Empowering Entrepreneurial Dreams: How Small Business Development Organization Play a Role in Wyandotte County's Economic Growth

When people consider financial literacy, they often focus on personal finance—managing money, growing wealth, and planning for the future at an individual level. However, financial literacy extends far beyond personal finances; it is crucial for the success of businesses, especially small businesses. While entrepreneurship is often portrayed as a pathway to freedom and success, the reality is much more complex.

Behind the scenes, business owners must navigate many challenges, from coordinating with government agencies to tracking expenses and managing sales. Despite the perception of ease in starting a business, the statistics reveal a harsh truth: 18% of small businesses fail within their first year, 50% within five years, and approximately 65% by their tenth year according to the Bureau of Labour Statistics. These numbers underscore the critical need for small business owners to be financially literate, as it can make the difference between success and failure.

Building a Stronger Community: How The Toolbox Transforms Small Businesses in Wyandotte County

The Toolbox Small Business Resource Center in Wyandotte County, Kansas, is a beacon of support and guidance for small business owners, offering a range of free resources and grant-funded programs. Many businesses struggle or fail due to a lack of understanding of the complexities of running a business.

The organization addresses this gap by providing valuable knowledge and tools that empower businesses to succeed. One such inspiring success story is a boot business owner struggling to make ends meet. With the help of The Toolbox, she reached her breakeven point after she started to set business goals and track her sales, which skyrocketed from $12,000 to $350,000 a year, demonstrating the transformative power of financial literacy.

At The Toolbox, all services are provided at no cost to local residents and businesses. These include assistance with planning, registering, funding, operating, and growing your business. The Toolbox also helps with permits, licensing, zoning, and other regulations for starting a business.

In 2023, The Toolbox had an impressive impact, conducting 390 one-on-one meetings and engaging with 218 diverse small businesses. They provided over 639 hours of dedicated consultation, supporting 72% of immigrant-owned businesses. Additionally, they welcomed 172 new companies and continuously supported 46 businesses from previous years.

The Toolbox also empowered 119 female and 99 male entrepreneurs, offering consultations in both Spanish (62%) and English (38%) to cater to the diverse community. The clientele comprised 81% Hispanic, 9% Black, 6% White, and 4% other ethnicities, showcasing The Toolbox's commitment to inclusivity and diversity.

The Toolbox's services extend beyond consultation and support. They help businesses develop business plans, set goals, and understand financial statements, key financial ratios, credit reports, ROI calculations, cash flow management, and tax implications. This comprehensive support ensures that businesses in Wyandotte County have the tools and knowledge they need to thrive, covering all aspects of financial literacy and management.

Building Skills, Building Businesses: The Impact of The Toolbox's Classes and Programs

In addition to their consultation services, The Toolbox offers a variety of classes and programs to enhance business owners' skills and knowledge. They conducted four 10-week cohorts for Excel/Sheets classes, engaging 59 participants. The Su Plan de Acción (Your Action Plan) program, with five 4-week cohorts, reached 64 participants, while the Intro to Quickbooks class, with four 7-week cohorts, had 41 participants. The Blueprint, a subcontractor development program, had two 6-week cohorts with 6 participants in one cohort.

Overall, in 2023, The Toolbox conducted 15 cohorts spanning 87 weeks, with 170 participants benefiting from these educational programs. These initiatives not only equip business owners with essential skills but also contribute to the economic growth and prosperity of Wyandotte County.

According to Gabe Muñoz, a representative of The Toolbox, "Our mission is to empower entrepreneurs with the knowledge and tools they need to succeed. We see a strong eagerness among entrepreneurs to learn and improve their financial literacy, and we are here to support them every step of the way."

Empowering Entrepreneurs in Wyandotte County, Kansas

Wyandotte County is a vibrant community known for its diverse demographics and strong work ethic. Besides The Toolbox, Wyandotte County business owners and entrepreneurs can access the Kansas Small Business Development Center (SBDC) at JCCC. This center offers professional, individualized, confidential, and no-cost business advising to help expand, grow, market, or transition existing Kansas businesses.

The JCCC Kansas SBDC provides services tailored to your needs, including financial management and analysis, business funding, sales processes, recruiting and hiring, exporting your product or service, technology commercialization, and succession planning or exit planning.

Additionally, the JCCC Kansas SBDC offers access to GAME, a program for businesses with sales over $250,000 or in operation for three years. Attend active learning sessions to gain focus, set a growth agenda, and make informed decisions. Each series, led by subject matter experts, provides content and continuity. You can also join the CEO Roundtable to meet and network with peers, discussing business challenges and opportunities. Companies must be in business for at least five years.

Enriching Communities: How Financial Education Fuels Business Success in Wyandotte County

Financial literacy plays a crucial role in uplifting the entire community. These organizations have a far-reaching impact by equipping entrepreneurs with the knowledge and skills to succeed. When businesses thrive, they create job opportunities, stimulate economic growth, and contribute to the overall prosperity of Wyandotte County. Additionally, their support extends beyond business owners to benefit the entire community, fostering a culture of entrepreneurship and financial empowerment.

Understanding financial statements, key ratios, credit reports, and other financial aspects can make the difference between a thriving business and one that struggles to survive. Small business owners must prioritize financial education and take advantage of the resources available, such as those provided by The Toolbox and the Kansas SBDC. By doing so, entrepreneurs can make informed decisions, manage their finances effectively, and ultimately achieve their business goals.

Small business owners are encouraged to actively seek financial education and utilize the resources offered by organizations like these. Their resources and expertise are designed to empower entrepreneurs with the knowledge and skills they need to succeed in today's competitive business environment. By taking advantage of these opportunities, small business owners can gain a competitive edge, increase their profitability, and build a sustainable business for the future.

The Power of Financial Literacy for Business Owners

Financial literacy is not just about understanding numbers but about making informed decisions that drive sustainable business growth. By mastering financial concepts and utilizing available resources, small business owners can position themselves for long-term success. Financial literacy is the foundation upon which successful businesses are built, and by investing in their financial education, entrepreneurs can pave the way for a prosperous future, instilling a sense of hope and optimism in their business operations.

Wyandotte Economic Development Council

Let Wyandotte Economic Development Council (WYEDC) help you and your business harness “The Power of the Dotte.” Our mission is to promote and strengthen Wyandotte County’s economy through innovative approaches to programs, partnerships, incentives, and leadership in industrial, residential, office, and retail markets. Contact us today and follow us on LinkedIn and Facebook!