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By: Denise HertsletGuam SBDC BusinessCounselor/WIB Program Director
Move over tacky rubber bal-loons and brown butcher paper.Birthdays and weddings just gotclassier with a new locally-owned business. Black Tie is aspecial events and floral designservice business located inHagatna, across from AganaShopping Center. The BlackTie team includes a florist withover 20 years experience and acreative designer. According toco-owner, Angeline “Angie”Aflague, “We approach eventsfrom unique design elements tovenues and overall theme. Wewanted to live the dream ofowning a business because wealways had a passion for detail,embellishment, style anddecor.” Taking the next step toopen our own shop was the nat-ural thing to do.
Angie was quick to point outthat the support and encourage-ment from her friends and familyhelped shaped her team’s moti-vation to get into the specialevents business. “For years wedid our own decorating at homebefore friends and family invitedus into their homes during holi-days to share and showcase ourtalent.” Co-owners Angie andEugene surrounded themselveswith people, magazines and theinternet to research and gainpositive influences in the indus-try. Angie sought the assistanceof Denise Mendiola Hertslet,Program Coordinator for theBank of Guam Women inBusiness Program at the UOG-Guam Small BusinessDevelopment Center, whohelped guide her step by step.With Denise’s assistance, Angiecreated a business plan anddeveloped her marketing strate-
By: Casey JeszenkaPISBDCN, NetworkDirector
PISBDCN DirectorCasey Jeszenkaannounced that AnelPhilimon has been select-ed as the 2010 State Starof the PISBDCN. AnelPhilimon is the Director atthe Republic of theMarshall Islands (RMI)Small BusinessDevelopment Center inMajuro.
“I am pleased to makethis announcement, and torecognize Anel Philimonfor extraordinary contribu-tions to the work of thePacific Islands Small
February 2011 Vol. 7 No. 1
Editorial/Production StaffRindraty Celes Limtiaco, President, G.P.I.
Pacific Island Small Business DevelopmentCenter Network, Editorial
Jae Fermin Medina, Advertising Director
The Pacific Islands Small Business DevelopmentCenter is a program supported by the U.S. SmallBusiness Administration under a cooperative agree-ment and extended to the public on a non-discrim-inatory basis. SBA cannot endorse any products,opinions, or services of any external parties oractivities. This material is based on work support-ed by the U.S. Small Business Administration. Anyopinions, findings, conclusions or recommenda-tions expressed are those of the author (s) and donot necessarily reflect the views of the SBA.
continued on page 11
INSIDE• Network highlights . . . . . . . . .Pg 2
• Tax changes for the small
business owners . . . . . . . . . . .Pg 3
• Guam SBDC training schedule
available . . . . . . . . . . . . . . . . . Pg 3
• Eco-friendly water services for
Guam . . . . . . . . . . . . . . . . . . . .Pg 4
• Tips for financial success . . .Pg 6
• Taxi service still running strong in
Yap . . . . . . . . . . . . . . . . . . . . . .Pg 8
• Planning for your export business
. . . . . . . . . . . . . . . . . . . . . . . . . .Pg 9
• Laundromat reopens after 10
years in RMI . . . . . . . . . . . . . .Pg 11
Visit our website at www.pacificsbdc.com
TAX TIMECheck out
small business tax changes
2010 Page 3
University of Guam Pacific Islands Small BusinessDevelopment center Network (PISBDCN) announces
selection of Anel Philimon as State Star
continued on page 4
Black Tie Makes DesignDreams Come True
LLeefftt ttoo rriigghhtt,, iinncclluuddee::Charles “Tee” Rowe,
President/CEO, Associationof Small Business
Development Centers, JerryCartwright, State Director,
Florida SBDC, CaseyJeszenka, Network Director,
Pacific Islands SmallBusiness DevelopmentCenter Network, Anel
Philimon, Director of theRMI Small Business
Development Center(SBDC), Antonio Doss,
Associate Administrator,Office of Small Business
Development Centers, U. S.Small Business
Administration, Jim Mullery,Vice President, ACT! Sales,
Sage North America
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www.pacificsbdc.com
Pacific Islands Small BusinessDevelopment Center Network
Location: University of Guam, UOG StationP.O. Box 5014, Mangilao, Guam 96923
Telephone: (671) 735-2590 • Fax: (671) 734-2002Website: www.pacificsbdc.com
Casey Jeszenka, Network [email protected]
Georgette F. Reyes, Associate Network [email protected]
Betsy Chargualaf-Iriarte, Network OperationsManager
Guam SBDCP.O. Box 5014, Mangilao, Guam 96923
Telephone: (671) 735-2590 • Fax: (671) 734-2002Denise Mendiola Hertslet, WIB Program
Coordinator/Business CounselorFred Granillo, Business Counselor
Lorie Sablan, Administrative Assistant
Chuuk SBDCP.O. Box 1143, Weno, Chuuk,
Federated States of Micronesia 96942Telephone: (691) 330-5846 • Fax: (691) 330-5847
Email: [email protected] Haregaichig, Director/ Counselor
Fritz Hartman, Business CounselorCassandra Dereas, Office Manager
Commonwealth of the Northern Mariana Islands (CNMI) SBDC
Caller Box 10007, CKSaipan, MP 96950
Telephone: (670) 664-3018Fax: (670) 664-3067Director/Counselor
Tracy Maratita, Secretary
Yap SBDCP.O. Box 1171, Colonia, Yap,
Western Caroline Island 96943Telephone: (691) 350-4801 • Fax: (691) 350-4803
Email: [email protected] Limar, Director
Monica Tinag, CounselorJacinta Primo, Office Manager
Republic of the Marshall Islands (RMI) SBDCP.O. Box 1727, Majuro,Marshall Islands, 96960
Telephone: (692) 625-3685Email: [email protected]
Anel Philimon, DirectorLeeno Aikuji, Office Manager
Palau SBDCP.O. Box 9, Koror,
Republic of Palau 96940Telephone: (680) 587-6004 • Fax: (680) 587-1549
Email: [email protected] Abraham, Director
Eufrasia Willes, Office Manager
Kosrae SBDCP.O. Box 577, Tofol, Kosrae State,
Federated States of Micronesia 96944Telephone: (691) 370-2751 • Fax: (691) 370-2066
Email: [email protected] Jackson, Director
Atalia Jackson, Office Manager
PISBDCN Advisory BoardMike Ady,Chairman (Guam)
Phillip Reklai,Vice Chairman (Palau)Casey Jeszenka, Secretary (PISBDCN/Guam)
Marcel Camacho, Member (Guam)James Gilmar, Member (Yap)Robert Pinho, Member (RMI)
Fred Skilling, Member (Kosrae)Mason Fritz, Member (Chuuk)Marie Mesa, Member (Guam)
Anita Enriquez, Member (Guam)Rindraty Limtiaco, Member (Guam)
Christine Quichocho, Member (Guam)Gloria Molo, Ex-Officio (GEDCA)
Ken Lujan, Ex-Officio (SBA)
Pacific Business PartnersOfficers, Staff and Board MembersAccomplishments Across Micronesia Region
The PISBDCN’s mission is tosupport the growth and economicdevelopment of the U.S. affiliatedislands in the western pacificregion by providing one-on-oneconfidential counseling and highquality training to existing smallbusinesses and to small businessstart ups.
