Every Wednesday, members of the EGBI Toastmasters club gather to practice their public speaking, presentation, and interpersonal communication skills.
The first part of the meeting is probably what you think about when you think about Toastmasters, where participants deliver prepared speeches to the rest of the club. (Unfamilar with Toastmasters? Click here to learn more.)
But the reality of life is that we often don’t have the time or opportunity to prepare what we want to say ahead of time — and we have to think on the spot.
This is where Table Topics comes in.
In each Toastmasters meeting, participants have the chance to practice their improvisation skills in front of a supportive audience. After the host introduces a question or prompt, random participants are invited to speak about the topic for 1–2 minutes.
Through practice, members learn to organize their thoughts and deliver concise responses without preparation. By presenting and providing feedback to others, Toastmasters members build confidence in their ability to contribute meaningfully to any conversation.
But outside in the real world is where these skills really come to life. Whether you’re answering a customer’s question, participating in a panel discussion, or delivering a last-minute presentation, the ability to respond effectively in any situation is a huge asset. An engaging conversation might turn a one-time visitor into a loyal customer, a speaking opportunity into invaluable publicity, and a restless audience into a motivated one.
If you’re ready to practice your impromptu speaking skills, you’re invited to join the EGBI Toastmasters International chapter, where you will learn and practice alongside a group of supportive peers. Click here for more information on how to join.
Clearly articulating your value is critical in a world where people’s attention spans are getting shorter, and opportunities arise suddenly. Times like these are where an elevator pitch comes in. In the time it takes to ride an elevator, you should be able to provide a concise and powerful overview of who you are, what you do, and why it all matters.
What is an Elevator Pitch?
An elevator pitch is a brief, persuasive speech that you can use to spark interest in what you or your business offers. It’s called an elevator pitch because it should be short enough to present during a brief elevator ride – typically around 30 seconds to two minutes.
The Purpose of an Elevator Pitch
Capture Attention: An elevator pitch is designed to quickly capture your audience’s attention and pique their interest in what you offer.
Make a Memorable Impression: First impressions are essential, and an elevator pitch is your chance to make a lasting one. By delivering a brief and persuasive message, you increase the probability that your audience will remember you and your value proposition.
Communicate Your Value Proposition: Regardless of whether you are an entrepreneur, a salesperson, or a job seeker, an elevator pitch allows you to communicate your unique value proposition clearly and concisely. It answers the question, “What do you do, and why should I care?” in a compelling way.
Open Doors to Opportunities: Opportunities often arise unexpectedly, and you never know when you’ll find yourself in a situation where you must pitch yourself or your business on the spot. An elevator pitch equips you with the confidence and clarity to seize these opportunities.
Start Conversations: An effective elevator pitch serves as a conversation starter. It is about delivering a monologue, initiating a dialogue, and engaging your audience meaningfully.
An elevator pitch is a concise and compelling synopsis of your background, experience, and what you offer in the thirty seconds or less it takes to ride an elevator. Here are some tips to consider when crafting an elevator pitch:
Know Your Audience: Spend time learning about and understanding your target audience before drafting your elevator pitch. Make your pitch specific to the requirements, interests, and pain points of the people you are pitching to, whether they are prospective workers, investors, or clients.
Begin with a Hook: Use an attention-grabbing hook or opening sentence to grab the attention of your audience right away. This may be with a question, an eye-opening figure, or a short story that connects to your expertise or service. The goal is to spark their interest and compel them to hear more.
Keep it Concise and Clear: Recall that you only have a little time to make your presentation, so be concise and clear. Every word matters. Refrain from jargon or technical terminology that might confuse your readers; keep your message brief and straightforward. Make an effort to explain your value proposition in an understandable language.
Emphasize Your Differentiating Features: What makes you stand out from the competition in your industry? Emphasize your distinctive abilities, accomplishments, and experiences to make an impression. Pay attention to the advantages you may provide your audience and why they should be interested in your offer.
Practice. Practice. Practice: Practice is necessary to create a compelling elevator pitch. After you’ve written your pitch, practice it until it comes easily and naturally. You may record yourself, practice in front of a mirror, or practice with a friend or coworker to ensure you maximize the time given.
Be Genuine: Gaining your audience’s confidence and credibility requires being genuine. When presenting, show off your personality and be sincere and enthusiastic. Instead of coming out as too prepared, talk from the heart and allow your passion for your idea or task to come through.
End with a Call to Action: Put a clear call to action at the end of your elevator pitch to nudge your audience to take the following action. Make it simple for them to carry on the conversation and look into options by giving them quick access to your website, LinkedIn connections, and follow-up meeting scheduling. Remind them who is a perfect referral for your business.
