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Create your business and financial plans

NNPA NEWSWIRE — After you’ve determined that you have a viable business idea and your market research has given you enough insights, it’s important to apply this information to your business planning — especially as it relates to money.

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By incorporating the results of your market research into the overall vision of your business, you can better align your marketing efforts to drive sales and give yourself a competitive edge.

Write up your plans for a targeted, profitable business.

Starting a business can be exciting, but that excitement may be overshadowed by anxiety if you start this new adventure without detailed research and plans to guide you along the way. In addition to guidance, a business and financial plan can help to attract investors and open up more options for funding your idea.

After you’ve determined that you have a viable business idea and your market research has given you enough insights, it’s important to apply this information to your business planning — especially as it relates to money.

Create your business and marketing plan

Using the results of your market research, you can outline:

  • Details for your service or product: This means a description of what it is and what the market is for it.
  • Branding: This is the personality and messaging behind your business. Maybe you want the public to see your business as innovative and cutting-edge or maybe your business is more about establishing a trusting relationship with customers.
  • Market trends: These are the challenges facing your potential industry, what’s most popular with your competition, and how you plan to address those factors.
  • Objectives: What is your top priority in each aspect of your business, including, funding, marketing, and day-to-day operations?
  • Strategies: How do you plan to accomplish everything? Remember to be very detailed.

By incorporating the results of your market research into the overall vision of your business, you can better align your marketing efforts to drive sales and give yourself a competitive edge.

For instance, if your target market is everyday families with toddlers, you’ll have to create a marketing plan to reach them in places they’ll be. This could mean physically locating to where they are, like down the street from a school or park, or paying for ads on websites they use most.

Another example could be dealing with your competition. If you plan to compete based on price, you’ll need to see how price cuts might impact your income. There’s no use making sales while losing money, since your business likely won’t be able to survive it.

Your business plan may also be useful when you reach the stage of hiring staff. You will want to hire people that fit the personality of your business and whose values align with it. Referring to your plan can help guide you in that process.

Understand the financials

Next, analyze what it’ll take to start, grow, and manage your company. A great source for business finance insights is the Hands on Banking® website. Fundamentally, you should know:

  • Startup costs: How much you’ll need to pay to get your idea going. Free resources like the S. Small Business Administration (SBA) can help you calculate these costs. You should also consider speaking with current professionals in your industry, such as vendors, suppliers, and industry groups.
  • Break-even point: When your business brings in just enough money to cover expenses. If you need help figuring that out, The Balance offers a good rundown. Setting up a consultation with an accountant to help you estimate costs could also be helpful in the long run.
  • Projections for profitability: Predictions about future income. It’s important to be realistic with these: Forbes gives a helpful guide on how to best forecast the revenue your business will likely bring in. This is also where the market research you’ve done can play a big role by helping you determine market size and the demand for your business.

Once you have these estimates, it will be much easier to pin down whether this is a worthy business opportunity.

Evaluate your financing options

There are many ways to fund your business, but you have to choose the one that works for you. “You can put in sweat equity, use credit, raise venture capital, or even solicit funds with crowdfunding,” says Dr. Dennis Kimbro, a business professor and best-selling author. “But which way is best for your business?”

The SBA suggests considering both your personal and business resources to help you arrive at the right financing strategy.

For instance, do you have:

  • Savings that you can draw from to get started?
    • Depending on your situation, you may think about investing your own savings. Although this may not pay for everything, doing so shows lenders how much you believe in your own idea.
  • Collateral to secure a business loan request?
    • If yes, you could be ready for a loan or line of credit from a financial institution. For this option, you’ll want to have a good relationship with your banker so they can assist you in setting it up.

When starting out, all of these questions may not apply to your business just yet. However, if you approach a bank or investors, these are the questions they’ll likely ask. They’re also factors to keep in mind should your business outgrow your initial plan.

As you get closer to launching, your financial and business plans may change, and that’s OK. Regardless of how they evolve, having a plan in place to guide you on this venture could make all the difference for your success.

© 2019 Wells Fargo Bank, N.A. All rights reserved.

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LIHEAP Funds Released After Weeks of Delay as States and the District Rush to Protect Households from the Cold

BLACKPRESSUSA NEWSWIRE — The federal government has released $3.6 billion in home heating assistance after a delay that left states preparing for the start of winter without the program’s annual funding.

