Frequently Asked Questions

View our Frequently Asked Questions to get answers to common business questions. If your question is not listed on our Frequently Asked Questions page, please contact us at any time.

General Questions

Depending on your industry, a small business could be defined as business with a maximum of 250 employees or a maximum of 1,500 employees. They’re privately owned corporations, partnerships, or sole proprietorships that have less revenue than larger businesses. For the industry-level definitions of small business used in government programs and contracting, see U.S. Small Business Administration’s Table of Small Business Size Standards.

The common business structures include:

  • Sole proprietorship
  • Partnerships
  • Limited liability company (LLC)
  • Corporation – C corp
  • Corporation – S corp
  • Corporation – B corp
  • Nonprofit

For more information on the differences and advantages between each business structure, please visit the SBA’s website or request a NO-COST consultation with a Florida SBDC at UCF Consultant.

The Florida SBDC at UCF assist all for-profit, small businesses (as defined by the US SBA Small Business Size Standards) in Orange, Osceola, Seminole, Lake, Sumter, Volusia, Brevard, and Flagler Counties. Business located outside of our 8-county region can get assistance from your local SBDC office.

To locate your local Florida SBDC, please visit – https://floridasbdc.org/locations/

To find an SBDC outside of the State of Florida, please visit- https://americassbdc.org/find-your-sbdc/

Yes, the Florida SBDC at UCF can assist you with starting your business, marketing, human resources, accessing capital, government contracting, exporting, market research and more. Click here to request a meeting with a Florida SBDC at UCF Consultant

Register your business with the State of Florida via www.sunbiz.org.

Depending on the location of your business you may also need a county and/or city business tax receipt.

Also, depending on the industry, you may need specific licenses and permits to operate your business.

For more assistance starting your business please request a NO-COST consultation with a Florida SBDC at UCF Consultant

The following are tax resources provided by the US Internal Revenue Service (IRS)

For specific tax questions, we recommend contacting your Certified Public Accountant (CPA).

Starting A Business

We recommend beginning with our “How to Start Your Business Workbook”, available on our Resources page. This guide walks you through the essential steps of launching your business in Florida.

Additionally, we encourage you to attend our “How to Start Your Business” seminar, held monthly. It provides expert guidance and personalized support. You can find upcoming dates and register on our Seminars page.

To register an LLC in Florida, you need to file the Articles of Organization with the Florida Department of State’s Division of Corporations. You can do this online through the Sunbiz website, by mail, or in person.

Yes . Your business plan is the foundation of your business, highly recommended for both startups and existing businesses aiming to grow and succeed. We suggest starting with our “Business Plan Template”, available on our Resources page. This comprehensive guide walks you through the key components of a business plan and provides step-by-step guidance on how to write it effectively.

Yes, Small Business Development Centers (SBDCs) offer no-cost counseling to help you choose the right business structure (LLC, Corporation, Sole Proprietorship, etc.). SBDCs provide personalized guidance tailored to your specific business needs, helping you navigate the complexities of each structure.

Human Resources and Team Management

The Florida SBDC at UCF can guide you in creating a handbook that covers workplace policies, procedures, benefits, employee rights, and Florida-specific employment laws. We provide templates and examples, and consultants walk you through each section to ensure clarity, legal compliance, and alignment with your company culture.

Yes. The Florida SBDC at UCF helps business owners plan for a successful exit, whether through sale, merger, succession, or closure. CEPA Consultants guide you through evaluating your business’s current value, preparing financial statements, and identifying potential buyers or successors. We also provide strategies to maximize the value of your business, including improving operations, documenting processes, and strengthening customer relationships.

Financing and Funding Questions

Most successful start-ups get their funding from personal resources and friends and family to open.  However, since a start-up is a business that has been opened less than two years, you will want to have access to capital during those first two years.    Some banks offer credit cards or other small lines of credit for start-ups.  If your business requires more capital investment, over $50,000, a 7A loan may be a better option for you.  That will then lead to the SBA section since small businesses can get conventional loans and lines of credit (no SBA guaranty).

The Small Business Administration (SBA) guarantees business loans issued by approved lenders. The SBA loans carry relatively low interest rates with terms up to 25 years.

The six types of SBA loans are:

  • SBA 7(a) Loans: Working capital up to $5 million
  • SBA CDC/504 Loans: For purchasing owner-occupied commercial real estate
  • SBA Express loans (up to $350,000).  Revolving feature with term out.
  • SBA CAPLines: A line of credit that can be used again
  • SBA Export Loans: Financing for exporters to bolster their export activity
  • SBA Microloans: Working capital loans of up to $50,000
  • SBA Disaster Loans: Loans for businesses that have been impacted by a declared natural or economic disaster.

