Small Business, Big Impact
Ever wonder how your local coffee shop / restaurant / physical therapy practice got started? If they started and stayed in business, there is a good chance they went to the Small Business Development Center (SBDC) for help.
In the past decade, the SBDC has worked with over 1000 small businesses in Southeast Idaho – from Grace to American Falls. The SBDC is taxpayer funded to provide no-cost consulting and low-cost training to any small business. The ISU College of Business in Pocatello graciously hosts your local center.
Our clients are diverse – from new inventions to physical therapists and cabinet makers. Some business clients we see once, others work with us over months or years. Some start with us and then return years later for help with marketing or financing. We measure the impact of our Southeast Idaho small business clients every year. In 2022, we worked with 295 clients. These clients started 28 new businesses, created 132 jobs, increased sales by 4 million over the prior year, and raised 11 million in capital. It is clear our clients make a big contribution to our local economy.
It is important to understand that these numbers belong to the modest percentage of the Southeast Idaho small business owners who work with us. There are many other successful small businesses who contribute to our local economy. Although we cannot assume all small businesses contribute equally or have the same level of success, our work with SBDC clients gives us insight into the overall impact of small business in our community.
Based on our definition of small business (less than 250 employees), most businesses in our region are “small.” Small businesses comprise most of the infrastructure that serves the people who work for our largest employers such as ISU, Simplot, Portneuf Medical Center, and LA Semi. While these great organizations anchor our economy, our small businesses weave us together, supporting our community with food choices, healthcare, home repair, insurance, retail shopping etc.
The sheer number of small businesses is not, by itself, a good gauge for the health of our local economy. However, the number of well-managed, profitable small businesses is. Many businesses close because they should not have opened. A business cannot grow if it doesn’t plan and opens without market research or projections. When SBDC consultants help an ambitious entrepreneur research and plan for a business, it stands a better chance of reaching success. It is always a good time to start a business with a ready market, funding, and a unique and useful product or service.
The Small Business Development Center is here to help business dreamers and owners make an impact on our community. Success happens when they understand all aspects of a running a small business: financial literacy, bookkeeping, marketing, employee retention, licensing, and most important the unique value it will bring to our community.
If your business wants to impact our local economy and bring important products and services to Southeast Idaho, take advantage of the free consulting and training we offer by contact the Idaho Small Business Development Center today to begin working with a consultant. You can find also out about these opportunities with a subscription to the Small Business Development Center monthly newsletter. Send an email to swanann@isu.edu to be added to our mailing list.
About Ann Swanson
Ann Swanson is the regional director of the Small Business Development Center (SBDC) at the ISU
College of Business. Reach out at 208-282-4402 or swanann@isu.edu for an appointment.
