- Will you write my business
plan?
- The NSU-SBDC will not compose your business plan, but we will help
you get started. We have many books that offer great examples on various types of business
plans. We will also review you plan and make some changes in content and correct
grammatical errors.
- Are there any "grants" available to start a business?
- Generally speaking, grants given to business start-ups are very rare.
There are a few private organizations that offer grants and they would have to be
contacted directly. The NSU-SBDC staff is aware of only a few of these organizations.
- What
form of business do you recommend for a new business?
- Each form, sole proprietorship, partnership, or corporation, has its
advantages and disadvantages. The one you should pick depends on your circumstances,
including:
- Your financial condition
- Your tax situation
- The line of business you are entering
- The number of employees
- The risk involved
- How do I get a small
business loan?
- The kind of financing most entrepreneurs seek through commercial
lenders is debt financing. Most banks provide debt financing for existing and start-up
businesses. Banks vary substantially in their lending practices. While one bank may
decline your loan application, another may be willing to take a higher risk or be
interested in lending to small businesses. It is advisable o understand a bank’s
lending guidelines before applying for a loan. The general guidelines that would enable a
lending officer to at least make an informed decision regarding your loan proposal are as
follows:
- Consideration of the business idea, usually explained in a business
plan
- Collateral
- Down payment (or equity in an ongoing business)
- Credit history and personal financial net worth
- Management ability
- Ability to repay the debt
- Conditions of the economy and/or market area
- Do I have to be in business to use the services of the NSU-SBDC?
- No. You only have to be considering the idea of opening a business or
researching the feasibility of a proposed profit-making venture.
- Does the SBDC do feasibility studies for potential businesses?
- Our office does not have the staff to conduct a feasibility study. We
will assist you in getting statistical information on the area that you want to place your
business.
- What kind of licenses and/or permits is required to start a business?
- There are specific requirements in each state,
parish, and city. Look in our Service Area for the local
permits you will need. Also, the following is a list of basic licenses and registrations
for a new business.
- LOCAL ~ a business license from the city, town, or parish depending
on your location. You will also need to check zoning laws, building codes and other
similar regulations.
- STATE ~ Most states require that your business be registered. You
should also file for a sales and use tax number. Some businesses (such as liquor stores,
barber shops, real estate offices, etc.) require specific or special license.
- FEDERAL ~ Contact the IRS for an employer’s identification
number and a "Going Into Business Tax Kit"
- What
are the basic skills you need to run a business?
- The basic survival skills include a working knowledge of
recordkeeping; financial management; personnel management; market analysis; breakeven
analysis; product or service knowledge; federal, state, and local tax knowledge; legal
structures; and communication skills.
- What does the SBDC do?
- The Northwestern State University Small Business
Development Center provides FREE one-on-one confidential counseling to potential and
existing small business owners. We service Avoyelles, Grant, Natchitoches, Rapides, Red
River, Sabine, Vernon and Winn parishes. We offer counseling and training seminars to help
business owners make sound decision for the successful operation of their business. We are
one of fourteen centers supported by the SBA, the LA Department of Economic Development,
and the State University System. We work with the NSU College of Business faculty and
students to not only assist small businesses but to offer real-business education.
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