By Olanrewaju Babalola
Starting a new business can be very exciting, especially when you are passionate about what you are doing. But here’s the hard truth: passion alone won’t keep your business alive. I mean, passion alone won’t keep the lights on, pay the rent, or make customers line up at your door. Passion is like a campfire—it burns hot at first, but if you don’t add wood or the right fuel, it dies out.
So what does it take to prevent the flame from going out and keep your business alive? You need education, mentorship, and strategic support. This is the fuel that keeps the fire burning for the long haul.
Unfortunately, when it comes to support, too many small business owners struggle because they don’t know where to turn for help that is both affordable and valuable, and over time, these passionate businesses shut down. According to 2024 data from the U.S. Bureau of Labor Statistics, 20.4% of businesses fail in their first year after opening, 49.4% fail in their first 5 years, and 65.3% fail in their first 10 years.
CB Insights reports that the top reasons why startups fail are:
- Ran out of cash/failed to raise new capital (38%)
- No market need (35%)
- Got outcompeted (20%)
- Flawed business model (19%)
- Regulatory/legal challenges (18%)
- Pricing/cost issues (15%)
- Not the right team (14%)
- Product mistimed (10%)
- Poor product (8%)
- Disharmony among team/investors (7%)
- Pivot gone bad (6%)
- Burned out/lacked passion (5%)
Are any of these challenges that your business is facing? If yes, I’ve got good news for you. There are free and low-cost resources available in your community that can help your business succeed. This article will show you how to tap into these resources.
Where to Find Free Resources for Your Small Business
1. The Best-Kept Secret: Small Business Consulting from SBDCs
Many entrepreneurs don’t realize that Small Business Development Centers (SBDC) exist specifically to help them—and at no cost. Most SBDCs are located on the campuses of community colleges and universities across the country, but don’t let that scare you. You don’t need to be a student; you don’t need a fancy degree. You just need to be a business owner (or someone thinking about starting a business).
The entire mission of an SBDC is to help small businesses grow, stay compliant, and increase their chance of long-term success. Having worked at an SBDC in Nebraska, I’ve seen firsthand how these centers provide relevant support to business owners who might otherwise struggle alone.
At an SBDC, you can get one-on-one business coaching from experienced advisors (for free); help with business plans so you’re not just making things up as you go; guidance on financial management, pricing, and bookkeeping (because managing money well equals long-term success); marketing and sales strategy advice to help you reach the right customers; and support for accessing small business loans, grants, and government contracts. You will also have access to workshops, training programs, and networking events to keep you informed and connected.
2. Business Schools: Free Consulting from College Students
Another overlooked resource? Business schools. Universities and community colleges are full of smart, eager students looking for real-world experience. Many business programs require students, especially in MBA or capstone courses, to work on real-life consulting projects. Your small business could be their next case study.
When I was in my MBA program, my classmates and I worked on a consulting project for a small business. The owner wanted to expand her business, but didn’t have the budget to hire a professional consultant. Our team of students conducted market research, analyzed the business’s finances, and developed an actionable growth strategy. Hiring a professional consultant would have cost thousands of dollars, but the business owner walked away with a customized road map to success without spending a dime.
To find students who can do work for you:
- Research local university/community colleges that have business programs, specifically MBA or entrepreneurship programs.
- Contact professors or program coordinators and ask if they have students who need real-world business projects.
- Offer your business as a case study; explain the challenges you’re facing and how students can help.
- Work with the students the same way you would a consultant. Be open to their ideas. You would be surprised by the fresh, data-driven insights students provide.
This is one of the easiest ways to get free, high-quality business advice. Plus, you’ll be helping students gain valuable experience in return.
3. Your Local Business Community: A Gold Mine of Resources
Beyond SBDCs and higher institutions, your local business ecosystem is full of people and organizations that want to help you succeed:
Chambers of commerce: Your city or town likely has a chamber of commerce, a group of business owners, community leaders, and professionals who work together to support local businesses. Chambers offer networking events where you can meet potential customers, partners, and mentors; business education workshops covering topics like marketing, accounting, and e-commerce; advocacy and representation for small businesses in local government; and promotion opportunities to get your business in front of more people.
Local economic development agencies: Many cities and counties offer economic development offices dedicated to helping small businesses grow. These agencies often provide grant opportunities (free money for your business), low-interest small business loans, tax incentives and credits to help reduce costs, and training programs and incubators for new business owners.
Nonprofit groups: In many communities, nonprofit groups provide mentorship, coaching, and funding for small businesses, especially for minority-owned, women-owned, and veteran-owned businesses. Organizations like SCORE, Women’s Business Centers, and local incubators offer mentorship and business development training at no cost.
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Tap Into Free Help Available for Small Businesses
I love passion. It’s what makes an entrepreneur get up every morning and fight for their dreams. But passion alone won’t save your business. Passion won’t help if you don’t know how to manage cash flow. Passion won’t keep you compliant with taxes and regulations. Passion won’t attract customers if your marketing strategy is off. Education will.
The smartest entrepreneurs aren’t the ones who know everything, they’re the ones who know where to find the right support. They take advantage of free resources, ask for help, and continuously learn.
If you take one thing away from this article, let it be this: help is available—you just have to reach out. The difference between businesses that survive and those that fail isn’t just passion; it is knowledge, strategy, and the willingness to seek support.
So go out there, build smart, and let your business thrive.
About the Author
Olanrewaju Babalola is an entrepreneurial consultant and business analysis professional with about a decade of experience in strategic, client-facing roles across diverse industries including education, retail, financial services, and consulting. He has guided hundreds of small businesses at different stages around the world to become better in their outputs and outcomes, as a trusted advisor and mentor. He writes about entrepreneurship and small business, leadership, innovation, business analysis and business education. His insights have been featured in numerous business articles on platforms like MSN Small Business, Small Business Currents, BusinessDay, Businessing Magazine, Business Africa Online, and more.
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