How Entrepreneurs Get Funding Through The Small Business Administration
Do you have a great idea for a small business but you’re not sure how to make your dream a reality? The Small Business Administration (SBA) offers valuable services ranging from providing information about market research to funding your business and it’s all available on the SBA website. Small businesses in America currently employ over 58 million people with great success. By using the resources provided by the Small Business Administration you can be a successful entrepreneur too.
Your First Steps To Creating A Small Business
Once you have your idea you’ll need a well-researched business plan. The SBA offers an in-depth business guide to show you how to create a competitive analysis and complete your market research. Understanding your market and competitors is an important piece of information that you can’t do without. This data will help you make decisions about startup costs and what your target markets are. Use the small business data on the SBA website to supplement your research.
Craft A Business Plan
Once you’ve researched your market it’s time to write your foundational business plan. The Small Business Administration can walk you through this task with step by step guidelines. They have business counselors who are available to assist you with this important job. Learn the difference between a traditional business plan or a startup plan on the SBA website and decide what’s best for your company.
Calculate Start Up Costs
With the help of the Small Business Administration and your solid business plan, you can create a startup costs spreadsheet. To get a business loan or other types of funding, you will need to present a viable accounting of your startup costs and monthly expenses. There is a list on the SBA website to give you an idea of what expenses your business might incur such as website fees, permits, rent, and office equipment.
Get Money For Your Business
You’ve done all your groundwork now and your small business venture looks like it could be a success. You’re excited to get started as an entrepreneur but how do you fund your business? The Small Business Administration has helped thousands of people like you find lenders for their businesses. There are many ways to get the capital that you need to get your business off the ground.
For instance, some entrepreneurs use their savings to get started. Using your own resources is tricky; you don’t want to deplete your life savings with your new venture. The SBA can educate you on how to find investors or how to crowdfund your idea. A popular option is to get an SBA guaranteed loan. This type of loan is great for entrepreneurs who may not qualify for a regular bank loan. By using Lendermatch on the Small Business Administration website, you will be able to find lenders who participate in this program.
Help Your Community
Once you’ve got your small business up and running there are many ways that you can help your community. By providing a needed service and jobs in your local area you will be stimulating economic growth and providing revenue for your government. You can be a role model by participating on neighborhood boards, in local cleanups, and by offering employment to people who are underserved. The Small Business Administration can help you with your questions from start to finish and will continue to offer their support as your business grows.
The Cherokee Nation Businesses portfolio of companies offers its partners and clients all the advantages of Access to the Small Disadvantaged Business (SDB) program of the (SBA) Small Business Administration..