message and educating implementing. There are programs that Telemarketing: Some businesses potential customers about your business. will allow you to create your own website may choose marketing by phone, by In all cases, it’s important to define your or you can also hire a website designer either using in-house staff or hiring a business’ unique selling proposition (USP) to create one for your business. telemarketing firm. Telemarketing is a and then make it the focus of your publicity. Email advertising: Is a cost-effective good, cost effective method to generate ADVERTISING AND SALES method of reaching a large number of new sales opportunities for your product PROMOTION STRATEGY consumers. You can rent or buy email or service to a preselected market. lists to advertise your product or service Develop a good telemarketing plan if Plan your course of action carefully and you are using in-house staff. If you are keep track of the results. You can waste to new customers. If you have your own email list, you can stay in contact with your hiring an outside telemarketing firm, money very quickly by advertising in a be sure you discuss the practices that medium that fails to reach your potential current customers and inform them of special offers, new products or services. will be utilized for your telemarketing customers or that costs too much relative campaign. to what you have to spend. On the other Direct mail advertising: This method Billboards: Certain industries or hand, spending too little on advertising works best if you have a narrowly services are better suited for this kind can hurt your business in the long run. targeted customer list with names and addresses of potential customers and of advertising than others. For example, Here are some basic principles that can hotels and dealerships can make effective help you plan: good customers. There are also ways to heighten the impact of direct mail use of billboards on major routes. In • Establish an advertising budget. advertising. For example, insert a free general, the message must be short • Investigate media resources and item with your business name on it. Tell and easy to read to make an impact. determine which media reach your your regular customers about special customers most effectively. offers ahead of time or announce a new product or service.

20 Networking Events: It is beneficial to Place: From Location to dry cleaners, hardware stores and pet attend events that specifically attract stores. These neighborhood centers your potential customers. Identify events Distribution are good only if there is an existing or in your local area that are right for your potential need locally for the business The last of the 4 Ps of the marketing mix business. Networking is an effective way you have in mind. is place. to develop new connections and expand Central business districts (CBDs) Your business location is essential for your customer base. in cities are considered prime retail retailing and important to manufacturing locations. Businesses located in CBDs PUBLIC RELATIONS STRATEGY and service businesses as well. That’s cater mostly to the lunchtime crowd and Public relations (PR) strategy is the why you must make a painstaking and business-to-business service providers. process of developing an image exhaustive study to choose a site that However, some CBDs are now including by identifying target audiences and meets your customers, employees, residential spaces to make it a 24-hour establishing mutually beneficial suppliers and business needs. Patience destination area. Rents may be high in relationships with them. PR strategy is and planning at this stage will pay CBDs, but if your traffic study reveals an more than just charitable sponsorships dividends later on. active market, then CBD might offer your and getting your name in the paper. Ordinarily, the best locations for retail small business a real opportunity. An effective PR strategy raises business are also the most expensive. In some large cities, there are secondary awareness, creates credibility, increases Search for sites that deliver maximum business districts (SBDs) located just sales and helps with the long-term customer availability at the lowest cost. outside the downtown area. Carefully success of the business. In general, all businesses catering to the evaluate these SBDs to determine if One component of public relations same class of customer increase sales there is an opportunity for your business. is media relations. This differs from of other operations in the same physical Look for new areas of development that advertising in that businesses do not area. Shopping is most convenient for may have resulted from recent growth. pay for media time or space. Rather, the the customer when all requirements can goal is to get your business product or be found with a limited cluster of stores. When you evaluate a location, find service mentioned in a local or national That’s why it is a good idea to locate out why businesses similar to yours publication, which can dramatically raise near other stores that cater to the same have been successful or unsuccessful public awareness of your business. A customer you intend to reach. Some of at that site. Determine what rent your business will benefit from the implied these stores may handle many of the competitors are paying and try to rate third party endorsement from the media. same lines you will stock, so make sure the quality of their management, their In fact, a mention in an editorial section you can be competitive. service to customers and their general of a publication is more persuasive than reputation. If you start a new business in TYPES OF LOCATION a comparable advertising mention. an established area, you must prepare to Regional shopping malls draw from do better than your competition. Getting your name in front of the media an area of several hundred thousand requires a good deal of work and HOME-BASED BUSINESSES persons within a radius of six or more relationship building. Many firms hire miles. Consideration should be given in Perhaps you are considering starting a public relations agencies that already the way customers’ spending habits have home-based business. Because of rapid have the media contacts and necessary changed before choosing a location. technological advances and the Internet, know-how to proactively “pitch your many entrepreneurs are choosing this Community shopping centers fall story” to the media. cost efficient alternative. somewhere between the giant Public relations also includes a host regional shopping malls and the small There are many factors besides of other activities, such as special neighborhood centers. They offer the expenses to consider when deciding to events and promotions, internal advantages of good management as locate your business in your home. You’ll employee communications, preparing well as sufficient visibility, traffic and need to dedicate space that will be used for and responding properly in a crisis customer convenience. only for business purposes and your situation, and strengthening ties with the home will need to have the technological On the other end of the scale from community or other specific groups. capacity to support your business. the regional shopping malls are the Much like advertising, effective public neighborhood centers, which offer Do you have the self-discipline it will relations should be a part of a larger an opportunity for shops that carry require to separate your personal marketing plan, based on research convenience goods or offer personal activities from business activities? Are with measurable objectives and an services to customers who live within there local zoning regulations that you’ll evaluation component. A public relations easy walking or driving distance. need to adhere to? These are just a professional can help you design and few of the questions that you’ll need A neighborhood center often has a execute an effective plan for your to answer before deciding on a home- supermarket, grocery store or drugstore business. based business. as its focal point, and is also a prime location for restaurants, hair salons,

21 TRAFFIC STUDIES Make comparisons between the rents distributors businesses, have different When weighing your location options, of neighboring stores and the property space requirements than retail or it pays to conduct traffic studies. If your you are considering leasing. Physical professional businesses. Manufacturers, business depends on drop-in traffic, condition, including the need for warehouses or distributors will have to do a pedestrian traffic study — simply renovation, repairs or changes, can be place their businesses in areas zoned count the number of people passing by. an important factor. If substantial repairs as industrial spaces. Some other items or changes are necessary, can you talk to consider besides space needs are You will need to do this more than the landlord into making them or do you accessibility to major highways, good once to get an accurate measure. Use have to take on the obligation, perhaps transportation facilities, adequate different days of the week and different in return for a reduced rent for the term power and labor pool. To learn about times of day. If possible, make a survey of the lease? the various programs Empire State to find out where they are going. Development (ESD) has to assist Numbers alone do not make a market. It is a good idea to have an attorney look over your lease before you sign. industrial businesses in locating or You need to determine how many of The best lease is one that anticipates expanding in New York State, contact the passersby might be buyers and then all contingencies and then is written to an ESD regional office listed at https:// break down the total number in terms of protect the welfare of both principals. esd.ny.gov/regions or in Appendix C on their estimated buying power, gender, page 43. age and spending habits. No matter how Be wary of signing a short-term, non- good a location appears to be, if people renewable lease. You need time to build DISTRIBUTION are not there to shop, then they are your business and some assurance that How you distribute your product to your unlikely to buy from you. your rent will not increase unreasonably customers is another important item of in the next few years. Make note of what If your potential location is along a major your marketing plan. Will your customers you can and cannot do with the property road, consider that customers may buy your product directly from you at and who pays for such services as not want to shop at your store if your either your retail location or online, will snowplowing and electrical repairs. parking is inadequate, if the local traffic you use a manufacturer’s representative is too congested or if the automobile In the end, you are going to have to or a wholesaler, or will you use a traffic pattern makes it difficult to get negotiate with the landlord to obtain combination of all these methods? in and out of your parking lot. Another lease terms you can live with. Whatever you decide, it is important to choose a distribution strategy and consideration is the reason people are Realtors stick with it making sure that your other driving on that particular road. Are they One of the professionals to whom using it to get to shopping areas or is it marketing efforts work in concert with you can turn for help when it comes to your distribution plan. mainly a commuter route? The more you selecting a location is your local realtor. A manufacturer’s representative sells know about traffic patterns and habits, A reputable realtor is one of your best on commission as an agent for different the better you’ll be able to assess the sources for information about vacancies, clients with similar product lines. In other viability of your site. rents paid for different store locations, words, they are salespeople who work Check to see if there are any plans for the buying habits of the local community for several different companies. Many construction of new roads or businesses and the direction of local business small manufacturers find that their total that might affect your customer traffic. growth. sales in a region are not sufficient to A local commercial realtor should be Commercial lease guarantees support a full-time salesperson, in which able to give you the status of any vacant As a start-up seeking to lease a case the manufacturer’s representative is shops or property. For information commercial space, you may be required a viable alternative. You do the shipping, about potential or pending infrastructure to provide a personal guarantee. Most billing and collecting, just as you would changes, contact the local county or landlords will seek a personal guarantee if you sold directly to the retailer. Your government in your area. from one of the owners of the business gross profit per item will usually be RENTING PROPERTY when signing a commercial lease. A higher than it would if you went through Rent personal guarantee ensures that the rent a wholesaler, but the commission can Before you choose the place where you will be paid back if the business fails or even things out. want to locate your business, you must goes bankrupt. Be sure to negotiate the One way to test-market a product is first determine how much rent you can terms of the personal guarantee to limit to arrange with a retailer to sell it on afford. The amount of rent you can pay your exposure in case of any of these consignment. The store receives a will depend on your sales volume. The occurrences. The listing real estate commission for items sold but does term, “100 percent” is used to identify broker should be able to you provide not purchase them. This method a location where higher sales volume with the requirements of the landlord. allows both you and the retailer to test will command a higher rent than other Locations for manufacturers customer response before committing locations. In a less favorable location, Depending on the type of business to the production in earnest and tying you can expect to pay a lower rent. you determine to operate, you will up your money. have different space needs. For A wholesaler purchases large example, manufacturers, warehouses or quantities of merchandise at a discount

22 price, warehouses and handles the ESD also manages the New York State INTERNATIONAL TRADE merchandise, and sells to retailers Contract Reporter. It lists all NY State In today’s growing global economy, and others. Wholesalers, distributors agency bids worth at least $50,000, opportunities abound for potential or middlemen, as they are sometimes as well as contracts let by authorities, investors in a range of fields such called, reduce the amount you receive commissions and public benefit as agriculture, pharmaceuticals, per item but save you substantial time corporations. Several municipalities, transportation, technology, and effort. fire, water and school districts, libraries information systems and Be sure your distribution channel is and not-for-profit also post ads looking environmental cleanup equipment. for commodities and services. By using dependable since it is an important part In conjunction with SBDC and local this one source, you can get information of your marketing strategy. business organizations throughout the about contracts that are up for bid state, ESD’s Global NY participates in across NY State. Subscribe on-line at Expanding Your Markets export seminars and offers individual www.nyscr.ny.gov. As your business grows, there may come counseling to firms and business owners a time when you want to branch out and In addition to opportunities to market who are interested in exporting New find new markets. Two large, profitable to NY State, ESD can help you find York State products. subcontracting opportunities with and often overlooked areas are selling to Global NY also promotes New York major corporations that provide goods government and selling overseas. products through trade shows and trade and services to NY State government missions in select foreign markets, and SELLING TO GOVERNMENT agencies. assists in matching foreign buyers with Federal, state and local governments To help minority- and women-owned manufacturers or exporters of New can be important customers for your businesses attract customers from York State goods through technical and business and selling to them is easier public and private sector buyers, New financial assistance programs, including than you might think. Government York State has established a statewide the Export Marketing Assistance agencies are always on the lookout certification program. Once certified, your Service (EMAS), State Trade Expansion for new suppliers, and there are laws company officially will be recognized Program (STEP) and the Global NY Grant which provide an incentive for agencies by state agencies and authorities as Fund. Services are also available to to contract with small and minority- or a certified minority or women-owned link New York State firms with foreign women-owned and service-disabled business enterprise. Your business will companies that are interested in joint veteran-owned businesses. Government be listed in the directory that is available ventures, acquisitions or licensing can be a ripe area for the enterprising at www.ny.newnycontracts.com. arrangements. For more information on small business owner. The benefits of certification are ESD’s international services, check with Every year the federal government substantial. A number of state programs your nearest ESD regional office listed spends billions of dollars for products are available exclusively to or targeted at Appendix C on page 43, call 212-803- such as janitorial supplies, sleeping to certified minority- and women-owned 2300, email [email protected] or visit bags, furniture, T-shirts and paint, just businesses in the areas of financing, www.global.ny.gov. to name a few. It also buys professional bonding, education, training and Other sources of export assistance services such as environmental, legal, technical assistance. include trade and professional engineering, accounting and language For more information contact ESD at associations, and chambers of services. Another big buyer is New York 855-ESD-4MWB or 855-373-4692 or commerce. The U.S. Commercial State which spends billions annually on [email protected]. Service is part of the U.S. Department goods and services. Eligible veteran owned business can of Commerce’s International Trade ESD offers a number of resources for increase their participation in New York Administration and has trade experts expanding businesses, including referrals State’s contracting opportunities by that can help U.S. companies to start and marketing advice. The Procurement becoming certified as a Service-Disabled exporting to new global markets. Assistance Unit can give you information Veteran-Owned Business (SDVOBs). For further information and to find a local to help find the right government This certification provides SDVOBs with office, visit www.export.gov. market for your business; connect with a greater role in the state’s economy government agencies looking for your EXPLORING NEW MARKETS by increasing their procurement product or service; meet buyers at opportunities. For more information, Be sure to include the new markets that procurement workshops, trade shows contact the Division of Service-Disabled your company will target such as local, and special events; and learn about Veterans’ Business Development state and federal governments as well subcontracting opportunities. at 518-474-2015 or as international markets as part of your [email protected]. marketing plan.

23 CHAPTER 5 Keeping the Books

Good recordkeeping is one of the keys You will need certain reports for tax The information you keep will form an to business success. Having a complete, purposes and other type of reports that important foundation for your business’ accurate and up-to-date picture of your tell you how the business is progressing. history, current status and future business financial condition will allow Recordkeeping can vary depending objectives and possibilities. The more you to keep track of your progress and on the type of business. Here are the orderly you are at the outset, the greater set realistic goals, as well as to spot most typical categories and the form of the chances of keeping organized as problems and correct them before they records required: your business grows and develops. get out of hand. Whether you will be maintaining a • Purchases: Orders to suppliers and computerized recordkeeping or a Sound records will help you control vendors; receipts (of orders received); manual recordkeeping, there are costs, save on taxes, negotiate with inventory logs. lenders for business loans and manage five basic categories of accounts • Sales: Invoices; contracts; purchase payroll records and sales tax. The that will help you to establish a good orders (from customers and clients); discipline of recordkeeping will also recordkeeping system: credit slips. make you a more cost-conscious and ASSETS effective manager. • Revenue: Daily summary of cash, check, credit card receipts. Are any items the company owns There are two basic parts of a that have value, such as equipment, • Expenses: Canceled checks; petty company’s financial information. The first furniture, vehicles, land, building, cash vouchers; invoices (bills your is bookkeeping, which entails recording inventory, accounts receivables (credit business pays). the income and expense transactions you extend to your customers), and for each business day. The second is • Personnel records: Employment cash in your business checking and/or accounting, which analyzes and reports applications; benefit plans; payroll. savings account. on the financial condition of your • Business records: Business To monitor the money flowing in to business. registration; permits; licenses; leases; and out of your business, it’s vital to patents. A corporation or limited liability separate your personal and business Creating a System corporation will need to include records expenses. Even if your business is For most start-up businesses, the such as bylaws, shareholder agreements, a sole proprietorship, establishing a necessary tools for recordkeeping articles of organization and minutes of business checking account will simplify involve no more than a computer with meetings. your life, especially at tax time. It’s also an accounting software program or a • Tax returns: Federal, state and the first step toward building a business few ledgers, and file folders for storing local returns. relationship with your local bank. receipts, purchase orders, inventory Be aware that you will need to keep LIABILITIES sheets and other paperwork. An office your records for varying periods of supply store should have all the materials Are outstanding debts the company has time. How long records should be to pay, such as business credit cards, you need to set up a computerized or retained depends on several factors, manual system of recordkeeping. short-term or long-term loans, payroll including function of the records, fiscal taxes, sales taxes and accounts payables There are advantages to computerizing and legal requirements and industry (credit extended by suppliers to your your recordkeeping system, including specific regulations. Additionally, there company). good organization, faster input and is considerable variation in retention output of the information you need, and periods depending on the industry EQUITY less math errors and paper to track. in which a business is involved. This is the investment (amount of funds) In addition, an accounting software Entrepreneurs should be familiar with contributed by the owner(s) into the program makes it easier for your general laws and regulations governing business. accountant to reconcile your books at their records and those specific to their REVENUES a later date, and it also helps to simplify industry, and understand what records invoicing, correspondence and other to retain, how long and why. Your This is the money your business makes routine business tasks. There are some accountant can also help you establish from selling products or services. basic elements of bookkeeping that you a good recordkeeping system for your One of the primary accounts under must familiarize yourself with to input the business. revenue is “Sales”. Here you record all correct information. incoming money transactions from sales,

24 collections on account receivables and Establishing Good Habits TAX CONSIDERATIONS other sources. Not only is this information Self-employment tax is part of the system critical for tax purposes, it can also help To get off to a good start, it is important for providing Social Security coverage you identify your best customers and to establish efficient practices and for people who work for themselves best-selling products or product lines. proper habits from the beginning and as sole proprietors or partners. These The accounts you create under revenue sticking to them. These range from benefits, which are paid out when you do not need to be elaborate. Organize setting up a routine on when to invoice retire, become disabled or pass away your accounts into categories that your clients, pay your bills or make your depend on how much you earn. Your can help you analyze the success of bank reconciliation. documents should show the earnings your sales efforts and planning. You HANDLING REVENUES AND that will be taxed. could include categories such as sales EXPENSES discounts, sales returns and allowances Basic Bookkeeping and interest income. Deposit your business income in your business account and make all The way you choose to keep your books Even if you have a bookkeeper or your expense payments through your is more than an exercise in organizing outside accountant set up your accounts, business checking account. The only paperwork. It directly affects how you get you must decide for yourself how much time you should write a check payable to taxed, so it is advisable to check with an information or detail you need. For yourself is when you are paying yourself accountant before settling on a tax year example, a restaurant owner may want to a salary. In general, avoid writing checks and accounting method. separate day from night sales. A gourmet payable to cash. To do this, establish a store may want to separate fresh and Your taxes are based on a one-year petty cash fund for small, cash expenses. packaged good sales. Remember to period, which is called a taxable year. Any business expense paid by cash keep it simple. The transactions you This can be either a calendar year should be supported by documents record should meet the requirements of (beginning January 1 and ending verifying the expense and its purpose. the government, financial institution and December 31) or a fiscal year, which If you cannot get a receipt, put a written your own needs. consist of 12 consecutive months. Most statement in your records detailing the business owners choose a calendar EXPENSES date and reason for the expenditure. year as their tax year. Your taxable year is established when you file your first This is money you spend to operate SUPPORTING YOUR federal income tax return, and you must your business. It is important to take TRANSACTIONS time to think about the accounts under continue to use this tax year unless you Canceled checks, invoices, deposit expenses because it will help you keep get permission from the IRS to change it. slips, purchase orders, and other items track of your business expenses. These You can use either the cash or accrual are proof of your business transactions accounts will also be used to generate method of accounting to record your and should be filed in an orderly the income statement, balance sheet business transactions. When using the manner and stored in a safe place. statement and cash flow statement. cash method of accounting, you report Memorandums or sketchy records that income when the money is received and Some typical expense accounts might approximate income, deductions or other report expenses when paid. be: rent; wages; professional services; items affecting your tax liability are not advertising; utilities (includes telephone, adequate. Keep records that support This system is familiar to most people electricity and Internet); freight; office items on a tax return until the statute of since it is the same method most people supplies; maintenance; insurance; limitations for that tax return runs out. use to keep their checkbooks up to property taxes; interest charges, bank date. Sole proprietors, partnerships, Keep documentation for any money or fees; and miscellaneous. S corporations, and limited liability property that your business receives, companies can use the cash method Though you will be billed for most of even if it is from a non-business source. of accounting. By law, the cash method your expenses, be sure to maintain Also maintain permanent documents of accounting cannot be used by records for all transactions, whether of any assets that you can depreciate. corporations (other than S corporations) purchased on credit or cash. It may You will need this and any supporting with average annual gross receipts be useful to breakdown your expense documentation to take advantage of of more than $5 million and the same accounts into operating expenses and depreciation, capital gains and other applies to partnerships that have a non-operating expenses. For example, allowances. rent, insurance, salaries, advertising, and corporation (other than an S corporation) Documents for your business should be other expenses related to the normal as a partner. easily available in case your company operation of your business will be When using the accrual method of is audited. Records must be kept as categorized as operating expenses. Non- accounting, you report income when it long as they may be needed to be in operating expenses will be expenses is earned and report expenses when compliance with the requirements of that are not part of the normal operation you incur the obligation regardless of the Internal Revenue Service (IRS). Visit of your business, such as interest whether you received or made payment. the IRS website at www.irs.gov to learn charges you pay on a business loan. about their requirements.

