1. How should I register my business? What entity should I select?
The answer to this important question depends on what type of business you are starting, what your plans for the business are, as well as factors individual to you.
We recommend you read the Rhode Island Secretary of State’s website, which has good explanations on the various entity types. The information may help you understand the ramifications of each entity type and the liability associated with each type of business.
https://www.sos.ri.gov/divisions/business-services
https://www.sos.ri.gov/divisions/business-services/ri-business/start-your-rhode-island-business
2. Are there any grants to fund my business?
Usually grants are reserved for nonprofit business and special circumstances. However, many entrepreneurs ask this question and may not be aware of all the options available to them. You may find answers to many of your questions in our article, “10 ways to fund a small business” https://web.uri.edu/risbdc/10-ways-to-finance-a-small-business/
3. How do I pick a name for my business?
Research if your idea for a business name is taken using the Rhode Island Secretary of State’s website. If the name is available, register through the Rhode Island Secretary of State. You’ll also want to check if the business name is available to register for your future website (assuming you’ll build one at some point). Also review popular social media platforms to check if your business name is available. A strong brand has a high degree of consistency between the business name, the business website, and its social media handles. A little bit of research and creativity now will pay off later. AI may be your friend here, as ChatGPT, Gemini, and Microsoft Copilot are tools that may help you brainstorm a variety of business names. We also recommend testing the business name among your ideal clients and customers to get feedback before you finalize your choice.
4. How should I prepare for my first meeting with my advisor?
Great question! We get asked this question so often that we wrote an entire article to answer it: https://web.uri.edu/risbdc/how-to-prepare-for-your-first-meeting-with-an-risbdc-business-counselor/
5. We’re a nonprofit. Can you help us?
We do not serve nonprofits, unfortunately.
6. Does the SBDC provide funding for my business?
No, we do not fund businesses. However, we can help you put together the necessary financial documents to apply for a loan. We can also connect you with traditional lenders in Rhode Island. If you are not sure how you will fund your small business, read our article “10 Ways to Finance a Small Business” at https://web.uri.edu/risbdc/10-ways-to-finance-a-small-business/.
7. Will you write my business plan for me?
No, we do not write business plans, however, we can guide you through the process, and help you answer the questions essential to creating a solid business plan. Find several business plan templates and approaches, as well as other resources related to writing a business plan at https://web.uri.edu/risbdc/business-planning-post/.
8. How often can I meet with an advisor?
Once you are a client of the Rhode Island Small Business Development Center, you can meet virtually or in person with your advisor on an ongoing basis. Typically, sessions are a few weeks apart as there is work to do in between sessions
9. How do I figure out my financial projections if I haven’t even started my small business yet?
Great question! Even if you haven’t started your small business yet and don’t have exact projections, you can rely on information from similar businesses. Google is a helpful tool for comparing pricing from similar businesses. For more detailed information to supplement your research, we offer tools to access local and nationwide industry data, including industry trends, market size, and competitive analysis.
10. What licenses and permits will I need for my small business in Rhode Island?
To find out what license and permits you will need for your small business in Rhode Island, we suggest visiting the Rhode Island Secretary of State’s website. This is where you will learn about how to register your business and how to choose your entity. To receive a checklist and information about fees for licenses or permits, go to the Secretary of State’s website, then click on the RI Business Assistant. Answer a few questions about the business you want to start, and you will receive a checklist of requirements and links to take the next steps.
Start here: https://www.sos.ri.gov/divisions/business-services/business-basics
11. How many pages should my business plan be?
A business plan can be as short as five pages or as long as twelve pages. Try not to over-explain your business and be realistic about its potential success. Most businesses, on average, are not profitable for three to five years. Some businesses may achieve profitability sooner, while others might take longer. Find a wealth of resources, business modeling questions, and books on our page devoted to starting a business: https://web.uri.edu/risbdc/starting-a-business-post/.
12. How do I know when I am ready to apply for a loan for my small business?
The best way to know when you are ready to apply for a loan is by creating a business plan. (See our other Q&A about creating your business plan.) A business plan will help you gather relevant details and answer all the important questions a lender will ask as part of their process. You must be able to show how much money you want to borrow and exactly what you will use it for, among other requirements. Applying for a business loan takes time, so it’s a good idea to reach out to various lenders now to establish a business relationship.
13. What is the best marketing asset to spend my money on? Which marketing tools should I be using?
It depends. We often see small business owners spreading their marketing budget too thin. We recommend focusing on a few tactics that work well for your business and fall within your resources.
To get started, ask yourself where are your customers? Where do they get their news and information? Where do they hang out (virtually or in person)? You’ll want to build a presence where your most important customers and clients are.
