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Starting your new business takes planning, capital

SPONSORED • Published: Monday, Jan. 13, 2014 4:30 p.m. CDT • Updated: Monday, Feb. 10, 2014 3:17 p.m. CDT

When it comes to starting your own business, the pressures can be overwhelming. That's where resources like the Illinois Small Business Development Center at Waubonsee Community College come in handy.

The Illinois Small Business Development Center offers small business owners – both prospective and existing - essential management, marketing and financial counseling. The center offers free one-on-one counseling and a wide variety of events and workshops.

“We focus on helping clients develop a concise, practical plan that includes a financial forecast,”  says Harriet Parker, manager at the Small Business Development Center. With hard costs like rental space, marketing materials, build-outs, utility hook-ups, equipment, furniture, fixtures and more, trying to finance a business can seem impossible. That's why it is important to having working capital on hand – money that can be used to pay ongoing expenses while building up that business. Forecasting is one of the hardest pieces of the business because it's a guess, but we work with our clients to make it an educated guess.”

To acquire a loan, some of the top things of importance are credit score, cash flow and collateral. The loaner is going to want to see that there is cash flow coming from somewhere and will name their collateral, things such as a person's vehicle.

“At the end of the day, the underwriter is looking at your numbers,” Parker says.

The Illinois Small Business Development Center at Waubonsee Community College offers a free two-hour entrepreneur quick start class, a two-part business plan boot camp, one-on-one free business counseling and more. The center assists not just start-up businesses, but existing businesses as well.

“We encourage clients to make us an ongoing adviser,” Parker said. “That's how we get to know their business and provide great value.”

Kane County Teachers Credit Union / KCT
(847) 741-3344
https://www.kctcu.org

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