25 Generally, if your business is a sole — assets, liabilities, equity, revenues and As you continue to read this section, proprietor you can use either the cash expenses. The system is self-balancing it will be helpful to follow the “Sample or accrual method of accounting or a because each transaction is shown as Income Statement”, Figure 5-1. You will combination of the two (also known as a debit entry (amount is entered on the also need to familiarize yourself with the hybrid method) as long as you apply left side of the account ledger) in one the following terms to understand the your accounting method consistently and account and a credit entry (amount is income statement. your records clearly show your income. entered on the right side of the account NET SALES On the other hand, if the production, ledger) in another. Total debits must purchase or sale of merchandise is an always equal total credits. If they do not, This is the amount of sales generated by income-producing factor and you must then the books do not balance, and it is your business products and/or services keep inventory to clearly show income, the evident an error has been made. This minus any sales returns and allowances accrual method of accounting should be system forces you to spot problems that and/or sales discounts. used to record your purchases and sales. you might not otherwise see. However, COST OF GOODS SOLD (COGS) There are two basic systems to keep if you use an accounting software This is all costs directly related to your company’s books: single entry and program to keep your books, you do not producing your products and/or services double entry. The single entry system need to worry about the double entry (these costs are known as variable is used in manual recordkeeping since system. You will only need to enter each costs since these costs will change transactions are recorded with a single transaction once and the program will based upon how much products and/ entry in the ledgers. The double entry automatically make the second entry. or services are being produced). For system provides greater accuracy since At the end of your accounting period, example, freight paid on purchases, every transaction must be recorded with this system makes it easier to prepare materials used to produce the product two entries in the ledgers. When you an income statement, which provides and/or services would be included use an accounting software program to a report on the profits or loss of the as variable costs. Add variable costs record your transactions, the program operations, a balance sheet statement, to beginning inventory and subtract automates the double entry system. which shows the overall financial position from this figure ending inventory. The SINGLE-ENTRY SYSTEM of your business in terms of assets, difference is the cost of the goods sold. liabilities and equity and the cash The formula for Cost of Goods Sold This system concentrates on the flow statement, which reports on the (COGS) = Beginning Inventory + Variable revenue and expense accounts. It is a cash that has flowed in and out of the Costs – Ending Inventory. partial system that records the flow of business. You can use these statements GROSS PROFIT revenue and expense using a summary to analyze the overall financial health of of receipts and disbursements. This your business and as documentation to This is the amount of profit your business system is primarily used by new, cash- borrow money and for tax purposes. made once you have deducted COGS based, small service businesses with from net sales. The formula for Gross uncomplicated and limited transactions. Analyzing Your Income profit = Net sales – COGS. This system does not provide too much OPERATING EXPENSES information on the financial health of Statement This refers to expenses that definitely your business because assets and Regardless of the bookkeeping method cannot be charged against the liabilities are not being tracked. you use (manual or computerized), your production of your products and/or All your deposits are made to your records should be detailed enough to services. Selling and administrative business checking account as well as prepare an accurate income statement expenses are part of operating all payments. The single entry system is (also known as the profit and loss expenses. These expenses are usually an expanded version of your personal statement) at the end of your tax year. independent of the volume of sales check register, but with additional This statement is a brief summary of your business does (these expenses are columns for sources, uses and balances. what has taken place in your business referred as fixed costs). All expenses operation during the course of the year, For each deposit or payment, enter the incurred in operating a business are and its sections contain information date, vendor and dollar amount in the included, such as salaries and wages that can help you make every day proper column. At the end of the month, for administrative and sales staff; operational decisions. add each column to determine total sales commissions; shipping; supplies; revenues and expenses. You may want The government has an interest in utilities; rent; insurance; property taxes; to prepare an annual summary to help in your income statement since your tax advertising; and telephone. If you total preparation of your income tax returns. return is almost entirely derived from these expenses and take them as a it. Your financial institution or investors DOUBLE-ENTRY SYSTEM percentage of your sales, you will have will also want to have revenue figures In a double entry system, you use at least an idea of the extent to which these and details of the computation of your expenses are cutting into your profits. two accounts to record each business revenues over a period of years. Even if transaction. When you record transactions The percentage rises when sales are you did not have to prepare an income poor and falls when business is good. into the accounts, it is called posting. statement for these purposes, it would Do not include the purchase of land, You will post transactions into at least be worthwhile to do so because of the building, furniture, fixtures or equipment two of the five basic accounts categories valuable information it discloses. 26 as expense items. These are assets to OTHER INCOME AND EXPENSES To find the amount of income (loss) your business and will remain with the You will need to list all of your earnings before income taxes, add other income business for a period of years. However from investments and expenses from and deduct other expenses from a percentage of their cost is depreciated debts on your income statement. An operating income (loss). each year under operating expenses. example of other income is interest INCOME TAXES OPERATING INCOME (LOSS) earned on bank accounts (known as Here you will list the taxes paid on the Operating income also known as other interest earned) and of other taxable income of your business. earnings before interest and taxes expense is interest paid on loans (known (EBIT) shows the profit from actual as interest expense). NET INCOME (LOSS) operation of the business. To find INCOME (LOSS) BEFORE INCOME Net income (loss) is also known as net your operating income (loss), deduct TAXES profit (loss) and usually is found at the operating expenses from gross income. This category is not applicable to sole end of the income statement. To get net It does not include any financial income proprietors since income (loss) from the income (loss), subtract income taxes from earned, cost of financing the business or business is reported differently than income before taxes. taxes paid on your business earnings. corporations. 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

27 Analyzing Your ASSETS Accounts receivable: This shows how These are items owned by the business much your customers, who have bought Balance Sheet that have value. Assets are categorized your product or service, owe your The balance sheet (also known as the as current assets (items that can be company. statement of financial position) is like a turned into cash during the course of the Inventory: This is the goods on hand snapshot — it shows what your business coming tax year) and long-term assets at the time the balance sheet is drawn owns, what it owes and what it is worth (items that will not be turned into cash up. It is important to have a complete at a specific point in time, which is or consumed during the course of the set of inventory records at the end of usually at the close of the business’ fiscal coming tax year). the year. If accurate inventory records are kept (and usually they are not), it year either on December 31 or on the CURRENT ASSETS last day of your tax year. The balance may still be necessary to do a manual sheet lists the assets (what the business Cash, accounts receivables and count of goods on hand at the end of owns), liabilities (what the business owes) inventory are some of the accounts listed the period. In the case of a selling or and equity (what the business is worth). under current assets. service establishment, the goods on To better understand the basic Cash: Includes currency, checks, hand are classified separately according components of the balance sheet, use business checking and savings accounts. to whether they are finished goods the description provided here to see Petty cash: It is cash available on hand for sale or supplies to be used in the how all the parts fit together and follow to use for small purchases. operation of the business. In the case the “Sample Balance Sheet Statement”, of a manufacturing establishment, raw Figure 5-2. 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

28 LONG-TERM ASSETS equity is the original investment in Frequent and periodic estimates of Are items purchased for the use and the business and any additions or current assets and current liabilities can operation of the business and which will subtractions that may cause equity to help you arrange your finances to avoid not be sold or completely used during increase or decrease. a temporary shortage of funds and at the course of the tax year, but are kept For sole proprietors, additions may come the same time make the best use of the for long-term use. Some examples of through new money invested in the funds you have. long-term assets are machinery, furniture, business or through retention of some Determine the current ratio: Provides equipment, vehicles, land and building. of the profits and subtractions may come you with a concise picture of the liquidity through withdrawal of some of the money of your business. To find the current ratio Accumulated Depreciation: This is a from the business or through losses. of your business, divide current assets deduction taken for the depreciation by current liabilities. Some accountants of long-term assets. Each year the In a partnership, limited liability suggest that the current ratio should accumulated depreciation amount is partnership or limited liability company, be 2-to-1 (2:1) or a sufficient amount of increased by the amount of depreciation the share of equity belonging to each current assets to cover your current that is considered to have taken place. partner or member must be shown liabilities twice. If the ratio falls to 1-to-1 To have all this information in proper separately on the balance sheet. This is or 1:1, you may be at risk of running into form for the balance sheet, your records very important when determining how liquidity problems and affecting your should show the original cost, annual to distribute profits and when dissolving credit standing. depreciation, total depreciation taken the business. Your records should show to date and net book value. Net book each partner’s or member’s original If you determine that you are operating value is the original cost minus the total investment and the share of the profits on too narrow a margin, your problems depreciation to date. You should also that each is entitled minus withdrawals. will not necessarily be solved by make a note of the estimated number If your business is organized as a borrowing more money because this of years the equipment is expected to corporation, the equity section of the involves additional expenses on interest. last and the amount of depreciation for balance sheet should list the capital You need to weigh the cost of borrowing each year. stock outstanding at the original issue against the financial gain of having more cash in the business. There are many other assets that may price. Any profits that have been also be reported, such as prepaid allowed to accumulate in the business If your business is frequently short of insurance and supplies. are shown in a separate section called working capital despite attempts to retained earnings. Payments made to remedy the situation, you may want to LIABILITIES shareholders in the form of dividends are consider securing additional permanent These are debts of the business or what listed as dividends paid. equity, either by taking in a partner or the business owes to creditors. Liabilities USING THE BALANCE SHEET selling shares of stock. Since no interest are categorized as current liabilities is paid on permanent equity, you avoid (obligations that will be paid during the The balance sheet is useful because of incurring additional costs. the wealth of information it contains to course of the coming tax year) and long- A business can have too much as help you in the day-to-day and long-term term liabilities (obligations that are for well as too little working capital. If the operation of your business. more than a year or long-term). balance sheet and other supporting The following are a few of its uses. CURRENT LIABILITIES statements when analyzed as suggested Determine the status of working capital above show that the business has more These are obligations that the business or cash on hand: To stay in business working capital than it really needs, there will pay during the course of the coming you have to watch both your liquidity and is a strong case for either paying off tax year, such as payroll taxes, income your solvency. Your business is insolvent outstanding loans or possibly expanding taxes and interest on loans. as soon as your liabilities exceed your the business. LONG-TERM LIABILITIES assets. If a condition like that persists Determine the level of inventory: This is These are long-term obligations that will for a very long period, you are almost an important item in your current assets be due in more than one tax year, such certain to go bankrupt. Though your section of your business’ balance sheet. as loans. assets may exceed your total liabilities Business owners frequently discover and you may consider your business as EQUITY they have fallen into the practice of being solvent, you may still be in serious carrying too much inventory of goods Equity is the difference between assets difficulty if you are short of funds. If you compared to the amount of merchandise and liabilities or Equity = Assets – cannot meet your current liabilities when being sold. This is most likely to develop Liabilities. In other words, the amount left they come due, your business may have if there is no proper procedure for over after deducting what is owed from to close down. For this reason, it is very inventory control. If this occurs in your what is owned will give you the worth of important to check the size of current business, it might be necessary to run a the business. liabilities and compare them with current sale and offer your customers a special Equity can be referred as owner’s equity assets. The balance sheet provides you bargain to reduce your inventory. for sole proprietors or stockholders’ with this information. equity for corporations. Included under

29 If you reduce the inventory your business is carrying, your cash position Figure 5-3 will improve, because less money is Sample Cash Flow Statement tied up. Of course, you do not want to YOUR BUSINESS NAME reduce inventory if it is going to result in CASH FLOW STATEMENT a significant decrease in sales. FOR YEAR ENDING DECEMBER 31, 20__ Determine the amount of sales on credit: Another item to watch closely Cash flows from operating activities is accounts receivable. A periodic Net income $29,000 monitoring of accounts receivable Accounts receivable $ (14,000) and losses incurred on bad debts Inventory (8,300) (receivables that will not be collected) Accounts payable 7,000 provide the basis for deciding whether Total cash flows from operating activities (15,300) extending credit on sales is cost effective. Account receivables may be Cash flows from investing activities a large part of your business sales, but Equipment (25,000) you have to weigh the cost of extending Total cash flows from investing activities (25,000) credit against its benefits. Cash flows from financing activities Though you may periodically review the Equipment loan 10,000 loss sustained on bad debts, it is not Retained Earnings 11,000 the only factor to consider. Too much Total cash flows from financing activities 21,000 working capital tied up in receivables can lead your business to be short on Net increase in cash 9,700 cash, which in turn can make it difficult Cash at beginning of year 10,000 to take advantage of your creditors’ Cash at end of year $19,700 discounts. Your business costs can also be further increased if you are forced to borrow money to continue extending credit to your customers. The cash flow statement is a good FINANCING ACTIVITIES If you are offering your own line of credit indicator of the financial flexibility of Involves all activities that increase or to your customers, you will have to your business. It indicates the liquidity decrease the liability or equity of your determine collection costs associated and solvency condition of your business business either through borrowing with extending credit since these costs at a specific time period. To better money form a lender, paying off a can build up rapidly if you let your understand the basic components of the debt, keeping the earnings in the accounts receivables get out of control. cash flow statement, use the description business (sole proprietors), withdrawing provided here to see how all the parts the earnings from the business (sole Analyzing Your Cash fit together and follow the “Sample Cash proprietors), selling shares of the Flow Statement Flow Statement”, Figure 5-3. company (corporations), buying back The cash flow statement (also known as OPERATING ACTIVITIES outstanding shares of the company the statement of cash flows) provides Include all activities that when added (corporations). a summary of all the cash that flows to or subtracted from net income, When you add net increase or decrease in and out of your business during a give you the amount generated from to the cash at the beginning of the year, specific time period. It allows you to see operating activities of your business. you end up with with the cash at the end what caused a change in cash since Some examples of operating activities of the year. you will be reporting on where cash are accounts receivable, inventory and MANAGING YOUR BOOKKEEPING came from and where it was used. In accounts payable. the cash flow statement, you will list the Take time to investigate all your operating activities (cash earned or spent INVESTING ACTIVITIES bookkeeping options and if it all seems to produce income), investing activities These are all activities involving the intimidating, do not be afraid to ask (cash spent or earned from buying or purchase or sale of long-term assets for assistance from a professional selling long-term assets), and financing such as equipment, land and building. bookkeeper or accountant. Whether you activities (cash obtained from or paid to This total will give you the amount of decide to do your bookkeeping yourself investors or lenders) that either increased cash generated from investing activities or have someone do it for you, keeping or decreased the cash of your business. of your business. good track of your finances is key to building and maintaining a financially healthy and profitable business.

30 CHAPTER 6 Government Regulations

This final chapter outlines broad areas NEW YORK BUSINESS EXPRESS SERVICE MARK of regulation that are common to all New York Business Express provides A service mark is a word, name, symbol, businesses. You’ll find summaries of key prospective and current business owners device or any combination of these points in the areas of licensing, taxes, a comprehensive and streamlined used by a service provider to identify employer requirements and trademark resource on business and professional and distinguish the service, including a and business name registration. requirements for starting, running and unique service. For example, “Realtor” There are many special federal and state growing a business in New York State in identifies a real estate salesperson as a regulations that are not covered here one centralized location. To learn about member of the National Association of but that affect small businesses. Be sure the licenses and permit requirements for Realtors. to thoroughly investigate any that apply your business visit New York Business COLLECTIVE MARK to your specific business. If you have Express at https://www.businessexpress. questions, it is advisable to bring them ny.gov/. A collective mark is used by the up with the appropriate agencies. Also members of a cooperative, association, REGISTERING YOUR keep in mind that it may be necessary to labor union or other group to identify BUSINESS NAME obtain sound legal advice. and distinguish the goods or services If you choose to operate your business of its members. For example, “The Licenses and Permits as a sole proprietor under a name International Labor Communications other than your own legal name or as a Association (ILCA)” identifies an Licenses and permits from federal, state general partnership, you must register organization that provides labor and local governments give individuals, with the county clerk where your publications. partnerships and corporations the business will be located. To do this you CERTIFICATION MARK authority to carry on specific business will need a Certificate of Assumed Name, activities. Hundreds of businesses commonly referred to as a “Business A certification mark is used in connection are subject to licensing by one unit of Certificate”. with the goods or services of any person government or another. Retail shops, other than the owner of the mark to If you choose to operate your business breweries, pet grooming, restaurants, certify regional origin, quality, accuracy, as a corporation, limited liability plumbing and electrical services, day material, method of manufacture, company or limited liability partnership, cares and event planning are just a few assembly or fabrication by a union or you must register with the New York of the many diverse businesses covered any other characteristics of the goods State Department of State, Division of by government regulations. or services. “USDA Organic” is one Corporations. In addition, New York State licenses a example of certification mark. wide range of occupations including REGISTRATION OF MARKS You can file a trademark and/or service dentists, nurses, acupuncturist, teachers, Registration of a mark identifies and mark registration with the New York chiropractors, social workers, dietitians distinguishes the origin and ownership of State Department of State at https:// and veterinarians. These licenses usually a product or service and carries certain www.dos.ny.gov/corps/index.html. You involve the payment of fees and proof of legal protections. Registration of a mark can register trademarks, service marks, qualification by examination. will help to protect against infringement collective marks and certification marks It is your responsibility to know if your of the mark by other parties. Federal with the United States Patent Office at business requires licensing. Before you mark law preempts state mark law. https://www.uspto.gov/trademark. begin operating your business carefully TRADEMARK research the applicable state and local Business Insurance A trademark is a word, name, symbol, laws. Check with your town, village, device or any combination of these You are not required by law to have city and county governments to make used by a manufacturer to identify and liability, property damage or other types sure you have complied with all local distinguish the good, including a unique of business insurance, but realistically, ordinances. The best way to begin is to product. For example, “Kleenex” is very few businesses can operate without call your county clerk’s office to obtain a trademark for a certain brand of some form of insurance coverage. local government requirements. You paper products. Chief among these are general liability may also need to check with your local insurance and property insurance. In planning and zoning board, and building some type of businesses, life insurance safety inspector. may also be important. The New York

