Free Money Sources for Your Small Business

Free Money Sources for Your Small Business

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How to give your small business aspirations a shot in the arm.

Operating a small business requires dedication, something you may not think that you have, but could soon acquire once you launch your enterprise. The entrepreneurial spark rests within many of us — we sometimes need to breath in some oxygen to turn that spark into a flame.

There are several resources available to help your small business get started or pick up the pace, including those that are free and don’t have to cost you any money.

SCORE — Formerly known as the Service Corps for Retired Executives, SCORE is a resource partner with the federal Small Business Administration. SCORE offers for entrepreneurs volunteers who provide one-on-one mentoring for free. You can also register for low cost workshops and events, and download various free templates and tools to help your business succeed.

SBA — The Small Business Administration works in partnership with various organizations including SCORE and provides advocacy for small businesses on Capitol Hill. The SBA provides small businesses with access to capital, entrepreneurial development and government contracting. Loans are not grants, so there is an exchange of money involved. However, the access is free and something small businesses might otherwise not have.

IRS — The dreaded IRS can be your friend, particularly if you’re planning to start a business and want to be aware of tax compliance issues and other requirements. At no cost to you the IRS provides online small business training on how to start, manage and finance a business. The IRS can also explain to you payroll tax requirements as well as how to use contractors.

Business Brokers — If you haven’t started a business yet, you might want to consider buying one instead. The advantage here is that you’ll take over a proven business and have the financial records and track record to follow. Some business brokers offer free consultations, seminars and downloadable materials to help you explore this option. There is no requirement for you to buy, rather much as you would buy a home, a small business broker wants to ensure that the enterprise is a right one for you.

Local Help — Your town, county or state may offer local assistance, providing help on how to set up your business. Your state’s department of corporations or similar entity can explain how and where to file the necessary papers of incorporation and explain tax and annual report filings. Some states offer loans to small businesses and may offer other incentives for you to set up shop especially in an enterprise zone.

Your area Chamber of Commerce can be of assistance too, by providing local resources for further help. Check with your library and find a local business person’s group for additional support.

Resources

Inc.; Case Study: How Timing Is Everything; Amy Barrett; June 2011

NovarsGroup Business Brokers: Meeting With a Professional Advisor

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