Did you know what economic cycle has one of the highest rates of small business creation? Recessions. I know it sounds counterintuitive, but it's true. When employees are downsized they often look to self-employment to bring money in. Many of the small businesses created during recessions are commercial extensions of a new business owner's hobby which he or she has started up with little extra investment.
Do you have an interest or a hobby that could be turned into a business? Have you been the IT guy at a company? Start up your own computer repair business. Do you cut and style all your family's hair simply because you enjoy it? Expand your client base to paying friends. Businesses started during downturns are, by necessity, usually started on a shoe-string. Faced with a tight market in commercial lending, these businesses sometimes have little in terms of debt load, putting them in a good position to take advantage of the next economic upswing.
As with any new adventure, knowing the lay of the land before setting out can help you avoid many common mistakes. You don't have to go too far to find examples of people who got into trouble because they were not adequately prepared for the trail ahead. This summer's newspapers have printed story after story of hikers who took off into the National Forest without trail maps or compasses, only to find themselves lost.
Don't put yourself in the same situation. At White Mountains Community College we can help you prepare to start or own a small business. We offer an Entrepreneurship Certificate, which provides students with an introduction to the skills necessary to start a business. Students explore the different approaches to operating a business and learn how to develop, organize, and prepare a business plan. The courses include marketing, accounting, introduction to business administration and business plan development. Thirty credits in all. The certificate is a good thing to post on your wall, but more important, you will come out of the courses armed with the knowledge and skills needed to run a successful business. We also offer a two-semester, Business Administration Certificate. The courses offered for this certificate are some of the same, but emphasizes the skills necessary to be employed as a sales clerk, bookkeeper, or date entry clerk.
We also offer an associate degree in Business Administration, a two-year program aimed at educating and empowering tomorrow's business leaders. You could be one of those leaders!
We are also lucky here in New Hampshire to have a support system for small, emerging businesses. MicroCredit-NH, which has a statewide network of 50 peer groups, gives those dipping their toes into self-employment access to business training, loans up to $15,000 and the opportunity to network with others. Small businesses make up over 85 percent of the state's businesses. MicroCredit-NH concentrates on microenterprises, those businesses that employ between one to five people, have gross sales from $1 to $500,000, and require less than $35,000 for start-up funds.
There are other economic development non-profits in New Hampshire that lend to businesses that are just starting up, and the state has some programs in place to help out new businesses in Coos County in particular.
So think about getting yourself better positioned to operate your own business. Fall classes at WMCC begin the week of August 31 and there's still time to register. The main campus is located at 2020 Riverside Drive in Berlin. Our Conway center is located off of Route 16 at 53 Technology Lane. In Littleton we are at 646 Main Street, in Woodsville at 9 High Street. For more information explore this website or give us a call at 752-1113.
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