FAQs

MyBiz.AM Frequently Asked Questions

How do I get personal help with some questions I have about starting a business?

There are two ways you can get help. First, you can use the Resource Navigator tool to help you find a MyBizAM Resource Partner based on your need. Or second, you can contact a Community Connector to find the nearest Network Navigator. Network Navigators are trained to help you find and connect to resources. Click on the Community Connections button, to find the closest Connector in your area who is ready to connect you to the resources you need.

What is MyBizAM?

Find out by visiting our 'About Us' section.

How do I become a Resource Partner and a member of the MyBizAM Network?

If you or your organization provides support and services to entrepreneurs and businesses in the Alabama or Mississippi, contact The Montgomery Institute or a participating community college.

What can my community do to become more involved with supporting entrepreneurship?

If you would like to learn more about how your community can support entrepreneurs and businesses, Email us here.

How do I share an idea or improvement to the MyBiz.AM website?

We want to hear from you on how we can better serve you through MyBiz.AM. Submit your idea or suggestion in the MyBiz.AM Customer Feedback form.

What is a business plan?

A business plan is a written document that describes and answers: who you are, what you do, where you want to go with your business idea, how and when you expect to get there, and why you will be successful. There are many different templates for business plans. But, generally they are divided into a minimum of three sections: business description (including a marketing/sales plan), financial plan, and supporting documents.

Why do I need a written business plan?

A written plan provides a road map for you to follow and encourages you to be specific. Informal, mental plans tend to be vague and unreliable. A business plan helps you determine the feasibility of project before too much time and money is invested. A good business plan improves the enterprises chance for success, and it can persuade potential lenders and investors that you have a comprehensive, well conceived plan for business success. Write the plan for your own benefit first; for financing second.

Where do I go to get money?

There is no “free” or grant money to start or run your business. Neither the government nor banks give it away. The three main sources of financing are business loans (debt financing), investors (equity financing), and boot-strapping.

Loans are usually the first type of financing entrepreneurs consider because they tend to be easier to get and do not require entrepreneurs to turn over equity or company control. Private commercial banks lend money in the form of loans. State and federal governments do not usually lend money directly, but they do offer “guarantees” to banks. MyBizAM helps you find SBA, state, and local loan programs suited to your needs.

Investors buy stock or become partners in your business for a future return. Equity investing tends to be more difficult to get than loans for three reasons. First, equity investors tend to be difficult to find. Second, they tend to require higher than average rates of return on their investment. Third, entrepreneurs must give up some control and independence over the enterprise to the investor.

Boot-strapping is really a process of getting by with the minimum amount of money and relying on self-generated funds (link to The Bootstrapping Entreprneur).

If your question has not been answered, please submit it on our Feedback page. Click Here