Business strategies and resources
to help you survive and thrive in a tough economy

Honibay, a woman's fashion boutique, is located in Downtown Alhambra.

Where one kind of business may suffer under
harsh economic conditions, another may thrive.

Over the last 100 years there have been 20 recessions - ten since World War II. During this time, many businesses have come and gone. So how can you grow your business or start a business during a down market? This web page is designed to help you find the answers.

In a robust economy it's easy to become complacent and let the customers come to you. However, in a down economy you can't just sit back - you may have to actively seek business again and devise new strategies to grow your business.

So where do you start? First, reconnect with existing customers. Research shows that it's five to six times more costly to gain a new customer than retain an existing one, making it absolutely critical to retain your customers during a recession. Beyond a quality product or service that's delivered on time, the single most important tactic you can employ to retain customers is to reinforce your position, along with the sound business reasons why the customer chose (and continues to choose) to do business with you.

Where to locate your business:

• Look for a good location with customer-friendly parking
• Make sure that any space you're considering is big enough for both your current needs and  foreseeable growth. Be realistic and don't over-commit. Do your homework: investigate traffic patterns; tour the building; find out who the previous tenant was and why they left.
• Identify your closest competitors. Also check out neighboring businesses with an eye for complementary products or services. Is there an established cluster economy?
• Evaluate whether the physical location and space is a good fit with your product line. Do you need a large, bright space or a charming, cozy nook?
• Hire a real estate attorney who not only specializes in lease negotiations, but knows your area and, preferably, has dealt with your kind of business before.
• Know who's responsible for maintaining the heating, air-conditioning and other systems, as well as keeping up the parking lot and building exterior.
• Look for affordable rents

How to attract and retain customers:

• Have a good product and flexible pricing.
• Cater to the customer. Keep inventory flexible enough to appeal to clients' changing tastes. Anticipate customer’s needs before they even realize them.
• Continue to advertise regardless of economic times. It has been show that companies that advertising in a down market have a competitive advantage over businesses that trim their ad budgets.
• Teach your employees how to be more effective at what they do.
• Partnering the talents and ideas of 'fresh thinkers' with your proven talent is a solid success principle.
• Remember that every customer is potentially a repeat customer.
• Cross-promote and share customers with other local businesses (talk each other up).
• Offer more in-store events to attract new and repeat customers.
• Attract customers from wider distances.
• Pay attention to quality. Grow your top line.

Prepare a business plan:

• The business plan process helps you think through all parts of your business, establish a solid foundation, and puts you in a position for business growth. There are many business plan tools to help you - ranging from a workbook with simple questions to answer to software providing a "fill in the blank" question/answer format.
• Take a free online class in Strategic Planning and Execution
• Visit the Small Business Administration's website for more information on preparing a business plan. 
• Types of business structures - Which is right for you? Sole Proprietorship, C corporation, S corporation, Partnership, Limited Liability Partnership, Limited Liability Limited Partnership, Limited Liability Company, Series Limited Liability Company. To find out more about business structures, visit the U.S. Small Business Administration website

Resources to assist you in starting and maintaining your business:

• U.S. Small Business Administration (Los Angeles District Office) Newsletter - provides information for small businesses interested in gaining access to funds available through the Recovery and Reinvestment Act of 2009.
   
• Business calculators:
  - Amortizing loan
  - Breakeven analysis
  - Business debt consolidation
  - Business valuation
  - Cash flow
  - Commercial loan
  - Debt consolidation
  - Discounted cash flow
  - Equipment buy versus lease
  - Equity line of credit
  - Financial ratios
  - Inventory analysis
  - Investment offering
  - Investment return
  - Profit margin
  - Repossession of personal property from a deferred payment sale
  - Repossession of real property
  - Starting costs
  - Stock options 
  - 1040 Tax Estimator
  - Working Capital Needs 
    
• Small business loans. 
  
  Money How-To Guides (Entrepreneur.com)
   
  Click here for over 4,000 sources to help you finance your business. 
   