31 State Department of Financial Services policies provide coverage to buildings Taxes supervises all insurance businesses and structures, business contents and in New York State. It licenses and property, and the property of others in the NEW YORK STATE DEPARTMENT supervises all insurance companies, care, custody and control of the insured. OF TAXATION AND FINANCE brokers, agents and insurance adjusters. The New York Property Insurance Whether you’re starting a new business This state supervision protects the buyer Underwriting Association provides or purchasing an existing one, of insurance by assuring the solvency of property owners with fire and Publication 20, “New York State Tax licensed companies and by examining extended coverage, and insurance Guide for New Businesses”, provides their claims practices. For more against vandalism, sprinkler leakage, basic information about New York State’s information, visit www.dfs.ny.gov. malicious mischief, and rent or business Tax Law and regulations. As a new You should purchase your insurance interruption. For more information, visit business owner, you may be required from a company licensed in New York this link www.nypiua.com or find contact to register for certain taxes or obtain State if you want the full protection of the information in Appendix E on page 44. licenses or permits. This publication State’s insurance law. To get the best BUSINESS INTERRUPTION outlines the procedures to follow and coverage for your particular situation, forms to file with the Tax Department. If your business is closed for a period discuss your needs with a New York The Tax Department also provides access State-licensed insurance agent or broker. due to some type of catastrophe, you will want to consider business interruption to tax forms, instructions, publications GENERAL LIABILITY insurance, which helps cover expenses and other applicable information on your Your business — and in many cases, until the business is back in operation. responsibilities as a new business owner. Visit www.tax.ny.gov or find contact you personally — can be sued if BUSINESS LIFE INSURANCE someone is injured or suffers property information in Appendix D on page 44. damage, either while on your business Business life insurance is used to protect STATE AND LOCAL SALES AND premises or as a result of your business a business or the family of a business USE TAXES operations. Liability for damages may owner from financial loss resulting from the death of someone associated with New York State sales tax is collected be due to negligence, imposed by law on the sale or rental of all goods unless or assumed by contract. If one of your the business. If you are a sole proprietor, such a policy can be used to help they are specifically exempted by the customers slips on a wet spot on your law. Sales tax on services, however, is floor and sustains a permanent injury, dispose of your business in the event of your death. You must decide if you collected only if the law specifically taxes that wet spot could put you out of that service. Most things sold at retail, from business if you are not insured against want it liquidated by sale, left to your children or other beneficiaries or sold to electronics and take-out food to hotel liability. The same could be true if one rooms and entertainment, are covered by of your employees breaks or damages a your employees. Cash from an insurance policy can make these transfers easier. these laws. For tax purposes, a sale can valuable item in a customer’s home while include a trade, exchange or barter. making a delivery. In a partnership or limited liability company, the most common use of If you sell or deliver taxable goods or A liability insurance policy typically perform taxable services in an area that provides legal defense against a suit life insurance is to insure each partner for the benefit of the other partner or has a local sales tax, you will also have and reimbursement of damages, up to collect that tax. If you operate your to the policy limits, if you are found partners in conjunction with a buy- and-sell agreement. This enables business in the metropolitan commuter liable. Policies are written for specified transit district (“MCTD” includes monetary limits, with stated coverages the survivor or survivors to buy the deceased interest and to continue New York City or Rockland, Nassau, and exclusions. To insure the broadest Suffolk, Orange, Putnam, Dutchess or possible protection of your assets, have operating the business on a reorganized basis. The family of the deceased can Westchester counties), you will also have an insurance professional negotiate to collect additional sales tax. the specific coverage suitable to your be guaranteed immediate cash upon If you must collect sales tax, you should particular business. liquidation of its business interest. Some businesses will want to investigate register as a vendor with the New PROPERTY key employee life insurance. This provides York State Department of Taxation and Property insurance protects your protection to offset financial losses due Finance at least 20 days before you business against loss caused by the to the death of a valuable employee. Split start conducting business. After the Tax destruction of a part or all of your dollar plans enable the employer to retain Department approves your completed property by fire, windstorm, explosion, key selected employees by helping them application, it will send you a Certificate vandalism and other disasters. The to purchase life insurance at a shared of Authority. This certificate allows you standard policy lists the perils covered relatively low cost. to charge and collect the required state and can be broadened or restricted, and local sales tax in New York State. depending on the needs of your You must keep detailed records of all business. Typical property insurance sales and transactions that are subject to sales and use taxes.

32 Registering may also allow you to claim possession of any business assets, Employer Requirements an exemption from paying sales tax to whichever occurs first. Regulations your suppliers, particularly if you are require that you send Form AU-196.10 Every business owner must comply buying raw materials to create a product by registered mail, certified mail with with the major state and federal labor to later be sold at retail or if you are return receipt or hand delivered to the laws and regulations that govern buying something to resell. There is a Tax Department. fair employment practices and labor relations. Some are designed to provide long list of sales tax exemptions, and it Within five business days, the Tax safe and healthy working conditions; pays to be aware of them, particularly Department will issue the purchaser fair wages and hours; and prohibit and if you are involved in manufacturing, either Form AU-197.1, “Purchaser’s and/ restrict certain types of work. processing, assembling or refining. or Escrow Agent’s Release – Bulk Sale”, No matter what kind of business you provided any sales tax due on the Other laws provide for workers’ start, it is necessary that you follow taxable assets in the transaction have compensation, unemployment insurance, all regulations regarding state and been paid or Form AU-196.2, “Notice disability benefits insurance and Social local sales and use taxes. You may be of Claim to Purchaser”, if the seller has Security. subject to serious penalties if you fail to an existing or pending sales tax liability. On the federal level, the National Labor register with the Tax Department and This form explains your responsibilities Relations Act is administered by the collect the appropriate sales taxes. Even relating to the purchase and advises you National Labor Relations Board, whose if your business did not collect sales to withhold payment of the purchase activities fall into two main categories: tax during a specific period, you must price of the business from the seller until prevention of unfair labor practices file sales and use tax returns by the the department completes its review. and the determination of collective due date. Failure to do so can result in You should place the purchase amount bargaining representatives. penalties. Publication 750, “A Guide to outstanding sales and use tax liabilities The New York State Labor Employment Sales Tax in New York State”, provides can be paid to the Tax Department. Relations Act guarantees employees detailed information regarding sales tax The Tax Department will notify the the right to organize and engage in requirements, obtaining a Certificate of purchaser within 90 days to determine collective bargaining and prohibits Authority, recordkeeping and the sales if the seller owes any sales and use certain unfair labor practices. This is the and use tax returns to file. tax. You will be notified by the Tax same right that employees engaged in BULK SALES Department of the total amount of interstate commerce are guaranteed any taxes for which you may be held If you are purchasing an existing under federal law. It is administered responsible under the bulk sales business rather than forming a new one by the Public Employment Relations provision. You must pay, out of the or purchasing assets from an existing Board. The act also provides protection purchase price, the taxes owed by the business, you must determine if the for employees on the job. It provides a seller, but not an amount greater than seller has ever been required to register list of labor practices that are deemed either the purchase price of the fair to collect New York State sales and use unfair, including interfering with the market value of the business assets taxes. If so, the sale of the business – formation or administration of unions; being purchased, whichever is greater. or any part of it – is called a “bulk sales refusing to bargain collectively or transaction” and, regardless of the size You can withdraw from the escrow discuss grievances with employee or cost of the sale, you have certain legal account the amount of tax due and pay representatives; and discharging or responsibilities and could be liable for it to the Tax Department. Once you, otherwise discriminating against an the former owner’s unpaid sales taxes. as the purchaser or the seller pays employee for filing a complaint or giving the taxes owed by the seller, the Tax testimony. You must register by filing form DTF-17, Department will issue an authorization “Application for a Sales Certificate of HIRING PRACTICES to release any balance in the escrow Authority”, at least 20 days before you account to the seller. The New York State Human Rights Law take possession of or pay for business is the state’s primary statute addressing You may also be liable for a separate assets from a person required to collect discrimination. Among other things, it sales tax, based on your purchase sales and use taxes in a bulk sale forbids discrimination in any business of the assets of the business. Sales transaction. You must also be registered in New York State that employs four or tax is imposed on the transfer of any at least 20 days before making taxable more people. Discrimination includes tangible personal property sold in sales or using exemption certificates. If employment decisions based on age, bulk, except property intended for you do not register, you may be subject race, creed, color, national origin, resale or tax-exempt property. You, the to penalties. sexual orientation, military status, sex, purchaser, must pay this tax. No sales You must notify the Tax Department of disability, pregnancy-related condition, tax is imposed on real property or on your pending bulk sale purchase by filing domestic violence victim status, genetic intangible personal property such as Form AU-196.10, “Notification of Sale, predisposition or carrier status, familial accounts receivable or goodwill. Transfer or Assignment in Bulk”, at least status or marital status. ten days before paying for or taking At the Tax Department you can obtain additional information on bulk sales.

33 In addition to state law, there are federal WAGES AND HOURS this form when they begin employment laws that affect business employment Manual workers must be paid weekly with your company. policies and practices, which further and not more than seven days after the You are required to file quarterly returns protect from discriminatory actions. end of the week in which the wages with the IRS. You may also be required These federal laws reinforce those were earned. Office, clerical and other to make monthly or semi-monthly issues covered under New York State workers must be paid according to the deposits of funds collected from your law and extend to include other areas, agreed terms of employment and at least employees during the previous month. such as immigration status. semi-monthly. Annually, you must file a reconciliation of The Immigration Reform and Control Act Under the New York State Minimum Wage your quarterly returns along with copies of requires employers to verify employment Act, you must pay your employees the the withholding statements that you give eligibility. Under this requirement, all applicable hourly minimum wage rate. The to your employees, Form W-2. You may employees of both public and private only deductions you can make from wages decide to have an accountant, payroll businesses must fill out a form stating are those required by law and those manager or payroll service handle all or that they are eligible to work in the authorized in writing by the employee. some of these details for you. United States. Failure to comply with In addition, it is unlawful to pay one Penalties and excess payments may these requirements can result in civil and employee more than the other employee accrue from failure to make payments or criminal penalties. of the opposite sex for equal work. to file returns properly. You can get a copy SAFETY AND HEALTH As an employer, you are required to keep of Publication 15, (Circular E), “Employer’s Tax Guide”, which provides information on All employers are obligated to provide records of the hours worked and wages reporting federal income tax withholdings, their employees with a safe work paid to all of your employees. You must Social Security taxes and federal environment. The work area must furnish these records to the New York unemployment tax at www.irs.gov. be free from recognized hazards that State Department of Labor upon request. are likely to cause death or serious You must also provide in writing to your State physical harm and must follow the employees your company’s policy on sick Every employer maintaining an office specific safety and health requirements leave, vacation, personal leave, holidays or transacting business in New York of the Occupational Safety and Health and working hours. State must also withhold New York Administration (OSHA). On public work projects, such as the State personal income tax from OSHA’s requirements affect all building of roads, bridges or schools, you employee wages. You can get a copy of businesses, even those with only one must pay workers, laborers, or mechanics Publication NYS-50, “Employer’s Guide employee. OSHA representatives the wage and fringe benefits for the to Unemployment Insurance, Wage have the authority to enforce safe corresponding occupation as set by the Reporting and Withholding Tax”, which and healthful working conditions by locality where the work is performed. This provides information on employer rights, inspecting the premises of a business, is known as prevailing wage. responsibilities and filing requirements interviewing employees privately and In some industries and professions, in New York State at www.tax.ny.gov. reviewing required records at any time. employees must be given at least 24 You must register with the New York State Department of Labor and complete Under OSHA, if you employ 10 or more hours of rest in each calendar week. Form NYS-100, “New York State people, you must keep records of Minors under 18 must have employment Employer Registration for Unemployment occupational injuries and illnesses. In certificates (“working papers”) or permits Insurance, Withholding, and Wage addition, all employers must display issued by local school authorities before Reporting” at www.labor.ny.gov. an OSHA poster describing their they can work. The employer must keep responsibilities to their employees. You these papers on file. Minors under 18 may HEALTH INSURANCE can get a free copy by calling OSHA at not be employed in certain hazardous A healthier business starts with healthier (800) 321-6742 or download a poster at occupations or during school hours. employees. NY State of Health’s OSHA’s webpage. For more information on New York State Small Business Marketplace can make OSHA offers a free on-site consultation Labor Laws, visit www.labor.ny.gov. it simple and easy for you to offer program to help determine if affordable, high quality health and your business conforms to OSHA WITHHOLDING TAXES dental insurance coverage for your requirements. These experts can also Federal employees. You can compare multiple advise you on how to handle any If you have employees, you must plans and carriers online, and enrollment hazards in your place of business, withhold income taxes from their wages. is streamlined and convenient for you. how to be in compliance with OSHA You can get the necessary forms and Billing is consolidated so you pay only requirements, and assistance with instructions from the Internal Revenue one monthly bill. Learn more about the establishing injury and illness prevention Service (IRS). The amount of taxes Marketplace at https://nystateofhealth. programs. Consultants’ findings are not you must withhold is based on the ny.gov or call 1-855-355-5777. reported to OSHA. information contained in each individual’s For more information on OSHA, visit withholding allowance certificate, Form https://www.osha.gov/. W-4. You must have all employees fill out

34 Employee Benefits provides disability benefits to workers as an employer, and to access forms, as a result of non-occupational injury templates and other employer resources, WORKERS’ COMPENSATION or sickness. If you employ one or more visit: https://paidfamilyleave.ny.gov/ or According to New York State Workers’ employees (in covered employment) for call (844) 337-6303. Compensation Law, qualifying businesses each of at least 30 days in any calendar UNEMPLOYMENT INSURANCE must obtain workers’ compensation year, then you are subject to this law and The New York State Unemployment insurance before putting employees must get coverage, generally in the form Insurance Program is administered to work. Personal injuries incurred of insurance, from a company authorized by the New York State Department in the course of employment and to write accident and health insurance in of Labor, Unemployment Insurance deaths resulting from such injuries are New York State or the New York State Division and financed by employers to compensable under this law. Rates Insurance Fund. provide short-term financial assistance to for workers’ compensation insurance You may also have the option of individuals that are out of work through vary according to the nature of the operating as a self-insurer, but you must no fault of their own. employment and hazards involved. furnish the Workers’ Compensation You can arrange to have insurance Board with proof of your ability to pay When you begin a business in New York carried with any private company benefits, and the board chairperson may State and hire one or more employees, authorized to transact the business of require a deposit of securities, cash or you must notify the New York State workers’ compensation insurance in the surety bond. Department of Labor Unemployment Insurance Division to get a determination New York State, or you can make an PAID FAMILY LEAVE arrangement with the New York State of your tax status since the conditions Insurance Fund (NYSIF), a not-for-profit As of January 2018, most private for tax liability differ among nonprofits, state agency. NYSIF writes workers’ employers in New York State with one governmental, Indian tribes, household, compensation insurance for normal or more employees are required to agricultural and all other employers. risks at a discount from standard rates, participate in New York Paid Family If you are a liable employer, the depending on the size of the premium. Leave (PFL). PFL provides employees Unemployment Insurance Division For more information, call NYSIF at (212) with job-protected, paid time off to: bond will give you an employer registration 312-9000 or visit https://ww3.nysif.com/. with a newly born, adopted or fostered number that identifies your business with You also have the option of applying child; care for a family member with a the Unemployment Insurance Division. to the chairperson of the Workers’ serious health condition; or assist loved This registration number is different Compensation Board to become a self- ones when a spouse, domestic partner, than the Federal Employer Identification insurer. You must post and maintain, in child or parent is deployed abroad Number (FEIN) also known as an a conspicuous place, a printed notice on active military service. Under PFL, Employer Identification Number (EIN). eligible employees can take up to 10 stating that you have complied with all In general, you are liable on the first day weeks of leave at 55% of their average the rules and regulations governing of the calendar quarter in which you pay weekly wage, up to a cap. Benefits will workers’ compensation. You must also remuneration totaling $300 or more or increase through 2021, at which time state that you have secured the payment as of the day you purchase or otherwise eligible employees will be able to take of compensation to your employees and acquire the business of a previously up to 12 weeks of leave at 67% of their their dependents as provided under liable employer. the Workers’ Compensation Law. You average weekly wage, up to a cap. In addition to these benefits, PFL has Upon receiving your employer can get these printed notices from your registration number from the insurance carrier. strong employee protections, ensuring employees can return to the same or Unemployment Insurance Division, you For further information, contact the comparable position after taking leave, will receive a poster “Unemployment Workers’ Compensation Board’s they can continue their health insurance Insurance Notice to Employees” (IA Advocate for Business at (877) 632-4996 while on leave on the same conditions 133) that informs employees they are or email [email protected]. as if they were working, and they cannot protected under the Unemployment If your business is not covered under the be discriminated or retaliated against Insurance Law. You must post and Workers’ Compensation Law, you should for requesting or taking PFL. Insurance maintain, in a conspicuous place, carry your own accident and health coverage for Paid Family Leave is the poster so employees can easily insurance with a casualty insurance generally included under your existing see it. You can register with the New company. employer’s disability benefits policy. You York State Department of Labor You can find contact information for can collect the cost of Paid Family Leave and complete Form NYS-100, “New NYSIF and the Workers’ Compensation from your employees through payroll York State Employer Registration for Board’s Advocate for Business in deductions in accordance to the amount Unemployment Insurance, Withholding, Appendix D on page 44. specified under the program. Be sure and Wage Reporting” at www.labor. to inform your employees about your ny.gov. To obtain information on your DISABILITY BENEFITS Paid Family Leave and display, in a unemployment insurance requirements, The Disability and Paid Family Leave conspicuous place, a poster about your see Publication NYS-50, “Employer’s Benefits Law, contained in Article 9 PFL coverage. For more information Guide to Unemployment Insurance, of the Workers’ Compensation Law, on your PFL-related responsibilities Wage Reporting and Withholding Tax” at www.tax.ny.gov. 35 FEDERAL UNEMPLOYMENT TAX New York State A Final Word The Federal Unemployment Tax By deciding to start your own Act (FUTA) along with New York and Federal Poster business, you are joining thousands of State Unemployment Insurance Requirements entrepreneurs before you who have Program provides for unemployment made the same journey in search of compensation to individuals who have To obtain information on New York State personal and financial satisfaction. lost their jobs. The federal tax due, within and federal requirements on posters limits, may be reduced by a portion that need to be displayed in a prominent As you move along this road, you of the unemployment insurance taxes area of your business for employees may want to refer back to many of the paid to New York State. Employers information, visit New York State sections, including the appendices in are responsible for paying both FUTA Department of Labor at https://labor. this Guide. With solid research, sound and New York State Unemployment ny.gov/workerprotection/laborstandards/ information, dedication and hard Insurance taxes. Your business will be employer/posters.shtm and the United work, you will find the journey into subjected to FUTA if you pay wages States Department of Labor at https:// entrepreneurship a worthwhile one. of $1,500 or more during any calendar www.dol.gov/general/topics/posters. quarter in the current calendar year or any calendar quarter in the preceding Energy Supplier calendar year; or employ at least one New York State opened its electric and person for some part of a day in any natural gas industries to competition. 20 or more weeks during the current or This change means that many preceding calendar year. To obtain more companies, small and large, can choose information on your FUTA requirements, either their local utility company or see Publication 940, “Employer’s Annual a third-party supplier known as an Federal Unemployment Tax Return”, at Energy Services Company (ESCO) as www.irs.gov. their energy supplier. As a result of SOCIAL SECURITY AND this, business owners have expanded MEDICARE TAXES products, services and price options. Both employers and employees bear Before calling your local utility company the cost of Social Security and Medicare or ESCO, take a moment to collect taxes. As an employer, you must apply information to have a better idea of your for a Federal Employer Identification energy needs. Call as many ESCOs Number (FEIN), more commonly known as possible to determine what types as Employer Identification Number (EIN) of benefits are available. Asking the by filing Form SS-4, “Application for right questions is important. Start by Employer Identification Number” with the finding out the kilowatt rate an ESCO IRS at www.irs.gov. offers. Then make sure your company discusses with the ESCO: whether rates Sole proprietors and partners who are fixed or variable; what contract earn $400 or more are responsible for options are available; and whether there paying self-employment tax, which is is an access fee when service begins or a tax consisting of Social Security and a penalty to discontinue service. Medicare taxes. This self-employment tax is reported in the federal income tax To obtain information on energy return. suppliers, visit www.dps.ny.gov. To obtain information on Social Security and Medicare taxes requirements, see Publication 15 (Circular E), “Employer’s Tax Guide” at www.irs.gov.

