Starting a Business?!

Turn on the news, especially television, and most of all you will find is ‘negative” news about the economy.  Yes, there are major issues going on right now with the economy at the national level and also the state level.  Phillips County, along with other surrounding counties, have been affected; but, there is positive aspects right now to look at for starting a business. 

First, living and establishing a business in a rural community, such as Phillips County, allows you to keep your costs at a minimum, while still being able to market your product and service through high speed broadband internet (connecting you to the world).  Right now these lower costs-of-living expenses, as compared to more urbanized areas of the state or country,  impact both you (as a owner) and your employees in a positive way. 

Second, although it may be more challenging to get a loan right now (anywhere), our local and regional rural banks are more understanding your needs and ways to help, than large corporate banks.  While speaking on financing a new business, there are MORE (revolving loan funds – RFL’s) in the region than ever before.  These specialize in small business development and creation.  Some of these RFL’s are provided through utilities or CDC’s (Certified Development Companies); such as, (i.e. Nex-tech, Sunflower Electric, PrairieLand Electric, Midwest Energy, & Pioneer Development).   There are also local incentives available at the county level (see local incentives).

So, what is the first step!  Think positive… and start planning.  Your first step should be putting together a business financial plan.  Make an appointment with the PCED staff to go through a how to get started booklet and review the idea with them.