Fuel Your Small Business for Success: Uncover Hidden Resources
Methods for Small Business Owners to Access Complimentary Business Resources
Embarking on a new business venture can be thrilling, especially when you're deeply passionate about your offering. But stay aware: passion alone may not sustain your business. It's like igniting a campfire, it burns brightly at first, but without proper fuel, it dies down.
So how can you keep your business burning strong? You require education, guidance, and strategic backing. This fuel keeps the fire burning not just for a brief flash, but for the long haul.
Unfortunately, many small business owners find themselves struggling because they're unaware of where to seek affordable, valuable support. These are the passionate enterprises that, over time, fail to stand the test of time. According to the U.S. Bureau of Labor Statistics, the grim statistics are as follows:
- 20.4% of businesses fold during their first year
- 49.4% (nearly half) fail within the first five years
- 65.3% bite the dust within the span of a decade
The heavy hitters behind startup failures as reported by CB Insights are:
- Running out of money/failed to secure new funding (38%)
- Lack of market need (35%)
- Being outcompeted on the market (20%)
- A flawed business model (19%)
- Legal and regulatory challenges (18%)
- Price-related issues (15%)
- Inadequate team (14%)
- Market launch timing gone awry (10%)
- Poor product quality (8%)
- Discord among team members or investors (7%)
- Messy pivot in strategy (6%)
- Burnout/waning passion (5%)
Do any of these challenges resonate with your business? If so, good news is on the horizon! There are a plethora of low-cost and free resources hidden within your community, ready to help your enterprise flourish. This guide will shed light on how to tap into these abundant resources.
Seize the Gold: Small Business Consulting from SBDCs
Many entrepreneurs remain clueless to the existence of Small Business Development Centers (SBDCs) specifically designed to support them. Most SBDCs reside on the campuses of community colleges and universities nationwide. Don't be deterred from seeking help just because of their educational affiliation; you're not required to be a student or possess a fancy degree to benefit!
The SBDC's mission revolves around assisting small businesses to blossom, stay compliant, and set themselves up for long-term success. I have had the privilege of working at an SBDC in Nebraska and witnessed firsthand their profound impact on business owners who might have felt lost without such support.
At an SBDC, you can receive free, one-on-one business coaching from experienced advisors; assistance with business plans to eliminate guesswork; financial management, pricing, and bookkeeping guidance to ensure longevity; marketing and sales strategies to reach the right customers; and assistance with accessing small business loans, grants, and government contracts. You will also have access to workshops, training programs, and networking events to keep you informed and connected.
Unlock Brilliance: Business Schools' Free Consulting Projects
Another underutilized resource is business schools. Universities and community colleges teem with bright, ambitious students eager for real-world experience. Many business programs require students, especially MBA or capstone candidates, to work on practical consulting projects. Your small business could be their next case study.
When I was pursuing my MBA, my fellow students and I took on a consulting project for a small business owner. She had dreams of expansion but lacked the financial resources for a professional consultant. We conducted market research, analyzed the business's finances, and developed a custom growth strategy for the business owner, ultimately saving thousands of dollars in consulting fees.
To find aspiring consultants:
- Research local university/community colleges that offer business programs, particularly MBA or entrepreneurship programs.
- Contact professors or program coordinators and inquire about students in need of real-world projects.
- Offer your business as a case study; explain the challenges you're facing and how students can help.
- Collaborate with the students as you would with a consultant, embracing new ideas that emerge.
This is an effortless avenue to garner free, quality business advice. Plus, you'll be providing students with valuable, hands-on experience in return.
Capitalize on Your Local Business Community: A Network of Opportunities
Your local business ecosystem holds a treasure trove of individuals and organizations eager to help your business thrive, beyond SBDCs and higher institutions:
Chambers of Commerce: Cities and towns often boast chambers of commerce—assembles of business owners, community leaders, and professionals who work together to bolster local businesses. Chambers provide networking events that bring you closer to potential customers, partners, and mentors; business education workshops (ranging from marketing to accounting); advocacy and representation for small businesses within local government; and promotion opportunities to get your business noticed by the masses.
Economic Development Agencies: Many cities and counties have economic development offices dedicated to the growth and success of small businesses. These agencies offer grant opportunities (free money for your business), low-interest small business loans, tax incentives and credits to slash costs, and training programs and incubators for new business owners.
Nonprofit Organizations: In many communities, nonprofit organizations provide mentorship, coaching, and funding for small businesses, particularly those owned by ethnic minorities, women, and veterans. Organizations such as SCORE, Women’s Business Centers, and local incubators offer mentorship and business development training at no cost.
Empower Your Business
Entrepreneurship thrives on passion. It's what stirs you when the alarm rings, what fires you up to fight for your dreams. But remember, passion alone cannot sustain your business; it cannot ensure compliance, financial stability, or a customer base. Knowledge can.
The savviest entrepreneurs are those who know how to find the right support. They seek help, continue their education, and never stop asking questions.
So, get out there and build a smart, successful business by embracing education and support. Passion fuels the fire, but knowledge keeps it burning.
About the Author
Olanrewaju Babalola is an entrepreneurial expert and business analysis professional with over a decade of experience in strategic, client-focused roles across various industries including education, retail, financial services, and consulting. He has counseled hundreds of small businesses at various stages worldwide, serving as a trusted advisor and mentor. He contributes writing about entrepreneurship, small business, leadership, innovation, business analysis, and business education. His insights have been highlighted in countless business articles on platforms such as MSN Small Business, Small Business Currents, BusinessDay, Businessing Magazine, and more.
- Leveraging the expertise within Small Business Development Centers (SBDCs) can provide valuable business help, offering free one-on-one coaching, business plan assistance, financial management guidance, marketing and sales strategies, and small business loan, grant, and government contract assistance.
- Pursuing mentorship from university or community college students, particularly those enrolled in MBA or entrepreneurship programs, can unexpectedly provide your startup with top-notch business support, as their capstone projects often require them to work on real-world business issues.
- Engaging with your local business ecosystem is key to accessing a variety of useful resources, such as Chambers of Commerce, Economic Development Agencies, and nonprofit organizations, all of which offer networking events, grants, low-interest loans, tax incentives, training programs, incubators, and mentorship opportunities tailored to small businesses.
