Starting or expanding a business can feel overwhelming. The following standard items (and sometimes more) are often recommended or needed to start a business or obtain financing:
- Business plan;
- Financial projections for at least three years;
- Personal finances in order, including a personal financial statement; and
- Entity documents.
You may look at this list and wonder what all goes into putting together a business plan or financial projections and get intimidated to take the next step.
Luckily, you don’t have to go it alone. There are a myriad of local resources and experts ready and waiting to help guide you through the process. The following organizations are geared solely to helping you and your operation achieve success.
Wisconsin Small Business Development Center (SBDC)
The SBDC is part of the University of Wisconsin System, and its services are free to use. Not only does it provide consulting at no cost to entrepreneurs and small businesses, but it provides access to a number of experts who have experience running their own businesses. SBDC provides assistance in the following key areas:
- Business planning;
- Financial planning for capital access;
- Marketing and sales growth; and
- Business management.
The center also offers startup classes to help entrepreneurs launch a business and can assist in exploring and refining your business idea. Throughout the year, it provides several other specific classes to help entrepreneurs, such as leadership courses, delegation management, communication skills, and more.
Wisconsin Women’s Business Initiative Corp. (WWBIC)
WWBIC focuses on working with women and minorities but will help all entrepreneurs. It works chiefly to provide financing, as well as resources and expert advice to go along with it. WWBIC does not usually offer the lowest rate in the market because it is intended for riskier business ventures and those seeking a “second chance.” This organization offers:
- Workshops;
- Financial planning, education, and coaching to build money skills; and
- Microloans up to $250,000.
WWBIC does an excellent job of providing services centered on strategic marketing planning, meeting employee needs, and building overall financial acumen, as well as offering networking opportunities and education in areas of interest like QuickBooks, branding, and HR services, just to name a few.
WWBIC is also a supporter of KIVA in Madison and Milwaukee. This is a community-based lending program for entrepreneurs who are not ready for traditional financing. KIVA Greater Madison provides 0% interest and no-fee capital to local small businesses through crowd funded microloans between $500 and $10,000. You can work with WWBIC to determine if a KIVA loan, a WWBIC loan, or a combination of each works best for your business.
Wisconsin Economic Development Corp. (WEDC)
WEDC offers Wisconsin businesses access to tools and resources to support their growth and development. Areas of expertise include:
- Business plan development;
- Location expansion;
- Job creation;
- Training;
- Grants;
- Strategy development;
- Access to expertise; and
- Export assistance.
WEDC has several programs and grants available that can help strengthen your business and provide support from seed to growth stages.
StartingBlock Madison is known as THE entrepreneurial hub in Madison; it is “by entrepreneurs, for entrepreneurs.” For a small monthly fee, members have access to other entrepreneurs and resources for managing and growing their operations. StartingBlock Madison helps entrepreneurs overcome barriers to starting a business, such as:
- Finding affordable office or retail space to rent;
- Lack of experience or access to expert advice;
- Absence of health insurance and other benefits;
- Needing meeting space or a conference room; and
- Connecting to quality high-speed internet.
In addition to their own offerings, StartingBlock Madison has cultivated amazing partnerships with organizations who also provide programs and resources, including gener8tor, Doyenne, BunkerLabs, Capital Entrepreneurs, and Wisconsin Games Alliance.
In addition, SCORE and Merlin Mentors both provide mentorship programs for small business owners and help them get “bank-ready” for capital requests.
Your bank can help too!
I love helping business owners realize their dreams and goals by serving as their financial partner. Sometimes that means introducing them to some of these other organizations first to help them succeed. As a community banker, I have always prided myself in getting involved with these organizations, knowing their teams, and understanding what they do for entrepreneurs.
We are so lucky to have all of these organizations and their programs in our area, and I want all business owners — current and future — to know what options and resources they have available to make their operations as successful as possible.
Tara Grays is an assistant vice president – business relationship manager at State Bank of Cross Plains.
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