When building a company or startup, small business owners and entrepreneurs face many daunting questions: How do I put together a business plan? Where can I access capital? What is the best way to market?
Now, the state’s largest philanthropic organization has launched a website to help guide these ventures in the right direction.
In partnership with with the Center for Women & Enterprise, Rhode Island Commerce Corporation, Rhode Island Small Business Development Center and others, the Rhode Island Foundation has funded the creation of the website RIBizBuilder.com.
The goal of the website is to navigate small business owners and entrepreneurs through the complex process of starting or building a business by leading them to resources that can help them advance, regardless of what stage their business is at.
“There was not one place to find all the resources that are available [for entrepreneurs],” said Jessica David, executive vice president of strategy and community investments at the Rhode Island Foundation. “Our goal is to help strengthen the ecosystem of resources to help small businesses.”
Small businesses employ more than 220,000 workers, which is over half of the Ocean State’s private sector workforce, according to a 2018 overview of Rhode Island’s economy conducted by the state’s Executive Office of Commerce.
To assist this burgeoning sector, the Rhode Island Foundation commissioned an assessment of the small business ecosystem. The study placed an emphasis on minority-owned and women-owned businesses, in line with Gov. Gina Raimondo’s goal to double the minority business enterprise utilization rate for state contracts by 2020.
The study concluded that there was not one place to find resources for small business owners and entrepreneurs.
“It’s tough to get the right person or organization on the first or even the second call,” said David.
RIBizBuilder solves this in a number of ways, but mainly through its online questionnaire. The survey asks business owners four questions: "What is your businesses’ current stage? What do you need help with? What industry is your business in? Is your business minority-, immigrant-, woman- or veteran-owned?"
The site then compiles a list of relevant resources based on a business owner’s or entrepreneur’s responses to the questions.
The site, which can be translated into Spanish, offers assistance regarding 10 different types of categories including accessing capital, business planning, office space and production.
David said the Rhode Island Foundation is hosting several information sessions to train business owners on how to use the site and spread awareness. After a few months, she said she wants to survey people on the effectiveness of the site and get feedback on how to make it better.
