Developing a business plan is a crucial step to get an online business up and running, make it profitable and remain competitive.
That’s where South Dakota’s Small Business Development Center (SBDC) comes in. Their seven regional offices offer free, confidential assistance to first-time entrepreneurs and existing businesses.
SBDC tools and resources walk a person through that process. For example, check out their Business Planning Guide at sdbusinesshelp.com/resource-category/business-planning-guide.
Once a person drafts a business plan, SBDC will review it to make sure it is complete and realistic, and to make sure the person isn’t overlooking a key aspect of starting or expanding a business.
State SBDC Director Mark Slade says developing financial projections is the biggest challenge for many entrepreneurs.
“We help them through the process of taking all of that information and turning it into a profit and loss statement, a cash flow statement and a balance sheet.”
SBDC offers software that will lay out an entrepreneur’s financial figures in a format wanted by bankers. It can help determine if the businessperson needs to make adjustments in their planning.
Once the financial analysis is complete, SBDC can help identify potential loan and funding sources that may be available based on factors such as job creation, wages, product or service offered, and geographic location.
Visit sdbusinesshelp.com for more information.