Upcoming Events

	welcome to the Women’s Business Network at Northeast Entrepreneur Fund
	The Women’s Business Network (WBN) coordinates many of the training opportunities and events sponsored by the Northeast Entrepreneur Fund. As a female NEF client, you automatically become a member of the Women’s Business Network, but membership is open to any women business person. Benefits of membership include: Quarterly WBN e-newsletter Networking opportunities with other women entrepreneurs Educational events featuring successful women business owners Classes and workshops for aspiring and current women-owned businesses WBN members enjoy these benefits along with many other women entrepreneurs in northeast Minnesota and northwest Wisconsin who have worked with NEF through its training, consulting and lending programs. The purpose of the Women's Business Network is to: Help women start, stabilize or expand their own small businesses Raise public awareness of women entrepreneurs Be an advocate for women's business ownership issues The WBN is one of more than 100 similar women's business centers funded by the U.S. Small Business Administration, and only one serving our region. If you have ideas, comments or questions, call us at 218-623-5731, or email dawnj@entrepreneurfund.org. Dawn Johnson Program Director, Women’s Business network Northeast Entrepreneur Fund 424 W. Superior St., Suite 400 Duluth, MN 55812
	A Business Plan For Your Future
	Should you look at your business plan after start-up? Yes! Reviewing and revising your business plan throughout the life of your business can be a useful management tool in many ways. It helps you to evaluate your growth plans An updated business plan can project your plans into the future and help you logically choose the best way to grow your business. Should you hire more employees? Add new products? Add a branch store? Updating your business plan, including your cash flow projections, can help you make an informed decision. It can be a useful budgeting tool Comparing your updated business plan, actual results from your financial statements, and your original projections from your first business plan can give you an "early warning system" when the figures aren't what you planned. Highlighting these difference can help you to keep effective practices and eliminate practices that hurt profitability. It helps define important issues and options for your business Updating your business plan lets you escape from the day-to-day running of the business to analyze the present and plan for the future. Looking at your original business plan will remind you of what you thought the business risk, competitors, suppliers, markets, and other factors were when you started your business. Most entrepreneurs are so busy running their businesses that planning for the future often takes a back seat. Reviewing your original plans can remind you of great ideas you had that are on the back burner or may help you identify issues before they become problems. It can be useful in forming a strategic plan The business plan can be shared with employees so that everyone is working towards the same goals, and it can be especially beneficial to help new employees get up to speed. In some instances an entrepreneur may hire a business consultant to write a strategic business plan for their business. Your business plan, updated over time, will serve the same purpose.
	IS THERE REALLY SUCH A THING AS 'FREE' MONEY?
	You hear it on the radio. You see it on TV. You read advertisements in the newspapers. Someone says, “Start a business! It’s easy! There are free grants to get you started!” As human beings, we want desperately to believe these things to be true, especially if we are struggling with our finances or hitting up against brick walls to get our business idea off the ground. Our advice? Be savvy. Don’t let your desires overshadow the truth. Starting a business takes hard work and perseverance, and ‘free money’ is seldom what it seems. Typically, people who will tell you differently are trying to sell you something that you can probably get for free somewhere else. They will offer a book, tape, conference, or seminar for a fee of anywhere from $30—$1000+, promising to connect you with organizations that can get you the grants. Then you will receive a pamphlet or book which lists information easily found in any library or on the Internet. The cold hard truth is that grant money is rarely available to individuals who wish to start for-profit businesses. In fact, just about the only real grants available to small businesses are the Small Business Innovation Research (SBIR) and Small Business Technology Transfer Program (STTR) grants available through the U.S. Small Business Administration (SBA). These grants are strictly for business involved in the research and development of innovative products and technology, and strict criteria must be met in order to apply. For more information contact your local SBA office or visit http://www.sba.gov/sbir/ Protect yourself. Before providing your hard-earned dollars to unknown companies for services they promise, be sure to investigate your decision with the Better Business Bureau. But also be warned that many of these ‘scams’ fall under their radar. The smartest thing you can do is to steer clear of this hype in the first place.
	Featured resource
	The Small Business Administration offers free online training direct from their website. The training courses can be viewed from your home computer at your convenience and at your pace. Choose from topics including Identify Your Target Market, Developing Your Business Plan, Franchising Basics, and many more. Go to: www.sba.gov/training and click Free Online Courses It's fun, fast, informative, and FREE! Funded in part through a cooperative agreement with the U.S. Small Business Administration.