Be Flexible and Adaptable: Finally, be ready to modify your elevator pitch to fit various settings and circumstances. You never know when or where you might be asked to give a pitch, so be prepared to modify it at any time based on the situation and the people you’re speaking with.
Developing your elevator pitch skills is an important life skill that may lead to changes in your personal and professional life. You will be well-prepared to leave a lasting impression and take advantage of any chance if you create a concise, captivating, and genuine pitch.
La Incubadora Podcast is part of the Economic Growth Business Incubator, a local non-profit with the mission of providing training, coaching, and support to aspiring and existing business owners who face barriers to growing a successful business. La Incubadora Podcast is born out of the need to put in video and audio a lot of the success stories we see here at the business incubator. We also want to answer frequently asked questions and connect with small business owners with the resources to succeed in business on your own time and wherever you are while you have access to a mobile device.
For today’s episode we’ll cover a little bit more information about Facebook Marketplace. We will unravel the intriguing concept of unwittingly owning a Business and its tax implications, particularly in the realm of online selling through platforms like Facebook Marketplace. We will explore scenarios where individuals may unknowingly find themselves in business roles and repercussions that it means for their taxes from understanding IRS criteria to proactive compliance.
Meet our speakers:
Our host, David Fuentes, will be diving deep into today’s topic with our guest speaker, Andrea Harrington. Andrea Harrington is a lawyer and team manager at Texas Rio Grande Legal Aid small business and nonprofits team based in TRLA Austin Offices. Andrea works throughout Texas to serve the areas representing micro entrepreneurs facilitating Pro Bono small business legal clinics and providing Community Legal education on legal issues relevant to micro entrepreneurs. Andrea represents domestic violence survivors in family law cases and in protective order cases. Andrea obtained her Bachelor of Arts at Harvard University in 1998 and completed her Log Degree at the University Texas school of law in 2003. Andrea offers invaluable guidance to navigate this terrain with essential knowledge and be prepared to manage your tax responsibilities effectively in the digital marketplace.
What work does the Texas Rio Grande Legal Aid do?
Andrea Harrington says,
“Texas Rio grande Legal Aid is a non profit law firm and we provide assistance through a wide variety of areas of law from family law to public benefits, housing issues, landlord/tenant issues. We do have eligibility guidelines that we have to meet for our clients.
You can go to www.trla.org/gethelp and there are prompts that can let you know what our legal intake hotline is that can get you started, if you need assistance. To go to through our eligibility screening and get some legal assistance and ,of course, we also offer legal advice to small businesses!
It is a service to the community ,all of our services are free to the community for eligible clients and we have offices here in Austin, all the way west to El Paso and all the way south to Brownsville!”
How does selling on Facebook Marketplace classify someone as a business owner? Does it affect me on my taxes?
Andrea Harrington says,
“The interesting thing about Facebook Marketplace is that people use it for various reasons. For example, if you have a new couch or you’re moving your baby from a crib to a toddler bed and you have to get rid of the old furniture and pull in the new furniture, that is NOT a business.
Other folks are using Facebook marketplace as a way to make some extra money, for example you may go to Goodwill on the buy by the pound day and you receive your items to resell them on Facebook Marketplace.
OR
You purchase furniture or toys, that may be a little bit beaten up, and refurbish them and sell them on Facebook Marketplace. You may be using that extra bit of income to top off your grocery budget, to be able to pay your car insurance
The MAIN thing to know is if you are regularly selling items via Facebook Marketplace, Craigslist, eBay, Etsy, or any online platform. The IRS may consider these activities of you being engaged in a business. With that comes tax implications because the IRS is very clear that all businesses income should be reported and is taxable.”
What are KEY FACTORS that the IRS or tax authorities consider when determining whether someone is running a business?
Andrea Harrington says,
“It is considered a business once the intent is to earn more moneythan I spend, then that is considered running a business.
One should also take into consideration the regularity of operations. For example if you are listing one/two new items a week or one new item a day, then that’s a regularity of engagement of a platform for a business activity/ economic activity and it will be taken into consideration by the IRS.
Additionally, the production of income and ongoing efforts the person may take to improve their profits of the business. For instance if I am selling on Facebook marketplace but I am also advertising items on Instagram, those are going to be other efforts to further the interest of my business. Which would make it look more like business activity than just a personal transaction.”
David Fuentes: “That makes perfect sense, so there’s profit and then the regularity of operations. Right?”
Andrea Harrington: “Yes and the production of income. If you are bringing in income regularly, then it will become a factor.”
