Small business is a vital part of South Dakota’s economy, representing nearly 97% of all employers and more than 60% of the state’s private sector workforce. SDSU Extension has developed a series of tools designed to provide technical assistance to early stage entrepreneurs, start-up businesses and existing small firms. These tools assist business owners in determining the feasibility of a proposed business venture and creating a solid business plan to support it.
Small Business Beginnings Workshops
Five workshops with fifteen hours of specific instruction, facilitated group discussion, internet demonstrations and guest presentations.
The goals of this program are to:
- Introduce the concepts of business feasibility, market analysis and business planning.
- Facilitate awareness of state and federal laws concerning business formation, taxation, labor issues and special licensing requirements.
- Teach basic financial statements, calculate various ratios that determine business health and apply management practices that improves business performance.
- Facilitate discussion of standard lending criteria, investor networks and financing programs available from local, state and federal sources.
- Provide a framework for creating or updating a business plan. Learn what new residents are looking for as they relocate to a rural community.
Local Business Mentor Network
After a community has hosted a Small Business Beginnings program, SDSU Extension will provide on-going support to participants by assisting with the creation of a Local Business Mentoring Network where business owners, local Economic Development Corporations and SDSU Extension staff can meet periodically (either virtually or in person) for facilitated group discussions on business topics selected locally. SDSU Extension will also connect the Mentor Network electronically through quarterly e-newsletters and social media updates that contain resources, news and tips for business owners.
Request this program from a Community Development Field Specialist near you:
- Kari O’Neill (605.685.6972) Martin, SD
- Peggy Schlechter (605.394.1722) Rapid City, SD
- Kenneth Sherin (605.995.7378) Mitchell, SD
- Paul Thares (605.374.4177) Lemmon, SD
Related Information and Resources
- SDSU Technology Transfer Office strives to build a foundation for creation of new jobs, formation of new technology-based business, and a diversified economic base to create a globally competitive economy in South Dakota.
- Research Park at SDSU is here to provide an environment where dreams become reality, businesses are grown, and knowledge, research, and resources are turned into economic opportunities.
- Black Hills State University Center for Business Entrepreneurship and Tourism (CBET) has provided the knowledge, support, and networking that students and members of the community need in order to start or grown their businesses.
- South Dakota Center for Enterprise Opportunity provides business counseling assistance to entrepreneurs, small business owners, managers, and individuals who are considering starting a business.
- The Center of Excellence in International Business supports a wide range of international activities that enhance and strengthen Northern's relations with students, communities, and partner exchange schools.
- Small Business Development Center helps new entrepreneurs realize their dream of business ownership and assists existing businesses in their efforts to remain competitive.
- For more information on South Dakota’s business laws, visit the South Dakota State Government website.
- Information on standard lending criteria can be found on the Small Business Administration website.
Customized resources are also available to meet your Community Development Goals.