Things You Should Know if You Own a Business in Detroit

                  I recently held a workshop and learned from several guests in the audience that Detroit-based businesses are still very disconnected when it comes to the available resources in this fabulous City. How is that even possible? I’m both amazed and shocked that many minority business owners are uninformed about the resources that are only a single click or phone call away. I realize most of these resource service providers are not in the mainstream media, which means you really need an effective network to even know they exist. I’ve suggested in many of the past articles and on my weekly radio broadcast that small businesses should network for the sole purpose of pooling and sharing resources. I’ve previously mentioned that your “Network is Your Net Worth,” though this phrase is not mine originally, I certainly live by it and so should you!

                 Laura 2.jpg If you’re reading this paper, that means you are in some fashion connected to one of the most resourceful business owners in the City: Beverly Smith, publisher of this newspaper, Detroit Smart Pages. She’s easy to reach, she’s well connected and she’ll always tell you straight what you need to know. Don’t believe me, call her 313.268.3523. Not only is she a direct connection to a plethora of resources, she’s an advocate for minority business owners. Her paper is published six times a year with a wealth of information, fact-based and vetted. If you do anything, make sure you connect with Beverly either by phone, Facebook, Twitter or at any of her many community functions.

                  Other than Beverly, here are a few resources you can make a concerted effort to plug into. This list is not a complete list but certainly one with value-added information. They are also free resources, so what do you have to lose! They run all year providing ongoing support to Detroit based small businesses. Please let me know if you have questions about how to connect or utilize their services, Best Practices Consulting Services partners with most of the organizations represented here.

Provider

Services

Requirements

ProsperUS Detroit – a neighborhood based entrepreneurial support organization helping start-ups and existing businesses grow in the City of Detroit.

Technical Assistance for established businesses located in the City of Detroit. TA includes: Marketing, Accounting, Taxes, Business Plans, Website Design, Business Development

Must be a Detroit-based business located in one of the 5 geographies specified: Cody-Rouge, Grandmont Rosedale, Northend, Lower East Side and Southwest Detroit

SWOT City Detroit – a local program operating out of TechTown. Detroit supporting brick and mortar establishments with hands on business supports.

Brick and Mortar establishments are assigned a small business consultant who works on assisting with operations, marketing, accounting assistance

Must be a Detroit-based business in need of support services in one of the target areas where they currently have business agents.

Goldman Sachs – a national small business accelerator program geared towards businesses ready for next level growth.

This program is tailored to those seeking CEO training with great resources and world class real time networks than can catapult your business to the next level.

Must be in business for at least 2 years, have at least 2 employees, which includes the owner. You should have annual revenue of $100K. They are currently accepting applications until the 23rd of June for their new Fall class sessions.

Accounting Aid Society- helps small businesses in Detroit and Southeast Michigan expand their potential by incorporating sound fiscal practices.

One-on-one coaching and technical assistance customized for small business record keeping needs to become capital-ready, and grow

Minimum requirements, Detroit and surrounding area businesses can access this organization by setting an appointment.  

Wayne State University- Law School, Program for Entrepreneurship and Business Law

Offers early-stage legal assistance to participating local startups, and creates forums for entrepreneurs to receive general legal guidance.

Minimum requirements- should be an early stage start-up to access the network. The program is run with vetted attorney’s and law students.

Best Practices Consulting Services- a capacity building firm supporting small businesses with strategic planning, business development and marketing.

Technical service provider to:   ProsperUS Detroit

Motor City Match

SWOT City

Michigan Women’s Foundation

The Private Bank

Either be a recipient of one of the programs listed.   If you aren’t affiliated with one of the programs Best Practices Consulting Services can get you a support application with one of the agencies.

Every Tuesday from 3:30 pm until 5:30 pm, the Private Bank keeps office hours at Best Practices Consulting Services for those seeking small business loans. If you completed a small business plan with BPCS, you instantly qualify. Call for details.