With daily news reports of high inflation, some may say that the idea of starting a business at this time could be a daunting challenge.
However, it appears that people may be willing to take that risk, a business consultant said Thursday.
Robert Bahn, a business consultant with the Arkansas Small Business and Technology Development Center, spoke with Greene County residents Thursday about ways to start businesses and the planning it takes to get the work done.
Bahn said the number of people interested in starting a business is higher now than it has been in the past. He said it may be that someone has an idea for the business or that they want to be their own boss.
In talking with the individuals, Bahn did caution that people have to be realistic in their goals and must be prepared.
A key part of the preparation involves doing things like market research, knowing the start-up costs and capital needed for the business as well as having a three-year proposed budget to provide to lenders if you have to borrow money to get your business started.
He said the three best friends that a small business owner can have is their attorney, their accountant and their insurance agent.
Each of the three can provide ways to avoid pitfalls and make sure the business stays afloat. Bahn said an attorney can help with information on employment law, for instance, while an accountant can help with taxes and financial matters. Also, an insurance agent can provide details on what is needed to protect the business in case of fire or natural disaster.
Bahn said the center, which is based in Little Rock but has offices in Jonesboro, also helps businesses with loan proposals.
According to the center’s website, the group works as a higher-education-based economic development program that helps entrepreneurs with every aspect from business creation, to management to operation.
Bahn said in addition to Greene County, the group’s Jonesboro office also helps people in Clay, Craighead, Independence, Jackson, Lawrence, Mississippi, Poinsett, Randolph and Sharp counties.
The center will also be hosting events in Paragould later this year on ways to market and finance a business.
People interested in learning more about the center can go to its website at https://asbtdc.org/ jonesboro/ or by calling 870-972-3517.
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