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By Stacy M. Brown
Black Press USA Senior National Correspondent

The federal government has released $3.6 billion in home heating assistance after a delay that left states preparing for the start of winter without the program’s annual funding. The Low-Income Home Energy Assistance Program, known as LIHEAP, helps eligible households pay heating and cooling bills. The release follows a shutdown that stretched 43 days and pushed agencies across the country to warn families of possible disruptions.

State officials in Minnesota, Kansas, New York, and Pennsylvania had already issued alerts that the delay could slow the processing of applications or force families to wait until December for help. In Pennsylvania, more than 300,000 households depend on the program each year. Minnesota officials noted that older adults, young children, and people with disabilities face the highest risk as temperatures fall.

The delay also raised concerns among advocates who track household debt tied to rising utility costs. National Energy Assistance Directors Association Executive Director Mark Wolfe said the funds were “essential and long overdue” and added that high arrearages and increased energy prices have strained families seeking help.

Some states faced additional pressure when other services were affected by the shutdown. According to data reviewed by national energy advocates, roughly 68 percent of LIHEAP households also receive nutrition assistance, and the freeze in multiple programs increased the financial burden on low-income residents. Wolfe said families were placed in “an even more precarious situation than usual” as the shutdown stretched into November.

In Maryland, lawmakers urged the Trump administration to release funds after the state recorded its first cold-related death of the season. The Maryland Department of Health reported that a man in his 30s was found outdoors in Frederick County when temperatures dropped. Last winter, the state documented 75 cold-related deaths, the highest number in five years. Rep Kweisi Mfume joined more than 100 House members calling for immediate federal action and said LIHEAP “is not a luxury” for the 100,000 Maryland households that rely on it. He added that seniors and veterans would be placed at risk if the program remained stalled.

Maryland Gov. Wes Moore used $10.1 million in state funds to keep benefits moving, but noted that states cannot routinely replace federal dollars. His administration said families that rely on medical equipment requiring electricity are particularly vulnerable.

The District of Columbia has already mapped out its FY26 LIHEAP structure in documents filed with the federal government. The District’s plan shows that heating assistance, cooling assistance, weatherization, and year-round crisis assistance operate from October 1 through September 30. The District allocates 50 percent of its LIHEAP funds to heating assistance, 10 percent to cooling, 13 percent to year-round crisis assistance, 15 percent to weatherization, and 10 percent to administrative costs. Two percent is used for services that help residents reduce energy needs, including education on reading utility bills and identifying energy waste.

The District’s plan lists a minimum LIHEAP benefit of $200 and a maximum of $1,800 for both heating and cooling assistance. Crisis benefits are provided separately and may reach up to $500 when needed to resolve an emergency. The plan states that a household is considered in crisis if it has been disconnected from energy service, if heating oil is at 5 percent or less of capacity, or if the household has at least $200 owed after the regular benefit is applied.

The District’s filing notes that LIHEAP staff conduct outreach through community meetings, senior housing sites, Advisory Neighborhood Commissions, social media, posters, and mass mailings. The plan confirms that LIHEAP applicants can apply in person, by mail, by email, or through a mobile-friendly online application and that physically disabled residents may request in-home visits.

As agencies nationwide begin distributing the newly released funds, states continue working through large volumes of applications. Wolfe said LIHEAP administrators “have been notified that the award letters have gone out and the states can begin to draw down the funds.”

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Seven Steps to Help Your Child Build Meaningful Connections

BLACKPRESSUSA NEWSWIRE — Swinging side by side with a friend on the playground. Sharing chalk over bright, colorful sidewalk drawings. Hiding behind a tree during a spirited game of hide-and-seek. These simple moments between children may seem small, but they matter more than we think

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By Niyoka McCoy, Ed.D., Chief Learning Officer, Stride/K12

Swinging side by side with a friend on the playground. Sharing chalk over bright, colorful sidewalk drawings. Hiding behind a tree during a spirited game of hide-and-seek. These simple moments between children may seem small, but they matter more than we think: They lay the foundation for some of life’s most important skills.

Through everyday play, young children begin learning essential social and emotional skills like sharing, resolving conflicts, showing empathy, and managing their emotions. These social skills help shape emotional growth and set kids up for long-term success. Socialization in early childhood isn’t just a “nice-to-have”—it’s essential for development.

