While the entrepreneurship is a difficult task, the amount of resources available to business owners and small business owners is vast and one of the best resources is the Small Business Administration (SBA). As the US Government has vested interest in the fitness of small businesses, the SBA provides a variety of resources, articles and tools designed particularly to help you start and grow your business. Let’s evaluate SBA most useful tools.
Starting a Business
Start with the SBA, which has a massive amount of articles available. In case you know, you are ready, move directly to the checklist of questions before starting a business. All of the resources will help to get you in the right mindset for the new initiative you want to take on.
Business and Data
For startup businesses, research will become your second hobby as you plan your business. The SBA provides access to all types of research and statistics, the use of data from the US Census Bureau, Federal Trade Commission and Bureau of Labor Statistics. While you can visit each of these sites exclusively, starting with the SBA might help to focus your queries.
Special Funding Opportunities
Since there are a numerous ways to categorize a business, there are different government programs that support each type. The SBA additionally offers help for applicants of specific groups. It is essential to know these specific groups as it can highly affect how you pursue funding.
Find a Mentor
Collaborating with a mentor that has business experience is an invaluable resource when you are just starting out. The SBA gives links to different professional and trade organizations that provide mentorship opportunities. Additionally they have a different list of resources especially for women business owners.
Write Business Plan
Your business plan will determine your potential to secure funding for your small business, so that you need to take it seriously. The SBA’s website outlines the business plan process and the vital sections so your plan will be solid.
License and Permits
Every small business needs license and permits. The SBA’s easy-to-use database allows you to search based on a variety of parameters so you can be sure to find information on everything you need.
Possessing your own business can bring with it some legal requirements and rules that you will need to follow. The SBA cannot provide legal advice. It only can provide you an outline of some of the most common legal issues experiencing business owners in addition to laws and statutes related to small business.
Loans and Grants Database
Similar to searching for licenses and permits, the SBA has a database for grants and loans that small business owners can apply for. While fully focused on government resources, this is still an excellent place to start looking for funding.
Paying your taxes will be more complicated now that you possess a business. Luckily, there are resources on each federal and state taxes and their implications for business. There is also a forum where you can also ask questions to get specific solutions to your particular situation.