Programs and services avail-able include:
SMALL BUSINESSCOUNSELING
FREE CONFIDENTIAL, one-on-one counseling in all areas ofbusiness management, includingpre-venture feasibility, businessplan development, marketing,record keeping, financial andhuman resource management,operations management, andaccess to capital (loans &investors), as well as specializedareas such as international tradeand technical services. This serv-ice is available to all existingand/or potential small businessowners that are US citizens,green card holders or citizens ofthe Freely Associated States.Because the SBDC maintainslinks to small business resourcesthrough its membership in theAssociation of Small BusinessDevelopment Centers, its part-nership with the U.S. SBA, theNational Business IncubationAssociation, and other economicdevelopment groups regionallyand internationally, we are alsoable to refer local businesses tohigh-quality external sources ofinformation and ideas.
SMALL BUSINESSTRAINING
Ongoing program of work-shops, conferences, and semi-
nars designed to meet theneeds of local small business-es. Workshop topics includestarting a business, businessplans, creating business finan-cial projections, marketing yourproducts or services, under-standing financial statements,managing a business, legalissues, selling & salesmanship,new product development, andhuman resource issues.Courses are also offered asadvanced programs aimed atenhancing the growth potentialof established businesses.Training courses are presentedat low to no cost. Trainings arefacilitated at either the SBDCtraining center or other conven-ient locations based ondemand.
SMALL BUSINESSASSISTANCE CENTER
Provide access to relevantbusiness information throughresources offered to include:
n Extensive small businesslibrary
n Computer laboratory withhigh-speed internet access
n Government & local busi-ness resource information
COMMUNITY VILLAGEOUTREACH
SBDC’s is available for presen-tations to schools, village organi-zations, and community groups.
We offer programs ranging fromyouth entrepreneurship and how toget started to the pros and cons ofsmall business ownership, and tai-lored presentations upon request.
The University of Guam –School of Business and PublicAdministration – PISBDCN issponsored in part by the U.S.Small Business Administration(SBA) under a cooperative agree-ment. The support given by theU.S. SBA through such fundingdoes not constitute an expressedor implied endorsement of any ofour co-sponsors and/or partici-pant’s opinions, products, orservices.
Call your local SBDC nearestyou today! Please visit the offi-cial PISBDCN website atwww.pacificsbdc.com.
STATISTICAL HIGHLIGHTSJANUARY THROUGH DECEMBER/COMPARISON CHART 2009 & 2010
Pacific Islands Small Business Development Center Network(PISBDCN) Helps Businesses Start, Grow, & Succeed
3P
acific Business P
artners www.pacificsbdc.com
TThhuurrssddaayy,, FFeebbrruuaarryy 2244tthh ((1122::0000ppmm--22::0000ppmm))WIB Workshop: "Identifying & Meeting MarketNeeds”Presented by UOG Guam SBDC-Bank of GuamWomen in Business ProgramFee: $20 (includes lunch)Location: Bank of Guam Headquarters 2nd FloorConference Room,in Hagatna
FFrr iiddaayy,, MMaarrcchh 1111tthh ((88::3300aamm--1111::0000aamm))"How to Start a Business"Presented by Guam SBDC. Fee: $20 per personLocation: UOG Guam SBDC Room #148
MMoonnddaayy,, MMaarrcchh 1144tthh ((88::3300aamm--1111::0000aamm))"Quickbooks: Getting Started & Setting Up”Presented by Guam SBDCFee: $50 per personLocation: UOG Guam SBDC Room #148 LeonGuerrero SBPA Building
TThhuurrssddaayy,, MMaarrcchh 2244tthh ((1122::0000ppmm--22::0000ppmm))“Women In Business Workshop (WIB): SettingFinancial Goals”Presented by UOG Guam SBDC-Bank of GuamWomen in Business ProgramFee: $20 (includes lunch)
Location: Bank of Guam Headquarters 2nd FloorConference Room,in Hagatna
FFrr iiddaayy,, MMaarrcchh 2255tthh ((88::3300aamm--1111::0000aamm))"How to Write a Business Plan"Presented by Guam SBDC. Fee: $20 per personLocation: UOG Guam SBDC Room #148 LeonGuerrero SBPA Building
FFrr iiddaayy,, AApprr ii ll 11sstt ((88::3300aamm--1111::0000aamm))"Recordkeeping & Cash Flow Management"Presented by Guam SBDC. Fee: $20 per personLocation: UOG Guam SBDC Room #148 LeonGuerrero SBPA Building
WWeeddnneessddaayy,, AApprr ii ll 66tthh ((88::3300aamm--1111::3300aamm))"Intro to Microcredit"Presented by Guam SBDC. Fee: FREELocation: UOG Guam SBDC Room #148 LeonGuerrero SBPA Building
FFrr iiddaayy,, AApprr ii ll 1155tthh ((88::3300aamm--1111::0000aamm))"How to Market Your Business”Presented by Guam SBDCFee: $20 per personLocation: UOG Guam SBDC Room #148 Leon
Guerrero SBPABuilding
TThhuurrssddaayy,, AApprr ii ll2288tthh ((1122::0000ppmm--
22::3300ppmm))“Women In Business Workshop (WIB): Planning the Product/Service”Presented by UOG Guam SBDC-Bank of GuamWomen in Business ProgramFee: $20 (includes lunch)Location: Bank of Guam Headquarters 2nd FloorConference Room,in Hagatna
FFrr iiddaayy,, AApprr ii ll 2299tthh ((88::3300aamm--1111::0000aamm))"Quickbooks: Working with Lists and Bank Accounts”Presented by Guam SBDCFee: $50 per personLocation: UOG Guam SBDC Room #148 LeonGuerrero SBPA Building
FFrr iiddaayy,, MMaayy 66tthh ((88::3300aamm--1111::0000aamm))"How to Start a Business Plan"Presented by Guam SBDC. Fee: $20 per personLocation: UOG Guam SBDC Room #148 LeonGuerrero SBPA Building