  Common types of loans include:
• SBA Business Loan - Loans to small businesses from private-sector lenders (banks, etc.) which are guaranteed by the SBA. The SBA has no funds for direct lending or loans to small businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. CDCs work with the SBA and private-sector lenders to provide the financing.
• Secured Working Capital Loans - Convert company or personal assets into working capital. They provide a security in the form of an asset(s) in exchange for cash.
• Unsecured - Working Capital Loan - Loans for working capital that are unsecured, only based on the credit worthiness of the applicant.
• Commercial Real Estate Loans - Commercial real estate loan with fixed or variable terms.
• Accounts Receivable Factoring - Accounts receivable serve as collateral for short-term working capital loans that you can obtain fast and cost effectively.
• Merchant Account Cash Advance - Up to a $50,000 advance against regular occurring monthly merchant credit receipts.
• Start-up Loans - Loans for start-up businesses
• Franchise Start-up Loan - Specialized financing reserved for the franchisees of recognized, typically nationally known, franchises.
• Business Acquisitions - Loan to acquire an existing business
• Lines of Credit - A pre-arranged amount of credit based upon existing inventory, A/R and POs or up to $200,000 in business credit based upon credit worthiness with no collateral.
• Professional Loans - For Doctors, Dentists, Lawyers, CPAs, etc.
• Equipment Financing - Loans to purchase equipment, with the equipment to be used as the collateral on the loan.
• Equipment Sale-Lease Back - If you have existing equipment, you sell it and then lease back the equipment. Essentially you get cash for your equipment and then you lease it back from the lender.
• Equipment Leasing - An easier way to find financing for your equipment needs and obtain tax benefits at the same time.
• Construction Financing - Loans for home or commercial construction.
• Residential Equity Lines - Lines of credit secured by the equity in your residence.
• Residential Mortgage Lending - Loans for residential homes at the current interest rates in the market place.
• Hard Money Equity Loans - Loans available that are typically hard to obtain from a local bank lender.
• Multi-Family Real Estate Loans - Loans for real estate investors.
• Business Only Loans
   
• Free or Low-Cost Business Training Workshops and Seminars / Counselors
  San Gabriel Valley Small Business Development Center (SBDC) - provides free or low-cost busines seminars in house, as well as at various local partnership sites.

Los Angeles County Economic Development Council

SCORE-Counselors to Small Business - Los Angeles Chapter, 330 N. Brand Blvd., Suite 190, Glendale, CA 91203; (818) 552-3206 - Online site provides resources, including workshops, for new and existing entrepreneurs. 

YWCA Angeles Mesa Empowerment Center: 

Southern California Minority Business Development Council:

Free Online Business Training from Free-Ed.Net - Find a wealth of courses including entreneurship and business management, sales and marketing, bookkeeping and accounting, economics and much more.
 
Tools for Business Success - A wide variety of online resources provided by the San Gabriel Valley Economic Partnership.
 
Innovative Downtown Businesses: This online resource provides examples of innovative downtown businesses in a variety of retail and service categories.
 
California Academy for Economic Development - A Center for Economic Development Training, Education, and Research

U.S. Business Advisor - Lots of information related to starting a business
 
Mymoney.gov - the U.S. government's website dedicated to teaching all Americans the basics about financial education.

• Permitting Process
  Cal Gold  - provides businesses with on-line information concerning business permits and other requirements of California agencies at all levels of government, including addresses, telephone numbers, and links to agency Internet web pages.
   
• City of Alhambra
  Development Services Department/Redevelopment Agency
  111 S. First St., First Floor, Alhambra, CA 91801
  (626) 570-5030; Fax: (626) 458-4201 
     
  City of Alhambra––Business Licenses
  Finance Dept. (existing business licenses), (626) 570-5019
  Development Services Dept. (new business licenses), (626) 570-5034 
    
  City of Alhambra––Alhambra Civic Center Library - 101 South First Street, Alhambra, CA 9180; (626) 570-3212 - The Alhambra Civic Center Library offers a wealth of resources, guides and information on all aspects of business. 
   
  Alhambra Superior Court
    
• Alhambra Business Groups
  Alhambra Chamber of Commerce, 104 S. First St., Alhambra, CA 91801; Phone: (626) 282-8481; Fax: (626) 282-5596. Provides members with numerous services including seminars, clinics and other marketing opportunities. Local chambers can help you boost business in hard times by helping professionals network and promote themselves in new ways. 
   
   Alhambra Downtown Association (626) 282-5767; email: alhtown@pacbell.net 
   
• Alhambra Banks and Financial Institutions
  Click here for a list of banks located in Alhambra.
   
• Other Government Agencies
   
  Federal:
  Federal Citizen Information Center 1-888-8 PUEBLO (1-888-878-3256).
   
  Internal Revenue Service - Local Office: 9350 East Flair Dr., El Monte, CA 91731; (626) 312-5138. Monday-Friday, 8:30 a.m.- 4:30 p.m. Click here for services provided. Please visit the Taxpayer Assistance Center for an appointment.  If a same-day appointment is not available, a future appointment will be made within 5 business days.
   
  U.S. Small Business Administration, Small Business Development Center, 330 N. Brand Avenue, Suite 190, Glendale, CA 90203 ; (818) 552-3321 - Offers seminars, one-on-one counseling and additional resources, knowledge and assistance to help local businesses succeed. 
  
  State:
   
  California Franchise Tax Board - Local Office: 300 S. Spring Street, Suite 5704, Los Angeles, CA 90013-1265; (800) 852-5711 (inside the U.S.) - Monday through Friday, 7 a.m. - 6 p.m., except state holidays. 
   
