18 Small Business Resources for New Entrepreneurs
Starting a business for the first time is exciting, but it can also feel like drinking from a fire hose.
You will have a lot of competing priorities: business formation, licenses, bookkeeping, marketing, daily operations, cash flow and customers.
It’s a steep learning curve with a lot to juggle. Fortunately, a number of government agencies, nonprofits and other organizations offer a wide range of educational, training, research and financial resources for entrepreneurs just like you.
The following resources are some we recommend leveraging if you’re starting a new venture.
Free Education & Training
1. SBA Learning Platform
The U.S. Small Business Administration’s SBA Learning Platform allows you to access to a wide variety of educational materials to help you start, pivot or grow a business. These include exercises and tools, quick-learning videos, discussion guides, fireside chats from experts and more. This isn’t a single rigid course, either; if you have specific shortcomings, you can seek out those topics without having to sit through others.
2. SBA Boots to Business
Boots to Business (B2B) is an education and training program offered in concert with the Department of Defense’s Transition Assistance Program (TAP). It’s made up of a two-day “Introduction to Entrepreneurship” course, as well as optional follow-up courses. The SBA offers related programs, too, including Boots to Business Reboot (B2BR) and the Military Spouse Pathway to Business Courses.
3. Empower to Grow
The Empower to Grow program offers free business courses, tailored training and even one-on-one consulting to U.S. small businesses that are located in areas of high employment or low income, owned by low-income individuals, and/or eligible for the SBA 8(a) program. It also deals in governmental-business assistance, including a federal contractor master class in small business bidding, three-month government contracting training, and new tools to access $2 trillion in state and local bid opportunities.
4. SBA Business Guide
The step-by-step SBA Business Guide walks you through planning, launching, managing and growing a business. It covers everything from establishing business credit and getting tax ID numbers to managing your finances and protecting yourself from fraud. And importantly, it’s also a useful roadmap if you’re not sure what order to tackle things in.
5. SCORE
SCORE is a nonprofit network pairs entrepreneurs with volunteer mentors and offers workshops, webinars and templates. Mentoring is typically free. Of particular note is its many live online events.
6. Small Business Development Centers
Small Business Development Centers (SBDCs), often hosted by colleges and universities, provide confidential one-on-one advising on topics like business planning, financial projections and cash flow. Many services are offered for free or at a low cost.
Local, Specialized Support
7. Women’s Business Centers
Women’s Business Centers (WBCs) are SBA-supported centers that offer training, counseling and mentoring, with a focus on helping women start and grow businesses.
8. Veterans Business Outreach Centers
If you’re a veteran, service member or military spouse, Veterans Business Outreach Centers (VBOCs) provide business training, counseling and referrals.
9. SBA Local Assistance Finder
Not sure which of the above is closest to you? Enter your ZIP code into the SBA Local Assistance Finder to find nearby SBDCs, WBCs, VBOCs and SCORE mentors.
For second-time founders, a mentor or advisor from any of these programs can be especially valuable. An outside perspective can help you pinpoint what went wrong the first time, whether that was underpricing, undercapitalization or a lack of financial visibility.
Market Research
10. Census Business Builder
The free Census Business Builder tool, from the U.S. Census Bureau, lets you pull demographic and economic data for a specific location and industry. You can use it to gauge local demand, population trends and competition before you commit to a storefront or service area. Pairing that data with your own customer conversations can give you a sturdier foundation.
Taxes, Registration & Legal Protection
11. IRS Small Business and Self-Employed Tax Center
The IRS Small Business and Self-Employed Tax Center is a hub that covers choosing a business structure, estimated tax payments, recordkeeping and employer responsibilities. If you plan to hire, review payroll tax requirements before your first employee starts, not after.
12. IRS Employer Identification Number (EIN) Application
Most businesses need an Employer Identification Number (EIN) to open a business bank account, file taxes and handle payroll. The IRS issues them for free at their EIN application site, so be wary of third-party sites that charge a fee.
13. U.S. Patent and Trademark Office
Before you invest in a brand name, logo or slogan, search the U.S. Patent and Trademark Office (USPTO) database to see whether it’s already taken, and learn how federal trademark registration works.
Funding Options Beyond a Traditional Bank Loan
Many new owners assume a bank loan is their only choice. In reality, there are several paths to capital:
14. SBA Lender Match
The SBA Lender Match tool connects you with SBA-participating lenders based on your needs. The SBA typically guarantees a portion of the loan, which can make approval more attainable.
15. SBA Microloans
SBA Microloans go up to $50,000 and are made through nonprofit, community-based intermediary lenders. The SBA notes that the average is about $13,000. They can fund working capital, inventory, supplies, furniture, fixtures, machinery and equipment, but not existing debt or real estate.
16. SBA 7(a) Loans
The SBA 7(a) Loan is the SBA’s flagship loan program, designed for a broad range of business needs such as working capital and equipment. It’s worth comparing against microloans if you need more than $50,000.
17. CDFI Fund
The Treasury Department’s Community Development Financial Institutions (CDFI) Fund certifies mission-driven lenders that focus on underserved businesses and communities. Their terms are sometimes more flexible than those of conventional banks.
18. Grants.gov
Grants.gov is the central search portal for federal grant opportunities. Grants don’t have to be repaid, but they’re competitive and often tied to specific industries, research goals or ownership profiles. Check your state and local economic development offices, too.
Whichever funding route you choose, lenders will want organized financial statements and a credible plan. Clean books from day one make every funding conversation easier.
Ready to Build a Stronger Financial Foundation?
Launching a business goes better with the right guidance and a solid financial plan. The resources above can shorten your learning curve, but they work best alongside professionals who understand your numbers.
McManamon & Co. is an accounting, tax, fraud, forensic and consulting firm that serves small and midsize businesses. Our experienced team can help new entrepreneurs with business setup, outsourced accounting services, tax planning, consulting and more, so you can focus on building the business you envisioned.
Call us at 440.892.8900 or contact us online to learn how we can help you get started on the right foot.
Tags: financial literacy, financing, McManamon, McManamon & Co., small business, small business banking, small business finances | Posted in McManamon & Co., small business