FFrr iiddaayy,, MMaayy 1133tthh ((88::3300aamm--1111::0000aamm))"How to Write a Business Plan"Presented by Guam SBDC. Fee: $20 per personLocation: UOG Guam SBDC Room #148 Leon
Guerrero SBPA Building
TThhuurrssddaayy,, MMaayy2266tthh((1122::0000ppmm--22::0000ppmm))“Women InBusinessWorkshop(WIB): Researching & Analyzing the Market”Presented by UOG Guam SBDC-Bank of GuamWomen in Business ProgramFee: $20 (includes lunch)Location: Bank of Guam Headquarters 2nd FloorConference Room,in Hagatna
FFrr iiddaayy,, MMaayy 2277tthh ((88::3300aamm--1111::0000aamm))"Guerrilla Marketing"Presented by Guam SBDC. Fee: $20 per personLocation: UOG Guam SBDC Room #148 LeonGuerrero SBPA Building
To register for these workshops, please contact theGuam SBDC at 735-2590 or email Laurine Sablan [email protected] For more information,please visit our website at www.pacificsbdc.com Requests for reasonable accommodations for per-sons with disabilities must be made 72 hours inadvance. Services are extended to the public on anon-discriminatory basis. For arrangements, pleasecall Guam SBDC at 735-2590.
Guam SBDC Training Schedule
Small Business Tax Changes 2010By Fred GraniloGuam SBDC Business Counselor
“Worried about an IRS audit?Avoid what’s called a red flag. That’ssomething the IRS always looks for.For example, say you have somemoney left in your bank account afterpaying taxes. That’s a red flag.” —Jay Leno
When January rolls around everyyear we are reminded of new year’sresolutions, new beginnings or afresh start. The new year also repre-sents the start of the new income taxseason or dreadful reminder of thatannual responsibility that many of usfear. So while you start to dig outyour tax documents to get ready fortax preparation there are somerecent changes you should be awareof. During the end of 2010 therewere two significant Federal legisla-tions that have direct tax impact forsmall business owners. Every smallbusiness owner should be familiarwith the Small Business Jobs Act of2010 and The Tax Relief Act of 2010,because these acts will requirechange in how one does their taxreturn for 2010. Also, most of theprovisions are temporary affectingonly 2011 and 2012.
THE TAX RELIEF ACTOF 2010
New Payroll Withholding forBusiness Owners – Payroll TaxCut
As a result of the Tax Relief Act(TRA) of 2010, the Internal RevenueService released instructions to helpemployers implement the 2011 cut inpayroll taxes, along with new
income-tax withholding tables thatemployers will use during 2011.Millions of workers will see their take-home pay rise during 2011 becausethe TRA provides a two percentagepoint payroll tax cut for employees,reducing their Social Security taxwithholding rate from 6.2 percent to4.2 percent of wages paid up to thetaxable wage base of $106,800 .This reduced Social Security with-holding will have no effect on theemployee’s future Social Securitybenefits.
Employers should start using thenew withholding tables and reducingthe amount of Social Security taxwithheld as soon as possible in 2011but not later than Jan. 31, 2011.Publication 80, (Circular SS),Employer’s Tax Guide, providesinformation on tax withholding andtax deposit information. Publication15 (Circular E), Employers Tax Guidecontaining the extensive wage brack-et tables that some employers usefor withholding Guam income tax.Both publications are available at theDepartment of Revenue & Taxation(DRT) or on IRS.gov. The DRT rec-ognizes that the late enactment ofthese changes makes it difficult formany employers to quickly updatetheir withholding systems. For thatreason, the agency asks employersto adjust their payroll systems assoon as possible, but not later thanJan. 31, 2011.
For any Social Security tax overwithheld during January, employersshould make an offsetting adjustmentin workers’ pay as soon as possiblebut not later than March 31, 2011.Employers and payroll companieswill handle the withholding changes,
so workers typically won’t need totake any additional action, such asfilling out a new W-4 withholdingform.
EXAMPLE. Jason earns $50,000 ayear and pays FICA tax on his earn-ings. Under the 2010 Tax Relief Act,Jason’s employee-share of OASDItax is reduced from 6.2 percent to4.2 percent for 2011. Instead of pay-ing $3,100 in OASDI tax for 2011,Jason would pay $2,100 in OASDItax, resulting in a tax savings of$1,000.
Other key impacts:s Individuals who do not pay into
Social Security, for example, somepublic (or Government of Guam)employees, will not benefit from thepayroll tax cut. These individuals didbenefit from the Making Work Paycredit.
s The 2010 Tax Relief Act makesno changes to the Medicare portionof Social Security taxes, which is 2.9percent.
s Self-employed individuals underthe 2010 Tax Relief Act would calcu-late the deduction for employmenttaxes without regard to the temporaryrate reduction (that is, one-half of15.3 percent of self-employmentincome). However, the 2010 TaxRelief Act provides an enhanced per-centage representing the employerportion of the deduction.
s Self-employed individuals underthe 2010 Tax Relief Act would calcu-late 2011 self-employment taxes at13.3% of net earnings from self-employment. This is defined grossincome of an individual from the con-duct of any trade or business minusallowable deductions and share(s) ofincome or loss from a partnership.