36 Contract: A legally binding agreement Equity capital: Money put into a business by regarding mutual responsibilities between investors. two or more parties. Generally in business, ­Glossary Financial statements: Documents that a contract exists when there has been a show a financial situation. The three basic meeting of the minds, and it sometimes statements needed to document the Account: A record of transactions between need not be in writing. Many sales and information necessary to run a business parties. order forms are binding contracts and and get financing are the income statement, should only be signed when the terms of Accounting records: Documents of all balance sheet statement and cash flow the agreement are well understood. business transactions. They may be statement. documents recorded in a computer or Co-op advertising: Advertisements in Fiscal year: A period of 12 months in ledgers or journals, and any other which the message and the cost are shared designated as a year for accounting supporting documents. with others, often between a supplier and purposes. It does not have to correspond to one or more retailers. Accounts payable: A list of current business the calendar year. debts or liabilities that must be paid in the Corporation: A legal entity, created by Fixed assets: Land, buildings, machinery, future (usually within one year). a state charter, that can do business the furniture and other items that have an same as individuals in a sole proprietorship Accounts receivable: A list of the amounts expected useful business life measured or partnership. The corporation acts on its a firm is owed by others for merchandise in years and are not converted into cash own through its officers and is empowered or services sold on credit. Even though a during a normal fiscal period. Depreciation to make contracts and carry out business business does not have the money in hand, is applied to those fixed assets that (unlike activities like an individual business owner. the money owed is considered an asset, land) will wear out. part of the value of the business. Once Unlike other types of ownership, the shares collected, it becomes working capital. of a corporation may be owned by a Fixed costs: Expenses or costs that do number of persons. (Compare with limited not vary from one period to the next in Asset: Anything of worth that is owned. liability company, partnership,­ and sole proportion to the rate of activities of the Assets may include cash on hand or in proprietorship. See also S. corporation.) business, such as depreciation, interest, the bank, accounts receivable, securities, insurance or rent. property or buildings, equipment, fixtures, Credit: Permission to pay in the future for merchandise inventory and supplies. goods or services received now. Credit is Franchise: An exclusive right or privilege to used to increase trade and sales. deal in a certain line or brand of goods or Balance sheet: A report that shows what services. a business owns and owes. Typically, Current assets: All those assets that are business assets and their cost are listed available without restriction to meet current Gross: Overall total before deductions. financial responsibilities, such as cash, on one side and liabilities and owners’ Gross Profit: Overall total earned after government securities, marketable securities, equity (investment in the business) on the operating expenses are deducted. other. Liabilities include everything the notes receivable (other than from officers or business owes. If the balance sheet is employees), accounts receivable, inventories, Income: Accounting term used to represent figured correctly, total assets will equal total prepaid expenses, and any other item that the excess of revenues earned over liabilities plus owners’ equity. can be converted to cash in the normal expenses incurred in conducting business course of business within one year. operations. Budget: A plan of financial operations embodying an estimate of projected Current liabilities: Liabilities of a company Income statement: A report that shows the expenditures for a given period and the that will mature within one year or within total amount of sales (revenue) and total proposed means of financing them. the normal operating cycle of the business, costs (expenses) of a business that result in whichever is longer, such as accounts a net profit or loss. Capital: Money available to invest; the payable, notes payable, accrued expenses Income taxes: Taxes owed to federal, total of accumulated assets available for such as wages, salaries, and taxes payable. production; the total of property and money state or local government based on the resources the business owner can make Debt: That which is owed as an obligation profits made by a business. Income taxes available for business. resulting from the borrowing of money or represent a cost to the business and are from the purchase of goods and services. shown on the income statement. Cash: Money in hand or readily available, including currency and checks, that can be Depreciation: Expiration in the service life Intangible assets: Assets of a business drawn on demand. of fixed assets; a decrease in value through that may be of value but that can not be age, wear or deterioration charged as an measured or objectively evaluated, such as Cash discount: A deduction or allowance expense for tax and accounting purposes. patents, copyrights and trademarks. that is given if payment is completed within a stated period of time. Direct mail: Sales letters, postcards, leaflets, Interest: The additional amount paid for folders, booklets and catalogues delivered borrowing money. Cash flow statement: A report that shows through the mail to attract new customers Invoice: A bill sent to a customer is called a how much of the cash generated by the and encourage purchases. business remains after operating, investing sales invoice. A bill received from a supplier and financing activities. Disbursement: Process of sending payment is called a vendor invoice or purchase to a specified person or organization. invoice. Collateral: Property or other assets pledged by a borrower to secure a loan. In the event Dissolution: The voluntary or involuntary Inventory: Raw materials, work in process of default, the lender has the right to use termination of a partnership, corporation or and finished goods available for sale; proceeds from the sale of the collateral to contract. supplies used to carry on a business and not purchased for resale. Both manufactures obtain repayment of the loan. Double entry: A system of bookkeeping and retailers have inventory. Contingency: A possible future event or that requires an entry for a corresponding condition arising from currently known or amount to the credit (right) side of an Lease: A rental agreement. unknown causes, the outcome of which account for every entry made to the debit ­cannot be determined at the present time. (left) side of an account.

37 Ledger: A book containing a group Net worth: Refers to the value of the S corporation: A special corporation that of accounts that record the financial business and is calculated by subtracting is taxed at the shareholders’ individual transactions of a business. It is a summary liabilities from assets. tax rate. To be eligible for S corporation of transactions in which debits and credits status, a business must meet certain Notes payable: An unconditional written are posted. criteria. (Compare with corporation, limited promise signed by the borrower to pay liability company, partnership and sole Liability: Anything that is a debt or obligation a certain sum of money at a fixed or proprietorship.) owed by the business to other people or determinable time with intererst to the lender. business that must be liquidated, renewed Secured loan: A loan that is backed by Overhead: Those expenses that are or refunded at some future date. items of value that can be sold. necessary in the production of goods, Liability insurance: Risk protection to cover performance of services or operation of Securities: Documents that identify legal possible loss due to personal injury and/ a retail business, such as rent, utilities, ownership of a commodity, which often or damage to property from lawsuits, if a insurance, telephone, and supplies. refers to stocks, bonds or mutual funds that business or its agents are found at fault. are placed by a debtor with a creditor along Owner’s equity (or stockholders’ equity): with authority for the creditor to sell them if Limited liability company: A business The amount of capital left after subtracting the debt is not paid. that retains the management flexibility the liabilities of the business from the assets of a partnership while offering some of of the business. Service business: A business that sells the advantages of a corporate structure. services, such as janitorial, medical, legal, Partnership: A legal form of business (Compare corporation, partnership, S landscaping, transportation, and other organization in which two or more owners corporation and sole proprietorship.) services. organize the business, put in the owner’s Limited partnership: A legal partnership equity and share in the profits or losses Small business: Defined by New York where some owners assume responsibility of the company. Partners combine their State law as a business with fewer than only up to the amount invested. knowledge, capital and/or labor to reach 100 employees, independently owned a common objective. (Compare with and operated and not dominant in its field. Liquidate: To settle a debt or to convert corporation, limited partnership, limited For loan and tax purposes, federal law to cash. liability company, S corporation and sole has specific criteria for different business Liquidity: The ability of a firm to meet proprietorship.) sectors. its current debts with cash payments; a Petty cash: A cash fund used to pay for Sole proprietorship: A form of legal measure of the adequacy of current assets minor items that are relatively inexpensive organization for a business in which there to meet current obligations as they become and more conveniently paid for by cash is one owner. (Compare with corporation, due. rather than by check or credit card. limited liability company, limited partnership Loan: Money lent at interest. and S corporation.) Posting: To enter in an account. Literally, Long-term liabilities: Debt obligations post means to give a position to Stock: An ownership share in a corporation; with a maturity of more than one year after something, so when figures are posted in another name for a share. Stock also refers issuance, such as bonds, mortgages, trust a computerized or manual ledger, they are to accumulated merchandise. The things a deeds, intermediate and long-term loans, assigned their right position in the firm’s retailer has available for sale is referred to and equipment loans. accounts. as stock and when those things are put out for display, the shelves are stocked. Market: Customers; a group or category of Pricing: Setting a selling price. people who are or could become buyers. Tangible assets: Things that can be seen, Profit margin: The difference between evaluated and, if necessary, converted into Marketing: The process of acquainting selling price and costs, and is expressed as cash, such as land, building and machinery. potential customers with the range of goods a percentage. (Compare with intangible assets.) or services available for sale; a management Promotion: Marketing activities that approach to the provision of goods and Target market: An identifiable group of stimulate the demand for goods or services services that combines profit, customer current and prospective customers. by advertising, publicity and events that satisfaction and planned growth. attract attention, create consumer interest or Variable costs: Expenses or costs that Market price: The average price for a build loyalty. vary from one period to the next in similar item or service that the consumer proportion to the rate of activities of the Reserve: That which is held back or stored has paid or is willing to pay. business, such as freight or raw materials. for future use in case of emergency. The (Compare with fixed costs.) Media: Radio, television, internet, and success or failure of new businesses often printed publications such as newspapers, depends on the availability of cash reserves Wholesaler: One who sells goods in volume magazines and billboards. to weather financial crises. to retailers, who then sell the merchandise to customers. Middleman: A generic term that includes Retail: Selling directly to the ultimate those men and women in the distribution consumer; selling in small amounts to the Working capital: Capital immediately system whose services stop short of dealing general public. available for the continued operation of a directly with the public, such as brokers, business. Revolving credit: An agreement allowing sales agents, wholesalers and distributors a customer to borrow funds when Net: What is left after deducting all charges. needed up to a specified maximum for an (Compare with gross.) undetermined period of time. Net income(also known as net profit): The amount of revenue left after subtracting all the expenses of running the business

38 MID-HUDSON REGION LOCAL DEVELOPMENT CORPORATION OF EAST NEW YORK Appendix A WOMEN’S ENTERPRISE DEVELOPMENT 80 Jamaica Avenue, 3rd Floor CENTER, INC. Brooklyn, NY 11207 Entrepreneurship 3 Neptune Road, Suite A21 Phone: 718-385-6700 Assistance Centers (EAC) Poughkeepsie, NY 12601 Phone: 845-363-6432 Service Area: East King County and EACs assist new and aspiring surrounding neighborhoods entrepreneurs in developing basic Service Area: Dutchess, Orange, Putnam, business management skills, Ulster and Sullivan Counties RENAISSANCE ECONOMIC DEVELOPMENT CORPORATION refining business concepts, devising WOMEN’S ENTERPRISE DEVELOPMENT 2 Allen Street, 7th Floor early-stage marketing plans, and CENTER, INC. New York, NY 10002 obtaining business financing. 901 North Broadway, Suite 23 Phone: 212-964-6022 White Plains, NY 10603 CAPITAL REGION Phone: 914-948-6098, Ext. 10 Service Area: Manhattan, Queens and Kings Counties CAPITAL CHAMBER FOUNDATION Service Area: Westchester County Five Computer Drive South SOBRO VENTURE Albany, NY 12205 MOHAWK VALLEY REGION 199 Lincoln Avenue, Suite 215 Phone: 518-431-1430 BUSINESS TRAINING INSTITUTE, INC Bronx, NY 10454 Service Area: Rensselaer, Schenectady, The Radisson Centre Phone: 718-732-7561 Columbia, Greene, Saratoga, Montgomery, 200 Genesee Street Service Area: Bronx County Fulton, Albany Counties, and Town of Colonie Utica, NY 13502 SOUTH BRONX OVERALL ECONOMIC Phone: 315-733-9848 CENTRAL NEW YORK REGION DEVELOPMENT CORPORATION (SOBRO) Service Area: Oneida, Madison and 555 Bergen Avenue, 3rd Floor SYRACUSE UNIVERSITY Herkimer Counties South Side Renovation Center Bronx, NY 10455 2610 South Salina Street NEW YORK CITY REGION Phone: 718-732-7534 Syracuse, NY 13205 Service Area: Bronx County BEDFORD STUYVESANT RESTORATION Phone: 315-443-8596 CORPORATION QUEENS ECONOMIC DEVELOPMENT Service Area: Onondaga, Oswego, Syracuse, 1368 Fulton Street CORPORATION Madison and Cortland Counties Brooklyn, NY 11216 120-55 Queens Blvd, Suite 309 FINGER LAKES REGION Phone: 718-636-6373 Kew Gardens, NY 11424 Service Area: Kings County Phone: 718-263-0546 URBAN LEAGUE OF ROCHESTER, INC. Service Area: Queens County 265 North Clinton Avenue BUSINESS OUTREACH CENTER Rochester, NY 14605 NETWORK, INC. WASHINGTON HEIGHTS AND INWOOD Phone: 585-325-6530, Ext.3031 96-11 40th Road DEVELOPMENT CORPORATION Service Area: Monroe, Wayne, Ontario, Erie Corona, NY 11368 611 West 177th Street, Lower Level and Genesee Counties Phone: 718-205-3773 New York, NY 10033 Service Area: Queens County Phone: 212-795-1600 LONG ISLAND REGION Service Area: Upper Manhattan CAMBA, INC. and Western Bronx HOFSTRA UNIVERSITY 2244 Church Avenue, 4th Floor Oak Street Center, Room 107-B Brooklyn, NY 11226 NORTH COUNTRY REGION 255 Hofstra University Phone: 718-226-0436 Hempstead, NY 11549 ADIRONDACK ECONOMIC DEVELOPMENT Service Area: Kings County Phone: 516-463-5285 CORPORATION Service Area: Nassau and Suffolk Counties CHINATOWN MANPOWER PROJECT/ 67 Main Street, Suite 300 BUSINESS OUTREACH CENTER Saranac Lake, NY 12983 SUFFOLK COUNTY COMMUNITY 70 Mulberry Street, 3rd Floor Phone: 518-891-5523, Ext.101 COLLEGE New York, NY 10013 Service Area: Clinton, Essex, Franklin, Fulton, Grant Campus Phone: 212-571-1691 Hamilton, Herkimer, Jefferson, Lewis, Oneida, Sally Ann Slacke Building Service Area: New York County Oswego, Saratoga, St. Lawrence, Warren and 1001 Crooked Hill Road Washington Counties Brentwood, NY 11717 HOTBREAD KITCHEN, LTD Phone: 631-851-6214 1590 Park Avenue Service Area: Suffolk County New York, NY 10029 Phone: 212-369-3331 Service Area: East Harlem and surrounding neighborhoods

39 SOUTHERN TIER REGION GORE MOUNTAIN MADISON COUNTY CENTER FOR CHAMBER OF COMMERCE ECONOMIC DEVELOPMENT BINGHAMTON LOCAL DEVELOPMENT Tannery Pond Community Center 3215 Seneca Turnpike CORPORATION 228 Main Street Canastota, NY 13032 SUNY Broome Community College North Creek, NY 12853 Phone: 315-792-7547 Continuing Education Phone: 518-324-3211 120 Hawley Street, 3rd Fl., Rm. 306 ONONDAGA COMMUNITY COLLEGE SBDC Binghamton, NY 13901 RENSSELAER COUNTY 4926 Onondaga Road Phone: 607-778-5203 CHAMBER OF COMMERCE Mulroy Hall, Room 407 Service Area: Binghamton, Broome, Tioga, 90 4TH Street Syracuse, NY 13215 Chenango, and Delaware Counties Troy, NY 12180 Phone: 315-498-6070 Phone: 518-380-5077 IBERO AMERICAN ACTION LEAGUE, INC. TECH GARDEN 106 Chemung Street SARATOGA ECONOMIC DEVELOPMENT 235 Harrison Street Waverly, NY 14892 CORPORATION Syracuse, NY 13202 Phone: 607-249-6193 28 Clinton Street Phone: 315-498-6070 Saratoga Springs, NY 12866 Service Area: Ontario, Wayne, Seneca, FINGER LAKES REGION Steuben, Yates, Cayuga, Schuyler, Tioga, and Phone: 518-380-5077 COLLEGE AT BROCKPORT SBDC Chemung Counties SOUTHERN SARATOGA Hartwell Hall 101 CHAMBER OF COMMERCE WESTERN NEW YORK REGION 350 New Campus Drive 15 Park Avenue, Suite 7B Brockport, NY 14420 ACCORD CORPORATION Clifton Park, NY 12065 Phone: 585-395-8410 84 Schuyler Street Phone: 518-380-5077 Belmont, NY 14813 DOWNTOWN ROCHESTER OUTREACH SUNY ADIRONDACK Phone: 585-268-7605, Ext.1125 CENTER 640 Bay Road College of Brockport Metro Center Service Area: Allegany, Steuben and Queensbury, NY 12804 55 St. Paul Street Cattaraugus Counties Phone: 518-380-5077 Riverside Entrance IBERO – AMERICAN ACTION LEAGUE, INC UNIVERSITY AT ALBANY SBDC Rochester, NY 14604 Medaille College 6 Executive Park Drive, Ent. B Phone: 585-395-8410 18 Agassiz Circle Albany, NY 12203 FINGER LAKES COMMUNITY COLLEGE Buffalo, NY 14214 Phone: 518-380-5077 Phone: 716-880-3288 Community Affairs Office Service Area: Erie and Niagara Counties CENTRAL NEW YORK REGION 3325 Marvin Sands Drive Canandaigua, NY 14424 CAYUGA COUNTY EDA Phone: 585-395-8410 2 State Street Appendix B Auburn, NY 13021 FLCC VICTOR FREE LIBRARY Phone: 315-498-6070 200 Victor Heights Parkway Small Business Victor, NY 14564 CAZENOVIA COLLEGE CENTER FOR Phone: 585-395-8410 Development Center ENTREPRENEURSHIP & COMMUNITY (SBDC) DEVELOPMENT GENESSEE CHAMBER OF COMMERCE 1 Liberty Street 8276 Park Road SBDCs offer pro bono counseling Cazenovia, NY 13035 Batavia, NY 14020 assistance for small business Phone: 315-498-6070 Phone: 585-343-7440 entrepreneurs, both start-ups and COOPERATIVE FEDERAL CREDIT UNION GENESSEE COMMUNITY COLLEGE existing businesses, including assistance 800 North Salina Street The Med Tech Center on business plan development, loan Syracuse, NY 13208 99 Med Tech Drive, Suite 106 resource identification, accounting, Phone: 315-308-1372 Batavia, NY 14020 financial planning, export information, Phone: 585-343-4866 Ext.24 cost analysis, and marketing as well as CORTLAND COUNTY targeted business training programs. CHAMBER OF COMMERCE HTR OUTREACH 37 Church Street, 1st Floor Lenox Tech Enterprise Center CAPITAL REGION Cortland, NY 13045 150 Lucius Gordon Drive, Suite 100 Phone: 607-756-2814 West Henrietta, NY 14586 ADIRONDACK REGIONAL Phone: 585-395-8410 CHAMBER OF COMMERCE CORTLAND COUNTY IDA/BDC 136 Glen Street, Suite 3 37 Church Street, 2nd Floor ROCHESTER’S SOUTH WEDGE Glen Falls, NY 12801 Cortland, NY 13045 224 Mt. Hope Avenue Phone: 518-380-5077 Phone: 607-756-5005 Rochester, NY 14620 Phone: 585-245-5429 CAPITAL REGION CHAMBER OF GREATER OSWEGO FULTON CHAMBER COMMERCE OF COMMERCE 5 Computer Drive South 121 East First Street Albany, NY 12205 Oswego, NY 13126 Phone: 315-312-3493 Phone: 518-380-5077 40 SENECA COUNTY WORKFORCE GREATER MAHOPAC-CARMEL HERKIMER COUNTY DEVELOPMENT CHAMBER OF COMMERCE CHAMBER OF COMMERCE 1 DiPronio Drive 953 S. Lake Boulevard 420 East German Street Waterloo, NY 13165 Mahopac, NY 10541 Herkimer, NY 13350 Phone: 315-539-1905 Phone: 845-356-6065 Phone: 315-792-7547 SUNY GENESEO COLLEGE CAMPUS MID-HUDSON REGION SBDC MOHAWK VALLEY EDGE/RIDC 1 College Circle Ulster County Office Complex 584 Phoenix Drive Doty Hall, Room 119 3 Development Court Rome, NY 13441 Geneseo, NY 14454 Kingston, NY 12401 Phone: 315-792-7547 Phone: 585-245-5429 Phone: 845-443-8058 MVCC’S THINCUBATOR WYOMING COUNTY OUTREACH OFFICE ORANGE COUNTY 326 Broad Street 6470 Route 20A CHAMBER OF COMMERCE Utica, NY 13501 Perry, NY 14530 40 Matthews Street Phone: 315-624-7715 Phone: 585-237-4110 Ext. 109 Goshen, NY 10924 NEW YORK CITY REGION Phone: 845-294-1700 LONG ISLAND REGION BARUCH COLLEGE SBDC PORT JERVIS SATELLITE DEVELOPMENT EOC- HEMPSTEAD OUTREACH CENTER 55 Lexington Avenue, Suite 2-140 AGENCY SBDC New York, NY 10010 134 Pike Street, 2nd Floor 269 Fulton Avenue Phone: 646-312-4790 Port Jervis, NY 12771 Hempstead, NY 11550 Phone: 845-594-3626 BROOKLYN NAVY YARD Phone: 516-564-8672 63 Flushing Avenue ROCKLAND CENTER FOR ADVANCED FARMINGDALE STATE COLLEGE-SBDC Building 92, 3rd Floor MANUFACTURING TECHNOLOGIES Farmingdale State College Brooklyn, NY 11205 37 West Broad Street, 2nd Floor Campus Commons Phone: 718-797-0187 Haverstraw, NY 10927 2350 Broadhollow Road Phone: 845-356-6065 BROOKLYN SATELLITE OFFICE Farmingdale, NY 11735 New Utrecht Brooklyn Public Library Phone: 934-420-2765 ROCKLAND COMMUNITY COLLEGE 1743 86th Street Bruckner Hall, Room 6102 STONY BROOK SOUTHAMPTON Brooklyn, NY 11214 145 College Road 39 Tuckahoe Road Phone: 718-619-5603 Suffern, NY 10901 Chancellor’s Hall, Room 182 Phone: 845-356-6065 BROOKLYN SBDC NEW YORK CITY Southampton, NY 11968 COLLEGE OF TECHNOLOGY Phone: 631-632-9070 SULLIVAN COUNTY PARTNERHSHIP 25 Chapel Street, 11th Floor FOR ECONOMIC DEVELOPMENT STONY BROOK UNIVERSITY BUSINESS Brooklyn, NY 11201 198 Bridgeville Road INCUBATOR AT CALVERTON Phone: 718-797-0187 Monticello, NY 12701 4603 Middle Country Road Phone: 845-443-8058 COLLEGE OF STATEN ISLAND SBDC Calverton, NY 11933 2800 Victory Blvd Phone: 631-632-9070 SUNY NEW PALTZ SCHOOL OF Building 3A, Room 105 BUSINESS STONY BROOK UNIVERSITY SBDC Staten Island, NY 10314 Tricor Avenue Research and Development Park Phone: 718-982-2560 van den Berg Hall, Room 105A Building 17, Room 146 New Paltz, NY 12561 COLUMBIA – HARLEM SBDC Stony Brook, NY 11794 Phone: 845-257-2310 Interchurch Center Phone: 631-632-9070 475 Riverside Drive, 3rd Fl. THINK DUTCHESS SATELLITE MID-HUDSON REGION New York, NY 10115 3 Neptune Road Phone: 646-745-8573 DUTCHESS COUNTY REGIONAL Wappingers Falls, NY 12601 CHAMBER OF COMMERCE Phone: 845-443-8058 LAGUARDIA COMMUNITY COLLEGE 1 Civic Center Plaza, 4th Floor SBDC WHITE PLAINS OUTREACH Poughkeepsie, NY 12601 30-20 Thomson Avenue, Suite BA02 800 Westchester Avenue Phone: 845-454-1700 ext.1014 Long Island City, NY 11101 Rye Brook, NY 10573 Phone: 718-482-5303 EMPIRE STATE DEVELOPMENT Phone: 845-356-6065 AT STEWART AIRPORT LEHMAN COLLEGE SBDC MOHAWK VALLEY REGION 33 Airport Center Drive, Suite 201 250 Bedford Park Boulevard West New Windsor, NY 12533 FULTON MONTGOMERY COUNTY Carman Hall, Room 128 Phone: 845-567-3610 REGIONAL CHAMBER OF COMMERCE Bronx, NY 10468 2 North Main Street Phone: 718-960-8806 FORDHAM UNIVERSITY OUTREACH Gloversville, NY 12078 400 Westchester Avenue Phone: 518-380-5077 West Harrison, NY 10604 Phone: 845-356-6065

