Small businesses are the lifeblood of the American economy, accounting for two of every three new jobs in our country. INBiz recognizes the potential small businesses hold and wants to foster the ingenuity and entrepreneurial spirit we see in our small business owners. The Indiana Small Business Development Center (SBDC) is designed to do just that, offering a one-stop shop for Hoosier entrepreneurs looking to launch or grow a business.
With a network of locations across the state, the SBDC’s efforts have a direct correlation to business growth and stability. In 2017 alone, the SBDC contributed to over 300 new business starts, helped raise $90 million in capital investment and created more than a thousand new jobs.
With tools for those launching their first venture as well as guidance designed for Hoosier entrepreneurs running well-established businesses, the SBDC has free services to suit small business owners from all walks of life. Read on to see the specific services that can benefit your business.
Develop a Strategy
The SBDC’s team of experts will help your business develop a strategic vision, mapping out goals, strategies and tactics that will help establish your company’s credibility and identify opportunities for growth. Working with the company’s key stakeholders, we’ll talk through options until reaching a consensus.
Complete Market Research
Measuring market trends and understanding your business’s place in the market is crucial to growth and long-term success. The SBDC has access to the industry’s top research databases, and SBDC advisers will help you leverage these tools to understand local market demographics and identify best practices and industry opportunities.
Develop a Business Plan
Business plans guide entrepreneurs through most major decisions regarding their businesses. When designed effectively, they provide clarity on all major opportunities for growth, including marketing, finances and operations. The SBDC’s experts are well-versed on the potential hurdles facing new businesses and will work one-on-one with you to map out a comprehensive vision for your venture.
Establish Growth through Exporting
Marketing and offering your services or merchandise internationally can be vastly different from the processes businesses follow in Indiana. But SBDC’s experts can help you navigate the unfamiliar terrain of the international market by developing a written strategy and identifying the markets that offer the most promise
Appraise your Business
Appraisals are central to both measuring your company’s equity and monitoring its financial health. By running preliminary valuation reports and using a licensed valuation program, the SBDC can provide an independent analysis of your company’s value. This is helpful whether you’re looking to sell your business or understand outside factors that are impacting its financial value.
Small business highlight: Accessories Emporium
Jada Smith is one of the many Hoosier entrepreneurs who have taken advantage of the wealth of free services available through INBiz.
INBiz connected Smith, an Indianapolis entrepreneur, with representatives from the Central Indiana SBDC, who agreed to arrange a free, one-on-one meeting with a business adviser who helped her register as a limited liability company. Shortly after, Smith quickly generated her first sale as a business owner.
Smith’s company, Accessories Emporium, has since built momentum by hosting several successful sales events over her first weeks in business. She’s continuing to work with the SBDC to establish a sustainable business strategy.