Curious to learn more? Our marketing webinars are some of our most popular offerings. Look for upcoming trainings–online and in person–on our Training page: https://www.risbdc.org/Events.aspx?&days=90
You may also browse our library of pre-recorded webinars on marketing basics, social media marketing, and more: https://web.uri.edu/risbdc/recorded-webinars-post/
All programs are offered at no cost.
14. What kind of a business should I start?
Our expert team has worked with thousands of business owners and entrepreneurs in the Ocean State, and from our collective experience over 40+ years comes two pieces of advice:
- It is helpful to focus on one business idea at a time. That way, you can give your idea the attention it needs for you to evaluate whether or not you’d like to pursue that idea.
- If you’re trying to determine which of your business ideas will be the most successful, we recommend picking something you’re truly interested in. Being an entrepreneur can be a lot of work, so pursuing a business you’re passionate about will serve you well and carry you through the challenging times.
15. Where should I look for financing? What is a lender going to be looking for?
There are many paths to financing your small business. Many entrepreneurs start with their own savings, look for funders within their pool of friends and family, or turn to a traditional bank for financing.
For bank loans, whether you’re applying for your first small business loan, or your 10th, you’ve got to bring proof of your “bankability.” Convincing a bank you’re worth the risk, and dependable enough to pay them back, is a combination of cold, hard, numbers, and “soft stuff,” like your character, level of organization, and how you present yourself.
Putting it all together can be daunting, but these tips — in conjunction with working closely with our expert business counselors— will reduce your stress and add certainty to the process.
Here are eight steps to landing the small business loan of your dreams: https://web.uri.edu/risbdc/8-steps-to-landing-a-small-business-loan/
16. How do I know if my business idea is viable?
We love this question! So many Ocean State Entrepreneurs ask us this question that we created The Right Foot workshop. It’s the perfect place to test your business idea in a supportive environment with experienced advisors.
The series also covers organizing your business, registering your business with the Secretary of State’s Office, and different legal forms of business that are best for your business.
Watch all 3-parts of The Right Foot pre-recorded webinars and gain access to the associated slide decks: https://web.uri.edu/risbdc/the-right-foot-webinars/
We occasionally offer The Right Foot in-person in Rhode Island. Keep an eye on our upcoming training page for the next in-person session. All our trainings are offered at no cost.
17. Should I open a business bank account?
Yes. If you use a personal bank account for work transactions, it may be hard to
separate your business expenses from personal ones, making taxes and financial paperwork more difficult and time consuming. We very strongly recommend you set up a dedicated bank account solely for your business.
18. Can you write a business plan for me?
No, we don’t write business plans for our clients, however, we can advise you every step of the way. We strongly recommend writing a business plan as the first step in starting your business. Reach out if you have any questions about how to start writing your business plan. We’re here to help and all our services are offered at no cost.
19. What’s the first step I should take to start my business?
We recommend creating a business plan as your first step to starting your own business in Rhode Island. Researching and writing a business plan is an important step in laying out the road map your business will travel, and an indispensable step in securing funding for startup costs or growth.
Over 40+ years of advising entrepreneurs, we identified seven common business plan mistakes. Save time and energy by avoiding these common mistakes detailed in our article:
Starting a new Business FAQs
Q. What licenses and permits will I need for my small business in Rhode Island?
- To find out what license and permits you will need for your small business in Rhode Island, we suggest visiting the Rhode Island Secretary of State’s website. This is where you will learn about how to register your business and how to choose your entity. To receive a checklist and information about fees for licenses or permits, go to the Secretary of State’s website, then click on the RI Business Assistant. Answer a few questions about the business you want to start, and you will receive a checklist of requirements and links to take the next steps. Start here: https://www.sos.ri.gov/divisions/business-services/business-basics
Q. How do I know when I am ready to apply for a loan for my small business?
- The best way to know when you are ready to apply for a loan is by creating a business plan. (See our other Q&A about creating your business plan.) A business plan will help you gather relevant details and answer all the important questions a lender will be asking for as part of their process. You must be able to show how much money you want to borrow and exactly what you will use it for, among other requirements. Applying for a business loan takes time and so it’s a good idea to reach out now to various lenders to establish a business relationship.
Q. How do I figure out my financial projections if I haven’t even started my small business yet?
- Great question! Even though you haven’t started your small business yet and you don’t know exactly what your projections are, you can rely on information from similar businesses. Google can be an easy way to compare pricing from similar businesses. If you need more detailed information to supplement your research, we have tools available to access local and nationwide industry data around industry trends, the size of the industry and competitive analysis.
Q. How many pages should my business plan be?
- A business plan can be as short as five pages and as many as 12 pages. Try not to over explain your business and be realistic about the potential success of your business startup. Most businesses, on average, are not profitable for three to five years. Some businesses may achieve profitability sooner, while others might take longer. Find a slew of resources, business modeling questions, and books on our page devoted to starting a business: https://web.uri.edu/risbdc/starting-a-business-post/