41 PACE UNIVERSITY SBDC SUNY CANTON SBDC STEUBEN COUNTY IDA 163 William Street, Room 328 French Hall, Room 201 7234 Route 54 New York, NY 10038 34 Cornell Drive Bath, NY 14810 Phone: 212-618-6655 Canton, NY 13617 Phone: 607-937-6861 Phone: 315-386-7312 ST. GEORGE SATELLITE TIOGA COUNTY CSI Tech Incubator TICONDEROGA AREA CHAMBER OF COMMERCE 60 Bay Street CHAMBER OF COMMERCE 80 North Avenue Staten Island, NY 10301 94 Montcalm Street Owego, NY 13827 Phone: 718-873-4496 Ticonderoga, NY 12883 Phone: 607-777-4024 Phone: 518-324-3211 YORK COLLEGE TOMPKINS COUNTY 94-50 159TH Street WANAKENA RANGER SCHOOL AREA DEVELOPMENT Science Building, Room 107 257 Ranger School Road The Gateway Building Jamaica, NY 11451 Wanakena, NY 13695 401 East State Street, Suite 402-B Phone: 718-262-2880 Phone: 315-386-7312 Ithaca, NY 14850 Phone: 607-777-4024 NORTH COUNTRY REGION WATERTOWN SBDC Jefferson Community College TOMPKINS COUNTY ESSEX COUNTY IDA 1220 Coffeen Street CHAMBER OF COMMERCE 7566 Court Street Watertown, NY13601 904 East Shore Drive Elizabethtown, NY 12932 Phone: 315-782-9262 Ithaca, NY 14850 Phone: 518-324-3211 Phone: 607-777-4024 SOUTHERN TIER REGION KEENE VALLEY NATURE CONSERVANCY WESTERN NEW YORK REGION 8 Nature Way BINGHAMTON UNIVERSITY SBDC Keene, NY 12943 120 Hawley Street, Suite 294 ALFRED OUTREACH Phone: 518-324-3211 Binghamton, NY 13902 Incubator Works Phone: 607-777-4024 200 North Main Street LAKE PLACID (ROOST) Alfred, NY 14802 2608 Main Street CATSKILL WATERSHED CORPORATION Phone: 607-777-4024 Lake Placid, NY 12946 905 Main Street, Municipal Building Phone: 518-324-3211 Margaretville, NY 12455 BUFFALO STATE COLLEGE SBDC Phone: 845-586-1400 Grover Cleveland Hall, Room 206 LEWIS COUNTY IDA SBDC 1300 Elmwood Avenue 7642 State Street CHENANGO COUNTY Buffalo, NY 14222 Lowville, NY 13367 CHAMBER OF COMMERCE Phone: 716-878-4030 Phone: 315-782-9262 15 South Broad Street DUNKIRK OUTREACH CENTER MASSENA CHAMBER OF COMMERCE Norwich, NY 13815 Phone: 607-334-1400 TRAINING AND OUTREACH CENTER 16 Church Street 10807 Bennett Road Massena, NY 13662 CORNING/PAINTED POST Dunkirk, NY 14048 Phone: 315-386-7312 Incubator Works Phone: 716-338-1024 109 Canada Road NORTH COUNTRY SBDC JAMESTOWN COMMUNITY COLLEGE SBDC Clinton Community College Painted Post, NY 14870 Phone: 607-777-4024 525 Falconer Street 100 Clinton Point Drive Jamestown, NY 14702 Plattsburgh, NY 12901 DELAWARE SATELLITE Phone: 716-338-1024 Phone: 518-324-3211 Delaware County Chamber OGDENSBURG SATELLITE 5 1/2 Main Street LOCKPORT SATELLITE Sherman Inn Delhi, NY 13753 Bewley Building Street, Suite 405 615 Franklin Street Phone: 607-746-2281 Lockport, NY 14094 Phone: 716-434-3815 Ogdensburg, NY 13669 ELMIRA ACADEMIC WORKFORCE Phone: 315-386-7312 318 Madison Avenue NCIDA OFFICE ONEWORK SOURCE FRANKLIN COUNTY Elmira, NY 14901 6311 Inducon Corporate Drive, Suite 2 158 Finney Boulevard Phone: 607-937-6861 Sanborn, NY 14132 Phone: 716-285-8484 Malone, NY 12953 OTSEGO NOW Phone: 518-324-3211 189 Main Street, Suite 500 NF CULINARY INSTITUTE ST. REGIS MOHAWK TRIBAL BUILDING Oneonta, NY 13820 28 Old Falls Street Akwesasne Business Center Phone: 607-267-4010, Ext. 105 Niagara Falls, NY 14303 Phone: 716-210-2570 447 Frogtown Road, Suite 201 SCHUYLER COUNTRY PARTNERSHIP Akwesasne, NY 13655 FOR ECONOMIC DEVELOPMENT NIAGARA COUNTY COMMUNITY Phone: 315-386-7312 910 South Decatur Street COLLEGE SBDC Watkins Glen, NY 14891 3111 Saunders Settlement Road Phone: 607-937-6861 Sanborn, NY 14132 Phone: 716-210-2515 42 Appendix C Empire State Development Regional Offices

1-800-STATE-NY (1-800-782-8369)

CAPITAL REGION FINGER LAKES REGION NEW YORK CITY REGION SOUTHERN TIER REGION MAIN OFFICE 400 Andrews Street, Suite 300 MAIN OFFICE and REGIONAL State Office Building 625 Broadway Rochester, NY 14604 633 Third Avenue 44 Hawley Street, Room 1508 Albany, NY 12245 Phone: 585-399-7050 New York, NY 10017 Binghamton, NY 13901 Phone: 518-292-5100 Email: [email protected] Phone: 212-803-3100 Phone: 607-721-8605 Email: [email protected] Email: [email protected] Hedley Park Place LONG ISLAND REGION 433 River Street, Suite 1003 150 Motor Parkway NORTH COUNTRY REGION 333 East Water Street, 4th Floor Troy, NY 12180 Hauppauge, NY 11788 61 Area Development Drive Elmira, NY 14901 Phone: 518-270-1130 Phone: 631-435-0717 Plattsburgh, NY 12901 Phone: 607-426-2999 Email: [email protected] Email: [email protected] Phone: 518-561-5642 Email: [email protected] Email: [email protected] CENTRAL NY REGION MID-HUDSON REGION WESTERN NEW YORK 620 Erie Boulevard West, Suite 112 33 Airport Center Drive, Suite 201 Dulles State Office Building REGION Syracuse, NY 13204 New Windsor, NY 12553 317 Washington Street MAIN OFFICE and REGIONAL Phone:­­­ 315-425-9110 Phone: 845-567-4882 Watertown, NY 13601 95 Perry Street, Suite 500 Email: [email protected] Email: [email protected] Phone: 315-785-7907 Buffalo, NY 14203-3030 Email: [email protected] Phone: 716-846-8200 MOHAWK VALLEY REGION Email: [email protected] 207 Genesee Street Utica, NY 13501 Phone: 315-793-2366 Email: [email protected]

43 THE ASSOCIATION OF ACCOUNTANTS AND Appendix D Appendix E FINANCIAL PROFESSIONALS IN BUSINESS 10 Paragon Drive, Suite 1 Government Agencies Business Trade Montvale, New Jersey 07645 Associations Phone: 800-638-4427 Government Agencies provide guidance www.imanet.org on everything from requirements to Business Trade Associations can be a assistance and support to help operate THE INDEPENDENT ASSOCIATION OF wellspring of advice, information and and grow your business. ACCOUNTANTS OF NEW YORK other pertinent data. When contacting an 4043 Maple Road, Box 100A association, be sure to inquire whether Amhrest, NY 14226 NEW YORK STATE there are free materials available. Phone: 716-832-7853 NEW YORK STATE DEPARTMENT www.iaaofny.com OF STATE ACCOUNTING THE NATIONAL SOCIETY OF TAX One Commerce Plaza PROFESSIONALS ACCOUNTING AND FINANCIAL 99 Washington Avenue 11700 NE 95th Street, Suite 100 WOMEN’S ALLIANCE Albany, NY 12231 Vancouver, WAS 98682 2365 Harrodsburg Road, Suite A325 Phone: 518-473-2492 Phone: 360-695-8309 Lexington, KY 40504 www.nstp.org NEW YORK STATE DEPARTMENT Phone: 1-800-326-2163 OF TAXATION AND FINANCE www.afwa.org SECURITIES INDUSTRY AND FINANCIAL W A Harriman Campus MARKETS ASSOCIATION AMERICAN INSTITUTE OF CERTIFIED Albany, NY 12227 120 Broadway – 35th Floor PUBLIC ACCOUNTANTS Phone: 518-485-6027 New York, NY 10271 1211 Avenue of the Americas Phone: 212-313-1200 NEW YORK STATE EDUCATION New York, NY 10036-8775 www.sifma.org DEPARTMENT Phone: 212-596-6200 89 Washington Avenue www.aicpa.org Albany, NY 12234 ADVERTISING/MEDIA Phone: 518-474-3852 ASSOCIATION FOR FINANCIAL PROFESSIONALS ADVERTISING RESEARCH FOUNDATION NEW YORK STATE INSURANCE FUND 4520 East-West Highway, Suite 800 432 Park Avenue South, 4th Floor 199 Church Street Bethesda, MD 20814 New York, NY 10016 New York, NY 10007 Phone: 301-907-2862 Phone: 212-751-5656 Phone: 212-312-9000 www.afponline.org www.thearf.org NEW YORK STATE ASSOCIATION OF CHARTERED AMERICAN ASSOCIATION OF WORKERS’ COMPENSATION BOARD ACCOUNTANTS ADVERTISING AGENCIES Advocate for Business IN THE UNITED STATES 1065 Avenue of the Americas, 16th Floor 328 State Street 347 5th Ave, Ste 1406 New York, NY 10018 Schenectady, NY 12305 New York, NY 10016 Phone: 212-682-2500 Phone: 877-632-4996 Phone: 212-481-7950 www.aaaa.org www.acaus.org AMERICAN MARKETING ASSOCIATION FEDERAL NATIONAL ASSOCIATION OF TAX NEW YORK U.S. SMALL BUSINESS ADMINISTRATION PROFESSIONALS 234 5th Avenue 3517 North McCarthy Road New York, NY 10001 Buffalo District Office Appleton, WI 54913 Phone: 646-701-5367 130 S. Elmwood Avenue, Suite 540 Phone: 800-558-3402 www.amanewyork.org Buffalo, NY 14202 https://www.natptax.com/Pages/default.aspx Phone: 716-551-4301 ASSOCIATION FOR NATIONAL NATIONAL CONFERENCE OF ADVERTISERS New York District Office CPA PRACTITIONERS 708 Third Avenue 26 Federal Plaza, Suite 3100 22 Jericho Turnpike, Suite 110 New York, NY 10017 New York, NY 10278 Mineola, NY 11501 Phone: 212-697-5950 Phone: 212-264-4354 Phone: 516-333-8282 www.ana.net Syracuse District Office www.nccpap.org DATA MARKETING & ANALYTICS 224 Harrison Street, Suite 506 NATIONAL SOCIETY OF ACCOUNTANTS 225 Reinekers Lane, Suite 325 Syracuse, NY 13202 1330 Braddock Place, Suite 540 Alexandria, VA 22314 Phone: 315-471-9393 Alexandria, VA 22314 https://thedma.org/ Phone: 1-800-966-6679 EDITORIAL FREELANCERS ASSOCIATION www.nsacct.org 71 West 23rd Street, 4th Floor NEW YORK STATE SOCIETY OF CERTIFIED New York, NY 10010 PUBLIC ACCOUNTANTS Phone: 212-929-5400 14 Wall Street, 19th Floor www.the-efa.org New York, NY 10005 Phone: 800- 633-6320 www.nysscpa.org 44 PUBLIC RELATIONS SOCIETY OF AMERICA INTERNATIONAL ASSOCIATION OF PET UNITED ABRASIVES MANUFACTURERS 120 Wall Street, 21st Floor CEMETERIES AND CREMATORIES ASSOCIATION New York, NY 10005 390 Amwell Road, Suite 402 30200 Detroit Road Phone: 212-460-1400 Hillsborough, NJ 08844 Cleveland, OH 44145 www.prsa.org Phone: 1-800-952-1398 Phone: 440-899-0010 www.iaopc.com www.uama.org TRANSWORLD ADVERTISING AGENCY NETWORK INTERNATIONAL PET AND ANIMAL UNITED SERVICERS ASSOCIATION P.O. Box 600620 TRANSPORTATION 3501 N. Southport Avenue, Suite 199 Newton, MA 02458 1029 North Beaulah Street Chicago, Il 60657 Phone: 617-795-1706 Hawkins, TX 75765 Phone: 800-683-2558 www.taan.org Phone: 903-769-2267 www.unitedservicers.com www.ipata.org VALVE MANUFACTURERS ASSOCIATION AGRICULTURE 1625 K Street NW, Suite 325 ANTIQUES ECOLOGICAL FARMING ASSOCIATION Washington, DC 20006 2901 Park Avenue, Suite D-2 AMERICAN HISTORICAL PRINT Phone: 202-331-8105 Soquel, CA 95073 COLLECTORS SOCIETY www.vma.org Phone: 831-763-2111 94 Marine Street www.eco-farm.org Farmingdale, NY 11735 AUTOMOTIVE Phone: 631-227-3227 FARM FOUNDATION AUTO ALLIANCE www.ahpcs.org 1301 West 22nd Street, Suite 906 803 7th Street, N.W., Suite 300 Oak Brook, IL 60523 ANTIQUARIAN BOOKSELLER’S Washington, DC 20001 Phone: 630-571-9393 ASSOCIATION OF AMERICA Phone: 202-326-5500 www.farmfoundation.org 20 West 44th Street, Suite 507 www.autoalliance.org New York, NY 10036 FARMER’S MARKET FEDERATION OF AUTO CARE ASSOCIATION Phone: 212-944-8291 NEW YORK 7101 Wisconsin Avenue, Suite 1300 www.abaa.org 117 Highbridge Street, Suite U1 Bethesda, MD 20814 Fayetteville, NY 13066 ART AND ANTIQUE DEALERS Phone: 301-654-6664 Phone: 315-400-1447 LEAGUE OF AMERCIA www.autocare.org www.nyfarmersmarket.com P.O. Box 2066, Lenox Hill Station AUTOMOTIVE PARTS REMANUFACTURERS New York, NY 10021 GROCERY MANUFACTURER’S ASSOCIATION Phone: 212-879-7558 ASSOCIATION 7250 Heritage Village Plaza, Suite 201 https://aadla.com/ 13501 I Street, Suite 300 Gainesville, Virginia 20155 Washington, Dc 20005 INTERNATIONAL FINE PRINT DEALERS Phone: 703-968-2772 Phone: 202-639-5900 ASSOCIATION www.apra.org www.gmaonline.org 250 West 26th Street, Suite 405 AUTOMOTIVE SERVICE ASSOCIATION New York, NY 10001 NORTHEAST ORGANIC FARMING 8209 Mid Cities Blvd Phone: 212-674-6095 ASSOCIATION North Richland Hills, Texas 76182 www.ifpda.org 1423 Hathaway Drive Phone: 817-514-2900 Farmington, NY 14425 www.asashop.org Phone: 585-271-1979 APPLIANCES GASOLINE AND AUTOMOTIVE SERVICE www.nofa.org AMERICAN BOILER MANUFACTURERS DEALERS ASSOCIATION ORGANIC TRADE ASSOCIATION ASSOCIATION 372 Doughty Blvd, 444 North Capitol NW, Suite 445A 8221 Old Courthouse Road, Suite 380 Inwood, NY 11096 Washington, DC 20001 Vienna, Virginia 22182 Phone: 516-371-6201 Phone: 202-403-8520 Phone: 703-356-7172 www.gasda-ny.com www.ota.com www.abma.com PRODUCE MARKETING ASSOCIATION APPLIANCE PARTS DISTRIBUTORS AVIATION ASSOCIATION 1500 Casho Mill Road NEW YORK AVIATION MANAGEMENT 6761 East Ten Mile Road Newark, DE 19711 ASSOCIATION Center Line, MI 48015 Phone: 302-738-7100 230 Washington Avenue Extension, Suite 101 Phone: 800-900-0800 www.pma.com Albany, NY 12220 http://www.apda.com/ www.nyama.com ANIMALS ASSOCIATION OF HOME APPLIANCE MANUFACTURERS BAKERY AMERICAN PET ASSOCIATION 1111 19th Street NW, Suite 402 www.myapaonline.org Washington, DC 20036 AMERICAN BAKERS ASSOCIATION Phone: 202-872-5955 601 Pennsylvania Avenue, NW, Suite 230 www.aham.org Washington, DC 20004 Phone: 202-789-0300 www.americanbakers.org