For more information on how to apply, please request a NO-COST consultation with a Florida SBDC at UCF Consultant

The SBA helps small businesses obtain needed credit by giving the government’s guaranty to loans made by commercial lenders (banks, credit unions, community development corporations, micro-lending institutions, and other lenders). The lender makes the loan and SBA will repay up to 85% of any loss in case of default. Since this is a bank loan, applications are submitted to the bank and loan payments are paid to the bank. The bank is also responsible for closing the loan and disbursing the loan proceeds.

SBA’s involvement is limited to reviewing the loan application submitted by the bank to assure they meet eligibility and credit standards. SBA provides the bank with a written Authorization outlining the conditions of the SBA guarantee; any material changes to this authorization generally require SBA approval. Most commercial banks and some non-bank commercial lenders participate in this program.

To qualify for a loan, lenders typically look for key elements such as:

  • A solid business plan
  • Good credit history
  • Collateral (if required)
  • Financial statements or projections
  • Proof of cash flow or ability to repay the loan

Our consultants at the Florida SBDC at UCF can help you prepare these documents and assess your loan readiness. To begin, please complete our Request for Consulting Form.

FSBDC advisors help you evaluate your cash flow, projected revenue, and repayment capacity. They assist in comparing loan options (term length, interest rates, collateral requirements) and can run scenarios to forecast how debt will impact your financial health. This allows you to make an informed decision about the timing, size, and type of loan that best fits your business needs.

Standard 7(a) SBA loans don’t require collateral if the loan amount is $25,000 or less. Above that amount, any Standard 7(a) loan must be secured with collateral.

For more information please request a NO-COST consultation with a Florida SBDC at UCF Consultant

The vast majority of small business loan applications will consider your personal credit score over your business credit score, and most don’t require a business credit score at all.

Contrary to popular belief, the SBDC does not provide grants. Small business grants can be challenging to locate, but opportunities do exist. Helpful information is often available through government agencies, state programs, and private corporations. A few reliable places to begin your search include:

While the FSBDC at UCF does not directly provide loans, we can assist you through the process of securing one. Our consultants can help you understand your financing options, prepare required documents, and strengthen your loan application.

To get started, please complete our Request for Consulting Form so we can better assist you.

Yes. Crowdfunding can be an effective option for product-based businesses or those with strong community engagement. Consultants can advise you on selecting platforms such as Kickstarter, Indiegogo, or GoFundMe, developing campaign messaging, setting funding goals, creating tiered rewards, and managing marketing outreach to drive backers. We also review your financial projections and budget to ensure your campaign is realistic and sustainable.

To get started please complete our Request for Consulting Form.

Absolutely. We provide templates, guidance on structure, and one-on-one feedback to ensure your pitch deck clearly communicates your business value proposition, market opportunity, revenue model, and financial outlook. Our consultants can also help tailor the deck to specific investor types, whether angel investors, venture capitalists, or banks, increasing your chances of securing funding.

To register for sales tax in Florida, you can visit the Florida Department of Revenue‘s website and complete the registration process. You will need to provide business details, including type and location, and may be required to submit a Florida Requisition Slip. This registration is essential for legally collecting taxes on sales.

We walk you through registering for a Florida sales tax permit and understanding compliance. Consulting appointments are available to help you stay compliant.

Marketing and Digital Presence

Yes! We provide assistance in developing marketing strategies that align with your target audience and business goals. We also provide FSBDC Resources for different Market planning.

Please complete our Request for Consulting Form to get tailored support.

Yes. Consultants can help you identify the most effective platforms for your audience, create an editorial calendar, set measurable objectives, and define key performance indicators (KPIs). We also provide guidance on budgeting, ad targeting, analytics tracking, and testing strategies to maximize ROI. Resources include platform tutorials, content templates, and case studies relevant to small businesses.

Yes. We offer advice on building a website, optimizing for search engines (SEO), and setting up e-commerce platforms. Consulting appointments are available to help you implement these strategies.

To begin, please complete our Request for Consulting Form.

Yes. Consultants can help you identify the most effective platforms for your audience, create an editorial calendar, set measurable objectives, and define key performance indicators (KPIs). We also provide guidance on budgeting, ad targeting, analytics tracking, and testing strategies to maximize ROI.

