I have a great business idea and really eager to start a business – but where do I begin?
Do I have what it takes to own/manage a small business?
Are there grants available to start my business?
Does SBDC or SBA give out business loans?
What do I have to do to get a loan?
How long will it take to get my loan?
What is a business plan?
Where do I get help in writing a business plan?
How do I sign up for FREE business counseling?
Question: I have a great business idea and I am really eager to start a business - but where do I begin?
Answer: Read How to Start a Business in Pinal County
Question: Do I have what it takes to own/manage a small business?
Answer: You will be your own most important employee, so an objective appraisal of your strengths and weaknesses is essential. Some questions to ask yourself are:
Am I a self starter?
How well do I get along with a variety of personalities?
How good am I at making decisions?
Do I have the physical and emotional stamina to run a business?
How well do I plan and organize?
Are my attitudes and drive strong enough to maintain motivation?
How will the business affect my family?
Answer these 20 Questions Before Starting a Business
Question: Are there grants available to start my business?
Answer: With very few exceptions, there are no grants that will give you money to start a business. Some Native American tribes have occasionally offered entrepreneurial programs to tribal members and provided grant money to start a business. If you’re a Native American, check with your tribal office to learn what might be available.
Question: Does the SBDC or SBA give out business loans ?
Answer: No. The SBA guarantees loans; the lending institution decides if your loan will qualify as an SBA loan, or not. SBDC does not process loan applications.
Question: What do I have to do to get a loan?
Answer: When you apply for the loan, you must provide projected financial statements and a cohesive, clear business plan which supplies the name of the firm, location, production facilities, legal structure and business goals. A clear description of your experience and management capabilities, as well as the expertise of other key personnel, will also be needed.
Question: How long will it take to get my loan?
Answer: A credit decision on a complete loan package is usually made within ten working days after it is received by the SBA, not including bank processing time. This assumes that the borrower and lender have provided all the information necessary to process the loan.
Question: What is a business plan?
Answer: A business plan is a document that covers in detail some background information, market analysis and financial projections. The background section includes information on the business idea, the industry and the person(s) going into business; a market analysis includes information on your product(s) or service(s), size of the market, target market, anticipated market share, competitive analysis and market strategy. The financial component includes detailed 3-year financial projections of the company’s cash flow, balance sheet and income statement. Once all of this is completed, a 1-2 page executive summary is written to cover the highlights of your business plan. The completed business plan is then evaluated by a bank for a business loan, a venture capitalist, angel investor or person or other organization that may be interested in investing money in the business.
Question: Where do I get help in writing a business plan?
Answer: Visit the Business Planning section of the Small Business Development Center at Central Arizona College to learn more about writing your business plan. Visit the SBA website to take advantage of their free online small business courses.
Question: How do I sign up for FREE business counseling?
Answer: Fill out a Request for Counseling form. A counselor will contact you shortly to schedule an appointment.
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