Agencies
Services
Plan
Are you considering starting a for-profit small business? Are you ready to turn that hobby into a legitimate business?
This decision can be both exhilarating and stressful, after all, entrepreneurship is an extremely taxing profession. However, a winning business idea that is supported with proper research, an undying passion and relentless determination can result in a successful business launch.
The Illinois SBDC is here so you don’t have to do this alone, offering no-cost confidential one-on-one business advising, assisting you with the creation of your business plan and so much more. Our professional business advisors will listen to your concept, discuss the feasibility, walk through a market analysis, and guide you through potential funding opportunities. We help you get your visions and ideas on paper and determine the best path moving forward.
Business Planning
Business Concept and Validation: The SBDC collaborates with clients to conduct a feasibility analysis of the planned startup business, including market identification, market entrance, breakeven budget, and pricing data. The SBDC walks clients through the procedures required to test a business idea on potential customers or conduct test sales.
Permits and Licenses: The SBDC outlines the scope of the permit project, specifies the permits needed for the project, and offers the appropriate agency's contact details.
Business Name Selection: The SBDC explains the rules pertaining to the planned business name and helps clients file for a fictitious company name.
Demographic Analysis: The SBDC describes the demographic information required to support the client's new firm. We advocate using both free and paid resources to define the specified demographic data. After the investigation is complete, the SBDC will assist with data analysis to identify and verify the startup business assumptions.
Opportunities for Franchising: The SBDC works with the client to create a feasibility report for a potential franchise purchase. Additionally, a financial study is done to confirm the viability of the franchise purchase.
Finances & Accounting
Financial Projections: To help you pitch to possible investors, include them in your business plan, or pursue other funding alternatives, the SBDC will assist you in estimating future income and costs. The SBDC may advise creating either/or short-term or mid-term predictions depending on the sector.
Access to Capital: By comparing the client's business financial statements and credit history to lender criteria, the SBDC helps establish if it is feasible for the client's firm to obtain various sources of private or public funding. The SBDC aids the client in developing a timeframe and action plan for securing funding.
Loan packaging: For customers looking for business loans, the SBDC gathers lender specifications. With the help of the SBDC, the client's business financial statements, loan narratives, and other requirements needed by lenders for a loan package are prepared. The fact that the SBDC will shop your loan across our network partners to assist you get the best terms and prices is one of the service's most significant features.
Quickbooks: The SBDC creates appropriate Quickbooks structures for the client's business to clearly identify certain financial operations. The SBDC may then assist in developing a strategy for the better management of the client's business financials following examination of the company activity structures.
Accounting/Bookkeeping: The SBDC assists the client in setting up the policies, practices, and standards necessary to maintain effective financial management and legal compliance in their firm.
Tax Planning: In order to identify incentives and rebates for the client's business while adhering to rules, the SBDC collaborates with the client and determines the client's goals and objectives. The customer is also given referral partners and resources.
Merchant Services: The SBDC specifies the electronic hardware and software programs that the client's business will need in order to accept electronic payments made with credit or ATM cards. The SBDC compares the costs and benefits of various merchant service providers and may offer details on risk management and EMV chip requirements.
Legal & Human Resources
Incorporation and Business Tax Structure: The SBDC will go through the advantages and disadvantages of various legal structures in terms of law and taxes. We consult with our clients to determine what is best for the company.
Lease Negotiation: The SBDC provides customers with guidance on how to compile an analysis of prospective lease agreements to identify the benefits and drawbacks of each choice. After that, a cost analysis built around the selected leases is created.
Partnership Agreements: The SBDC walks clients through a rough draft of outcomes and expectations that are shared by both parties. The SBDC provides clients with the necessary legal tools for assistance in completing the partnership agreement.
Getting Started as an Employer: The SBDC instructs clients on payroll employee reporting for all federal, state, and local authorities. Clients are also informed of any insurance and tax obligations associated with hiring personnel. Additionally, clients are given connections so they may be informed about all staff compliance concerns.
Employee Hiring: The SBDC works with clients to create a new hire checklist for all new hires, which should include all necessary paperwork as well as job descriptions, an employee manual, and a remuneration schedule.
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