Good things sometimes happen in a slow economy: Unexpected job losses encourage would-be entrepreneurs to take control of their destiny by establishing small home-based businesses. It's important to know the small business resources available before taking the plunge, and also to maintain a competitive edge once the business is up and running. A little research will uncover organizations and trade journals focusing on specific businesses, and there are excellent generic resources as will.
Small Business Administration
The SBA, a branch of the federal government, has been assisting small business owners since 1953. SBA lending includes, but isn't limited to, start-up loans, loans for business expansion and even recovery loans following a natural disaster.
Most think of this only as a source of financing, but the venerable instituion offers so much more. Qualified applicants can receive financial assistance. Perhaps more important, before submitting the paperwork they can receive printed materials or online help in preparing business plans so as to turn in a professional package more likely to pass the approval process.
Lesser Known Sources of Loans and Other Assistance
Though the SBA is the granddaddy of small business lending, there are other, often-overlooked lenders specializing in small business financing. Some provide counseling and other services.
Depending on the nature of the business and its assets, the owner may qualify for loans. Some of these are receivables factoring firms and they lend money based on the value of accounts receivable. Others offer bridge loans and lines of credit based on property or equipment values. For qualifying businesses, the loans are often easier to obtain than conventional financing, and allow the owner to invest in what he or she needs to expand the operation.
SCORE
Starting and running a home-based small business can be daunting, but there are seasoned professionals ready to help. SCORE is an acronym for the Service Corps of Retured Executives. This volunteer mentoring organization has been helping entrepreneurs achieve the dream of business ownership since 1964.
Small businesses sometimes fail because of an unrealistic business plan. Assisting in the creation of sound business plans is just one of the many services. They offer both webinars and workshops throughout the country on topics ranging from start-up strategies to motivating employees to effective marketing. With hundreds of SCORE chapters this is one of the small business resources not to be overlooked, even if it requires a short drive.
Local Chambers of Commerce
Some small business owners have the mistaken idea that the Chamber of Commerce serves the area's larger businesses only. This fallacy prevents he or she from taking advantage of the many benefits of membership. Chief among these is the ability to obtain affordable group health and other insurance. Networking to improve name recognition in the community marketplace is also invaluable.
Web-based business owners and those who serve a far-flung clientele may think they don't need local interaction, but they too will benefit greatly. Running a business from home is a lonely occupation, and the opportunity to meet regularly with other business professionals helps prevent burn-out and infuses the attendee with fresh ideas in a supportive environment.
The small home-based business community has a wealth of additonal small business resources available including professional organizations, classes at local colleges, books and trade journals. The owner who utilizes as many of these as possible will see the result in reduced stress and greater profitability.
Author Resource:
The author is a contributor and specialist of business" target="_blank">http://www.choosewhat.com">business resources and solutions on topics such as resources for the small or home based business. Please visit http://www.choosewhat.com for more info on small business resources.
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