By: LINDSEY O’NEILL, ESQ.
If one of your New Year’s Resolutions is to finally turn that hobby of yours into an income-generating business, then you might be very interested in what tools and resources are available from your local Small Business Association office!
The SBA offers a variety of programs to assist small businesses with the technical, financial, legal and regulatory aspects of starting up a new business. Prospective business owners may consider contacting their local Small Business Development Centers (SBDC), which provide valuable information and guidance at central and easily accessible branch locations. The SBDC program is a cooperative effort of the private sector, the educational community and federal, state and local governments and is an integral component of the SBA’s larger Entrepreneurial Development’s network of training and counseling services.
So, how can a small business with start-up dreams benefit from the SBDC Program? Well, up-to-date counseling, training and technical assistance in all aspects of small business management, to name a few. According to the SBDC website, it’s services include assisting small businesses with financial, marketing, production, organization, engineering and technical problems and feasibility studies. Depending on the nature of the intended business, assistance may also be available for international trade, venture capital formation and rural development. The SBDCs also make special efforts to reach minority members of socially and economically disadvantaged groups, veterans, women and the disabled.
The best part… anyone interested in starting a small business for the first time, or improving or expanding an existing small business, who cannot afford the services of a private consultant is eligible for the SBDC Program.
Just remember, while starting a business can be an exciting process, certain specific actions must be taken to comply with state, local and sometimes federal law. When starting a business it is wise to hire experienced legal counsel who can help the business establish itself legally from the starting point. Legal counsel should be consulted, in addition to any operational assistance offered the the SBA, so that all those good efforts taken don’t get wasted on legal problems. Often, when starting a business people don’t realize all of the local, state or federal laws that must be followed. This can cause major problems because a governmental entity can shut the business down, fine the business, or impose other penalties against the business that can all be costly.
So, what are you waiting for? Turn those small business dreams into a reality (and revenue) for 2009!
Find your local SBDC by clicking here.
