Sources of Assistance Available to Entrepreneurs (The logos used in this PowerPoint were copied directly from corporate websites. They have not been altered in any way.)
Why It is Important to Seek Assistance • Most entrepreneurs do not possess all skills and knowledge necessary to run a successful business and compete in the today’s marketplace. • Many forms of support and assistance are available to entrepreneurs from government agencies and private professionals.
Federal Resources Small Business Administration (SBA) The SBA promotes small business development, helps businesses secure government contracts, and provides assistance and advice on how small businesses can increase revenues and profits.
About the SBA • Established in 1953 • Provides financial, technical and management assistance to help Americans start, run, and grow their business • Nation’s largest financial backer of small businesses with loans and loan guarantees worth more than $45 billion • Offers assistance to more than one million small business owners annually
Federal Resources Service Corps of Retired Executives (SCORE) A volunteer organization in which retired business executives share their business experience with small business owners.
Federal Resources Small Business Institute (SBI) Free counseling services provided by student teams at many colleges.
Federal Resources U.S. Department of Commerce • The Department of Commerce provides social and economic statistics for businesses as well as research and support for scientific, engineering, and technological development. • It also issues patents and trademarks, provides assistance to promote economic development, and encourages minority-run businesses.
Federal Resources Federal Trade Commission (FTC) • The FTC ensures that business practices in the United States are fair. • It constantly monitors all aspects of business including pricing, competition, credit, and export trade. • It makes and enforces rules that regulate trade and protect consumers.
Federal Resources • Internal Revenue Service (IRS) • The IRS: • issues federal taxpayer identification numbers to businesses • distributes publications that explain tax laws • assists with tax-related questions.
Federal Resource Small Business Development Center (SBDC) • The SBDC is funded by the federal government and state governments. • Usually located in colleges and universities, these centers provide counseling and management assistance to small businesses.
State Resources Department of Commerce • Each state has a Department of Commerce. • The state’s lead agency for economic, community and workforce development. • The Department also has under its auspices the information technology function for state government and agencies which regulate commerce in the state. • The mission of the Department of Commerce is to improve the economic well being and quality of life for all state citizens.
State Resources Workers’ Compensation Board • All business owners who employ workers are required to provide insurance that gives employees or their survivors benefits in the event of work-related injuries or deaths. • This board works with employers to provide this insurance at reasonable costs.
State Resources The State Department of Labor • This agency strives to make a safe and healthy place to live and work. • Through its various bureaus, the labor department touches nearly every person’s life, from boiler safety to elevator safety to workplace safety and health. • In addition to labor rules and regulations, the department offers a variety of free training resources on safety and health. We also administer the state's apprenticeship and training program.
State Resources The State Department of Agriculture and Consumer Protection Division • This agency issues permits for businesses involved in the processing, handling, storage, or distribution of food products. • It also issues permits for food or agriculture related businesses such as animal shelters, livestock dealers, fertilizer manufactures, meat and poultry handler, etc.
State Resources The Office of the Secretary of State • This office provides general business information in addition to information and forms used for incorporation. • It also provides forms used to register state trademarks and business names.
State Resources Department of Health and Human Services (DHHS) • This department is responsible for ensuring the health, safety and well being of all citizens of the state. • DHHS provides human service needs for specific populations including the mentally ill, deaf, blind and developmentally disabled. • DHHS programs help economically disadvantaged North Carolinians achieve financial independence. • DHHS oversees the operation and licensing of: • prenatal programs • child development programs • daycare programs • rest home regulations
State Resources The State Sales and Use Tax Division • This agency issues identification numbers to retail businesses that collect and remit sales taxes. • It also provides instructions for collecting, reporting, and remitting sales taxes to the state.
Local/Community Resources Chambers of Commerce • The purpose of these organizations is to stimulate local economic growth. • They provide information about the local economy, business trends, and business needs of the community.
Local/Community Resources Colleges, Universities, and Technical Schools These educational institutions offer educational training and research support.
Local/Community Resources Licensing and Permit Offices These offices offer assistance and support when obtaining business licenses.
Local/Community Resources County Health Departments These departments will provide information on local health and safety regulations.
Local/Community Resources County Extension Services These agencies are good resources for agricultural businesses.
Professional Services Attorneys • Attorneys make sure that business owners follow the proper procedures in all legal aspects of the business operation. • They provide important information about: • business owners’ rights • the best legal structure for a business • protecting assets • preventing legal action • obtaining patents and trademarks • tax and business legislation.
Professional Services Accountants • Accountants assist business owners in designing and maintaining bookkeeping systems. • They also provide planning and management advice and make recommendations on how to minimize tax liability.
Professional Services Insurance Agents • Insurance agents inform business owners of insurance requirements and regulations. • They help business owners determine how to obtain adequate insurance coverage at the lowest cost.