Joel Libava
SBDCs, also known as Small Business Development Centers, provide free educational services/resources for current and aspiring franchise business owners, nationwide. As a matter of fact, you can probably find an SBDC near you.
Small Business Development CenterS: The Facts
Small Business Development Centers are hosted by local universities and state economic development agencies. They’re mostly funded through a partnership with the U.S. Small Business Administration (SBA). As of now, there are almost 1,000 SBDCs.
From SBA.gov:
“SBDCs provide services through professional business advisors such as: development of business plans; manufacturing assistance; financial packaging and lending assistance; exporting and importing support; disaster recovery assistance; procurement and contracting aid; market research services; aid to 8(a) firms in all stages; and healthcare information.”
How A Small Business Development Center Can Help You When You’re Buying A Franchise
If you’re thinking of buying a franchise, your local SBDC can help you with a couple of crucial things.
1. Business plan development
2. Financial packaging/lending assistance
For instance, most of the people I work with plan on getting a small business loan for their franchise business.
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But to increase their chances of getting their loan approved they need to include a powerful business plan with their loan application. But, here’s the thing.
Only around 20% of my franchise clients knew about SBDC’s before they worked with me. As far as I’m concerned that number needs to be 100%. Let me show you why.
Why Use An SBDC?
SBDC’s…depending on their size, usually have several highly-qualified counselors on staff.
Not only are their counselors highly-qualified, they tend to be great connectors. In other words, they know a lot of people. In fact, they may even know the types of people that can help you do things like secure a small business loan. People like bankers. I’m talking about bankers who specialize in small business loans.
Furthermore, a good SBDC counselor can help you put together a business plan and help you structure…or package, a loan application the right way.
In addition to lenders, SBDC counselors tend to know other professionals who support and serve small businesses, including franchise businesses. Professionals like business/franchise attorney’s, accountants and vendors.
FYI: Not all Small Business Development Centers are created equal.
Specifically, some are better than others. And some counselors are better than others.
Now, that’s not a slam on Small Business Development Centers; all of them are good.
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Check out Nina Anderson Worked With Her Local Business Development Center to open her Express Employment Professionals franchise.
“Nina utilized the Small Business Development Center by attending classes in finance and marketing. In addition, she used consulting sessions to help her set up different avenues of marketing to help promote her new franchise business.“More
Find A SBDC Near You
Enter your zip code here to see where your closest SBDC is.
Then, schedule a free consultation with a counselor. See where it goes.
SBDC’s have been serving future and current small business owners for a long, long time.
Their services are free, and they’re very pro-small business. Your local office can be a great free resource for your potential new franchise business. And it’s successful business owners and advisors who do the teaching using a wode variety of in-person and virtual training events.
Pay a visit to your local SBDC. See if you can get some assistance with your potential franchise business startup.
And here’s to your success!
About the Author
Joel Libava is The Franchise King® — an independent franchise advisor with 25+ years in the industry, two published books on franchising, and his writing has been featured in The New York Times, Forbes, CNBC, Entrepreneur® Magazine and others. In addition, he wrote exclusively for the U.S. Small Business Administration blog for eight years. He doesn't sell franchises. Instead, Joel helps you figure out if franchise ownership is actually right for you — and if it is, teaches you his powerful, proven-to-work franchise research techniques, so you can make a smart, informed decision on a franchise to own and be your own boss.
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