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.
SBDC Facts
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.
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.”
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.
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.
A gentle tip from The Franchise King®:
Do not buy a franchise until you know EXACTLY how to do thorough research.
Learn how here
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!
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