The Franchise King®

Small Business Development Centers And Your Franchise

small business development centers

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.
 

(This post may contain affiliate links. Please read my disclosure policy).

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

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For instance, most of the people I work with plan on getting a small business loan for their franchise business.

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.



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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.
 

Express Employment Professionals Opens New Franchise In Colorado

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!

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joel libava

I'm The Franchise King®, Joel Libava. I help prospective franchise owners avoid bank account emptying mistakes.
For 23 years, I’ve been showing people how to make smart, informed decisions on franchises to buy, and I can help you, too!
P.S. I'm not a franchise consultant/broker.

Joel is Highly Principled
There are many people in the franchise business who claim to to be experts in the field. Unfortunately many of them lack both knowledge and integrity. Joel, however, is without question one of the most qualified and principled people I know, in or out of his industry."
- Greg Reynolds, Retired Outplacement Counselor
"Many receive advice, only the wise profit from it."
- Harper Lee