Business Incentives100 Percent Bonus DepreciationThe 2010 Tax Relief Act boosts 50-
percent bonus depreciation to 100-percent for qualified investmentsmade after September 8, 2010 andbefore January 1, 2012. The 2010Tax Relief Act also makes 50-percentbonus depreciation available forqualified property placed in serviceafter December 31, 2011 and beforeJanuary 1, 2013. Certain long-livedproperty and transportation propertyis eligible for 100-percent expensingif placed in service before January 1,2013.
Other key impacts:s This provision is one of the
most expansive for businesses.Unlike Code Sec.179 expensing, it isnot limited to use by smaller busi-nesses or capped at a certain dollarlevel.
s The 2010 Small Business JobsAct extended 50-percent bonusdepreciation for one year (qualifiedproperty placed in service during2010; 2011 for certain long-livedproperty and transportation property).
s The new law refers to 100 per-cent bonus depreciation as “100 per-cent expensing” but it is separatefrom Code Sec.179 expensing (dis-cussed below).
s The 2010 Small Business JobsAct also increased the Code Sec.179 dollar and investment limits to$500,000 and $2 million respectively,for tax years beginning in 2010 and2011. The new law provides for CodeSec. 179 expensing at a level of$125,000 for 2012 (see below).Bonus depreciation is not limited bythe size of a taxpayer’s investments
in qualified property and it can gener-ate net operating losses. Bonusdepreciation, however, applies onlyto new property and is not exemptfrom certain uniform capitalizationrules as is small business expensing.
Code Sec. 179Expensing
Congress has repeatedlyincreased the dollar and investmentlimits under Code Sec. 179 toencourage business spending. The2010 Small Business Jobs Actincreased the Code Sec. 179 dollarand investment limits to $500,000and $2 million, respectively, for taxyears beginning in 2010 and 2011.The 2010 Tax Relief Act provides fora $125,000 dollar limit (indexed forinflation) and a $500,000 investmentlimit (indexed for inflation) for taxyears beginning in 2012 (and sun-setting after December 31, 2012).The 2010 Tax Relief Act alsoextends the treatment of off -the-shelf computer software as qualify-ing property if placed in servicebefore 2013.
IMPACT. The $500,000/$2 millionthresholds for tax years beginning in2010 and 2011 were scheduled torevert to $25,000/$200,000, respec-tively, for tax years beginning in 2012(both amounts not indexed for infla-tion).
The new law does not extend therule which allows a taxpayer toexpense qualified real property. Theelection to expense qualified realproperty continues to apply only toqualified real property placed in serv-ice in a tax year that begins in 2010or 2011.
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Owner Robert “Phoenix”ReyesInterviewed by DeniseHertslet, Guam SBDC
1. Please tell us aboutyourself and your family.
I grew up in a military family(Father is retired Army) movingfrom place to place once every2-three years. I graduated fromSouth Kitsap High School inPort Orchard WA in 1986.Shortly after graduation Ienlisted into the U.S. Army. Idid a tour overseas inGermany and was deployed toOperation Desert Shield/Stormfrom Germany. I returned to Ft.Lewis WA in 1992 and I wasdischarged from active duty in1993. I had a break in servicefrom the military. I moved toGuam in 1994 and continuedmy college education at theUniversity of Guam, where Iobtained my bachelors degreein psychology. While I wasworking on my degree fromUOG I was employed at theUniversity of Guam’s computercenter then I was hired as asatellite operator for a defensecontractor. I also joined theU.S. Army Reserve in 2000and I am currently theCompany Commander for theonly Infantry Battalion in theArmy Reserve. I worked as asatellite operator for approxi-mately 9 years. I resigned fromthe company in December2010 to start RENU WaterSolutions.
I am a single parent I haveone son, Robert MichaelReyes, 12. Both my parent areoriginally from the village ofAgat. I am the eldest of fourchildren.
2. Why did you decide tostart your own business?
I have always contemplatedabout starting my own busi-ness. The difficult part wasfinding that particular “niche”. Iwanted to become more inde-pendent.
3. What experience do youhave in this type of busi-
ness? ABSOLUTELY NONE! I first
saw this product on television.The presenter talked about thebenefits of the product for boththe consumer and the environ-ment. I did a lot of researchand after the research wasdone I saw the possibilities ofthis product on Guam. I trulybelieve in the NUVO water sof-tener that I resigned from myjob as a Satellite Operator sothat I could focus on my newbusiness.
4. How did the SmallBusiness DevelopmentCenter and other resourceshelp you?
SBDC helped me with differ-ent resources that I could uti-lize to assist me with the busi-ness. The biggest help theygave me was the new changesin the laws pertaining to thenumber of members in the LLCand Corporation.
5. What was the start-upprocess like?
The start-up process was notthat difficult, primarily becauseI began the process monthsout prior to starting the busi-ness. I had time to do researchand make contact with those inthe agencies where I wouldeventually have to submit myapplications. I talk with themand they gave me advice onthe best way to approach get-ting clearances, documentsand other article that I wouldneed to complete my packetfor a business license. I madetime to meet with DeniseMendiola Hertslet, SeniorBusiness Counselor from theSmall Business DevelopmentCenter, Guam Revenue andTaxation, and the One StopCenter. I also met with aninvestigator from the GuamContractors Licensing Board toevaluate the type of business Iwas planning to do and toensure that I am not in any vio-lations if I was to operate withor without a contactors license.
6. How did you fund your
business? 100% Self Funded. I sold
some stocks that I had invest-ed in othercompaniesand decidedthat my owncompanywas worthinvesting in.My personalinvestmentinto the com-pany isaround$90,000.00
7. Whatwere some of the biggestchallenges you experiencedin the start-up process?
Legal! The most challengingpart was trying to get myArticle of Organization writtenfor a single ownership LLC.Most LLC on Guam are for 2or more individuals in the com-pany/corporation.
8. What is your most mem-orable triumph in your start-
up process? My first sale! Once I made
my first sale I truly felt that Iwas on my way to becomingsuccessful. I made my firstsale 2 days after I opened mydoors.
9. What are your short-term and long-term plans foryour business?
Short-Term Goals - at thispoint is to move enough unitsso that by the end of the sec-ond quarter I will be able toopen a showroom.
Long-Term goals - I am lookingat becoming a distributor orNUVO water softeners for theAsia-Pacific area. I would like tosee this product in the outerislands such as Saipan, Rota,Tinian and Palau. I am also look-ing at Philippines, Australia andNew Zealand. Currently I am theonly retailer of NUVO outside thecontinental United States.
