You have a friend who has asked for your advice about how to start a small bookkeeping business for the first time. What professional resources would you recommend to help your friend, and why?

What will be an ideal response?

Resources that would be appropriate for the prospective small business owner include:
1 ) The Small Business Administration (SBA), an independent agency of the U.S. government, is an ideal resource for a prospective first-time business owner because it offers assistance in the legalities associated with beginning and operating a business as well as education and training, financial assistance, disaster assistance, and counseling. The SBA offers workshops in financial analysis, creating a business plan, and launching a business. It also offers free online courses and coordinates links to academic institutions that offer private online training.
2 ) SBA's Service Corps of Retired Executives (SCORE) provides individual counseling to small businesses at no cost. SCORE volunteers are currently working in or have been in the field and can therefore provide advice to new or existing small business owners. They review business plans, help with tax planning, and offer new ideas and fresh insights.
3 ) Mentoring Sources. Industry-related conferences or seminars often present new business owners with opportunities to find others who can serve as sounding boards and mentors. Therefore one might recommend that a would-be new business owner make a point of attending a conference in his or her field to find a mentor.
4 ) An advisory board is a group of individuals who offer guidance to the new business owner. Such boards are similar to boards of directors in publicly held companies except that they generally do not have the authority to make decisions. The friend described in the interview could benefit from advice and recommendations of a group of advisors.
Resources that would NOT be appropriate for this situation include the Entrepreneurs Organization (EO) and business incubators.