Resources include platform tutorials, content templates, and case studies relevant to small businesses.

Yes. Consultants can assess your current operations and recommend software solutions for inventory management, accounting, CRM, or ERP. We provide advice on implementation and data migration. Recommendations include both cloud-based and on-premise solutions suitable for your business size and budget.

We provide guidance on best practices such as strong password policies, encrypted communications, secure payment processing, employee training, and regular system audits.

Florida SBDC at UCF consultants help identify areas where AI or automation can improve efficiency, such as chatbots for customer service, predictive analytics for inventory management, or automated marketing campaigns. We also can provide guidance on software selection, integration, training, and ongoing performance monitoring.

Government Contracting Questions

As a general rule, we usually suggest that a business have at least two (2) years of generating revenue before they start pursuing government markets but there is no legal requirement to do so.  Some specific programs within the government marketplace may require a certain number of years of experience though.

The Florida APEX Accelerator at UCF has decades of government contracting experience, so they are your number one resource. They can assist with bid/proposal preparation, registrations, certifications, marketing, networking, and contract administration.

For more information please visit the Florida APEX Accelerator at UCF webpage.

The Florida APEX Accelerator is a no cost resource for government contractors. This program receives its funding from a combination of the Department of Defense, host institutions, and other stakeholders.  The Florida APEX Accelerator at UCF has 3 consultants on staff that work with businesses in all stages of government contracting.

Government contracting is not the best next step for all businesses but if your business is established in SunBiz, generating some level of revenue from commercial and/or residential markets, have some of the basic business building blocks in place such as a budget, business plan, and a sales process in place then getting the business positioned for government contract could be a good next step.

A serious government contractor will eventually need to register with every level of government that they are targeting.  For example, businesses interested in selling to the federal government would need to register at SAM.gov (www.sam.gov) and businesses interested in selling to the State of Florida need to a registered vendor in MyFloridaMarketplace.  You would also need to be a registered vendor for local government agencies and some prime contractors as well.

The Florida APEX Accelerator at UCF hosts a monthly “Government Contracting:  Overview” webinar that can be a great next step for your government contracting pursuits and a great way to get introduced to the program.  If you are brand new to government contracting or even down the path a bit, this can be a useful training.   You can learn more and register for this event at https://sbdcorlando.com/upcoming-seminars/

Certifications Questions

Being certified as a woman or veteran owned small business opens the doors to working with government entities and gives you a competitive edge.

There are many resources available for woman-owned and disadvantaged businsses. Please see the Small Business Administration’s website.

The purpose of the WOSB Program is to ensure that women-owned small businesses (WOSBs) have an equal opportunity to participate in Federal contracting and to help attain the Federal government’s goal of awarding five percent of its prime contract dollars to WOSBs.

To be eligible for the WOSB Federal Contracting program, a business must:

  • Be a small business according to SBA size standards
  • Be at least 51% owned and controlled by women who are U.S. citizens
  • Have women manage day-to-day operations who also make long-term decisions.

The National Minority Supplier Development Council (NMSDC) is a membership organization comprised of small minority-owned businesses and large corporate businesses. The NMSDC also offers an official certification process for minority-owned businesses.

To qualify for certification, you must meet these qualifications:

  • The business owners must be U.S. citizens
  • The business must be at least 51% minority-owned, operated, and controlled. (Per the NMSDC, a minority must be at least 25% Asian, Black, Hispanic, or Native American. Also, minority eligibility is established through screenings, interviews, and site visits. For publicly owned businesses, at least 51% of the stock must be owned by one or more minority group members.)
  • The business must be for-profit and physically located in the U. S. or its territories.
  • The minority owners must also participate in the daily management and operations of the business.

Local Support and Resources

The Florida SBDC at UCF assist all for-profit, small businesses (as defined by the US SBA Small Business Size Standards) in Orange, Osceola, Seminole, Lake, Sumter, Volusia, Brevard, and Flagler Counties. Business located outside of our 8-county region can get assistance from your local SBDC office.

To locate your local Florida SBDC, please visit – https://floridasbdc.org/locations/

To find an SBDC outside of the State of Florida, please visit- https://americassbdc.org/find-your-sbdc/

You can register for consulting online through our website by completing our Request for Consulting Form.

We offer both in-person and virtual consultations. To get started, complete our Request for Consulting Form to be connected with a consultant, after which you can coordinate a session that fits your schedule.