10. What advice would yougive to others who want tostart a business at this time?
Start planning early!Planning is key to any busi-ness. Understand your productand or services that you plan
to offer or pro-vide. Look at thedemographics ofyour customerbase. Ask your-self is what Iwant to offerneeded and whowill want to utilizemy product orservice. You mayhave a greatproduct but, ifyour intended
customer base is not interest-ed or the area they live in can-not support the product youmay want to rethink about whatyou can do to make your prod-uct/service a viable commodity.
For more information aboutthe Guam Small BusinessDevelopment Center programand services, contact DeniseMendiola Hertslet, SeniorBusiness Counselor, 735-2594or [email protected]
Renu Brings Eco-friendly Water Solutions to Guam
Robert ““Phoenix’ Reyes, Owner
RREENNUU WWaatteerr SSoolluutt iioonnss s OOwwnneerr :: Robert ““Phoenix””Reyes s PPrroodduucctt LLiinnee:: Water Softeners s TTyyppee ooff BBuuss iinneessss :: Home Base s FFoorr pprroodduucctt pprreesseennttaatt iioonn oorrttoo ppllaaccee aann oorrddeerr ,, ccaall ll 667711--448877--88114488 ((BBuuss..)) ,,iinnffoo@@rreennuuhh22oo..ccoomm ((PPeerrssoonnaa ll cceell ll NNuummbbeerr 448866--77669999))
Black Tie makes Design Dreams Come Truegies. Angie admits that her start-
up process was very challengingbut with a competitive spirit, sheand her team were able to over-come their challenges. “Bank of
Guam, the people’s bank, believedin us. Using our business plan, wewere able to impress upon the bankthat we would be a viable business.”
Some of Angie’s biggest chal-lenges was getting everything inorder and marketing her team’svision that would appeal to individu-
als and businesses to buy and usetheir services. Black Tie has beenopen for several months and theteam is pleased to hear commenda-tions and satisfaction from even themost hard-to- please customers.“Nothing is more satisfying thanworking on amazing events and
being told by our customers that wehave turned their dreams into beau-tiful reality.” Angie and Eugene’sshort term goal is to improve oneach customer’s experience. Theirlong term goals are to continue toexpand, have fun keeping up withthe trend and meet and exceed their
customers’ expectations. Whenasked what advice she would giveto aspiring business owners, Angiesaid, “Research the ever-changingmarket, approach challenges cre-atively and stick with your businessplan with a can-do attitude!
continued from page 1
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This is a classic case ofkeeping it simple. It’s just bigenough to manage your busi-ness, adapt to change, andprofit from new opportunities.It’s not just a plan, it’s plan-ning. It’s on your desk, travelswith you, and enjoys ongoingupdating not dumping in adrawer. This plan can beshared with others so they cando what you ask of them. Ittells everyone where you aretaking them and how they canhelp. This dynamic systemworks if you are expandingyour business or doing theclassic ““start up”” and need,MONEY!
Step One: DefineSuccess
You could call these long-term objectives. I call it predict-ing my own future. It’s waymore important than most peo-ple realize. Not all business isintended to simply grow salesand make profits; a lot of busi-nesses are intended toempower founders, developindependence, do your ownthing, be home when the kidsget back from school, or stillmake every fiesta. All businessplanning should keep the realgoals in mind. It’s about
achieving what you want.It’s not about the fancy docu-
ment. It’s about the contentyou put in it. It’s your life, it’syour future. Keep track of itany way you want, as text, bul-let points, even pictures.
Step Two: Focus onthe Correct Thing
You can’t do everything.Planning is correct focus, oftenbased on what you don’t dowell. Think about your corestrengths and weaknesses,where should you concentrateyour attention? What makesyou shine? What makes yousay to yourself, ““give me moreof that?””. What tasks do youhate? What drains your ener-gy? What do you put off doing?These things are your weak-ness. Your plan will have youdoing less of them. Focus onyour strengths. Keep yourplanning focused on a welldefined market and understandwho your best customerisn’t..Be a niche player, know-ing where you are thestrongest. Spend all your timegrowing and improving yourcompany in this niche.
Step Three:Meaningful Numbers
and Your MentalHealth
Planning without implemen-tation is just hiding behindresearch. Will you please comeout and play! Make your planreal with dates, tasks, respon-sibilities, (come on, get in thegame of life and play).Youdon’t have to win every gameto be a winner. Just win morethan you lose and get better.Measure the meaningful. Keeptrack of the numbers that youlearn from. Did you tell yourselfyou put in lots of effort only tohear the numbers report cryout ““not true””. Does it seemlike you are losing ground? Butwait, now I hear the numbersreport cry out, ““Keep goingyou are almost there””? Howexciting would the Super Bowlbe if they didn’t ““measure”” fora first down? What if the refhollers out ““closeenough””?You need to forecastsales, cost of sales, andexpense budgets and more.
Don’t forget that there arealso measurements beyondthe accounting statements, likesales calls, presentations, unitssold, leads, minutes per call,media mentions, and so on.Also people like having specific
measurements as part of theirjob to find emotional fulfillment.Humans like measurements,““7 days in a week, 24 hours ina day, school Year, pay Day””.You get the idea; our lives areguided by measurements.Guide your business life withmeasurements!
Whether you are a real num-ber cruncher or a good Bingoplayer, you will need a few sim-ple spreadsheets or charts,including milestones with datesand task responsibilities, salesforecast, and expense budg-ets. The Ancients used thestars; the Moderns use a smartphone app; the Middle-ageduse their kids. Pick one of thethree and get planning.
Four: Planning ForImplementation
Planning is progress! Whatmakes the real difference foryour business is managing theimplementation of the plan,keeping the planning processalive, reviewing progresstoward goals, watching forchanging assumptions, andrevising. It’s ok to changebased on new information. Youcan update your wardrobebased on feedback from yourmirror. Likewise you can
update your business planbased on what you see in themirror of experience.
Your plan sets down what issupposed to happen, and yourmeasurement of the numberscatches what did and didn’thappen. The why and what todo next is called ongoing plan-ning. Planning isn’t about pre-dicting the future accurately,it’s about ““good guessing””then it’s about managingchange and doing planningbased on more good guesses.
