When I stopped for gas the other day, I visited with a self-employed home remodeler who watched as the digital numbers on his pump ticked by. It took more than $68 to fill his truck.

As he replaced the nozzle, he told me, “This is killing me. I don’t want to pass the cost on to my customers, but soon I won’t have any other choice if I want to stay in business.” Even by trying to consolidate and plan his trips more efficiently, he’s still spending more than $700 a month on fuel. That’s a huge share of his bottom line.

For the first time since he’s been in business, he’s turning down jobs outside Boone County, because the fuel costs cut too deeply into his profits. (more…)

Our center was contacted the other day by a potential client asking about hiring a small business attorney. In reality, he didn’t need an attorney, but the inquiry raised a good question. When do you need to engage the services of an attorney for your small business?

In the same way you might not call a doctor to help you get over a routine head cold, you will likely not need an attorney for day to day questions. However, if you have a serious legal problem – such as being investigated for fraud or tax evasion, being threatened by a disgruntled employee or protecting intellectual property – it’s probably best to call in some reinforcements.

If you are starting a business, chances are you can handle most legal requirements yourself. You need not pay a lawyer’s hefty hourly fee for things such as: (more…)

This April we marked another Earth Day, which was greeted by numerous media features on ways to preserve our environment, cut our dependence on oil, build more environmentally friendly structures and minimize our carbon footprint.

From a small-business perspective, a green enterprise not only is politically correct, it’s economically shrewd. From an entrepreneurship perspective, green business ideas can be profitable and rewarding. Many of these ideas come through our center, or we read about them in the many trend publications we see. It’s apparent to us that the number of entrepreneurs who want to make an environmental difference while making a living is on the increase.

Here are some of the most interesting ideas we’ve seen lately:

• A French company has created a delivery business using truck-sized cargo bikes instead of motorized trucks and vans. These lightweight vehicles operate with pedal power, weigh about 175 pounds and can carry as much as 350 pounds in a 50-cubic-foot space. These so-called cargocycles are faster, more agile, easier to park and completely non-polluting.
• A student in product design has developed playground equipment that can create enough electricity to power a school classroom by capturing the energy generated when the equipment is in use. For instance, 10 minutes of play on a see-saw generates enough power to light a room for several hours. The energy is transferred to a storage unit through an underground cable. This idea has tremendous applicability in remote areas of developing countries where the need for power is enormous, but the infrastructure and resources are completely lacking. (more…)

A client approached us the other day with what sounded like a truly winning idea for a start-up service firm.

The idea had been successful in other states, he claimed, in communities similar to ours.

“I’m ready to get my loan and unlock the door,” he said. “I just know the customers are out there.”

Without dampening his enthusiasm, we had to pull back on the reins just a bit and discuss the importance of some market research before he signed on the bottom line at the bank. From casual observation, it did appear that a business such as this would likely be successful. But missing was the data and market understanding the lender would want to see before making the deal.

So, we started to work. (more…)

Here are the numbers.

In 2006, there were nearly 210,000 women-owned businesses in Missouri – 42 percent of all Missouri firms. Nearly 142,000 of those were majority woman-owned – 29 percent of all Missouri firms.

The 210,000 woman-owned firms generated $42 billion in sales and employed nearly 298,000 people.

Missouri ranks 18th among the 50 states and Washington, D.C., in the number of women-owned firms.

What’s behind the impressive statistics? (more…)

When Michele Stauffer was very young, someone gave her a small scooter for her birthday.

That was nearly 50 years ago – long before helmets and elbow pads. Unencumbered, Michele loved the feel of the wind as she flew down the hills near her rural Kansas home. The neighbors looked on in concern.

When asked about her daughter’s safety, Michele’s mother calmly replied, “Let the girl be. She’s having a good time.”

A few years later, when Michele earned her pilot’s license and entered the male-dominated fields of aviation and aircraft sales, those same neighbors looked on in disbelief.

“Let the girl be,” Michele’s mother said. “She’s having a good time.”

A few decades and more than 5,000 flight hours later, Michele Stauffer is still having a good time as president and CEO of Kansas Aircraft Corporation, a company that sells turboprop, single and twin-engine piston airplanes and jets to a market that spans the globe. The company takes aircraft on consignment, provides consulting services and brokers aircraft purchases for clients. Michele and her team of four handle millions of dollars in transactions each year from their location just minutes from downtown Kansas City. (more…)

Many people considering business ownership are attracted to opening a franchise. They see franchising as an easy way to enter self-employment as the opportunity comes pre-packaged with a business model, processes and procedures, marketing and product already proven in the marketplace.

However, franchising is not for everyone. To begin to assess your fitness for franchise ownership, ask a few simple questions.

• Can I accept guidance and direction, or do I prefer to chart my own course?
• Can I give total commitment to a product or service not of my own design, and which I may perceive has some flaws?
• Can I accept that part of my profits must be paid to the franchiser?
• Will I resent having to send information on sales and other documents from my business to the franchiser?
• How will I feel about the franchiser’s representative visiting my location to check up on the quality of my product or service?
• Am I proficient at following operations manuals, implementing prescribed processes?
• Can I accept that my franchise ownership may be for a fixed term, with an option to renew for an additional fixed term? (more…)

At a recent holiday gathering, I overheard a gentleman talking about his grandson.

“He’s really got some entrepreneurial DNA in him,” said the proud grandfather, of the 13-year-old boy, who has started a business planning birthday parties for his friends, including having his 14-year-old sister provide the birthday cake, party favors and invitations. “He has his older sister on contract!” boasted Grandpa.

His mention of “entrepreneurial DNA” reminded me of a young man we met through our center when we held our first Entrepreneurship Camp for high-school students here at MU last summer. (more…)

In the Peanut’s comic strip, Snoopy always began his novels with this line:

“It was a dark and stormy night.”

That’s how I’ll begin my story now.

Last Tuesday was a dark and stormy night. But in a warm banquet room at an area hotel, 200 people were oblivious to the weather as they listened intently to 18 entrepreneurs describe how their dreams are coming true.

All 18 are clients of the Missouri Small Business Development Center and the Missouri Procurement Technical Assistance Center, which are housed in central Missouri in our University Center for Innovation and Entrepreneurship at MU. All 18 are in different stages of development, they represent different industries and their owners hold different aspirations.

What they hold in common is their tremendous success and the ability to inspire. (more…)

The U.S. is a giving nation.

In 2006, according to the Giving U.S.A. Foundation, individuals and businesses donated nearly $300 billion to charity, more than the GDP of all but 33 countries.

Eight in 10 American consumers say that support of charitable causes helps earn their loyalty to a store or a brand. This is particularly true of younger consumers, ages 18-25, who say they routinely research a company’s charitable giving and citizenship before deciding to buy.

Simply put, giving is good business. (more…)