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, there’s probably a Center near you.
Small Business Development Centers (SBDCs) are hosted by local universities and state economic development agencies. They’re funded in part through a partnership with the U.S. Small Business Administration (SBA). As of now, there are almost 1,000 SBDCs.
“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.”
SBDCs: Small Business Development Centers
If you’re thinking of buying a franchise, your local SBDC can help you with two crucial things.
1. Business plan development
2. Financial packaging/lending assistance
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.
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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. SBA-backed loans.
Furthermore, a good SBDC counselor can help you put together a business plan and help you structure…or package, a loan application. Correctly.
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 SBDC’s are created equal.
Specifically, some SBDCs are better than others. And some counselors are better than others.
That said, it’s not a slam on Small Business Development Centers, as all of them are good.
SBDCs 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.
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!