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How counseling can benefit your business

Small business owners may benefit from counseling or mentoring.

Small business owners may benefit from counseling or mentoring.

A lot goes into starting and running a successful small business. From writing up the business plan, to incorporating your business and securing funding, establishing a venture is a challenge. As such, small business owners can use all the help they can get, and fortunately there are many resources available to help.

A recent article in the Wall Street Journal discusses the important role that counseling can play when you are in the process of starting your own business. As the author Ami Kassar notes, a loan is not always the solution for small business issues. In fact, taking out a loan could have the undesirable effect of creating debt, instead of remedying the problem. Before taking out additional loans, business owners should know exactly what they would do with the funding and how it would contribute to their long-term success.  

Sometimes the solution for small business problems can come in the form of small business counseling. As the author notes, being able to identify the root of an issue is the key to being able to solve it. Kassar explains how he counseled a small business owner experiencing financial problems to work on improving sales, as opposed to taking out a loan that would lead to increased debt.

The importance of small business counseling and mentoring is also highlighted by the Small Business Administration (SBA), which has many resources available to assist entrepreneurs who are working to develop their businesses. Business owners interested in seeking counsel can turn to one of the agency's 900 Small Business Development Centers (SBDCs).

There's a lot to account for when building a business. An online incorporation services company can serve as a trusted resource to answer any questions you may have about selecting a business entity and incorporating your business.