SBDC - New Business Start Up
Looking to start a new business?
Before you run out and get your business license, plan to succeed in your venture. Businesses fail for a lot of reasons, I am sure you have heard, but the biggest reason businesses fail is due to a lack of planning. Planning that would have identified the market niche, planning that would have provided proper capitalization, planning that would have taken into account growth rates, planning that would have highlighted the zoning regulations.
So many of the questions you have right now need additional data to answer. Knowing what you project for net profits will aid you in determining insurance coverage as well as business structure. Knowing who your market is will aid you in developing the message and location for delivering your message. Knowing how much money you need, what you plan to use it for, how you plan to repay borrowed money and who plans on using your products and services will aid you in getting a loan.
Here are the steps to begin planning.
- Take the online training, Thinking of Starting a Business, at http://app1.sba.gov/training/sbprimer/index.html and obtain the Certificate of Completion.
- Take the online training, Developing a Loan Package, at http://app1.sba.gov/training/sbalp/ and obtain the Certificate of Completion.
- Read through Is Your Business Bankable, the Business Plan and Starting a Business and Keeping Records.
- Begin developing your business plan.
Once you have determined a specific area you need assistance with, complete and return the following forms: Statement of Understanding, Counseling Information Form and Start-up Assessment, so that the SBDC counselor can adequately assist you. Include copies of both Certificates from the above training. You may also want to complete the Research Request form if applicable.
Once your assessments, certificates and request for counseling are received, you will be contacted to schedule a time to meet with our SBDC counselor. Please post the documentation to PO Box 494, Great Falls, 59403 or drop them off at 300 Central Ave., Suite 406.
For additional information you may also want to review the following documentation: Why Business Plans Don’t Get Funded, FAQ, Comparisons and contrasts for Business Structures, Project Sources, Monthly Cash Flow Projections, Personal Financial Statement, Debt Schedule, and Government Contracting.
The SBDC has the ability to provide you with some extensive market and industry research, strategic financial analysis, and resources to generate profits. We look forward to working with you.
Thank you for choosing the SBDC.
