Michigan Economic Development Corporation
The Michigan Economic Development Corporation (MEDC) has a multitude of resources for creating strong and growing and small businesses. Two of these important resources are the Michigan Business One Stop and the Michigan Small Business and Technology Development Center (MI-sbTdc).
The Michigan Small Business and Technology Development Center offers Michigan’s most comprehensive entrepreneur and small business development program and functions as the "feet on the street," They provide counseling, training, research and advocacy for new ventures, existing small businesses, and innovative technology companies, including technology counselors, departmentalize concepts, and chart strategic direction from conception to achieving positive cash-flow. As an initiative of the Small Business Administration, the MI-sbTdc is a federal, state and local collaboration designed to develop entrepreneurial talent and support the start-up and growth of new ventures in Michigan. The MI-sbTdc has 12 regional centers and over 30 locations throughout Michigan to serve entrepreneurs statewide, offering training workshops, one-on-one counseling and market research tools at no or low cost.
Crafting your Plan
After the great idea comes figuring out how to create a successful business around it. Very rarely does this happen by accident so you need to have a firm plan in place before you begin a new business. The Michigan Economic Development Corporation (MEDC) has developed the Small Business Resource center and SCORE have both developed templates and guides on what to consider and how to write Business Plans. Once you have a business plan in place you will be able to seek funding to begin your business. It’s very important that you write a business plan prior to approaching bankers, alternative lenders, or investors. The business plan will be a requirement to meet with a a bank, investor, or a venture capitalist. Not only do you need to convince your financing sources that you can pay back the loan, but you need to convince yourself that you can earn a livelihood from your business. Your business plan should clearly articulate the answers to the following questions; how much money do I need? What do I need it for? When do I need it? How will I pay it back?
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