With small business resources, you will be able to build a good business without incurring debts. Not every felon will get a job after being released. So you can start a business and even employ others instead of job-hunting.
Felons are known to be very good at business administration. So, if you want to excel, get some training at any reputable business school and apply the knowledge to your personal business.
But before you even start drafting a business plan, it is good to know the small business resources that will put you on the right track. You will find five of the most effective resources here. Take your time to study them and take advantage of the benefits.
These resources are not always in the form of direct cash. But they are essential to the building of a new business.
Inmates to Entrepreneurs
Inmates to Entrepreneurs is a non-profit organization that helps felons to create a better life after they serve time. They help felons with many business resources, including entrepreneurship training and a two-month long business series.
You can really use the practical lessons from this organization to start and grow your business. You can also learn online and offline.
- Angel Investors
Angel investors are individuals who give private funding to business owners. Instead of taking a loan or hoping to win a grant, this could be a better option for you.
In exchange for the financial support an angel investor will give you, they will ask for royalties or business equity. To attract angel investors, you’ll need to prove that your business has good potential.
As the name implies, this organization is solely built to help felons like you. They don’t just help to find jobs or start a business; they can also help you secure accommodation.
If you need a loan, HelpForFelons.org can help you get one. They also encourage felons to build businesses and give out resources as well as vital information that’ll help them succeed.
- Small business development centers
The small business development centers are a subsidiary of the SBA (small business administration). Apart from giving loans, this unit also offers advice and training.
As a felon, you will need to learn how the world of business has changed since you were convicted. So, look for an SBDC center in your area and start building your startup.
The program is open to experienced and new business owners. As a result, it is also a good way for you to meet new people and expand your network.
If you need money to start a business, this is arguably the safest way to go about it. It is safe because, unlike a loan, you won’t have to worry about repayment.
You also don’t need to win any contests as it is with a grant. A good story can make people contribute money to help you start a business with platforms like GoFundMe and Kickstarter.