History of the Small Business Development Center
The first Small Business Development Center (SBDC) opened nearly 40 years ago. The first office was located in Pomona, CA. Over time, centers have expanded into other states and are often found on university campuses. As of 2015, there were over 1,000 centers across America that aid over 1 million entrepreneurs yearly (http://americassbdc.org/about-us/history/). The centers are funded by the Small Business Association, state and federal government aid, and private sector donations.
Purpose of the Small Business Development Center
The SBDC was created to provide support for individuals who want to open their own business. Because there are so many hats a business owner must wear, the SBDC offers training, information, and resources that help an entrepreneur prepare to own a business and organize their company. This support helps to improve the chances the business will be successful and have the financial, tangible, and intangible resources it needs.
Business Consulting
Do you have questions about opening a business? Are you working on a business plan and need help? No problem. The SBDC offers business consulting. A qualified coach can answer your questions and provide helpful suggestions at all phases of developing your organization. The coach can help answer a wide variety of questions, including funding options and market research. This person can be a great resource as you are considering entering the world of business ownership and managing your own company.
Market Research
Don't underestimate the value of market research. This data can help you understand the size of your potential market, your competitors, the demand for your product or services, and plenty of other critical information. By gathering and reviewing market research, you can make informed decisions and have information that helps you understand how consumers may respond to your new offerings.
Disaster Assistance
While you hope there are no disasters looming in the future of your new endeavor, you can never fully prepare for everything that could happen. The SBDC can help you prepare for a wide variety of potential disasters (floods, economic downfall, employee walkouts, new companies entering the market, etc.). What happens when a disaster has already happened that you didn't anticipate? The SBDC offers support to business owners who have faced a disaster and need help to get back on their feet. Whether it is advice or resources, the SBDC can be incredibly useful when facing disasters.
Financing
One of the greatest challenges for most new endeavors is having adequate resources to plan and open business doors. However, entrepreneurs who do not have the money to start a company need help finding investors or institutions who can provide the needed funding. The SBDC can offer guidance on the various types of financing that is available, the steps needed to apply for the funds, and how to prepare the documentation to apply for financing. This is often the most requested and needed support that business owners seek from the SBDC.
Lesson Summary
Starting a business is an exciting option for a potential entrepreneur. However, there can be many questions and unknowns that a business owner faces in the course of starting a company. The Small Business Development Center, or SBDC, offers many useful resources to individuals who want to be their own boss. With over 1,000 locations in the U.S., the SBDC provides a wide variety of information and help to entrepreneurs. These resources include business consulting, market research, disaster assistance, and financing help. For more information, please visit http://americassbdc.org/.
