Is There an Organization that Will Help me Set up a Business?
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Question:
I want to start a small restaurant, but it looks like a complex project. Where can I get guidance? Is there an organization that’ll guide me through the process?
Answer:
You’re right – starting a small business can be complex. First off, you’ll need to write a business plan and find investors. But help is available! The broadest range of support services comes from the Small Business Administration (SBA).
The SBA offers assistance to small business owners by supporting, along with development agencies, businesses, and universities, The Office of Small Business Development Centers (ASBDC). This organization is a network of centers and resources that can help you develop the skills an entrepreneur needs. You’re welcome to have a free consultation with an advisor at the office in your area.
The SCORE program is also run in partnership with the SBA; it offers free mentoring both in-person and online. The Office of Women’s Business Ownership operates a network of Women’s Business Centers that offer guidance to women, particularly those in disadvantaged communities.
The SBA itself does not make loans to small business. However, through its 7(a) loan program, it guarantees loan made by participating banks. These loans are designed for start-ups and operating small businesses. There are also special programs for businesses in underserved regions and for business owned by veterans.
You may qualify for a special program under this general 7(a) program that supports entrepreneurs in rural areas.
Other loan programs offer financing specifically for acquiring fixed assets and for disaster assistance. Its Micro-Loan Program offers small loans averaging $13,000.
As your company develops, you’ll want some training in entrepreneurship. You’ll need to market and promote your restaurant, and manage accounting tasks. You can even study restaurant management online!
Tags: entrepreneurship, SBA, small business, Small Business Administration, start-ups
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