“For a long time people could sell on Craigslist , Facebook Marketplace, and eBay and you would get paid via PayPal or Cashapp and that was the end of the transaction but that’s changing.”
Are there specific thresholds or criteria that individuals should be aware of when it comes to selling goods online and triggering business tax obligations?
Andrea Harrington says,
“The big change that is happening this year, that is really important for people to know, is that these transactions that you’re doing if getting paid by Venmo, Cashapp, PayPal, or through Zelle. These payment providers are going to be sending out 1099-s to you. There has been a big change in the law, starting in 2024 if you make more than $600 in income through one of these payment apps you will be getting a 1099 that is reporting your income. If you think about it, what you have been selling on Facebook Marketplace. if you make more than $600 in a year which is not a lot, this is 50 bucks a month!
This year in 2024, which is the first quarter is already done, the threshold for receiving the 1099 is $5,000.
What does this mean?
If you make $5,000 in just one payment platform you will get a 1099. Something to keep in mind is that 1099-s are given per payment platform, so for those of you that maybe selling higher priced items such as jewelry or furniture you may hit that threshold in several payment providers, you will be receiving 1099-s from each payment provider. It is not aggregate for your whole business since it’s per payment provider so it’s really important to be aware that this hasn’t been an issue for a lot of Facebook Marketplace sellers for a very long time because the threshold used to be $220,000 and in 2024 it is dropping down $5,000 and further down to $600 for this upcoming year 2025.”
What piece of advice would you give to Facebook Marketplace users?
Andrea Harrington says,
“One piece of advice I would give is to start keeping records as soon as possible.
It is really important that you guys who are selling on Facebook Marketplace that you take the steps to at least start keeping records so you can deduct your business expenses from the money you are making reselling these items. If you’re going to a store and you’re buying by the pound and then you’re reselling some of these items of Facebook Marketplace, you NEED to get receipts of your cost of goods sold.
Another thing that folks need to be really aware of is if you are selling online on Facebook Marketplace or any other platform you should have a sales tax permit from the state of Texas and be collecting sales tax because it is another mandatory rule of the law and it affects all sellers.
It is crucial for everyone to learn what items you are selling are taxable and collect the sales tax on that, collect them, and turn them over on your filing deadlines.”
David Fuentes says,
“It really does operate similarly as a business? It is really useful because I have some clients here, for example someone who owned a tire shop and so they would resell used tires on Facebook Marketplace and that counts as a separate business operation in itself so it’s kind of wrapping our heads around this and specifically for tax implications.”
Andrea Harrington says,
“Yes absolutely!”
How can individuals who sell items online proactively ensure compliance with tax regulations and avoid unintended tax liabilities?
Andrea Harrington says,
“The MAIN way to ensure compliance there’s two big things that folks need to do, one is keep records. You will hear this from your business count to lenders at the bank from anyone who works with small businesses will tell you how important it is to keep good records of the money you spend for your business and keep records of the money that you’re earning from your business. This is because any tax compliance is going to be reliant on the quality of your records.
The other MAIN way to ensure compliance is to report because there is no way around it. You have to report your income, you’re able to deduct your but you must be aware and accept that there will be taxes due on your profit that you’re making from your operations.
Additionally you must research what your state sales tax obligations are and make sure that you’re going to be compliant with those as well. It’s the cheapest way to go about doing this otherwise you might get audited at a state level and on the federal level, which is expensive, if you are going to be having someone representing or helping you and any back taxes that were found to be owed you are going to have to pay as well as interests and penalties. In hindsight, the cheapest way to do this is to do it right from the beginning.”
What are some common misconceptions or pitfalls that people may encounter when it comes to understanding their tax obligations related to online selling?
Andrea Harrington says,
“So a big one is that people think that because they’re selling online, that they don’t have a real business so they don’t have any tax obligations. Additionally some haven’t formed a corporation or an LLC (Limited Liability Corporation) or filed a DBA (Doing Business As) so they haven’t formed a business, that is not a threshold that the state or federal government uses to determine whether or not you’re going to owe taxes on business income. What they’re looking at is the reality of the situation, are you engaged in economic activity that’s making you a profit? They are NOT looking at the formalities of whether you filed this paper or that paper. Like we said before, they are looking at the reality of what’s going on. The thing is that when you’re doing stuff online that is a record of itself, that’s evidence that’s out there. You can’t claim that you weren’t doing those activities when posts are up there, so it is essential to have that reality check of yourself and set a budget for these taxes. “
David Fuentes says,
“It’s really important to know before you start doing these things right otherwise you can find yourself in a hard place even without knowing this.”