Get up, get going, do some-thing, call us to become aclient and let ““Uncle Sam””pay us to help you. This IS agood use of your tax dollars.
Remember: If you are notmaking your dream cometrue, you are working to helpsomeone else make theirscome true.
For more information aboutsmall business technical assis-tance services, please contactChuuk Small BusinessDevelopment Center at(691)330-5846 or email [email protected]
New Business Planning Method:4 simple steps to SUCCESS
Pac
ific
Bus
ines
s P
artn
ers
www.pacificsbdc.com
FFeebbrruuaarryy 2211,, 22001111Pre-Business Planning Time: 9:00 – 11:00 am
FFeebbrruuaarryy 2222,, 22001111Business Plan Overview Time: 9:00 – 11:00 am
FFeebbrruuaarryy 2233,, 22001111Understanding Financial StatementsTime: 9:00 – 11:00 am
FFeebbrruuaarryy 2244,, 22001111BankingTime: 9:00 – 11:00 am
MMaarrcchh 2211,, 22001111Record KeepingTime: 9:00 – 11:00 am
MMaarrcchh 2222,, 22001111Tax & Licensing
Time: 9:00 – 11:00 am
MMaarrcchh 2233,, 22001111Principals of Accounting Time: 9:00 – 11:00am
MMaarrcchh 2244,, 22001111Customer ServiceTime: 9:00 – 11:00am
AApprr ii ll 1111,, 22001111Business DiversityTime: 9:00 – 11:00am
AApprr ii ll 1122,, 220011117 Keys to Growing your BusinessTime: 9:00 – 11:00am
AApprr ii ll 1133,, 22001111Fatal FlawsTime: 9:00 – 11:00am
AApprr ii ll 1144,, 22001111SavingsTime: 9:00 – 11:00am
MMaayy 1166,, 22001111Introduction to ComputerTime: 9:00 – 11:00am
MMaayy 1177,, 22001111Business DiversityTime: 9:00 – 11”00am
MMaayy 1188,, 22001111Understanding Financial StatementsTime: 9:00 – 11:00 am
MMaayy 1199,, 220011117 Keys to Growing your BusinessTime: 9:00 – 11:00am
The CHUUK Small Business DevelopmentCenter (SBDC) Training sessions are open to
all qualified small business owners, managersand key/personnel and individuals planning toopen or thinking about opening small busi-ness ventures. All training sessions are FREEOF CHARGE. Workshops will be held at theChuuk SBDC located directly across theShigeto’s Store. Individuals interested inattending the workshops may call the ChuukSBDC at (691)330-5846 or email [email protected] or [email protected] Requests for reasonable accommo-dations for persons with disabilities must bemade 72 hours in advance. Services areextended to the public on a non-discrimina-tory basis.
Chuuk SBDC Training Schedule
By: Skiller JacksonDirector, Business Counselor(Kosrae SBDC)
Michaela G. Noda is asmall business owner formore than 25 years. Noda’ssmall business story startedas a small scale home baseoperation offering tailor serv-ices to the KosraenCommunity. Financed withpersonal dollars, Michaelapurchased a sewing machineand materials to make ladiesdresses. After several years,the Noda’s felt it was time torelocate to another area inKosrae. In 2003, the couple’srelocation plan not onlymeant moving themselves,but the business operation aswell. They knew their tailorbusiness would also be ofgreat demand in their newplace in Koarom, MalemMunicipality. The Noda’salso saw an even greaterneed for retail services to pro-vide grocery goods. And thiswas so! The Noda’s wereable to start their retail estab-lishment now known as MIC’sStore. Although the business was pros-pering, one thing became clear the busi-ness lacked in good recordkeepingskills. Michaela also had some difficultyfiguring out how the Custom, Tax &Revenue Office calculated gross sales.This situation moved Michaela and herhusband to seek the technical assis-tance by the Kosrae Small BusinessDevelopment Center (SBDC).
Tasked with having to obtain theproper training, Michaela’s husband
approached the Kosrae SBDC forassistance back in 2003. ThenCounselor Stanley Raffilman had rec-ommended his attendance to the recordkeeping workshop hosted by SBDC andco-sponsored by FSM DevelopmentBank, Kosrae Branch in February 2003.The workshop provided a wealth ofknowledge and hands on training usingMicrosoft excel. Successfully complet-ing the training, Michaela and her hus-band are now able to efficiently tracksales and expenses, produce quarterly
financial reports and keep accuraterecords.
In 2005, Noda’s approached theSBDC once again for technical assis-tance in the area of business expan-sion. The business plan was to besubmitted to a banker for possiblefinancing. Michaela, her husband (busi-ness partner) with the assistance of theSBDC worked effortlessly to gather allthe information needed to complete theproposal. The whole process tookabout 1 month to complete. Soon the
plan was done and thensubmitted for review andapproval. Two months ofwaiting was well worth thetime. Michaela thenreceived word that herloan was approved. Fundswere used to expand thebuilding, purchase moreequipment and inventory.With the funds, the busi-ness was able to create 4new jobs and retain 7jobs.
In 2007, expansion planswas in order once again.Taking the same approach,the Noda’s assisted by theKosrae SBDC completedall requirements for banksubmission. The future ofMIC's Store continues tolook brighter receivingfavorable approval fromthe Pacific IslandsDevelopment Bank (PIDB).Funding allowed for thepurchase of a medium sizewalk-in-Freezer, a deliverytruck, and extend its exist-ing facility for a biggerspace to increase its inven-tory. Here again, through
the use of the loan funds, the businesswas able to retain 7 employees.
Starting out with only two employees,MIC’S Store was able to generate annu-al sales revenue of at least $4,800.Today, MIC’S Store employs 11 full-timeemployees with monthly average salesrevenue of approximately $20,000.MIC’S Store continues to sell grocerygoods, clothing, house wares, furnitureand appliances, electronics and manymore.
