Starting and running a small business can be exciting but also comes with challenges. Many small business owners need help finding the right resources, getting funding, and navigating tricky processes like permits and finances. This guide is here to show the help for small business (loan) and point to additional resources for further support. Business development is also a key part of the help for small businesses.
1. How to Start and Grow Your Small Business
Starting a business begins with a plan that emphasizes business growth. The SBA and other organizations offer valuable business advice to help new business owners. The Small Business Administration (SBA) provides a helpful 10-step guide for new business owners. Here are some tips:
Plan Your Business
- Write a Business Plan: Business planning is a critical step in writing a business plan. This is your roadmap for success. It explains what your business does, how it will make money, and your goals.
- Choose a Business Structure: Decide if you’ll be a sole proprietor, an LLC, or another type of business.
Learn and Train
Many programs offer free or low-cost business training for both employees and small business owners. The SBA and other organizations teach skills like marketing, bookkeeping, and customer service.
Get Support
Look for local business organizations or online communities that offer comprehensive business support to guide you. These groups connect you with industry mentors, provide business mentoring, and offer resources to help you succeed.
- Fastest funding 1 business day
- Min. time in business 6 months
- Term lengths Up to 60 months
4.8
- Loan amount Up to $500,000
- Min. time in business 6 months
- Min. annual revenue $250,000
4.8
Best for large business loans
- 3 Months in Business
- $10,000 in Monthly Rev
- Minimum Credit Score 550
4.9
Best for large business loans
- up to $1.5 million
- APR range Not disclosed
- Minimum Credit Score 570
4.7
Best for Small business loans
- Apply in Minutes
- No Hidden fees
- Wide range of Options to choose from
- Get funded in as little as 24 hours*
4.8
2. Assistance and Help for Small Businesses
Support and business resources are available for every stage of your business, from starting to growing. Here’s how to find it:
The Governor’s Office of Small Business Assistance is a good example of how states help businesses. They provide training and education, help with permits, business advocacy, and advocate for small business owners.
You can also get help with business partnerships from organizations like SCORE, local chambers of commerce offices, and small business development centers. They offer:
- Free or Low-Cost Counseling
- Workshops and Training
- Connections to Local Experts
- Technical Assistance: This includes guidance and resources aimed at improving operations, enhancing technology adoption, and facilitating growth. Services like training, compliance support, and specialized help for businesses to navigate complex regulatory environments are provided.
If your business faces a disaster, like a flood or fire, you can apply for low-interest disaster loans through the SBA to aid in disaster recovery. These loans help you recover and rebuild.
3. Funding Options for Small Businesses
Many small businesses need money to get started or to grow. Here are some options for funding and business financing:
SBA Loans
The SBA partners with lenders through various loan programs to provide loans with low interest rates. These loans are great for new or struggling businesses.
Grants and Special Programs
Grant programs are funds you don’t have to pay back. Eligible businesses can apply for these grants based on specific criteria. Some grants are for rural businesses, women-owned businesses, or specific industries. Programs like the Michigan Economic Opportunity Fund help small businesses find these resources.
- Personal Savings: Using your own money avoids debt but can be risky.
- Investors: Find someone willing to invest in your business for a share of the profit or explore various investment opportunities available for small businesses.
- Crowdfunding: Platforms like Kickstarter let people donate money to your idea.
Some states, like Michigan, offer extra funding programs such as local funding through the Michigan Mobility Funding Platform or the Michigan Business Development Program (MBDP).
4. Government Resources for Small Businesses
The government spends billions of dollars every year on contracts for goods and services, providing significant government support for small businesses. Small businesses can also explore opportunities in the government marketplace for more jobs and additional revenue streams. Small businesses can compete for these contracts through programs like the SBA’s Natural Resource Sales Assistance Program or the General Services Administration (GSA) Schedule.
How to Apply for Government Contracts
- Understand the Process: Learn how bidding works and explore contract opportunities to ensure you’re eligible.
- Register Your Business: Use the System for Award Management (SAM) to register for federal contracts.
- Get Help: The SBA’s Business Guide explains everything step by step.
5. Training and Resources for Small Businesses
There are many training programs to help small business owners and entrepreneurs succeed.
Free or Low-Cost Counseling
Organizations like SCORE and local business groups offer free advice, mentoring, financial assistance and mentoring programs.
Online Resources
The SBA and other websites have online tools to teach you about loans, taxes, and marketing.
Grants for Specific Groups
Some grants and funding opportunities are only for certain companies and groups, like:
- Women-Owned Businesses
- Minority-Owned Businesses
- Rural Communities
6. Promoting and Supporting Local Businesses
Small businesses are the heart of local communities, providing essential community support. Fostering an entrepreneurial spirit is crucial for the growth and success of local businesses. Supporting them helps everyone.
Participate in events like Small Business Saturday and other local shopping events, where people are encouraged to shop at small, local stores.
Use social media and local events for business promotion to spread the word about your company or business. You can also partner with local organizations for more visibility.
Programs like the Michigan Business Development Program (MBDP) help small businesses with funding, promotion, and community programs in their local areas to expand them.
- Fastest funding 1 business day
- Min. time in business 6 months
- Term lengths Up to 60 months
4.8
- Loan amount Up to $500,000
- Min. time in business 6 months
- Min. annual revenue $250,000
4.8
Best for large business loans
- 3 Months in Business
- $10,000 in Monthly Rev
- Minimum Credit Score 550
4.9
Best for large business loans
- up to $1.5 million
- APR range Not disclosed
- Minimum Credit Score 570
4.7
Best for Small business loans
- Apply in Minutes
- No Hidden fees
- Wide range of Options to choose from
- Get funded in as little as 24 hours*
4.8
7. Common Challenges for Small Businesses
Every business faces challenges, including common business challenges for small businesses. Knowing what to expect can help you prepare.
Many businesses struggle to keep enough money on hand for daily expenses. To solve this through effective cash flow management:
- Send invoices quickly.
- Offer flexible payment terms.
- Negotiate with vendors.
Marketing is key. Use social network media, flyers, and word of mouth as part of your customer acquisition strategies to let people know about your business.
Keeping Up with Rules
From taxes to permits, regulatory compliance is critical. Use a professional or access these online tools to help manage these tasks.
8. Tools to Help Small Businesses
Here are some business tools that can make running your business easier:
| Tool | What It Does |
|---|---|
| QuickBooks | Helps with bookkeeping and taxes. |
| Canva | Makes marketing materials easily. |
| Trello | Organizes projects and tasks. |
| Wave | Free accounting software. |
These tools save time and help you focus on growing your business.
Running a small business is challenging, but you don’t have to do it alone. From funding to training to local support, there are many resources to help you succeed. Start with the SBA or your local small business group to explore your options.
With the right tools, capital, guidance, and determination, your small business can thrive and become a valuable part of your community.