As a lawyer specializing in this area, what advice do you have for individuals who may be uncertain about their tax status as online sellers?
Andrea Harrington says,
“In my experience people generally have a pretty good idea of what their status is whether or not they have a business, it just may be not the answer you wish it was. So my advice would be to be really honest with yourself about your selling activities online, whether its baby clothes, toys, clothes, etc, then you have a business. Like we said beforehand, if you are selling online to make a profit and you have come to terms with the reality of your situation, if you are uncertain do your record keeping because then you may not know if you are making a profit every month. With that you will find out whether or not you have a business. If you really aren’t sure, I can give you information you need. It may not be a huge profit, you might make $100 or $80 a month so I need to take care of this so you don’t get yourself into hot water. “
Additionally if you want more information specifically about taxes, the IRS has an excellent website, a YouTube channel, and a whole web page dedicated to small businesses tax issues!
The Texas Comptroller offers a lot of information on sales tax issues, so if you have any questions you can contact them if you are not sure whether you should be collecting sales taxes you can do that reading online.
Austin has a lot of resources for small businesses and for entrepreneurs! The City of Austin has a department dedicated to small businesses and there are lots of profits here in town that are also dedicated to assisting small businesses.”
David Fuentes says,
Perfect! We have several resources here in the city of Austin such as the IRS, and they also have a Small business and Self-Employed Tax Center which is a great resource and is the first website that popped up.
Appreciation
Huge thanks to Andrea Harrington for being our guest speaker, especially with all of these new changes and folks will have to adapt. None of us desire to deal with tax issues or the IRS, so it’s better to keep records before getting into trouble. It’s been a pleasure once again chatting with you and we hope that you find this episode entertaining and informative!
This episode was produced by Raycast media to be able to launch our podcast. Huge thanks to Raycast Media for this amazing partnership!
If you know someone else that could benefit from this episode share this article with them or share the Incubadora YouTube podcast! Remember that the Incubadora Podcast is part of the Economic Growth Business Incubator, a business incubator in Central Texas that offers training, coaching, and support to small business owners with barriers to achieving success.
If you would like to learn more about the economic growth business incubator and our services visit our website: https://egbi.org/ Thanks for listening!
As a Veteran, you’ve already demonstrated courage, commitment, and resilience in your service to the nation. Now, imagine translating those qualities into entrepreneurial success by starting or expanding your own business by tapping into government contracting opportunities. The Small Business Administration (SBA) offers certification programs for Veteran-Owned Small Businesses (VOSB) and Service-Disabled Veteran-Owned Small Businesses (SDVOSB), providing a pathway to exclusive contracts and fostering economic growth.
You might ask, “why would I need a certification as a veteran owned business through the Small Business Administration?” Well, there are a few good reasons why this certification is a good idea for your business as a veteran. One, it allows you to compete for certain federal and/or state government contracts. It also will allow you to purchase government supply surplus items that can help you to continue to grow your business. And importantly, it underscores your brand as a veteran-owned or service-disabled veteran-owned business to your customers and your community.
In this guide, we’ll walk you through the step-by-step process to achieve VOSB or SDVOSB certification.
Step 1: Verify Your Eligibility
Before diving into the certification process, ensure you meet the eligibility criteria. For VOSB, veterans must own and control at least 51% of the business. For SDVOSB, service-disabled veterans must meet the same criteria. Confirm your eligibility and proceed with confidence.
Step 2: Gather Your Documents
Collect the necessary documentation, which typically includes:
DD Form 214, Certificate of Release or Discharge from Active Duty.
VA disability letter (for SDVOSB).
Corporate documents (articles of incorporation, operating agreements, etc.).
Business financial statements.
Business tax returns.
Ownership and control documentation.
Step 3: Create an SBA Account
Navigate to the Small Business Administration (SBA) website and create an account. This account will be your gateway to the online certification application. Ensure you provide accurate information during the account creation process.
Step 4: Complete the Online Application
Select the certification program (VOSB or SDVOSB) and complete the online application. Upload all required documents and double-check the accuracy of the information provided. This step is pivotal in moving forward with the certification process. You want to make sure there are no delays due to not providing all the required information.
Step 5: Obtain a D-U-N-S Number
If your business doesn’t have a Dun & Bradstreet (D&B) Data Universal Numbering System (D-U-N-S) number, obtain one. This unique identifier is essential for government contracts and will strengthen your application.