7
Pacific B
usiness Partners www.pacificsbdc.com
Small Business Success for MIC’s Store
Kosrae SBDC Training scheduleMMoonntthh TTrraaiinniinngg TTooppiicc TTiimmee VVeennuuee
Feb. 15-18, 2011 Basic computer Skills 9 AM-12 PM Kosrae SBDC Training Room
Feb. 22 & 24, 2011 Youth Entrepreneurship 11 AM-12 PM Sanrik Elem. School
March 8-10, 2011 Introduction to Profit Mastery 9 AM-12 PM Kosrae SBDC Training Room
March 22-24, 2011 Profit Mastery - Price, Volume, Cost 9 AM-12 PM Kosrae SBDC Training Room
All workshops are open to all qualified small business owners, managers, key personnel and individuals planning considering to startand/or expand their small business venture. All workshops are FREE. For more information, please contact the Kosrae SBDC at (691)370-2751. Interested individuals may also submit a web request atwww.pacificsbdc.com or send an email message to [email protected] Requests for reasonable accommodations must be made 72 hours in advance. Services are extended to the public on a non-discrimina-tory basis.
FREE Small Business Counseling & Training offered at the Kosrae SBDC
Kosrae SBDC is here to serve you for all your small business needs. Visit us at the College of Micronesia or
Call (691)370-2751 for an appointment today!www.pacificsbdc.com
8
By Yap SBDC
1. Please tell us aboutyourself and yourfamily.
I am resident ofYap by birth. Icompleted twoyears of col-lege at theCollege ofMicronesiamajoring ingeneral busi-ness. I also wasenrolled at theUniversity of Guam fortwo years majoring in busi-ness before serving in the USArmed Forces. Upon completionof my service, I returned to Yapto manage a family businessbefore starting my own taxi serv-ice business in 2006. Since thenI’ve owned and been operatingmy the business with my wifeAmanda and two children Ameliaand Golbuu.
2. Why did you decide tostart your own Business?
Employment opportunity in theisland is hard to find after return-ing home. I decided to open myown business so I could employmyself and others in my commu-nity who are in need of employ-ment. There’s also nothing betterthan being my own boss.
3. What experience do youhave in this type of busi-
ness?I had very limit-ed experience
in the taxiservice busi-ness. But Isaw a needfor a 24hours taxiservice in
the island asboth private
and public trans-portation were very
limited. I took a risk to startthis operation with the little expe-rience I had. Today, I can saythat I have learned a lot aboutthis line of business especiallythrough the people we serve andwork with.
4. How did the SmallBusiness Development Centerand other resources help you?
The Yap SBDC was very help-ful in the start-up process of mybusiness. The center also contin-ued to help me even when I wasin business. Without the YapSBDC, I would not havereceived from the bank the start-up capital that I needed, andremain in business to this day.
5. What was the start up
process like?The start-up process was
mind-numbing and challenging,but it was a great learning expe-rience as well. I came to thecenter with a business idea, butdid not consider much that isinvolved inputting theidea to reality.The YapSBDC helpedme take all ofthese intoconsiderationbefore imple-ment thebusiness idea.
6. How did you fund yourbusiness?
Much of the start-up capitalcame from a loan with the FSMDevelopment Bank, and the restwas my own personal contribu-tion.
7. What were some of thebiggest challenges you experi-enced in the start-up process?
I think the biggest challenge instarting any business in theislands is having access to start-up funding. And once you finallyget into business the market isvery limited, hence, comes thechallenges of ensuring qualityservice, and attracting and main-
taining your customers.
8. What is your most memo-rable triumph in your start-up?
The biggest triumph in what Ido is being happy with what I do,and knowing that my business is
a service to the peo-ple of Yap.
9. What are yourshort-term andlong-term plans foryour business?
24-7 taxi serviceplans to get a newfleet of vehicles and
increase the number of drivers tomeet the growing demand ofcustomers.
10. What advice would yougive to others who want tostart a business at this time?
Start now! And be sure to uti-lize the Small BusinessDevelopment Center’s resourcesand programs.
For more information regard-ing the Yap SBDC’s Programsand Services, please call (691)350-4801/2 or www.pacificsb-dc.com
-----CONGRATULATIONS!24-7 Taxi Service for 4 years
of doing business in YapState.
Yap SBDC offers monthly Small Business Trainings at low to no cost. Trainings are targetedto those interested in starting or expanding their business. For more information, please con-tact the Yap SBDC @ telephone numbers (691) 350-4801/4802 or email address [email protected] is limited to 25 participants per session. Request for reasonable accommodations forpersons with disabilities must be made 72 hours in advance. Services are extended to the pub-lic on a non-discriminatory basis.
Yap SBDC Training
24-7 Taxi Service Still in Business for Yap State (interview with Bernard Giltamngin, Owner)
Four years of Small Business Success
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acific Business P
artners www.pacificsbdc.com
As an entrepreneur, theanswer to this question isyour top priority. Today,customers have higherexpectations than everbefore and are less likely totolerate poor service. It isnot enough to meet cus-tomer’s expectations, youmust exceed them.Remember, service isn’tjust a policy or guidelinesbut a feeling that the cus-tomer responds to.
In order to exceed cus-tomer’s expectations, youmust first know what theyare. Basic service includesreturning phone calls in atimely manner, makingdeliveries when scheduledand treating their problemsas if they were your own—even if it costs you more
money.
To go beyond the basics,however, use surveys toget constant feedback.Through surveys, you canlearn the lit-tle thingsthat mean alot to yourcustomer.Perhaps it’sas simple asnot givingenough condiments withlunch deliveries or a biggerproblem to be addressedsuch as a rude employee.
Business owners need totake responsibility for theactions of their employees.Proper training on theimportance of customerservice is important.
Employees should also bewell-versed in properphone etiquette.
Go beyond your cus-tomer’s expectations and
you will createloyalty. Paul R.Trimm atBringham YoungUniversity’sMarriott School ofManagementuses a formula
for customer service calledVISPAC, which stands for:
s Value. Give customersa little more value thanthey expected
s Information. Provideinformation about whatyour customer has pur-chased.
s Speed. Return allphone calls and emails in a
timely manner. Alwaysdeliver on time.
s Personality. Promotea friendly image in youroffice. Ensure every cus-tomer is greeted when theywalk in the door. Keepyour office clean and invit-ing. Make sure employeesare well groomed.
s Add on. Give cus-tomers a bonus like acoupon or a free gift.
s Convenience. Make iteasy for customers tocome to you. Analyze theinconveniences of yourbusiness: are there enoughparking spaces? Could youoffer delivery service?Should you stay open onweekends?
