5 important benefits of joining a small business association
Small business associations are important sources of information and funds.
What is a small business association?
A small business administration or association is an agency that provides support to entrepreneurs who are looking to start businesses. It also helps existing small business owners grow by providing information and resources that match their specific needs.
Many can agree that developing a small enterprise may at times prove difficult, especially if you have little to no money for setting up the venture.
Sometimes, initial capital may not even be the main problem, but rather ideas, organization and legal process involved in setting up a business and making profits. In such a scenario, an SBA that’s in partnership with a Small Business development Center would be the best place to go to.
What are the benefits of SBAs?
- Funding.
An SBA offers to guarantee loans offered by banks. Contrary to the popular notion that SBAs offer loans, many of them actually don’t. Instead, they set guidelines and act as guarantors for your loan.
However, SBA loans, as they are commonly known should be considered by those seeking to fund or grow their small businesses. - Access to statistics.
Before starting a business knowing how your product or service will perform in a given market is important. As an SBA member you get access to research and statistics that would otherwise be difficult to come by. - Planning.
Sometimes turning an idea into a fully organized profit making business can be challenging. With SBAs however, you get access to experts who dedicate their time to familiarizing you with structures and proper management strategies.
These experts will review your business ideas and plans and offer advice on how to improve and grow as a business. - Networking.
Networking is considered one of the most valuable ingredient for the success and survival of any small business.
It has proven to be very effective when it comes to building strong and lasting relationships with potential customers, suppliers or various other industry stakeholders. By joining an SBA such opportunities are availed to you. - Disaster relief.
If your organization or business were to experience certain disasters, an SBA would help in the repair, rebuilding and step up of your business. They offer financial assistance in a fast and timely manner that is unmatched so that businesses can take the least amount of time in their recovery period.
What are some types of SBAs?
There are various types of SBAs tailored for different groups that have diverse needs. Here a a few:
- Small Business Administration
- Minority Business development Agency
- National Veteran Business Development Council
- National Women’s Business Council
- National Small Business Association
- National Restaurant Association
- The Small Business Exporters Association of the United States
Conclusion
Joining an SBA has numerous benefits for entrepreneurs seeking to start their own businesses. There are resources available to help you plan finance, manage and run your business successfully.
If you are not meeting targets chances are your business is mismanaged and struggling. At this point, in order to turn your business around, it’s probably best to leverage on the expertise and skills offered by SBAs.