45 INDEPENDENT BAKERS ASSOCIATION BUSINESS CONSTRUCTION P.O. Box 3731 NATIONAL FEDERATION OF INDEPENDENT AMERICAN SUBCONTRACTORS Georgetown Station BUSINESS ASSOCIATION Washington, D.C. 20027 Phone: 800-634-2669 1004 Duke Street Phone: 202-333-8190 www.nfib.com Alexandria, VA 22314 www.ibabaker.com Phone: 703-684-3450 NEW YORK PROPERTY INSURANCE THE BREAD BAKERS GUILD OF AMERICA www.asaonline.com UNDERWRITING ASSOCIATION 670 West Napa Street, Suite B 100 William Street, #1100 ARCHITECTURAL WOODWORK INSTITUTE Sonoma, CA 95476 New York, NY 10038 46179 Westlake Drive, Suite 120 Phone: 707-935-1468 Phone: 212-208-9700 Potomac Falls, VA 20165 www.bbga.org www.nypiua.com Phone: 571-323-3636 www.awinet.org BED AND BREAKFAST RETAIL COUNCIL OF NEW YORK STATE 258 State Street ASSOCIATED BUILDERS AND AMERICAN BED & BREAKFAST Albany, NY 12210 CONTRACTORS ASSOCIATION Phone: 518-465-3586 440 1st Street, NW, Suite 200 P.O. Box 1387 www.retailcouncilnys.com Washington, DC 20001 Midothan, VA 23113 Phone: 202-595-1505 THE BUSINESS COUNCIL OF NEW YORK Phone: 804-379-2222 www.abc.org www.abba.com STATE, INC. 111 Washington Avenue, Suite 400 ASSOCIATED GENERAL CONTRACTORS Albany, NY 12210 2300 Wilson Blvd, Suite 300 BICYCLE Phone: 518-465-7511 Arlington, VA 22201 NATIONAL BICYCLE DEALERS www.bcnys.org Phone: 703-548-3119 ASSOCIATION www.agc.org 25431 Cabot Road, Suite 204 CALL CENTERS CONSTRUCTION FINANCIAL Laguana Hills, CA 92653 ASSOCIATION OF TELESERVICES MANAGEMENT ASSOCIATION Phone: 949-722-6909 100 Village Blvd, Suite 200 www.nbda.com INTERNATIONAL 222 South Westmonte Drive, Suite 111 Princeton, NJ 08540 Altamonte, FL 32714 Phone: 609-452-8000 BOOKS Phone: 866-896-2874 www.cfma.org AMERICAN BOOKSELLERS ASSOCIATION www.atsi.org INDUSTRIAL DESIGNERS SOCIETY 333 Westchester Avenue, Suite S202 OF AMERICA White Plains, NY 10604 CATERING 555 Grove Street, Suite 200 Phone: 800-637-0037 Herndon, VA 20170 www.bookweb.org NATIONAL ASSOCIATION FOR CATERING Phone: 703-707-6000 AND EVENTS (NACE) www.idsa.org 10440 Little Patuxent Parkway, Suite 300 BUILDING MAINTENANCE Columbia, MD 21044 NATIONAL ASSOCIATION OF BUILDING SERVICE CONTRACTORS Phone: 410-290-5410 HOME BUILDERS ASSOCIATION INTERNATIONAL www.nace.net 1201 15th Street NW 330 North Wabash Avenue, Suite 2000 Washington, DC 20005 Phone: 1-800-368-5242 Chicago, IL 60611 CHILD CARE Phone: 800-368-3414 www.nahb.org CHILD CARE AWARE OF AMERICA www.bscai.org NATIONAL CONSTRUCTION TRADE 1515 North Courthouse Road, 3rd Floor ASSOCIATION CLEANING & MAINTENANCE Arlington, VA 22201 760 Sixes Road MANAGEMENT Phone: 703-341-4100 Canton, GA 30114 3300 Dundee Road https://usa.childcareaware.org/ Northbrook, IL 60062 Phone: 678-813-1525 Phone: 847-982-0800 NATIONAL CHILD CARE ASSOCIATION www.ncta-at.org P.O. Box 195 www.cmmonline.com NATIONAL FIRE PROTECTION Morrisville, PA 19067 ASSOCIATION INTERNATIONAL FACILITY MANAGEMENT Phone: 877-537-6222 1 Batterymarch Park ASSOCIATION www.nccanet.org 800 Gessner Road, Suite 900 Quincy, MA 02169 Houston, TX 77024 Phone: 1-800-344-3555 www.ifma.org CONFECTIONARY www.nfpa.org NATIONAL CONFECTIONER’S NEW YORK STATE BUILDERS ASSOCIATION OF THE UNITED STATES ASSOCIATION 1101 30th Street NW, Suite 200 152 Washington Avenue, Lower Level Washington, DC 20007 Albany, NY 12210 Phone: 202-534-1440 Phone: 518-465-0635 www.candyusa.org www.nysba.com

46 SUBCONTRACTORS TRADE ASSOCIATION DRY CLEANING/LAUNDROMAT FASHION 1325 Avenue of the Americas COIN LAUNDRY ASSOCIATION ASSOCIATION OF SEWING AND New York, NY 10019 1660 Midwest Road, Suite 205 DESIGN PROFESSIONALS Phone: 212-398-6220 Oakbrook Terrace, IL 60181 2885 Sanford Avenue SW # 19588 www.stanyc.com Phone: 800-570-5629 Grandville, MI 49418 URBAN GREEN COUNCIL www.coinlaundry.org Phone: 1-877-755-0303 55 Broad Street, 9th Floor www.sewingprofessionals.org DRY CLEANING AND LAUNDRY INSTITUTE New York, NY 10004 INTERNATIONAL COSTUME SOCIETY OF AMERICA Phone: 212-514-9385 14700 Sweitzer Lane P.O. Box 852 www.urbangreencouncil.org Laurel, MD 20707 Columbus, GA 31902-0852 Phone: 800-638-2627 Phone: 800-272-9447 CONSUMER ELECTRONICS www.dlionline.org www.costumesocietyamerica.com ELECTRONIC COMPONENTS INDUSTRY COUNCIL OF FASHION DESIGNERS OF ORGANIZATION ELECTRICAL CONTRACTOR AMERICA 1111 Alderman Drive, Suite 400 INDEPENDENT ELECTRICAL 65 Bleecker Street, 11th Floor Alpharetta, GA 30005 CONTRACTORS New York, NY 10012 Phone: 678-393-9990 4401 Ford Avenue, Suite 1100 Phone: 212-302-1821 www.ecianow.org Alexandria, VA 22302 www.cfda.com NATIONAL ELECTRONIC SERVICE Phone: 800-456-4324 FASHION FOOTWEAR ASSOCIATION DEALERS ASSOCIATION www.ieci.org OF NEW YORK P.O. Box 378 INTERNATIONAL SOCIETY OF CERTIFIED 575 Fifth Avenue, 14th Floor Hillsboro, TX 76645 ELECTRONICS TECHNICIANS New York, NY 10017 Phone: 817-921-9061 3000-A Landers Street Phone: 212-751-6422 www.nesda.com Fort Worth, TX 76107 www.ffany.org Phone: 800-946-0201 FASHION GROUP INTERNATIONAL COSMETOLOGY www.iscet.org 8 West 40th Street, 7th Floor BEAUTY SUPPLY INSTITUTE NATIONAL ELECTRICAL CONTRACTORS New York, NY 10018 5015 Floyd Road, Suite 300 ASSOCIATION Phone: 212-302-5511 Mableton, GA 30126 3 Bethesda Metro Ctr, Ste 1100 www.fgi.org Phone: 404-551-4398 Bethesda, MD 20814-3299 GARMENT CONTRACTORS www.beautysupplyinstitute.com Phone: 301-657-3110 ASSOCIATION OF CALIFORNIA INDEPENDENT COSMETIC www.necanet.org 110 East 9th Street, Suite A790 MANUFACTURER AND DISTRIBUTORS Los Angeles, CA 90079-1790 16775 Addison Road, Suite 200 EMPLOYMENT AGENCY Phone: 213-629-4422 Addison, TX 75001 www.garmentcontractors.org NATIONAL ASSOCIATION OF Phone: 800-334-2623 PERSONNEL SERVICES GARMENT DISTRICT ALLIANCE www.icmad.org 78 Dawson Village Way, Suite 410-201 209 West 38th Street, 2nd Floor PROFESSIONAL BEAUTY ASSOCIATION Dawsonville, GA 30534 New York, NY 10018 15825 North 71st Street, Suite 100 Phone: 844-627-7360 Phone: 212-764-9600 Scottsdale, AZ 85254 www.naps360.org www.garmentdistrict.nyc Phone: 480-281-0424 INTERNATIONAL TEXTILE AND www.probeauty.org ENTERTAINMENT APPAREL ASSOCIATION P.O. Box 70687 ENTERTAINMENT MERCHANTS Knoxville, TN 37938-0687 CRAFT/HOBBY ASSOCIATION Phone: 865-992-1535 AMERICAN CRAFT COUNCIL 11304 Chandler Boulevard, #6339 www.itaaonline.org 1224 Marshall Street NE, Suite 200 N. Hollywood, CA 91601 Minneapolis, MN 55413 Phone: 818-523-9671 UNITED STATES FASHION Phone: 800-836-3470 www.entmerch.org INDUSTRY ASSOCIATION www.craftcouncil.org 1717 Pennsylvania Avenue NW, Suite 430 THE GAME MANUFACTURERS Washington, DC 20006 ASSOCIATION Phone: 202-419-0444 DRUG STORE/PHARMACY 240 North 5th Street, Suite 340 https://www.usfashionindustry.com/ NATIONAL ASSOCIATION OF Columbus, OH 43215 CHAIN DRUG STORES Phone: 614-255-4500 1776 Wilson Blvd, Suite 200 www.gama.org FLOORING Arlington, VA 22209 FLOORING CONTRACTORS ASSOCIATION Phone: 703-549-3001 7439 Millwood Drive www.nacds.org West Bloomfield, MI 48322 Phone: 248-661-5015 www.fcica.com

47 FLORIST GIFT SHOP AMERICAN RESORT DEVELOPMENT ASSOCIATION SOCIETY OF AMERICAN FLORISTS GIFT AND HOME TRADE ASSOCIATION 1201 15th Street NW, Suite 400 1001 North Fairfax Street, Suite 201 2550 Sandy Plains Road, Suite 225 Washington, DC 20005 Alexandria, VA 22314 Box 214 Phone: 202-371-6700 Phone: 800-336-4743 Marietta, GA 30066 www.arda.org www.safnow.org Phone: 877-600-4872 www.giftandhome.org HUMAN RESOURCES FOOD AND WINE SOUVENIRS, GIFTS & NOVELTIES EMPIRE STATE SOCIETY OF ASSOCIATION AMERICAN BEVERAGE ASSOCIATION MAGAZINE EXECUTIVES, INC 1275 Pennsylvania Ave. NW, Suite 1100 1062 Lancaster Avenue, Suite 15F 1A Pine West Plaza Washington, DC 20004 Bryn Mawr, PA 19010 Albany, NY 12205 Phone: 202-463-6770 Phone: 610-645-6940 Phone: 518-463-1755 www.ameribev.org www.sgnmag.com www.essae.org AMERICAN BEVERAGE LICENSEES GROCERY STORE NATIONAL HUMAN RESOURCES 5101 River Road, Suite 108 ASSOCIATION Bethesda, MD 20816-1560 FOOD MARKETING INSTITUTE P.O. Box 16802 Phone: 301-656-1494 2345 Crystal Drive, Suite 800 Rochester, NY 14616 www.ablusa.org Arlington, VA 22202 www.humanresources.org Phone: 202-452-8444 BREWER’S ASSOCIATION www.fmi.org P.O. Box 1679 ICE CREAM Boulder, CO 80306 NATIONAL GROCERS ASSOCIATION Phone: 888-822-6273 1005 North Glebe Road, Suite 250 NATIONAL ICE CREAM www.brewersassociation.org Arlington, VA 22201 RETAILERS ASSOCIATION Phone: 703-516-0700 1030 West Devon Avenue FOOD AND BEVERAGE ASSOCIATION www.nationalgrocers.org Elk Grove Village, IL 60007 OF AMERICA Phone: 866-303-6960 111 East 14th Street, Suite 390 www.nicra.org New York, NY 10003 HARDWARE Phone: 212-344-8252 NORTH AMERICAN RETAIL HARDWARE IMPORT/EXPORT www.fbassoc.com ASSOCIATION NATIONAL ASSOCIATION OF BEVERAGE 136 North Delaware Street, Suite 200 AMERICAN ASSOCIATION OF IMPORTERS-WINE-SPIRITS-BEER Indianapolis, IN 46204 EXPORTERS AND IMPORTERS 529 14th Street NW, Suite 1183 Phone: 800-772-4424 1717 K Street NW, Suite 1120 Washington, DC 20045 www.nrha.org Washington, DC 20006 Phone: 202-393-6224 Phone: 202-857-8009 www.aaei.org www.bevimporters.org HOME FURNISHINGS NATIONAL BEER WHOLESALERS INTERNATIONAL CASUAL FURNISHINGS INFORMATION TECHNOLOGY ASSOCIATION ASSOCIATION 1101 King Street, Suite 600 1912 Eastchester Drive, Suite 100 AMERICAN COUNCIL FOR TECHNOLOGY Alexandria, VA 22314 High Point, NC 27265 AND INDUSTRY ADVISORY COUNCIL Phone: 800-300-6417 Phone: 336-881-1016 3040 Williams Drive, Suite 500 www.nbwa.org www.icfanet.org Fairfax, VA 22031 Phone: 703-208-4800 NATIONAL HOME FURNISHING FUNERAL www.actiac.org ASSOCIATION NEW YORK STATE FUNERAL 500 Guiseppe Court, Suite 6 ASSOCIATION FOR INFORMATION DIRECTORS ASSOCIATION Roseville, CA 95678 SCIENCE AND TECHNOLOGY 1 South Family Drive Phone: 800-422-3778 8555 16th Street, Suite 850 Albany, NY 12205 www.myhfa.org Silver Spring, MD 20910 www.nysfda.org Phone: 301-495-0900 www.asist.org HOSPITALITY FRANCHISES ASSOCIATION FOR INTELLIGENT AMERICAN HOTEL & LODGING INFORMATION MANAGEMENT INTERNATIONAL FRANCHISE EDUCATIONAL FOUNDATION 8403 Colesville Road, Suite 1100 ASSOCIATION 1250 Street NW, Suite 1100 Silverspring, MD 20910 1900 K Street, NW, Suite 700 Washington, DC 20005 Phone: 301-587-8202 Washington, DC 20006 Phone: 202-289-3180 https://www.aiim.org/ Phone: 202-628-8000 www.ahlef.org www.franchise.org AUDIOVISUAL AND INTEGRATED EXPERIENCE ASSOCIATION (AVIXA) 11242 Waples Mill Road, Suite 200 Fairfax, VA 22030 Phone: 800-659-7469 www.avixa.org 48 COMPTIA AMERICAN GEM TRADE ASSOCIATION AMERICAN COMPOSITES 3500 Lacey Road, Suite 100 3030 LBJ Freeway, Suite 840 MANUFACTURERS ASSOCIATION Downers Grove, IL 60515 Dallas, TX 75234 2000 North 15th Street, Suite 250 Phone: 630-678-8300 Phone: 214-742-4367 Arlington, VA 22201 www.comptia.org www.agta.org Phone: 703-525-0511 www.acmanet.org COMPUTER AND COMMUNICATIONS JEWELERS OF AMERICA INDUSTRY ASSOCIATION 120 Broadway, Suite 2820 BUILDERS HARDWARE MANUFACTURERS 655 15th Street NW, Suite 410 New York, NY 10271 ASSOCIATION Washington, DC 20005 Phone: 800-223-0673 355 Lexington Avenue, 15th Floor Phone: 202-783-0070 www.jewelers.org New York, NY 10017 www.ccianet.org Phone: 212-297-2122 JEWELERS SECURITY ALLIANCE www.buildershardware.com CTIA (WIRELESS COMMUNICATIONS 6 East 45th Street, Suite 1305 INDUSTRY) New York, NY 10017 FIRE EQUIPMENT MANUFACTURER’S 1400 16th Street NW, Suite 600 Phone: 212-687-0328 ASSOCIATION Washington, DC 20036 www.jewelerssecurity.org 1300 Summer Avenue Phone: 202-736-3200 Cleveland, OH 44115 www.ctia.org LANDSCAPING Phone: 216-241-7333 www.femalifesafety.org INFORMATION SYSTEMS SECURITY AMERICAN HORT ASSOCIATION 2130 Stella Court MANUFACTURERS ASSOCIATION OF 1964 Gallows Road, Suite 310 Columbus, OH 43215 CENTRAL NEW YORK Vienna, VA 22182 Phone: 614-487-1117 5788 Widewaters Parkway www.issa.org www.americanhort.org Syracuse, NY 13214 www.macny.org THE ASSOCIATION OF TECHNOLOGY, ASSOCIATION OF PROFESSIONAL MANAGEMENT AND APPLIED LANDSCAPE DESIGNERS NATIONAL ASSOCIATION OF ENGINEERING 2207 Forest Hills Drive MANUFACTURERS 3801 Lake Boone Trail, Suite 190 Harrisburg, PA 17112 733 10th Street NW, Suite 700 Raleigh, NC 27607 Phone: 717-238-9780 Washington, DC 20001 Phone: 919-635-8335 www.apld.org Phone: 202-637-3000 www.atmae.org www.nam.org LEGAL INTERNATIONAL TRADE PAINTING CONTRACTOR AMERICAN BAR ASSOCIATION FOREIGN TRADE COMMISSIONERS 1050 Connecticut Ave. N.W., Suite 400 PAINTING AND DECORATING ASSOCIATION IN NEW YORK Washington, D.C. 20036 CONTRACTORS OF AMERICA www.ftcany.com www.americanbar.org 2316 Millpark Drive Maryland Heights, MO 63043 THE FEDERATION OF INTERNATIONAL NEW YORK STATE BAR ASSOCIATION Phone: 1-800-332-7322 TRADE ASSOCIATIONS 1 Elk Street www.pdca.org 172 5th Ave, Suite 118 Albany, NY 12207 Brooklyn, NY 11217 www.nysba.org www.fita.org PHOTOGRAPHIC STUDIO AMERICAN PHOTOGRAPHIC ARTISTS (NY) UNITED STATES COUNCIL FOR MAIL ORDER INTERNATIONAL BUSINESS P.O. Box 1514 1212 Avenue of the Americas NATIONAL E-TAILING AND MAILING 217 East 70th Street New York, NY 10036 ORGANIZATION OF AMERICA New York, NY 10021 Telephone: 212-354-4480 P.O. Box 658 Phone: 347-766-7647 www.uscib.org Scarborough, ME 04070 www.ny.apanational.org Phone: 781-237-7483 PROFESSIONAL PHOTOGRAPHERS WORLD TRADE CENTERS ASSOCIATION www.nemoa.org 120 Broadway Suite 3350 NW, OF AMERICA New York, NY 10271 229 Peachtree St. NE, Suite 2200 www.wtca.org MANUFACTURING Atlanta, GA 30303 AMERICAN BEARING MANUFACTURERS Phone: 800-786-6277 www.ppa.com JEWELRY ASSOCIATION 330 North Wabash Avenue, Suite 2000 AMERICAN GEM SOCIETY Chicago, IL 60611 PRINTING BUSINESS 8881 West Sahara Phone: 202-367-1155 AMERICAN INSTITUTE OF GRAPHIC ARTS Las Vegas, NV 89117 www.americanbearings.org Phone: 866-805-6500 233 Broadway, Suite 1740 www.ags.org New York, NY 10279 Phone: 212-807-1990 www.aiga.org

