Are you ready to GO be an entrepreneur? Where to get help and nontraditional funding.

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Last month, I had the pleasure of leading a group of women entrepreneurs through the Business Smart Workshop created by the US Small Business Administration (SBA).  This info-packed program was hosted by Coastal Women’s Ventures at the YWCA Lower Cape Fear in Wilmington, North Carolina.

Part 1 of the program, the “READY” module, focused on what a startup business owner must do to get organized and ready to start a business. To catch up on the discussion, read my March 7, 2019 article.

Part 2 of the program, the “SET” module, focused on the fundamentals of business financial literacy, traditional and non-traditional funding, and business loan applications.  To catch up on the discussion, read my March 13, 2019 article.

Part 3 of the program, the “GO” module, discussed additional financing resources and opportunities for technical assistance for entrepreneurs.

America is a nation of small businesses.  According to the SBA, there are approximately 30 million businesses in the US employing nearly 60 million people.  Over 75% of these businesses represent self-employed individuals. Small businesses make up 99% of the employers in the US and create 65% of net new private sector jobs.  Yes, entrepreneurship is the backbone of the US business economy!

The Small Business Administration (SBA) provides support and resources to help small businesses grow and create jobs.  SBA operations are focused on 3 core areas:

  1. CAPITAL: providing loan guarantees for small businesses that have challenges obtaining credit.

  2. CONTRACTING: helping the federal government meet goals of contracting with small businesses.

  3. COUNSELING: providing counseling and training to entrepreneurs, including tools to help you write a business plan.

SBA services are provided for free or low costs, often on a one-on-one basis.  Most communities include local SBA resource partners such as SCORE, Small Business Development Centers (SBDC’s), Women’s Business Centers (WBC’s) and Veteran’s Business Outreach Centers (VBOC’s).

SCORE is a nonprofit association dedicated to helping small businesses get off the ground, grow and achieve their goals through education and mentorship.  Its volunteer network of 11,000 members allows services to be offered at no charge or very little cost.

Small Business Development Centers (SBDC’s) provide one-on-one consulting, training and information resources to empower new and existing businesses.  Funding support is provided by the SBA.

Women’s Business Centers (WBC’s) help women succeed in business by providing training, mentoring, business development and financing opportunities.  WBC’s can be funded in part by the SBA, helping keep service at no or very low cost. While services are not exclusively for women, WBC’s seek to level the playing field for women entrepreneurs, who still face unique obstacles in the business world.

Veteran’s Business Outreach Centers (VBOC’s) provide entrepreneurial development services such as business training, counseling and mentoring, and referrals for eligible veterans owning or considering starting a small business.  As a resource partner of the SBA, the services of VBOC’s are provided at no charge or at a very low cost. There are 15 VBOC’s, each covering several states.

As you think about funding your business, also consider nontraditional options such as:

One word of caution if you are considering Crowdfunding.  Talk to other entrepreneurs who have had both successful and unsuccessful crowdfunding campaigns.  Stay current on your legal advice and talk to experts who specialize in this area.

While you should consider the time required to complete your application, don’t discount business plan competitions and grants.  In 2018, my company was awarded a $50,000 SEED grant from NC IDEA.  This funding allowed us to develop and market companion apps for our software application and market in the Apple and Google Play app stores.  This was a huge win for our business!

Download my free whitepaper, How to Win a Business Grant Competition for ten tips to increase your chance of success in business competitions.

For feedback on your business plan and story, experience speaking and presenting about your business, and feedback from other entrepreneurs in your area, apply to present your business at 1 Million Cups.  As a program of the Kauffman Foundation, 1 Million Cups works with entrepreneurs, empowering them with the tools and resources to break down barriers that stand in the way of starting and growing a business. Events are organized in over 40 US states, one US territory, and six time zones.   This is also a great way to get a recording of your business presentation in front of a live audience.


Jennifer Turnage is an entrepreneur, business coach, speaker, and author. As the Cofounder and CEO of myBeeHyve, she combines her experience from multiple tech company exits with her mission of empowering individuals to achieve financial independence through entrepreneurship. Connect with her on  Facebook, LinkedIn, Instagram, Pinterest or Twitter for support on your entrepreneurial journey. Download the free myBeeHyve app in the Apple or Google Play app stores to manage your prospects and customers with ease.