Starting a new business can be thrilling, particularly if it centers around a passion. However, passion alone is not enough to ensure business survival. Other elements like education, mentorship, and strategic support are required. Unfortunately, many small business owners struggle due to lack of affordable and valuable support, which often leads to business failure. According to the U.S. Bureau of Labor Statistics, 20.4% of businesses fail in their first year, 49.4% in their first five years, and 65.3% in their first decade.
However, there are free and low-cost resources available that can help businesses thrive. One often overlooked resource is Small Business Development Centers (SBDCs), which exist specifically to support entrepreneurs, free of charge. SBDCs are typically found on the campuses of community colleges and universities. Their aim is to assist small businesses in growing, staying compliant, and increasing their chances of long-term success.
SBDCs offer one-on-one business coaching from experienced advisors, help with business plans, guidance on financial management, pricing, bookkeeping, marketing and sales strategy, and support for accessing small business loans, grants, and government contracts. Additionally, business owners can attend workshops, training programs, and networking events