|
The Kitsap Business Assistance Center (KBAC) — a service to help businesses become successful — celebrated its Grand Opening in January 2005 with a keynote address from Congressman Norm Dicks. Since then, our counselors have worked with over 220 business entrepreneurs in diverse areas including financial planning, developing business plans, creating marketing plans, as well as providing information about business permitting and licensing. As the KBAC continues to grow, it might be helpful to reiterate our mission and program elements for the benefit of existing as well as potential business owners in the Kitsap region.
Typically, we have found that entrepreneurs have a vision about the products or services they want to create or develop. However, managing the operations side of a business often presents a challenge. Developing or updating a business plan, creating a fresh marketing plan, seeking financing, and managing accounting functions are all necessary components for a successful enterprise — whether it is a start up or one that has been in existence for 20 years.
Yet oftentimes, business owners do not see the need or have the funds to seek assistance in these critical areas. The KBAC provides business counseling and resources at no cost to the entrepreneur. We also offer fee-based workshops in areas such as starting a business, drafting a business plan, and business writing. In addition, and at no charge, the KBAC provides access to business resources including printed and electronic materials.
So, why are the KBAC’s services important? Each successful business contributes to the economic growth and vitality of our community — one business at a time. According to U.S. Census Business Information Tracking, approximately 19,000 businesses are started in Washington State each year, yet only 2.5 percent of them survive — ranking us 47th in the nation for business success according to the Washington Policy Center. The Small Business Administration (SBA) has studied business success rates and reports that on average 80 percent of all businesses fail in the first five years. Inadequate capital, lack of good business planning, competitive pressure, or poorly thought out concepts are the key reasons for failure. However, organizations that can take advantage of resources such as the KBAC increase their success rates as much as 30 to 40 percent.
Thanks to our many Partners who recognize the importance of building strong businesses in our community, the KBAC is able to provide these services at reduced or no cost. Our Partners contribute in cash or in kind annually and include: the City of Bremerton, Key Bank, Kitsap Community Federal Credit Union, Kitsap Peninsula Business Journal, Kitsap County, Olympic College, Port of Bremerton, Washington Small Business Development Center, and Washington State University Extension. Olympic College is the lead and fiscal agent.
If you are thinking about starting a business, or have questions about how to improve an existing one, call Rand Riedrich at the KBAC today to schedule your no-fee, private, one-on-one counseling session, or to sign up for a workshop. He can be reached at (360) 307-4220, or rriedrich@oc.ctc.edu.
(Editor’s Note: Wendy Miles, Director of Customized Training and Military Education at Olympic College, oversees the operation of the Kitsap Business Assistance Center (KBAC). For partnership opportunities, contact her at (360) 475-7786.). |