  California State Board of Equalization, 12820 Crossroads Parkway South, City of Industry, CA 91715; (310) 908-5280 - Contact the Board for a license for any type of wholesale or retail selling. They will want to know the size and type of business and the expected monthly gross and volume of sales. To be licensed you need a valid California Driver's License and Social Security card. 
   
  CalJOBS, A no-fee Internet service created and maintained by the California EDD to help employers find qualified job applicants.
   
  Secretary of State, 1230 J St., Sacramento, CA 95814 - Business Portal provides a wealth of information about starting a new business, including types of business entities, name searches, etc. 
   
  State Compensation Insurance Fund , 125 W. Huntington Dr., Arcadia, CA 91007; (626) 574-2600 - Contact this office for Workers' Compensation Insurance. You can also purchase such insurance through private insurance firms. 
   
  California Online 
   
  County: 
  Los Angeles County Health Department - West Covina Health Center, 1435 West Covina Parkway, West Covina, CA; (626) 813-3379 - Contact the County Health Department for a license if your business is in any way concerned with public health: food/restaurant, wholesale or retail markets, vending machines, catering trucks, etc. It also licenses day-care centers, board and care facilities, hotels and motels, and retirement homes. Other businesses under its control include laundries, clothing factories, animal keepers and swimming pools. 
    
  Los Angeles County Online
   
  Los Angeles County Economic Development Corporation - The LAEDC's mission is to attract, retain and grow businesses and jobs in the regions of LA County. Need Business Assistance? Call 888-4-LAEDC-1 or bap@laedc.org

Other Sources of Assistance:  

• Asian-American Economic Development Enterprises, Inc., 216 W. Garvey Ave., Suite E, Monterey Park, CA 91754; (626) 572-7021; Fax: (626) 572-6533; Info@aaede.org
  The mission of the organization is to create business and personal growth for Asian Americans and others through education, employment and enterprise. It provides training in entrepreneurship, small business and personal development, supplies management and technical assistance to new and fledgling business, delivers financial support for growing ventures and enhances other worthy educational and community service activities.
     
• Asian Pacific American Legal Center of Southern California, 1145 Wilshire Blvd., 2nd Floor, Los Angeles, CA 90017; (213) 977-7500; Fax: (213) 977-7595 - The APALC was established in 1983 as a non-profit and has become the largest organization in Southern California that provides Asian and Pacific Islander and other communities with multi-lingual cultural sensitive services and legal education. 
   
• California Chamber of Commerce, The largest, broad-based business advocate, working at the state and federal levels to influence government actions affecting all California business - 1215 K Street, Suite 1400, Sacramento, CA 95814 / P.O. Box 1736, Sacramento, CA 95812-1736; Telephone (916) 444-6670; Fax (916) 325-1272
      
• Center for International Trade Development/California-Mexico Trade Assistance Centers - Citrus College-Pomona Center, 300 W. Second St., Suite 203, Pomona, CA 91766; (909) 629-2247; Email: gbohatch@citd-citruscc.com - Offers free one-on-one consulting, research, lead generation and low-cost workshops. 
   
• National Association for Self-Employed - The nation's leading resource for the self-employed and micro-businesses. It offers support, legislative advocacy and consollidated buying power. Associationo members have access to affordable health insurance with optional return of premiums, flexible health plans (pay only what you need coverage), critical care plan, HRA 105, legal aid consultations, travel insurance, discount plans and more. For more information, or to set up an appointment, call Amy Van, (626) 458-2411 /email a.van@nase.org.
   
• San Gabriel Valley Economic Partnership - A regional, not-for-profit corporation committed to the continued successful economic development of the San Gabriel Valley. General Information: info@valleyconnect.com. See the Partnership's "Tools for Business Success" web pages.
               
• Pasadena Star News - 911 E. Colorado Blvd., Pasadena, CA 91109; (626) 578-6300, ext. 2451 - The Star News publishes the Fictitious Business Name Statement once a week for four weeks. Contact them for a fictitious name form. The Star News sends a copy to the County Clerk who files the request, and sends a copy back to the Star News and to the applicant.
   
• Visit San Gabriel Valley.com - A website developed by the San Gabriel Valley Economic Partnership that promotes the leadership and resources of the San Gabriel Valley.

Debt Consolidation:

• Federal Trade Commission - Facts for Consumers about Taking Care of Debts 
   
• Building a Better Credit Report  (FTC) - Learn how to legally improve your credit report and read tips on dealing with debt. 
  

Legal Resources 

• Law HelpCalifornia.org - An internet site designed to help Californians find legal aid referrals & self-help resources.
   
• LegalZoom.com - Answer a few questions online and your documents will be prepared within 48 hours / satisfaction guaranteed. 
   
• Business Law Guide/Lawyer Search