What Does it Take to Satisfy Customers?
FOR MORE INFOs For information regardingCustomer Service trainings andother small business workshops,please call the Palau SBDC atplease contact the Palau SBDC attel. (680)587-6004 or cell(680)775-5472 or [email protected] or [email protected].
1st Quarter TRAINING/Workshops – January~March
FFeebbrruuaarryy 1166,, 22001111Tax & Licenses with Social Security Administration
FFeebbrruuaarryy 1177,, 22001111Tax & Licenses with Division of Tax and Revenue
FFeebbrruuaarryy 2233,, 22001111Personal Budgeting: If you can handle your personalfinancing, you can handle a small business
MMaarrcchh 0088--1111,, 22001111QuickBooks Hands-On Training
MMaarrcchh 1166,, 2200111 How to develop your business plan
MMaarrcchh 1177,, 2200111 How to develop your financial projections
Presentation by: Palau SBDC and Resource Partners
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Palau SBDC Training Schedule
11
Pacific B
usiness Partners www.pacificsbdc.com
RMI SBDC Training Schedule DDaattee TTooppiicc TTiimmee VVeennuueeFebruary 16, 2011 Marketing 10:00am - 12:00 noon RMI SBDCFebruary 17, 2011 Financial Statement 10:00am - 12:00 noon RMI SBDC
March 23, 2011 Customer Service 10:00am - 12:00 noon RMI SBDCMarch 24, 2011 Recordkeeping 10:00am - 12:00 noon RMI SBDC
All workshops are open to all qualified small business owners, man-agers, key personnel and individuals planning to open or consider-ing starting a small business venture. All workshops are FREE OFCHARGE. For more information, please call RMI SBDC at (692)625-3685.Individuals interested in attending the scheduled workshop can also
submit a web request at www.pacificsbdc.com or send an emailmessage to [email protected]. The training schedule is sub-ject to change. Services are extended to the public on a non-dis-criminatory basis. Reasonable accommodations for persons withdisabilities will be made if requested at least two weeks in advance.The RMI SBDC is a member of the Pacific Island Small Business
Development Center Network (PISBDCN) and is supported bythe U.S. Small Business Administration. The PISBDCN is a pro-gram supported by the U.S. SBA under a Cooperative Agreement.SBA does not endorse any products, opinions, or services of anyexternal parties or activities.
Business Development Center Networkand to the start-up and existing businessesin RMI,” said Casey Jeszenka.
Anel is currently the Director/Counselor atthe RMI SBDC. Anel was chosen by thePISBDCN for being an outstanding per-former, making a major contribution to the
RMI SBDC program, and showing a strongcommitment to small business in theMarshall Islands.
It is an honor to accept this award,” saidAnel Philimon, “and to have the opportunity tohelp so many people achieve the dream ofstarting and succeeding in their own business.”
America’s Small Business DevelopmentCenter (ASBDC) Network is a partnershipuniting private enterprise, government, high-
er education and local nonprofit economicdevelopment organizations. It is the SmallBusiness Administration’s largest partner-ship program, providing management andtechnical assistance to help Americans start,run and grow their own businesses. Withabout 1,000 centers across the nation,America’s SBDC network provided businessconsulting to approximately 200,000 clients,training for more than 400,000 attendees,
and other forms of management and techni-cal assistance to approximately 600,000small businesses and aspiring entrepre-neurs last year.
continued from page 1
University of Guam Pacific Islands Small Business Development centerNetwork (PISBDCN) announces selection of Anel Philimon as State Star
Laundromat Services Reopen After 10 yearsBy: RMI SBDC
Mr. Amos McQuinn and his family werethe first to establish a small scaleLaundromat business in Majuro during the1980s. The business was in operations fora number of years until the mid-1990s.However, due to water problems the busi-ness was forced to close down.
Times have changed and water prob-lems are becoming a thing of the past.Amos now more than ever is excited aboutthe reopening of what was once a familyowned business years back. The idea toreopen was also reconfirmed by theCommunity’s need for a Laundromat serv-ice since a significant number of house-holds do not own washers & dryers.Amos stated that starting up once againthis business venture will enable him toearn sufficient income to support and meetthe needs of his family on a daily basis, aswell as, to save money to finance his chil-dren’s pursuit of the higher level of educa-tion.
Being in the Laundromat BusinessService Operations for more than 10years, this experience has provided Amosand members of his family with the mana-gerial talent needed to operate a success-ful business. The other areas of experi-ence include hotel and retail store man-agement.
At the initial thought and desire to re-establish his business, Amos then soughtthe technical assistance provided of theRMI Small Business Development Centerat the Ministry of Resources andDevelopment. Here he received the muchneeded and necessary counseling andquality training to complete the requiredbusiness plan and other supporting docu-
ments. Once done, the package was sub-mitted to the lender known as the MarshallIslands Development Band-MIDB for con-sideration. With the wait, this time result-ed in a favorable decision and anotherperson’s dream a reality.
Want to own your business; AmosMcQuinn encourages others to takeadvantage of the services provided by theSBDC and the local lending institutions(Banks) as they are willing to help withtechnical assistance and funding for startup and existing businesses.
Mr. McQuinn intends to improve the
operations of his business in three yearsand expand to other parts of Majuro. Mr.McQuinn would like to take this opportuni-ty to express profound gratitude to Mr.Amon Tibon (MIDB Managing Director),MIDB Board of Directors and RMI SBDCat the Ministry of Resources andDevelopment for the assistance providedto us to make our dreams become a reali-ty.
The RMI SBDC and Marshall IslandsDevelopment Bank extend their congratu-lations to Mr. Amos McQuinn and his fami-ly and wish them great success in their
business once again.The RMI SBDC is a member of the
University of Guam’s Pacific SmallBusiness Development Center Network(PISBDCN). The PISBDCN’s mission is tosupport the growth and economic develop-ment of the U.S. affiliated islands in thewestern pacific region by providing highquality training and one-on-one confiden-tial counseling to existing and small busi-ness startups. For more informationregarding the RMI SBDC programs andservices, please contact the RMI SBDC at(692)625-3685 or visitwww.pacificsbdc.com.
Mr. Amos McQuinn , Owner
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