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Small Business Development Center
The Small Business Development Center (SBDC) serves Broadwater, Lewis & Clark, and Meagher County entrepreneurs. Montana Business Assistance Connection's SBDC is part of a statewide network of technical service providers that assist start-up and existing businesses. SBDC counseling is free of charge; it is funded through an agreement with the U.S. Small Business Administration, Montana Department of Commerce, and private donations. The SBDC staff can help you develop and enhance the financial, managerial, and technical skills you need to compete in business. If you are operating or thinking about a business outside of Broadwater, Lewis & Clark, or Meagher Counties, please click here www.sba.gov for a contact person in your area. For more information please contact Dan Anderson at (406) 447-1512 or danderson@mbac.biz
Areas of Assistance:
Business Plans
A written business plan is a required element of any commercial loan application or for any entrepreneur seeking outside investors. But, even entrepreneurs who do not require outside funds will benefit from writing a plan.
A plan explains to outsiders what a business is all about and how it will operate. Internally, a plan can be used to set goals and guiding principles. The exercise of writing a plan forces an entrepreneur to think critically about the business opportunity—this is the most valuable part of any plan.
Montana Business Assistance Connection's Small Business Development Center can help you write a plan that analyzes your business idea. We do not write the plan for you, but will provide an outline that you can use to construct a plan. We will be happy to review your plan and provide constructive feedback. We can help develop a plan that focuses upon obtaining financing or one that will be used internally.
Financing Your Business
“How do I obtain financing for my business idea?” This is probably the most common question we hear at the Small Business Development Center. We are prepared to discuss financing options ranging from personal savings and credit cards to commercial lending and venture capital.
“Where can I get a grant?” If the previous question is #1, then this one is probably #1A. The answer is pretty simple—you probably can’t get a grant if you operate a for-profit business. Grant programs are extremely rare and when they do exist are very competitive. Montana Business Assistance Connection does not offer any grants but staff will be happy to discuss the programs with which it is familiar. Please be aware that this is an extremely unlikely source of financing. www.sba.gov
The SBDC can help you put together a loan application and will discuss how you can improve your chances for successfully obtaining a loan. Montana Business Assistance Connection makes some commercial loans itself and the SBDC can provide lots of useful information about that process.
Marketing
Marketing may be one of the most important yet most misunderstood aspects of business. Most folks equate marketing with advertising; it is really much more.
Textbooks will tell you that marketing consists of the “4 Ps”—Product, Price, Place, and Promotion. In order to understand these elements, it is necessary to first develop a keen understanding of your customers. Who are they? What do they demand? How do they make decisions? The SBDC can help you with this process.
Market research is vital for anyone considering going into business. We can help you identify potential sources of information (both primary and secondary) and help you analyze your data. Below are some useful links to basic sources of market information.
www.census.gov
Management
Many entrepreneurs are challenged to find a skilled and dedicated workforce. Some blame the labor pool while others take a more introspective look at their policies. We can help you create an environment that stimulates employees and motivates them. The job service is another great place for basic employment information.
Helena Job Service
Recordkeeping systems are important to any business; without good records you could easily run into trouble with the IRS. The SBDC can work with you to develop systems to keep track of useful information for tax purposes or for internal controls. Good recordkeeping can allow you to make changes to your business that will enhance your profitability.
Other Areas of Assistance
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Montana Business Assistance Connection's SBDC can work with you on virtually any aspect of your business. We can:
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Discuss legal forms of business (such as sole proprietorship, partnership, LLC, and corporation) and the pros and cons of each. It is recommended that you also discuss this with an accountant and/or attorney.
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Help you file the necessary forms to operate your business legally.
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Occasionally, we can connect you with someone who has experience in your particular industry that can serve as a mentor/advisor. SCORE members are often very good at this. www.score.org -
Analyze the feasibility of your business idea. We can discuss your goals for the business and analyze with you the likelihood that you may achieve them based on your personal characteristics, market information, etc..
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At the very least, we can usually refer you to someone (or some resource) who is better able to answer your questions than we are.
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