FINANCE AT YOUR FINGERTIPS by Moses Ayiku, Jr. MBA OP/ED
When you decide to embark on the journey of starting a business, it may seem a bit overwhelming initially. The more you research, the more you find out about facets of the business that you need to learn more about! However, there are resources available within the system to guide you on your journey.
Do not panic! Every entrepreneur started from a point of limited knowledge. Their desire for success then propelled them to absorb as much information as possible about their business. By interacting at events with other business owners and entrepreneurs, reading pertinent business books, listening to presentations, attending training events and even visiting the local library, one can learn a tremendous amount about any business. Of course, another resource for business information is Google. By researching online well, one can find abundant information that can assist on your journey.
In this article we shall discuss some of the free resources available to assist up and coming entrepreneurs. My favorite place to start seeking information about any business is the local library. It is worth it to obtain a library card and visit the local library. Several of them have specific resources dedicated to entrepreneurs. Some of the resources are quite valuable and normally would cost you a good amount of money to access. However, with a library card, if the library has paid for that resource, you could end up getting access to it for free!
Some libraries also may have information about business events taking place within the community. Attending some of these events could open the door for you to connect with potential partners, mentors, and clients. No matter how busy you get, please make it a point to attend strategic networking events within the community. It will serve as a marketing outlet for you as well as a chance to open yourself up to other opportunities that you may not have even thought of!
One organization that is focused on providing free support to new entrepreneurs is S.C.O.R.E. This organization has the largest network of free volunteer mentor coaches in the country. The coaches are typically retired business executives with ample business experience. I would highly encourage this option for those who need more hands-on assistance in the beginning when they are first setting up their business.
Another organization that you should contact for free business support is the Small Business Development Centers (S.B.D.C.) or America’s SBDCs. The SBDCs provide free consulting to anyone living in the community that seeks to set up or grow their business. The organization also offers training. While some of the training is free, others charge a fee (nominal in many instances). The organization has over 1,500 offices throughout the country.
Every single state has a number of SBDC offices. Each year this outfit assists thousands of business owners throughout the country to grow their businesses. The organization has decades of experience assisting businesses to grow and expand. While they may focus on on-going businesses, they do assist startups as well. One can obtain financial training and assistance on business plan writing for example.
A look at their websites will provide a peak at some of the training programs and other services that they provide. Each office sets up its own timetables and programs.
Having worked with the SBDCs for 10 years in three different states, I was fortunate to meet so many amazing entrepreneurs! Our counseling sessions were private affairs where the clients could feel free and provide information that could assist us in developing a master game plan.
To find an SBDC office near you, simply google them. Once you find an office near you, contact them by phone or fill out a Request for Counseling Form online. They will contact you and arrange to set up a convenient time for you to meet with a trained counselor. Counseling is free for anyone within the community.
The various networking events organized by the SBDC Office can be very beneficial to new and existing business owners. One gets a chance to interact with business leaders, representatives of financial institutions, government policy makers and other strategic business partners within the community. Depending on the type of business that you establish, you would benefit by attending such events. They become an opportunity for you to sell your business to stakeholders in the community. In addition, these stakeholders can utilize their networks to share information about your business.
In the next part we will continue with information about starting a new business. Please feel free to share with me your questions and experiences on starting a new business. I will do my best to respond, and, in some cases, I will write on some of these questions.
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