Yet today, many young children who haven’t yet started school aren’t getting enough consistent, meaningful interaction with peers. Research shows that there’s a decline in active free play and peer socialization when compared to previous generations.

There are many reasons for this. Children who are home with a parent during the day may spend most of their time with adults, limiting opportunities for peer play. Those in daycare or preschool may have restricted free play, and large classrooms can reduce supervision and social coaching. Some children live in rural areas, are homebound due to illness, have full schedules, or rely on screens to fill their playtime. And for some families, finding other families with young children to connect with isn’t easy.

While these challenges can feel significant, opportunities for connection still exist in every community. Families can take simple steps to help children build friendships, create a sense of belonging, and strengthen social skills. Here are some ideas to get started:

  • Storytime sessions at libraries or local bookstores
  • Community offerings such as parent-child workshops, art, music, gymnastics, swimming, or sports programs
  • Weekly events at children’s museums, which may include art projects, music workshops, or science experiments
  • Outdoor exploration, where kids can play with peers
  • Local parenting groups that organize playdates and group activities
  • Volunteer opportunities where children can participate, such as pet adoption events or packing meals at a food bank
  • Classes for kids at local businesses, including hardware, grocery, or craft stores

Some of these community activities are free or low-cost and give kids the chance to build friendships and practice social skills. Parents can also model positive social behavior by interacting with other parents and encouraging their children to play with their peers.

These may seem like small moments of connection, but they can have a powerful impact. Every time your child shares a toy, plays make-believe with peers, or races a friend down the slide, they’re not just playing—they’re learning the skills that build confidence, empathy, and lasting friendships. And it’s good for you, too. Creating intentional opportunities for play also helps you strengthen your own network of parents who can support one another as your children grow together.

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#NNPA BlackPress

Seven Steps to Help Your Child Build Meaningful Connections

BLACKPRESSUSA NEWSWIRE — Swinging side by side with a friend on the playground. Sharing chalk over bright, colorful sidewalk drawings. Hiding behind a tree during a spirited game of hide-and-seek. These simple moments between children may seem small, but they matter more than we think

Published

on

By Niyoka McCoy, Ed.D., Chief Learning Officer, Stride/K12

Swinging side by side with a friend on the playground. Sharing chalk over bright, colorful sidewalk drawings. Hiding behind a tree during a spirited game of hide-and-seek. These simple moments between children may seem small, but they matter more than we think: They lay the foundation for some of life’s most important skills.

Through everyday play, young children begin learning essential social and emotional skills like sharing, resolving conflicts, showing empathy, and managing their emotions. These social skills help shape emotional growth and set kids up for long-term success. Socialization in early childhood isn’t just a “nice-to-have”—it’s essential for development.

Yet today, many young children who haven’t yet started school aren’t getting enough consistent, meaningful interaction with peers. Research shows that there’s a decline in active free play and peer socialization when compared to previous generations.

There are many reasons for this. Children who are home with a parent during the day may spend most of their time with adults, limiting opportunities for peer play. Those in daycare or preschool may have restricted free play, and large classrooms can reduce supervision and social coaching. Some children live in rural areas, are homebound due to illness, have full schedules, or rely on screens to fill their playtime. And for some families, finding other families with young children to connect with isn’t easy.

While these challenges can feel significant, opportunities for connection still exist in every community. Families can take simple steps to help children build friendships, create a sense of belonging, and strengthen social skills. Here are some ideas to get started:

  • Storytime sessions at libraries or local bookstores
  • Community offerings such as parent-child workshops, art, music, gymnastics, swimming, or sports programs
  • Weekly events at children’s museums, which may include art projects, music workshops, or science experiments
  • Outdoor exploration, where kids can play with peers
  • Local parenting groups that organize playdates and group activities
  • Volunteer opportunities where children can participate, such as pet adoption events or packing meals at a food bank
  • Classes for kids at local businesses, including hardware, grocery, or craft stores

Some of these community activities are free or low-cost and give kids the chance to build friendships and practice social skills. Parents can also model positive social behavior by interacting with other parents and encouraging their children to play with their peers.

These may seem like small moments of connection, but they can have a powerful impact. Every time your child shares a toy, plays make-believe with peers, or races a friend down the slide, they’re not just playing—they’re learning the skills that build confidence, empathy, and lasting friendships. And it’s good for you, too. Creating intentional opportunities for play also helps you strengthen your own network of parents who can support one another as your children grow together.

Continue Reading

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