49 PRINTING INDUSTRIES ALLIANCE RETAIL ASSOCIATION OF RETAIL 636 North French Road, Suite 1 TRAVEL AGENTS NATIONAL RETAIL FEDERATION Amherst, NY 14228 4320 North Miller Road 1101 New York Avenue NW Phone: 716-691-3211 Scottsdale, AZ 85251 Washington, DC 20005 www.pialliance.org Phone: 866-369-8969 Phone: 800-673-4692 http://www.arta.travel/ PRINTING INDUSTRIES OF AMERICA www.nrf.com 301 Brush Creek Road THE TRAVEL INSTITUTE Warrendale, PA 15086 RENEWABLE ENERGY 945 Concord Street Phone: 800-910-4283 Framingham, MA 01701 www.printing.org AMERICAN COUNCIL ON Phone: 781-237-0280 RENEWABLE ENERGY www.thetravelinstitute.com 1600 K. Street NW, Suite 650 REAL ESTATE Washington, DC 20006 U.S. TRAVEL ASSOCIATION BUILDING OWNERS AND MANAGERS Phone: 202-393-0001 1100 New York Avenue, NW, Suite 450 ASSOCIATION INTERNATIONAL www.acore.org Washington, DC 20005 1101 15th Street, NW, Suite 800 Phone: 202-408-8422 AMERICAN WIND ENERGY ASSOCIATION Washington, DC 20005 www.ustravel.org 1501 Main Street NW, Suite 900 Phone: 202-326-6377 Washington, DC 20005 www.boma.org Phone: 202-383-2500 TRUCKING NATIONAL ASSOCIATION OF REAL www.awea.org AMERICAN TRUCKING ASSOCIATIONS ESTATE BROKERS 950 North Glebe Road, Suite 210 GEOTHERMAL RESOURCES COUNCIL 9831 Greenbelt Road, Suite 309 Arlington, VA 22203 P.O. BOX 1350 Lanham, MD 20706 Phone: 703-838-1700 Davis, CA 95617 Phone: 301-552-9340 www.trucking.org Phone: 530-758-2360 www.nareb.com https://geothermal.org/ NEW YORK STATE ASSOCIATION OF WASTE MANAGEMENT NORTH AMERICAN BOARD OF CERTIFIED REALTORS ENERGY PRACTITIONERS (NABCEP) NEW YORK ASSOCIATION FOR 130 Washington Avenue 56 Clifton Country Road, Suite 202 REDUCTION, REUSE AND RECYCLING Albany, NY 12210 Clifton Park, NY 12065 1971 Western Avenue, #1180 Phone: 518-463-0300 Phone: 800-654-0021 Albany, NY 12203 www.nysar.com www.nabcep.org Phone: 518-482-7395 THE COUNSELORS OF REAL ESTATE https://www.nysar3.org/index.php SOLAR ENERGY INDUSTRIES 430 North Michigan Avenue ASSOCIATION NEW YORK STATE ASSOCIATION FOR Chicago, IL 60611 600 14th Street NW, Suite 400 SOLID WASTE MANAGEMENT Phone: 312-329-8427 Washington, DC 20005 546 East Road www.cre.org Phone: 202-682-0556 St. Johnsville, NY 13452 www.seia.org Phone: 518-568-2095 RESTAURANT https://nysaswm.org UNITED STATES ENERGY ASSOCIATION AMERICAN CULINARY FEDERATION 1300 Pennsylvania Avenue NW, Suite 550 SWANA – THE SOLID WASTE 180 Center Place Way Mailbox 142 ASSOCIATION OF NORTH AMERICA St. Augustine, FL 32095 Washington, DC 20004 1100 Wayne Avenue Suite 650 Phone: 800-624-9458 Phone: 202-312-1230 Silver Spring, MD 20910 www.acfchefs.org www.usea.org www.swana.org NATIONAL RESTAURANT ASSOCIATION US RENEWABLE ENERGY ASSOCIATION THE FEDERATION OF SOLID WASTE 2055 L Street NW, Suite 700 P.O. Box 0550 ASSOCIATION Washington, DC 20036 Lexington, Michigan 48450 http://nyfederation.org/ Phone: 312-329-8427 Phone: 810-359-2250 www.restaurant.org www.usrea.org NEW YORK STATE RESTAURANT ASSOCIATION TRAVEL 409 New Kramer Road, Suite 202 AMERICAN SOCIETY OF TRAVEL Albany, NY 12205 ADVISORS www.nysra.org 675 North Washington Street, Suite 490 Alexandria, VA 22314 Phone: 800-275-2782 www.asta.org

50 BRONXVILLE CHAMBER OF COMMERCE CHAMBER OF COMMERCE Appendix F 51 Pondfield Road, Suite 1 (2nd Floor) OF THE TONAWANDAS Bronxville, NY 10708 254 Sweeney Street Phone: 914-337-6040 North Tonawanda, NY 14120 Chambers of Commerce www.bronxvillechamber.com Phone: 716-692-5120 www.the-tonawandas.com Chambers of Commerce seek to help BROOKLYN CHAMBER OF COMMERCE small businesses to flourish in their 335 Adams Street, Suite 2700 CHAUTAUQUA CHAMBER OF COMMERCE local areas by providing members with Brooklyn, NY 11201 512 Falconer Street networking opportunities, discounts on Phone: 718-875-1000 Jamestown, NY 14701 products, advocacy assistance and other www.ibrooklyn.com Phone: 716-484-1101 business services. www.chautauquachamber.org BUFFALO NIAGARA PARTNERSHIP 257 West Genesee Street, Suite 600 CHEEKTOWAGA CHAMBER OF COMMERCE ADIRONDACK REGIONAL Buffalo, NY 14202 Apple Tree Business Park CHAMBERS OF COMMERCE Phone: 716-852-7100 2875 Union Road, Suite 7A 136 Glen Street, Suite 3 www.thepartnership.org Cheektowaga, NY 14227 Glens Falls, NY 12801 Phone: 716-684-5838 Phone: 518-798-1761 CAMBRIDGE VALLEY www.cheektowaga.org www.adirondackchamber.org CHAMBER OF COMMERCE P.O. Box 405 CHEMUNG COUNTY ADIRONDACK SPECULATOR REGION Cambridge, NY 12816 CHAMBER OF COMMERCE CHAMBER OF COMMERCE Phone: 518-677-0887 400 East Church Street P.O. Box 184 www.cambridgenychamber.com Elmira, NY 14901 Speculator, NY 12164 Phone: 607-734-5137 Phone: 518-548-4521 CAMDEN CHAMBER OF COMMERCE www.chemungchamber.org www.speculatorchamber.com 64 Main Street Camden, NY 13316 CHENANGO CHAMBER OF COMMERCE CAPITAL REGION Phone: 315-245-5000 15 South Broad Street CHAMBER OF COMMERCE www.camdennychamber.com/ Norwich, NY 13815 ALBANY OFFICE Phone: 607-334-1400 5 Computer Drive South CANANDAIGUA CHAMBER OF COMMERCE www.chenangony.org Colonie, NY 12205 113 South Main Street Phone: 518-431-1400 Canandaigua, NY 14424 CITY ISLAND CHAMBER OF COMMERCE www.capitalregionchamber.com Phone: 585-394-4400 280 City Island Avenue www.canandaiguachamber.com Bronx, NY 10464 SCHENECTADY OFFICE Phone: 718-885-3090 1473 Erie Boulevard CANTON CHAMBER OF COMMERCE www.cityislandchamber.org Schenectady, NY 12305 60 Main Street Canton, NY 13617 CLAYTON CHAMBER OF COMMERCE BABYLON VILLAGE Phone: 315-386-2871 517 Riverside Drive CHAMBER OF COMMERCE www.cantonny.gov/chamber Clayton, NY 13624 P.O. Box 443 Phone: 315-686-3771 Babylon, NY 11702 CAPE VINCENT CHAMBER OF COMMERCE www.1000islands-clayton.com https://www.babylonvillagechamberofcommerce.com/ 173 North James Street P.O. Box 482 CLINTON CHAMBER OF COMMERCE BEDFORD HILLS CHAMBER OF COMMERCE Cape Vincent, New York 13618 21 West Park Row 85 Adams Street Phone: 315-654-2481 Clinton, NY 13323 Bedford Hills, NY 10507 www.capevincent.org Phone: 315-853-1735 Phone: 914-241-8627 www.clintonnychamber.org CARTHAGE AREA CHAMBER OF COMMERCE BETHLEHEM CHAMBER OF COMMERCE 120 South Mechanic Street COLUMBIA COUNTY 318 Delaware Avenue, Suite 11 Carthage, NY 13619 CHAMBER OF COMMERCE Delmar, NY 12054 Phone: 315-493-3590 1 North Front Street Phone: 518-439-0512 www.carthageny.info Hudson, NY 12534 www.bethlehemchamber.com Phone: 518-828-4417 CAYUGA COUNTY www.columbiachamber-ny.com BOLTON LANDING CHAMBER OF COMMERCE CHAMBER OF COMMERCE 2 State Street COOPERSTOWN CHAMBER OF COMMERCE 4928 Lakeshore Drive Auburn, NY 13021 31 Chestnut Street P.O. Box 368 Phone: 315-252-7291 Cooperstown, NYT 13326 Bolton Landing, NY 12814 www.cayugacountychamber.com Phone: 607-547-9983 Phone: 518-644-3831 www.cooperstownchamber.org www.boltonchamber.com CHAMBER OF COMMERCE OF THE MORICHES P.O. Box 686 CORNING AREA CHAMBER OF COMMERCE BREWSTER CHAMBER OF COMMERCE Center Moriches, NY 11934-0686 1 West Market Street, Suite 202 16 Mount Ebo Road South, Suite 12A Phone: 631-874-3849 Corning, NY 14830 Brewster, NY 10509 www.moricheschamber.org Phone: 607-936-4686 Phone: 845-279-2477 www.corningny.com www.brewsterchamber.com

51 CORTLAND COUNTY GATES CHILI CHAMBER OF COMMERCE GREATER EAST AURORA CHAMBER OF COMMERCE P.O. Box 24083 CHAMBER OF COMMERCE 37 Church Street Rochester, NY 14624 652 Main Street Cortland, NY 13045 Phone: 585-234-2033 East Aurora, NY 14052 Phone: 607-756-2814 www.gcchamber.com Phone: 716-652-8444 www.cortlandareachamber.com www.eanycc.com GENESEE COUNTY CHAMBER OF COMMERCE DEPOSIT CHAMBER OF COMMERCE 8276 Park Road GREATER GOUVERNEUR P.O. Box 222 Batavia, NY 14020 CHAMBER OF COMMERCE Deposit, NY 13754 Phone: 585-343-7440 53 Herm Town Road www.depositchamber.com www.geneseeny.com Gouverneur, NY 13642 Phone: 315-287-0331 DUTCHESS COUNTY REGIONAL GENEVA AREA CHAMBER OF COMMERCE www.gouverneurchamber.net CHAMBER OF COMMERCE 537 Exchange Street 1 Civic Center Plaza, Suite 400 One Franklin Square Building, Suite 202 GREATER GREENWICH Poughkeepsie, NY 12601 Geneva, NY 14456 CHAMBER OF COMMERCE Phone: 845-454-1700 Phone: 315-789-1776 6 Academy Street www.dcrcoc.org www.genevany.com Greenwich, NY 12834 Phone: 518-692-7979 EAST HAMPTON CHAMBER OF COMMERCE GLEN COVE CHAMBER OF COMMERCE www.greenwichchamber.org 58B Park Place 264 Glen Street East Hampton, NY 11937 Glen Cove, NY 11542 GREATER NEW HYDE PARK CHAMBER Phone: 631-324-0362 Phone: 516-676-6666 OF COMMERCE www.easthamptonchamber.com www.glencovechamber.org P.O. Box 247 New Hyde Park, NY 11040 EAST MEADOW CHAMBER OF COMMERCE GRAND ISLAND CHAMBER OF COMMERCE Phone: 888-400-0311 P.O. Box 77 1870 Whitehaven Road www.nhpchamber.org East Meadow, NY 11554 Grand Island, NY 14072 Phone: 516-794-3727 Phone: 716-773-3651 GREATER NEW YORK www.eastmeadowchamber.com www.gichamber.org CHAMBER OF COMMERCE 20 West 44th Street, 4th Floor EAST NORTHPORT CHAMBER OF COMMERCE GRANVILLE AREA CHAMBER OF COMMERCE New York, NY 10036 24 Larkfield Road 1 Main Street Phone: 212-686-7220 East Northport, NY 11731 Granville, NY 12832 www.chamber.nyc Phone: 631-261-3573 Phone: 518-642-2815 www.eastnorthport.com www.granvillenychamber.com GREATER NEWARK NY CHAMBER OF COMMERCE EAST QUOGUE CHAMBER OF COMMERCE GREAT NECK CHAMBER OF COMMERCE 199 Van Buren Street P.O. Box 877 P.O. Box 220432 Newark, NY 14513 East Quogue, NY 11942 Great Neck, NY 11022 Phone: 315-331-2705 Phone: 631-728-5555 Phone: 516-487-2000 www.newarknychamber.org www.eqny.com www.greatneckchamber.org GREATER OLEAN AREA ELLICOTTVILLE CHAMBER OF COMMERCE GREATER BALDWINSVILLE CHAMBER OF COMMERCE P.O. Box 456 CHAMBER OF COMMERCE 301 North Union Street 9 W. Washington Street 36 Oswego Street, Suite 206 Olean, NY 14760 Ellicottville, NY 14731 Baldwinsville, NY 13027 Phone: 716-372-4433 Phone: 716-699-5046 Phone: 315-638-0550 www.oleanny.com www.ellicottvilleny.com www.baldwinsvillechamber.com GREATER OSSINING CHAMBER OF FAIR HAVEN CHAMBER OF COMMERCE GREATER BINGHAMTON COMMERCE P.O. Box 13 CHAMBER OF COMMERCE 2 Todd Place Fair Haven, N.Y. 13064 Five South College Drive Ossining, NY 10562 Phone: 315-947-6037 Binghamton, NY 13905 Phone: 914-941-0009 www.fairhavenny.com Phone: 607-772-8860 www.ossiningchamber.org www.greaterbinghamtonchamber.com FREDONIA CHAMBER OF COMMERCE GREATER ROCHESTER 5 East Main Street GREATER CAZENOVIA CHAMBER OF COMMERCE Fredonia, NY 14063 CHAMBER OF COMMERCE 150 State Street, Suite 400 Phone: 716-679-1565 59 Albany Street Rochester, NY 14614 Cazenovia, NY 13035 Phone: 585-244-1800 FULTON MONTGOMERY COUNTY REGIONAL Phone: 315-655-9243 www.greaterrochesterchamber.com CHAMBER OF COMMERCE www.cazenoviachamber.com 2 North Main Street GREATER SAYVILLE CHAMBER OF COMMERCE Gloversville, NY 12078 GREATER DELHI AREA CHAMBER OF P.O. Box 235 Phone: 518-725-0641 COMMERCE Sayville, NY 11782 https://www.fultonmontgomeryny.org/ P.O. Box 46 Phone: 631-567-5257 Delhi, New York 13753 www.sayville.com www.visitdelhiny.com

