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April 2011

Jim, I have recently sold my most recent business acquisition. Over the past 38 years, I have been richly blessed in my business adventures, and want to give back some of what I have learned. At this time, I want to help potential business owners before they go into business. I have prepared a workshop about starting a business. Any advice on how I can reach these potential entrepreneurs?

The Denver Metro SBDC receives somewhere between 300-400 inquiries a year regarding teaching workshops at our center. Twice a year we review these requests and make the decisions about what sessions will be offered during the next six months. As you can imagine, with so much interest we have to have a RFP process for handling this. To receive notification when  the RFP is available, visit www.denversbdc.org/seminars/application. You can also contact our Program Coordinator, Sara Reimnitz, at 303-620-8076 or sara.reimnitz@denversbdc.org. She can also answer any specific questions you may have regarding teaching at the SBDC.

Dear Jim, How does one with an amazing credit and no assets obtain the "non-borrowed" out of pocket money needed in order to purchase a franchise?

“Amazing credit” is certainly a good thing but as you recognize, it’s not enough to start a business. Since your question eliminates the possibility of borrowed funds, there remain only grants and investors as sources of funds. Realistically, there are no grants to purchase a franchise, which means that you would have to look for investors. Professional investors are going to be looking for equally amazing business concepts, business plans, related industry experience and some “skin in the game” on your part, other than just your labor. That leaves basically the one traditional source of funding for start-up businesses, namely, family and friends - the people who know you, care about you, and trust you to use their money wisely.

On the other hand, if you want to consider using borrowed funds, there may be some avenues open to you.

Dear Jim, I saw a woman from your organization on Comcast this morning. Her information suggested opportunity for a start-up "creative" business. I am such a person. I am not a minority or a woman, so I have found it difficult to locate start-up loans or grants, especially for a creative-type business. My partner and I work in the film/TV industry here in Colorado. We both have more than twenty years under our belts and see an opportunity for advancement in our field. My question revolves around start-up money for such an adventure. We are close to having our business plan complete and are ready to look into capital options. Do you have any advice?

I have to tell you that being a minority or a woman does not necessarily give one the advantage in seeking funding for a start-up business. However, being in a creative industry does. Both the City of Denver and the State of Colorado are currently interested in promoting creative industries within their jurisdictions. If you go to the web and check the Denver Office of Cultural Affairs and the Colorado Creative Industries section of the Colorado Office of Economic Development and International Trade, you will find both financial and other assistance for creative businesses. In addition to these two resources that are specifically for creative businesses, there are other resources, such as microlenders, that will often aid start-up businesses. You can schedule an appointment with an SBDC consultant to learn more about these.

Dear Jim, I currently have a successful home entertainment product business in the UK and want to expand my business to the US. How do I expand my business to Colorado?

There are two excellent resource organizations here whose missions include helping businesses move into the area. One is the Metro Denver Economic Development Corporation and the other is the Colorado Office of Economic Development and International Trade. You should talk with both of these and I know they both will be happy to help you with your requests.