Sometimes the dream isn’t enough. Many entrepreneurs are looking to form an LLC or other business but the dream sometimes isn’t enough. You might be a skilled craftsman, an IT professional, or skilled consultant but that doesn’t guarantee that you’ll be able to form your LLC and collect the dollars pouring in from your thriving business.
In actuality, getting your business start-up off the ground is difficult. Every day businesses form and every day businesses fail. The Kauffman Foundation, an organization that has assisted in the growth of small businesses for decades, understands this and that is why they started the Fasttrac program to train those who are in the beginning stages of turning their business start-up in to a thriving self-sustaining company. The Fasttrac program is offered in cities all over the country as well as online at Kaplan University.
Take New York City where 50 Fasttrac programs have been offered since 2009 and has recently surpassed 1,000 participants. The statistics for the program prove its effectiveness. 33% launched their new business start-up within 6 months of graduating from the program and 88% of graduates report that they continue to pursue their business ventures with plans to start their business in the future.
For those who have existing businesses, 54% report significant growth in their business within 6 months of the program and 92% report that they remain in business with some crediting the program with saving their business from certain failure.
Why is small business growth important? The Kauffman Foundation reports that from 1980-2004, firms less than five years old accounted for all net job growth in the United States. They also reported that more than 50% of the entries on the 2009 Fortune 500 List were born during a recession or bear market.
Another Fasttrac program was started in Michigan where the recent recession put extreme pressure on the auto industry that is largely centered in Michigan. The program was launched to assist unemployed or underemployed launch business of their own. To date, the 827 Fasttrac participants created 242 jobs and retained nearly 150. As a result of the program, more than $3 million was raised to help finance business ventures started by Fasstrac participants.
How can you benefit from the Kauffman Foundation Fasttrac program? Go to Fasstrac.org and search for a program in your area. The program has three different certificates designed for people in different stages of their entrepreneurial path. Alternatively, the program is available online through Kaplan University.
Anybody hoping to start a business needs more than a dream or a skill. Running a business, growing a business, and maintaining the growth of that business takes skill and education. The Kauffman Foundation’s Fasttrac program has a proven record of success.