52 GREATER SLEEPY HOLLOW TARRYTOWN HORNELL AREA CHAMBER OF COMMERCE MANHATTAN CHAMBER OF COMMERCE CHAMBER OF COMMERCE 40 Main Street 575 Fifth Avenue, 14th Floor One Neperan Road Hornell, NY 14843 New York, NY 10017 Tarrytown, NY 10591 Phone: 607-324-0310 Phone: 212-473-7875 Phone: 914-631-1705 www.hornellny.com www.manhattancc.org www.greatersleepyhollowtarrytown.com HUDSON VALLEY GATEWAY MONTAUK CHAMBER OF COMMERCE GREATER UTICA CHAMBER OF COMMERCE CHAMBER OF COMMERCE 742 Montauk Highway 520 Seneca St, Suite 102 1 South Division Street Montauk, NY 11954 Utica, NY 13502 Peekskill, NY 10566 Phone: 631-668-2428 Phone: 315-724-3151 Phone: 914-737-3600 www.montaukchamber.com www.greateruticachamber.org www.hvgatewaychamber.com NARROWSBURG CHAMBER OF COMMERCE GREATER WATERTOWN-NORTH COUNTRY HUNTER CHAMBER OF COMMERCE P.O. Box 44 CHAMBER OF COMMERCE P.O. Box 177 Narrowsburg, NY 12764 1241 Coffeen Street Hunter, NY 12442 www.narrowsburg.org Watertown, NY 13601 www.hunterchamber.org Phone: 315-788-4400 NEW HARTFORD CHAMBER OF COMMERCE www.watertownny.com HUNTINGTON TOWNSHIP CHAMBER P.O. Box 372 OF COMMERCE New Hartford, NY 13413 GREATER WESTHAMPTON CHAMBER 164 Main Street Phone: 315-796-1520 OF COMMERCE Huntington, NY 11743 www.newhartfordchamber.com 7 Glovers Lane Phone: 631-423-6100 Westhampton Beach, NY 11978 www.huntingtonchamber.com NEW PALTZ REGIONAL CHAMBER Phone: 631-288-3337 OF COMMERCE www.westhamptonchamber.org INLET AREA CHAMBER OF COMMERCE 257 Main Street 160 State Route 28 at Arrowhead Park New Paltz, NY 12561 GREECE REGIONAL Inlet, NY 13360 Phone: 845 255-0243 CHAMBER OF COMMERCE Phone: 315-357-5501 www.newpaltzchamber.org 2402 West Ridge Road www.inletny.com Greece, NY 14626 NEW ROCHELLE CHAMBER OF COMMERCE Phone: 585-227-7272 JAMESTOWN AREA OF COMMERCE 417 North Avenue www.greecechamber.org 512 Falconer Street New Rochelle, NY 10801 Jamestown, NY 14701 Phone: 914-632-5700 GREENE COUNTY CHAMBER OF COMMERCE Phone: 716-484-1101 www.newrochellechamber.org 327 Main Street, P.O. Box 248 Catskill, NY 12414 KATONAH CHAMBER OF COMMERCE NIAGARA USA CHAMBER Phone: 518-943-4222 P.O. Box 389 6311 Inducon Corporate Drive, #2 www.greenecountychamber.com Katonah, NY 10536 Sanborn, NY 14132 www.katonahchamber.org Phone: 716-285-9141 GUILDERLAND CHAMBER OF COMMERCE www.niagarachamber.org 2050 Western Ave., Ste. 109 KENMORE TOWN OF TONAWANDA Guilderland, NY 12084 CHAMBER OF COMMERCE NORTH COUNTRY CHAMBER OF COMMERCE Phone: 518-456-6611 3411 Delaware Avenue, Suite 206 7061 Route 9 www.guilderlandchamber.com Kenmore, NY 14217 P.O. Box 310 Phone: 716-874-1202 Plattsburgh, NY 12901 HAGUE ON LAKE CHAMBER OF COMMERCE www.ken-ton.org Phone: 518-563-1000 P.O. Box 615 www.northcountrychamber.com Hague, NY 12836 LAKE GEORGE REGIONAL CHAMBER Phone: 518-543-6441 OF COMMERCE NORTHPORT CHAMBER OF COMMERCE www.visithague.com 2176 U.S. 9 P.O. Box 33 Lake George, NY 12845 Northport, NY 11768 HAMPTON BAYS CHAMBER OF COMMERCE Phone: 518-668-5755 Phone: 631-754-3905 P.O. Box 632 www.lakegeorgechamber.com www.northportny.com Hampton Bays, NY 11946 Phone: 631-728-2211 LANCASTER AREA CHAMBER OF COMMERCE OGDENSBURG CHAMBER OF COMMERCE www.hamptonbayschamber.com 11 West Main Street, Suite 100 1 Bridge Plaza Lancaster, NY 14086 Ogdensburg, NY 13669 HANCOCK AREA CHAMBER OF COMMERCE Phone: 716-681-9755 Phone: 315-393-3620 P.O. Box 525 www.wnychamber.com www.ogdensburgny.com Hancock, NY 13783 http://www.chamber.visithancockny.com/index.html LIVINGSTON COUNTY AREA ORANGE COUNTY CHAMBER OF COMMERCE CHAMBER OF COMMERCE 40 Matthews Street HERKIMER COUNTY CHAMBER 4635 Millennium Drive Goshen, NY 10924 OF COMMERCE Geneseo, NY 14454 Phone: 845-294-1700 420 East German Street, Suite 1, Box 7 Phone: 585-243-2222 www.orangeny.com Herkimer, NY 13350 https://www.livingstoncountychamber.com/ Phone: 315-866-7820 www.herkimercountychamber.com

53 ORCHARD PARK CHAMBER OF COMMERCE SARANAC LAKE AREA CHAMBER STATEN ISLAND CHAMBER OF COMMERCE 6524 East Quaker Street OF COMMERCE P.O. Box 41277 Orchard Park, NY 14127 39 Main Street Staten Island, NY 10304 Phone: 716-662-3366 Saranac Lake, NY 12983 Phone: 718-727-1900 www.orchardparkchamber.org Phone: 518-891-1990 www.sichamber.com http://slareachamber.org/ ORLEANS COUNTY CHAMBER OF COMMERCE SUNNYSIDE CHAMBER OF COMMERCE P.O. Box 501 SARATOGA COUNTY P.O. Box 4129 Medina, NY 14103 CHAMBER OF COMMERCE Sunnyside, NY 11104 Phone: 585-301-8464 28 Clinton Street www.sunnyside-chamber.org www.orleanschamber.com Saratoga Springs, NY 12866 Phone: 518-584-3255 SYOSSET WOODBURY CHAMBER OF OTSEGO CHAMBER OF COMMERCE www.saratoga.org COMMERCE 189 Main Street, Suite 500 93 Jackson Avenue Oneonta, NY 13820 SCHOHARIE COUNTY CHAMBER Syosset, NY 11791 Phone: 607-267-4010 OF COMMERCE Phone: 516-307-1330 www.otsegocc.com P.O. Box 143 www.syossetchamber.com Schoharie, NY 12157 QUEENS CHAMBER OF COMMERCE Phone: 518-295-8824 TICONDEROGA AREA CHAMBER The Bulova Building www.schohariechamber.com OF COMMERCE 75-20 Astoria Blvd, Suite 140 94 Montcalm Street, Suite 1 Jackson Heights, NY 11370 SCHROON LAKE CHAMBER OF COMMERCE Ticonderoga, NY 12883 Phone: 718-898-8500 P.O. Box 726 Phone: 518-585-6619 www.queenschamber.org Schroon Lake, NY 12870 www.ticonderogany.com Phone: 518-532-7675 RED HOOK AREA CHAMBER OF COMMERCE www.schroonlakechamber.org TOMPKINS COUNTY 7346 South Broadway CHAMBER OF COMMERCE Red Hook, NY 12571 SENECA COUNTY CHAMBER OF COMMERCE 904 East Shore Drive Phone: 845-758-0824 1 West Main Street Ithaca, NY 14850 www.redhookchamber.org P.O. Box 350 Phone: 607-273-7080 Waterloo, NY 13165 www.tompkinschamber.org RENSSELAER COUNTY REGIONAL CHAMBER Phone: 315-568-2906 OF COMMERCE www.senecachamber.org TUPPER LAKE CHAMBER OF COMMERCE 90 Fourth Street, Suite 200 121 Park Street Troy, NY 12180 SHARON SPRINGS CHAMBER OF COMMERCE Tupper Lake, NY 12986 Phone: 518-274-7020 P.O. Box 182 Phone: 518-359-3328 www.renscochamber.com Sharon Springs, NY 13459 http://www.tupperlake.com/live/tupper-lake- Phone: 518-860-5513 chamber-of-commerce ROCKVILLE CENTRE CHAMBER http://sharonspringschamber.com/ OF COMMERCE ULSTER COUNTY REGIONAL P.O. Box 226 SHELTER ISLAND CHAMBER OF COMMERCE CHAMBER OF COMMERCE Rockville Centre, NY 11571 P.O. Box 598 214 Fair Street Phone: 516-766-0666 Shelter Island, NY 11964 Kingston, NY 12401 www.rockvillecentrechamberofcommerce.com Phone: 877-893-2290 Phone: 845-338-5100 https://www.shelterislandchamber.org/ www.ulsterchamber.org ROME AREA CHAMBER OF COMMERCE 139 West Dominick Street SKANEATELES AREA UNADILLA CHAMBER OF COMMERCE Rome, NY 13440 CHAMBER OF COMMERCE http://unadillachamberofcommerce.org/ Phone: 315-337-1700 22 Jordan Street www.romechamber.com Skaneateles, NY 13152 WARWICK VALLEY CHAMBER OF COMMERCE Phone: 315-685-0552 32 South Street ROSCOE CHAMBER OF COMMERCE www.skaneateles.com Warwick, NY 10990 P.O. Box 443 Phone: 845-986-2720 Roscoe, NY 12776 SOUTHAMPTON CHAMBER OF COMMERCE www.warwickcc.org www.roscoeny.com 76 Main Street Southampton, NY 11968 WATKINS GLEN AREA CHAMBER ROSENDALE CHAMBER OF COMMERCE Phone: 631-283-0402 OF COMMERCE P.O. Box 533 www.southamptonchamber.com 214 North Franklin Street Rosendale, NY 12472 Watkins Glen, NY 14891 www.rosendalechamber.org SOUTHTOWNS REGIONAL CHAMBER OF Phone: 607-535-4300 COMMERCE www.watkinsglenchamber.com SAG HARBOR CHAMBER OF COMMERCE P.O. BOX 848 P.O. Box 2810 Hamburg, NY 14075 WEBSTER CHAMBER OF COMMERCE Long Wharf Phone: 716-649-7917 1110 Crosspointe Lane, Suite C Sag Harbor, NY 11963 www.hamburg-chamber.org Webster NY, 14580 www.sagharborchamber.com Phone: 585-265-3702 SPRINGVILLE AREA CHAMBER OF COMMERCE www.websterchamber.com 23 North Buffalo Street Springville, NY 14141 Phone: 716-592-4746 www.springvillechamber.com

54 WELLSVILLE AREA CHAMBER OF COMMERCE WINDHAM CHAMBER OF COMMERCE YATES COUNTY CHAMBER OF COMMERCE 114 North Main Street P.O. Box 613 2375 Route 14A Wellsville, NY 14895 Windham, NY 12496 Penn Yan, NY 14527 Phone: 585-593-5080 Phone: 518-764-3872 Phone: 315-536-3111 www.wellsvilleareachamber.com http://www.movingwindhamforward.com/ www.yatesny.com

WEST ISLIP CHAMBER OF COMMERCE WOODSTOCK CHAMBER OF COMMERCE YONKERS CHAMBER OF COMMERCE P.O. Box 58 P.O. Box 36 55 Main Street, 2nd Floor West Islip, NY 11795 Woodstock, NY 12498 Yonkers, NY 10701 Phone: 631-661-3838 Phone: 845-679-6234 Phone: 914-963-0455 www.westislipchamber.org www.woodstockchamber.com www.yonkerschamber.com

WEST SENECA CHAMBER OF COMMERCE WYOMING COUNTY YORKTOWN CHAMBER OF COMMERCE 1300 Union Road CHAMBER OF COMMERCE 3565 Crompond Road, Suite 203 West Seneca, NY 14224 36 Center Street, Suite A Cortlandt, NY 10567 Phone: 716-674-4900 Warsaw, NY 14569 Phone: 914-245-4599 https://westseneca.org/ Phone: 585-786-0307 www.yorktownchamber.org https://www.wycochamber.org/

55 CAYUGA COUNTY DEPARTMENT EXCELSIOR GROWTH FUND Appendix G OF PLANNING & ECONOMIC 5 Hanover Square, 10th Floor DEVELOPMENT CORPORATION New York, New York 10004 160 Genesee Street, 5th Floor Phone: 866-466-9232 Alternative Lenders Auburn, New York 13121 Phone: 315-253-1276 GREATER JAMAICA DEVELOPMENT COMPANY Empire State Development supports 90-04 161st Street alternative lenders throughout New York CCDDNA D/B/A BUSINESS CENTER Jamaica, New York 11432 State to help small businesses meet their FOR NEW AMERICANS Phone: 718-291-0282 financing needs. 120 Broadway, Suite 230 New York, New York 10271 GREATER SYRACUSE BUSINESS DEVELOPMENT CORPORATION ACCION EAST Phone: 212-898-4130 101 S. Salina Street, #10, Suite 1030 80 Maiden Lane, Suite 903 CENTRAL NEW YORK REGIONAL PLANNNG & Syracuse, New York 13202 New York, New York 10038 DEVELOPMENT BOARD/CNY-RPDB Phone: 315-373.0348 Phone: 866-245-0783 126 N. Salina Street, Suite 200 GREENE COUNTY ECONOMIC DEVELOPMENT, ADIRONDACK ECONOMIC DEVELOPMENT Syracuse, New York 13202 TOURISM AND PLANNING CORPORATION/AEDC Phone: 315-422-8276 Ext 205 411 Main Street 67 Main St., Suite 300 CHAUTAUQUA OPPORTUNITIES Catskill, New York 12414 Saranac Lake, New York 12983 FOR DEVELOPMENT, INC Phone: 518-719-3290 Phone: 518 891-5523 17 W Courtney Street GROW AMERICA FUND ALTERNATIVE FEDEDERAL CREDIT UNION Dunkirk, New York 14048 708 Third Avenue, Suite 710 125 N. Fulton Street Phone: 716-366-8176 New York, New York 10017 Ithaca, New York 14850 CITY OF CORNING Phone: 212-682-1106 Phone: 607-216-3446 500 Civic Center Plaza HARLEM ENTREPRENEURIAL FUND, LLC AMSTERDAM URBAN RENEWAL AGENCY Corning, New York 14830 361 West 125th Street, 4th Floor City Hall Phone: 607-962-0340 ext. 1117 New York, New York 10027 61 Church Street CITY OF OSWEGO Phone: 212-749-0900 Ext 122 Amsterdam, New York 12010 20 West Oneida Street Phone: 518-843-0604 Conway Municipal Center, 3rd Floor KIVA ZIP 394 Broadway, Floor 5 BOC CAPITAL CORPORATION Oswego, New York 13126 New York, New York 10013 85 South Oxford Street, 2nd Floor Phone: 315-343-3795 Phone: 828-479-5482 Brooklyn, New York 11217 CITY OF UTICA Phone: 718-625-1296 1 Kennedy Plaza LA FUERZA UNIDA COMMUNITY DEVELOPMENT CORPORATION BRONX OVERALL ECONOMIC Utica, New York 13502 34 Muttontown Lane, Suite 203 DEVELOPMENT CORPORATION Phone: 315-792-0195 East Norwich, New York 11732 851 Grand Concourse, Room 123 COMCO DEVELOPMENT CORPORATION/ Phone: 516-922-8100 Bronx, New York 10451 THE CENTRAL NEW YORK Phone: 718-590-5623 ENTERPRISE DEVELOPMENT FUND LONG ISLAND DEVELOPMENT CORPORATION/ LIDC & L.I. SMALL BUSINESS ASSISTANCE BROOKLYN COOPERATIVE 126 N. Salina Street 400 Post Ave., Suite 201A FEDERAL CREDIT UNION /BCFCU Syracuse, New York 13202 Westbury, New York 11590 1474 Myrtle Ave Phone: 315-422-5472 Phone: 866-433-5432 Brooklyn, New York 11237 COMMUNITY CAPITAL NEW YORK Phone: 718-418-8232 ext.2020 44 Executive Boulevard LOWER EAST SIDE PEOPLES FEDERAL CREDIT UNION BUFFALO URBAN Elmsford, New York 10523 37 Avenue B DEVELOPMENT CORPORATION Phone: 914-747-8020 ext. 110 New York, New York 10009-7441 95 Perry Suite, Suite 404 COMMUNITY LOAN FUND OF Phone: 212-529-8197 Buffalo, New York 14216 THE CAPITAL REGION, INC/CLFCR Phone: 716-362-8361 255 Orange Street, #103 LUMBER CITY DEVELOPMENT CORPORATION 500 Wheatfield Street BUFFALO URBAN LEAGUE, INC. Albany, New York 12210 North Tonawanda, New York 14120 15 East Genesee Street Phone: 518-436-8586 Phone: 716-695-8580 Buffalo, New York 14203 COOPERATIVE FEDERAL - Phone: 716-250-2453 SYRACUSE COOPERATIVE FEDERAL CREDIT MOHAWK VALLEY ECONOMIC DEVELOPMENT DISTRICT, INC CAMBA ECONOMIC DEVELOPMENT 723 Westcott Street 26 W. Main Street CORPORATION Syracuse, New York 13210 PO Box 69 2211 Church Avenue, Suite 207 Phone: 315-473-0205 Mohawk, New York 13407 Brooklyn, New York 11226 CREDIT INC. Phone: 315-866-4671 Phone: 718-282-0108 ext. 79283 555 Bergen Ave., 3rd Floor CAPITAL REGION CHAMBER Bronx, New York 10455 5 Computer Drive South Phone: 718-732-7534 Albany, New York 12205 Phone: 518-431-1423

56 MOHAWK VALLEY PRIMARY CARE DEVELOPMENT UTICA INDUSTRIAL DEVELOPMENT AGENCY ECONOMIC DEVELOPMENT CORPORATION 1 Kennedy Plaza GROWTH ENTERPRISE – EDGE 45 Broadway, Suite 530 Utica, New York 13502 584 Phoenix Drive New York, New York 10006 Phone: (315) 792-0195 Rome, New York 13441-4105 Phone: 212-437-3920 Phone: 800-765-4990 UTICA INDUSTRIAL DEVELOPMENT RENAISSANCE ECONOMIC CORPORATION MONTGOMERY COUNTY DEVELOPMENT CORPORATION 584 Phoenix Drive BUSINESS DEVELOPMENT CENTER 2 Allen Street, 7th Floor Rome, New York 13441-4990 9 Park Street New York, New York 10002 Phone: 315-338-0393 Fonda, New York 12068 Phone: 212 964-6022 Phone: 518-853-8334 UTICA NEIGHBORHOOD SCHUYLER COUNTY HOUSING SERVICE, INC. NEIGHBORHOOD TRUST PARTNERSHIP FOR DBA HOMEOWNERSHIP CENTER FEDERAL CREDIT UNION ECONOMIC DEVELOPMENT 1611 Genesee Street 1112 St. Nicholas Avenue 910 South Decatur Street Utica, New York 13501 New York, New York 10032 Village of Watkins Glen, New York 14891 Phone: 315-724-4197 Phone: 212-740-0900 ext.321 Phone: 607-535-4341 VEDC TRI STATE NEW YORK BUSINESS DEVELOPMENT SOUTHERN TIER REGIONAL BUSINESS OPPORTUNITY FUND CORPORATION ECONOMIC DEVELOPMENT CORPORATION/ 708 3rd Avenue, 6th Floor 50 Beaver Street REDEC RELENDING CORPORATION New York, New York 10017 Albany, New York 12207 8 Dennison Parkway East, 3rd Floor, Ste. 403 Phone: 212-231-4313 Phone: 212-430-4512 Corning, New York 14830 Phone: 607-962-3021 ext. 111 WARREN COUNTY, LDC NORTH COUNTRY ALLIANCE 1340 State Route 9 C/O THE DEVELOPMENT AUTHORITY OF THE TIOGA COUNTY Lake George, New York 12845 NORTH COUNTRY LOCAL DEVELOPMENT Phone: 518-761-6007 317 Washington Street, Suite 414 ECONOMIC CORPORATION – TCLDC Watertown New York 13601 56 Main St. WASHINGTON HEIGHTS AND INWOOD Phone: 315-785-2593 Owego, New York 13827 DEVELOPMENT CORPORATION Phone: 607-687-8254 611 West 177th Street ORANGE COUNTY New York, New York 10033-7048 CHAMBER OF COMMERCE TOMPKINS COUNTY AREA DEVELOPMENT Phone: 212-795-1600 40 Matthews Street, #104 401 E. State Street, Suite 402B Goshen, New York 10924 Ithaca, New York 14850 WESTERN REGION CORPORATION Phone: 845-294-1700 Phone: 607-273-0005 95 Perry Street, Ste. 403 Buffalo, New York 14203 ORLEANS ECONOMIC DEVELOPMENT TOWN OF UNION Phone: 716-362-8380 AGENCY ECONOMIC DEVELOPMENT OFFICE/ 121 North Main Street LOCAL DEVELOPMENT CORPORATION WESTMINSTER ECONOMIC Albion, New York 14411 3111 East Main Street DEVELOPMENT INITIATIVE Phone: 585-589-7060 Endwell, New York 13760 436 Grant Street Phone: 607-786-2321 Buffalo, New York 14213 PATHSTONE ENTERPRISE CENTER Phone: 716-791-5025 400 East Ave. TRUFUND FINANCIAL SERVICES Rochester, New York 14607 39 W. 37th Street WOMEN’S VENTURE FUND Phone: 585-340-3385 New York, New York 10018 154 Christopher Street, Suite 3C Phone: 646-732-9919 New York, New York 10014 Phone: 212-563-0499 ULSTER COUNTY 244 Fair Street, 6th Floor Kingston, New York 12401 Phone: 845-334-5596

57 Andrew M. Cuomo Governor, State of New York

Howard Zemsky ­­ President & CEO, Empire State Development Commissioner, NYS Department of Economic Development

1904