Starting a business can be an exhilarating journey filled with the promise of success and financial independence. However, the path to entrepreneurial achievement is not without its challenges. To help aspiring business owners navigate these challenges and make informed decisions, the Tennessee Small Business Development Center in Memphis is hosting a series of workshops between November and December at the Entrepreneur Network Center, located at 480 Dr. M. L. King Jr. Ave, Memphis, Tennessee.
These workshops are designed to empower individuals who want to embark on the entrepreneurial journey by providing essential knowledge, practical tools and expert guidance. In this article, we'll delve into the challenges of starting a business and discuss how our upcoming workshops can equip you with the skills to overcome them.
Business Budgeting 101 – Nov. 8, 2023
Our first workshop, "Business Budgeting 101," on Nov. 8, 2023, from 1-2 p.m., is aimed at setting participants on the right financial path for their business endeavors. Presented by WBC South, the workshop will shed light on the critical role that effective budgeting plays in your business's success. During the session, attendees will learn the basics of budgeting, common financial pitfalls and strategies to rectify them. Most importantly, you will gain the confidence to plan for your business's financial future. This workshop is a must-attend event for anyone who is serious about launching a business and wants to ensure their financial foundation is solid.
QuickBooks Made to Order – Nov. 29, 2023
For many small business owners, managing finances can be a daunting task. Balancing the books, tracking expenses and ensuring financial accuracy are just a few of the challenges entrepreneurs face. The "QuickBooks Made to Order" workshop, scheduled for Nov. 29, 2023, from 2-4 p.m., is the answer to these challenges. Led by expert trainer Everett Burton, this comprehensive training session on QuickBooks will help you get started with this essential accounting software. You'll not only learn the basics but also explore advanced features that can save you both time and money. Simplify your financial management and gain the peace of mind that comes with accurate bookkeeping.
How to Start a Business – Dec. 13, 2023
Launching a business starts with a plan and our "How to Start a Business" workshop, taking place on Dec. 13, 2023, from 1-2 p.m., is here to guide you through this crucial process. Eddie Harris, DBA, and LaBreda Morrow will lead the session, which will provide insights into the importance of a well-structured business plan. You will also gain an understanding of the preparation required to embark on your entrepreneurial journey. This workshop will cover major components of a business plan and discuss the supporting documentation necessary for an effective business plan. By attending this workshop, you'll be better equipped to start your business with clarity and confidence.
How to Write a Business Plan – Dec 13, 2023
Once you understand the significance of a business plan, it's time to put your ideas into words. The "How to Write a Business Plan" workshop, held on the same day, Dec. 13, 2023, from 2-4 p.m., will provide you with the essential skills to craft a compelling business plan. Eddie Harris, DBA, and LaBreda Morrow will guide you through the process, making it accessible and easy to follow. This workshop is designed for individuals who are either considering self-employment or are in the early stages of launching their businesses. It will help you assess your leadership and management abilities, evaluate market potential, and develop a plan that will impress potential investors and lenders.
ONE Hundred Business in ONE Day – Nov. 2, 2023
The City of Memphis Office of Business Diversity & Compliance (OBDC) will host an event, ONE Hundred Business in ONE Day, Nov. 2, 2023 at the Raleigh Civic Center Plaza (Raleigh library) located at 3542 Austin Peay Hwy in Memphis. OBDC will assist 100 potential business owners with the fees associated with starting a new business. This opportunity is for new business owners.
Challenges of starting a business
Starting a business is a dream for many, but it is not without its challenges. Entrepreneurship can be a rollercoaster ride filled with highs and lows, and being prepared for the journey is vital. Here are some of the common challenges faced by aspiring entrepreneurs:
- Financial management: Managing finances effectively is crucial for any business. Many entrepreneurs struggle with budgeting, bookkeeping and understanding their financial statements.
- Business planning: Developing a comprehensive business plan is often underestimated but is essential for setting clear goals and strategies for your business.
- Market research: Understanding your target market and identifying your competition is vital for making informed business decisions.
- Marketing and promotion: Getting the word out about your business and attracting customers can be a significant challenge, especially in a competitive market.
- Legal and regulatory compliance: Navigating the legal requirements and regulations associated with starting a business can be complex and daunting.
- Managing growth: Scaling a business and managing growth while maintaining quality and customer satisfaction can be a delicate balancing act.
- Access to capital: Securing funding and managing cash flow is a common struggle for small business owners.
- Time management: Balancing the many tasks and responsibilities of running a business can be overwhelming, especially for solo entrepreneurs.
Mission of the Tennessee Small Business Development Center
Starting a business is a rewarding endeavor, but it comes with its fair share of challenges. Fortunately, the Tennessee Small Business Development Center in Memphis is here to help. We invite you to join our upcoming workshops at the Entrepreneur Network Center to gain valuable insights, tools and knowledge to overcome these challenges and set your business on the path to success. Whether you're struggling with budgeting, financial management, or need guidance on business planning and marketing, our expert presenters are here to assist you.
Don't miss these informative and engaging sessions and remember, entrepreneurship is a journey, and with the right support and knowledge, your dream of starting and growing a successful business can become a reality. We look forward to seeing you at our workshops, and we are excited to be part of your entrepreneurial journey.
Visit www.tsbdc.org for more information.
For more than 30 years, the TSBDC network has helped small business owners, entrepreneurs, and individuals with business ideas, by providing access to the financial and technical resources needed to establish and grow businesses that compete in the global marketplace.
NaShawn Branch, D.BA., is the executive director of the Tennessee Small Business Development Center. Passionate about helping small business owners succeed, he has advised more than 500 small-to-medium-sized businesses, including 54 startups, and has raised more than $10 million in capital infusion over the past 10 years.
