Business Development Counseling
FAQs
Q: How do I make an appointment?
A: Call 360.733.4014 to schedule a no-cost appointment with one of our business strategists.
Q: Can I get a grant to start my business?
A: There are no grants available to start businesses. A grant is a direct financial contribution made without expectation of repayment. Grants may be available from family members or friends. But organizations that give grants have criteria to meet. If it sounds too good to be true, it probably isn’t, comes to mind when talking about the availability of grants to start a business.
While the CEV doesn’t loan or give away money, we can help you prepare for a loan application.
Q: Does the SBA loan money?
A: The SBA works with banks and other financial institutions to make it easier for business people to get loans. The only exception to this is for existing companies in a "federally declared disaster area." The CEV counsels business owners and entrepreneurs and will assist owners in improving business plans and loan applications, but does not loan money.
Q: Why do I need a business plan? Can the CEV prepare one for me?
A: A business plan is a star chart or road map that allows you to journey to a destination. It also tells others such as a prospective lender or landlord that you have a concise plan that explains the “how” and the “why” you business will be successful (financially and otherwise).
A business plan is a useful tool for measuring periodically how you have been doing and what needs to be altered or enhanced when going forward. While the CEV can’t prepare a plan for you, we can offer you assistance with designing, editing, and supplying the financial projections.
Q: How do I prepare a business plan?
A: When writing a business plan you need to analyze the following:
- What strategic changes will you make?
- Are there new markets you plan to enter or new products to introduce?
- What marketing strategies will you use?
- What labor requirements will be needed to accomplish your goal?
- Are there capital purchases you need to make?
- What are your cash needs (working capital) to implement these strategies and run the business?
- Will you need outside financing?
- How do you plan to communicate your goal and objectives to your employees, spouse, and supporters?
- What is the optimal timing for purchases, expansion, or contraction?
All these issues are addressed in your business plan developed for your own use. For more information and templates see Business Plans in the Business Resources of our site.
Q: Can the CEV help me with an invention that I would like to patent and license my patent to industry?
A: If you wish to apply for a patent you should contact a patent attorney to learn about the process, timeline and expense of pursuing this goal. Also check out Patents and Trademarks in the Resources section.
Q: How do I know if I will qualify for a business loan?
A: Basically banks are looking for some basic information:
- Capacity - Do you bring proven expertise in this industry to your company?
- Capacity - What is the amount of funds needed?
- Collateral - If this project isn’t successful, will there be adequate liquidation value to cover the loan?
- Character/credit - Have you and your company shown good management skills?
- Commitment - Have you shown that you believe in the project and are committed by investing substantially in the project?
- Circumstances - How diversified is your customer base
These are just a few of the questions about each topic. More information can be found see Financing in the Resources section located of our site.
Q: How can I get a contract from the state of Washington?
A: Visit the Office of Women and Minority Business Enterprises Web site to learn about state and federal certification for government contracts, http://www.omwbe.wa.gov