Step 6: Register on SAM.gov
Register your business on the System for Award Management (SAM) website. This no cost registration is a prerequisite for federal government contracting and complements your VOSB or SDVOSB certification. Importantly, this is a required registration to do business with the U.S. Government.
Step 7: Submit Your Application
Once your application is complete, submit it through the SBA’s online portal. This marks a crucial step toward unlocking exclusive contracting opportunities for your veteran-owned business.
Step 8: Await Verification and Approval
Patience is key as the SBA reviews your application. Be prepared for potential requests for additional information and respond promptly to expedite the certification process. So, please be sure to keep your eye on your emails from the SBA.
Step 9: Respond to Requests for Information
If the SBA requires additional information or clarification, respond promptly and efficiently. This responsiveness demonstrates your commitment to the certification process.
Step 10: Receive Your Certification
Upon approval, you’ll receive official certification as a VOSB or SDVOSB. This achievement opens doors to government contracts reserved only for veteran-owned businesses.
Step 11: Market Your Certification
Update your marketing materials, website, and government contracting databases to showcase your VOSB or SDVOSB status. This certification is a powerful tool in attracting both government and private-sector contracts.
For further support with this process, seek guidance from the SBA through your local Veterans Business Outreach Center (VBOC) Program here.
Conclusion
Becoming certified as a VOSB or SDVOSB is a strategic move that not only honors your military service but also positions your business for success in the competitive world of government contracting. Follow these steps diligently, stay informed, and embrace the opportunities that come with being a certified veteran-owned business. We here at EGBI wish you good luck on your journey to unlocking new horizons for your entrepreneurial venture!
Please do not hesitate to reach out to EGBI’s Business Coach and Veteran Services Coordinator Monica Perras at perras@egbi.org or call her directly 737-239-0221. A business coaching appointment is at no cost due to a contract with the City of Austin.
In this episode we explore the groundbreaking work of financial health pathways and it’s transformative ISA Texas programs with Lourdes G Zuniga the organizations executive director discover how this community driven initiative is revolutionizing financial education and resources to uplift low income Texans from partnership opportunities for organizations to the streamline process for participant enrollment. Our conversation provides valuable insight into how ISA Texas is charting a course towards enhanced financial well-being for individuals and families across the state.
Lourdes G. Zuniga is a social impact leader a presidential leadership scholar and a founder member of the UNICEF USA Austin task force, a journalist from Peru and faculty for the Texas Justice Court Training Center, Lourdes drives innovative solutions to systematic issues and fights the criminalization of poverty and the justice system Lourdes supports philanthropy education in the Hispanic community and she was recognized by the Austin Business Journal as 2021 most influential women in Central Texas. ABJ 2022 best CEO finalist and several others, Lourdes has joined the inaugural bis Women Leadership Council and is a proud alumina from the LBJ Women campaign inaugural class. Her remarkable story as an immigrant who came to the United States with nothing, shapes her servant leadership and is the reason she has been recognized locally and nationally.
We share the conversation…
Christina- Can you provide an overview of Financial Health Pathways and the mission behind the “I Save Texas!” program?
Lourdes- Financial Health Pathways is an organization that is a little bit of a hybrid organization, we have two signature programs our “I Save Texas” and our “Financial Justice Program” that are designed to not just deliver education and content but help people practice and implement a lot of our teachings we realized after a few years with the organization that, you can deliver education to a lot of people but if the systems are not equipped to help people and allow people to develop their own path to success and to build their own wealth then we’re just basically conducting training so we decided to add an advocacy piece to that.
Christina-What inspired the creation of the “I Save Texas!” program, and how does it address the financial challenges faced by low-income families in Texas?
Lourdes- I wanted to be able to raise money to give it out to all the people that perhaps really want to build their wealth but they don’t know how and also because people think that you know saving money is difficult or painful and that’s why we ask $20 a month, it’s because I think that is pretty doable and most people think of money as “all or nothing” you kind of have to save and be miserable or you don’t save and you can enjoy life and spend money.
Christina- Who is eligible to participate in this program?
Lourdes- This program is basically for anyone over 18 years old, having a bank account and having a partnership with us. For us to enroll a participant we have to have a partnership agreement with their organization, so anyone that is an EGBI client will be able to enroll themselves in the program and answer the question of who referred you.
Christina-What steps are involved in completing the intake form and joining the program?
Lourdes- The intake form is really just a demographic, we don’t share this in a disaggregated way it’s just, we want to know who we’re serving. So it’s basically completing some assessment of demographics and also their financial health. There are eight questions that we ask, how confident do they feel about their insurance or how confident they feel that they make enough income to pay for their basic needs so they’re just very general questions.
