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STARTING A BUSINESS
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Business New Haven
10/9/1995
By: Terry Pitt
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If you want to start a business, ask not, “Where do I go to get what I need?” Ask, “Where do I go first to get what I need?”
Successful programs have been in place in Connecticut since new businesses were recognized as a hope for renewed vitality in private industry several years ago. However, the time and energy needed to get all the information about all the resources available can defeat even the most motivated individuals. And the need continues to grow as the state's economy remains sluggish.
In the aftermath of Connecticut's job-draining recession, which drained 156,000 jobs from the economy, the brakes government and industry groups put in place have not arrested the seepage. With announcements of closings and “right-sizings” announced regularly, unemployment grows. So new programs for those who have been laid off and see their future in self-employment are in the works. These aren't bigger brakes, but conduits designed to redirect resources already in place to areas of greatest need.
In Bridgeport, Bill Dorsey was hired in April to organize the Business Outreach Center (BOC) network, a collaboration of the Bridgeport Economic Development Corp. and the Metropolitan Business Association. His goal is to direct would-be entrepreneurs in the greater Bridgeport area to organizations providing specific technical assistance, training, financing or other services.
Dorsey's staff tracks individuals through the agencies to which they've been referred. The Entrepreneurial Center for Training and the Connecticut Community Economic Fund, a consortium of bankers whose mission is to loan money to businesses not strictly “bankable,” are located with Dorsey's offices at 955 Main Street.
Those aren't the resources with whichDorsey is linking. Others include the Connecticut Small Business Development Centers, the Bridgeport Innovation Center, the Service Corps of Retired Executives (SCORE) and the Active Corps of Executives (ACE).
In the last month Dorsey has seen 13 clients, even though he is still hiring staff and talking with service providers. He expects to be fully operational by month's end, and plans to invite the public to an open house in mid-November. In the meantime, if you need help in starting a business, call the BOC Network of Bridgeport at 339-3220.
The U.S. Small Business Administration's Business Information Center (BIC) is a “One Stop (Information/Capital) Shop” providing technical assistance, counseling advice and training in addition to planning materials and business development resources for prospective and existing small businesses.
Funded by the federal government and private in-state sponsors, the proposed Hartford BIC has been designated by the SBA to serve Connecticut businesses with unrestricted geographic access availability. December 1995 is the planned opening, even while Congress is talking about “zeroing out” funding for the program nationally.
Incorporated with BIC, as with BOC, are statewide SBA programs with multiple offices, including SCORE and ACE, groups of retired and active executives with broad business experience who are eager to help new entrepreneurs with the plans and problems of starting or running small businesses.
The SBA also administers Small Business Development Center (SBDC) programs to provide management assistance to current and prospective small-business owners.
One way to write your own success story is to attend Success '95, a one-day marketing symposium presented by the SBA and SNET. Still only $99 ($49 for veterans) in its sixth year without an empty seat, it's a full day of workshops presented by successful small-business owners and consultants. Call 1-800-356-6868 to reserve a place at the November 3 Success at the Sheraton Waterbury or for information about spring dates.
What is a “small” business? According to the SBA, it must be independent, with no ownership ties to another company. Beyond that, it depends on the business. In the wholesale trade, less than 100 employees is “small.” In manufacturing, it's less than 500 workers. Less than $7 million in annual sales defines a small construction firm, while in retail and service $3 million is the cutoff.
Of course, it's always a good idea to check out your idea and figures by calling 1-800-8-ASK-SBA or faxing to 202-205-7064. For the hearing impaired, the TDD number is 202-205-7333.
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