Some people dream about advancing their careers within a company, while others dream about starting their own business.
Launching a small business can require significant personal commitment and hard work. Luckily, resources exist to assist with the development of a small business.
We’re here to share some of the best-kept secrets to help potential business owners reach their goals.
Where to Start
You might wonder where to begin while in the dream development stage of owning a business.
You can start at your local library, which usually carries valuable information through its small business services department. This department covers all areas of business development, including demographic research information on similar businesses in your area.
This information can help you learn about your potential competitors. The small business services department also provides free templates of required business documents to simplify the process.
Register Your Business
After you’ve completed the necessary research, you can start the process of registering your business on the state and federal levels.
This step is necessary! For a business to be considered legitimate, it needs current and up-to-date registration.
The registration is simple to obtain, and the cost is minimal.
To register your business at the federal level, apply for an Employee Identification Number (EIN) through the Internal Revenue Service (IRS). Registering your business at the federal level is free to do.
Louisiana residents can register their businesses through the Louisiana Secretary of State Office.
Leverage Federal Resources
You’ve registered your business. Now, you need resources to help it succeed.
The federal government has several agencies that offer benefits for developing small businesses.
The most well-known agency is the Small Business Administration (SBA). The SBA offers more than just small business loans. You can also find resources to help you plan, launch, and manage your business.
You can use the SBA website to find federal resources and benefits, known as set-asides, geared explicitly toward minority-owned businesses. The SBA also offers unique opportunities and incentives for military veterans, citizens with disabilities, and young entrepreneurs.
Other national resources include the U.S. Department of Commerce and the U.S. Chamber of Commerce.
Leverage Local Resources
In addition to federal government assistance, some local non-profit/not-for-profit and financial institutions dedicate themselves to enriching local communities by supporting new, up-and-coming small businesses.
Some local organizations and programs, such as the Baton Rouge Metropolitan Black Chamber of Commerce and the Disadvantage Enterprise Program, assist minority business owners.
If you live in Louisiana, you can contact the following organizations for assistance—the Louisiana Small Business Development Center, Baton Rouge Area SCORE, Louisiana Economic Development, Baton Rouge Area Chamber, and Pelican State Credit Union.
As a Community Developmental Financial Institution, Pelican State CU offers financial education for small business owners through our free Financial Wellness Workshops and one-on-one sessions with our certified small business development counselor.
Following your dreams and starting a small business can be challenging, but these resources will help you get closer to realizing them!
Do you have any other questions about starting a small business? Let us know in the comments!
Once a Pelican State CU member, always a member—through life’s milestones, we’ll always be there to help you with your financial needs. Your Financial Family for Life. Give us a call at 800-351-4877.
