Wyoming Business Tips for May

A monthly look at issues facing Wyoming business owners and entrepreneurs from the Wyoming Small Business Development Center (SBDC) Network, a collection of business assistance programs at the University of Wyoming.

By Maureen Johnson, marketing, communication and database manager for the Wyoming SBDC Network

May is known as the U.S. Small Business Administration’s (SBA) World Trade Month, so it is the perfect time to determine whether exporting could be right for your small business. Expanding into international markets can be a game-changer for small businesses, offering new avenues for growth and diversification. In Wyoming, entrepreneurs have access to a wealth of resources to facilitate and support their exporting endeavors.

Your Wyoming SBDC Network adviser can help you determine if your small business is export-ready. Our entire advising staff will have completed their Export and Trade Counseling certification by June 30 and can provide one-on-one confidential advising to help you find the right international market for your product or even help you decide if exporting is right for your business.

The state of Wyoming has State Trade Expansion Program (STEP) grant funds for international marketing events occurring through Sept. 29. STEP is funded, in part, through a grant from the U.S. SBA and is administered by the Wyoming Business Council.

The goals of STEP are to increase the number of small businesses that export; increase the value of exports; and increase the number of small businesses exploring significant new trade opportunities. Participants must meet SBA eligibility requirements and be based in Wyoming to participate in STEP-funded programs. Your Wyoming SBDC Network adviser can help you find out more about this opportunity.

The U.S. Commercial Service is a wealth of information for Wyoming-based, small-business owners. The U.S. Commercial Service provides a range of services tailored to exporters, including market intelligence reports; matchmaking services with foreign buyers; and advocacy support to resolve trade barriers. By leveraging the expertise and global network of the U.S. Commercial Service, Wyoming businesses can access invaluable market insights and connect with potential partners worldwide.

Wyoming’s small-business exporting resources provide a robust foundation for entrepreneurs looking to expand their horizons beyond domestic borders. By tapping into the expertise and support offered by programs, such as STEP and the U.S. Commercial Service, Wyoming businesses can unlock new opportunities, drive economic growth and establish themselves as competitive players in the global marketplace, particularly during the commemoration of SBA’s World Trade Month.

For even more information on exporting, review national resources and guidance from the SBA in an article titled “Consider Taking Your Business Global This World Trade Month.” Then, be sure to connect with your Wyoming SBDC Network adviser for help with the next steps as you consider exporting in your small business.

The Wyoming SBDC Network offers no-cost advising and technical assistance to help Wyoming entrepreneurs think about, launch, grow, reinvent or exit their business. In 2023, the Wyoming SBDC Network helped Wyoming entrepreneurs start 54 new businesses; support 1,857 jobs; and bring a capital impact of $3.1 million to the state. The Wyoming SBDC Network is hosted by UW with state funds from the Wyoming Business Council and funded, in part, through a cooperative agreement with the U.S. SBA.

To ask a question, call 1-800-348-5194, email wsbdc@uwyo.edu, or write Dept. 3922, 1000 E. University Ave., Laramie, WY 82071-3922.