Russell County Entrepreneur Express Workshop Presentation, held on February 25, 2010 in Lebanon, Virginia. The event hosted by the Russell County Chamber of Commerce and Wachovia Bank.
7. Small Business Impact – U.S.
• Represent 99.7% all employer firms
• Employ ½ of all private sector employees
• Pay 44% of total U.S. Private Payroll
• Generate 64% of net new jobs over past 15 years
• Hire 40% of high tech workers
• Are 52% home‐based and 2% franchises
Source: U.S. Dept. of Commerce & U.S. Dept.
of Labor
11. Who is the SBDC
• Small Business Development Center
• VSBDC Mission – To foster small business
success and grow Virginia’s economy
• Vision – To be the small business resource of
first choice in Virginia
Where business comes to talk business.
12. SBDC’s Goals
• Assist clients to create and retain
jobs
• Increase client’s revenue and
profitability
• Increase capital investments in client
business
• Increase business success rate and
• Continue as a recognized contributor
to Virginia’s economic development
Where business comes to talk business.
13. How the SBDC can Benefit you
Through one-on-one Counselling, the SBDC
can help you with…
• Management Skills
• Business Information
• Business Planning
• Productivity Improvement
• Workshops
• Networking Assistance
• Loan application
• Source of business financing
• Financial Analysis
• Marketing
• Permits, Licenses and taxes
Where business comes to talk business.
14. Business Planning & Strategy
• 6 FORMS OF BUSINESS
• Entity pros/cons
• Taxes & Liabilities & Termination
• Consider talking to an
accountant/attorney before you
decide.
• Team of advisors
Where business comes to talk business.
15. Why do I need a Business Plan
• To seek financing from a bank,
private investor, venture capitalists
or angels
• To provide you with a management
tool
• Forces you to take an objective view
of your ideas
• Serves as the road map to your
objective
Where business comes to talk business.
16. What goes into a Business Plan
• Cover Letter
• Statement of Purpose, Executive Summary or Request for
Financing
• Table of Contents (optional)
• History of the Company
• Business Summary
• Definition of Products and/or Services
• Industry and Competitor Analysis
• Market Analysis
• Marketing and Sales Strategies
• Organization and Management
• Operational Plan
• Financial Statements and Pro Forma Projections
• Capitalization/Equity/Debt Structures
Where business comes to talk business.
17. Business Licence & Registration (7-Steps)
• One - Determine entity
• Two - State Corporation Commission
• Three - IRS Forms - EIN
• Four - Unemployment taxes – Va Employment
Commission
• Five - Registration – Va Dept. of taxation
• Six - Local license/tax with local commissioner
of the Revenue/Town Administrator
• Seven - Other State Agencies for Licenses/Permits
for professionals
Where business comes to talk business.
18. Pricing Structure
• Margin based
• Income based
• Competitive Based
• Image Based
• Volume based
• Testing based
From “hypergrow your business” by Curtis Clinkinbeard
Where business comes to talk business.
19. Management Practices
• Leadership/Team Building
• HR Management
• Balanced Score Card
• Six Sigma
• Lean Manufacturing
• Lean Six Sigma
• ISO
Where business comes to talk business.
20. VSBDC Offices
Mountain Empire Community College
www.me.vccs.edu/sbdc/ Tel:276-523-6529
New River Valley/Radford University
www.sbdc.radford.edu Tel: 540-831-6056
Southwest Virginia Community College
www.sw.vccs.edu/sbdc Tel: 276-964-7345
Virginia Highlands Community College
www.vhcc.edu/sbdc Tel: 276-739-2474
Crossroads SBDC Galax
Tel: 276-744-4977
21. Turn to SCORE Mentors for
Small Business Advice
Steve Willinger
www.score.org
22. Seek Out SCORE Advisors
TOPICS
Small Business and Success
About SCORE
SCORE Services for You
Resources for Your Business
Looking Ahead
Next Steps
www.score.org
23. Small Business and Success
Q: How big a part of the economy is small business?
A: Small businesses create jobs and fuel growth.
There are more than 29.6 million small businesses nationwide.
Small businesses represent 99.7 percent of all employers.
Small businesses create 64 percent of new jobs.
More than 625,000 new small businesses start each year.
SBA Fact Sheet, Sept 2009
www.score.org
24. Small Business and Success
Q: Why is mentoring important to you?
A: Small business represents success on your own terms.
Mentoring aids success
Be your own boss
Achieve your lifelong dream
Create financial independence
Mentoring increases your chances of starting*
*Dr. Jianwen Liao, Illinois Institute of Technology
www.score.org
25. About SCORE
SCORE is America’s free and confidential source of small
business mentoring and coaching. SCORE is a nonprofit
association of more than 12,400 business experts who
volunteer as mentors.
Local business workshops and seminars
Face-to-face counseling through 364 offices
Email counseling through the SCORE small business
web site, www.score.org
Free and confidential business advice for entrepreneurs
www.score.org
26. About SCORE
Q: How can a SCORE business mentor help?
A: SCORE mentors give real-world advice that applies
to your business.
Practical advice
Business planning assistance
Problem-solving for business challenges
Growth strategies for business opportunities
Confidential sounding board for your ideas
www.score.org
27. About SCORE
SCORE business mentors are volunteers. Volunteers who
have achieved business success–and want to help you
succeed in your business.
Dedicated volunteers
Confidential advice for your business
Experienced business owners and executives
Experts who’ve seen both economic highs and lows
Pros with expertise in hundreds of disciplines
www.score.org
28. SCORE Services for You
SCORE can help your business in many ways.
Confidential business mentoring
Long-term business coaching
Face-to-face brainstorming sessions
Online email advice available anytime
Local workshops and seminars on business topics
www.score.org
29. SCORE Services for You
SCORE services are available nationwide.
More than 12,400 counselors nationwide
More than 1,000 locations for mentoring
Ask SCORE online advice at www.score.org
Local business workshops and seminars
www.score.org
30. Resources for Your Business
Visit the SCORE Small Business Web Site:
www.score.org
How-to Advice & Info
Ask SCORE for business advice online
Find SCORE to locate any chapter in the country
2,000 pages of content for small business owners
How-to articles offer practical business tips
www.score.org
31. SCORE Resource: www.score.org
The SCORE Small
Business Web Site
also offers:
Business Toolbox—
Workshops, tips and tools
for your business.
Learning Center—
Industry articles and
expert insights.
www.score.org
32. Resources for Your Business
SCORE Offers Free Resources for Your Business
How to Really Start Your Own Business—a workbook
available at your local SCORE chapter office.
SCORE eNews—an email newsletter with small business news
and how-to advice.
SCORE Expert Answers—an email newsletter on leadership
topics for entrepreneurs.
www.score.org
33. Looking Ahead to Mentoring
Q: What can a mentor bring to the table?
A: Information, ideas and advice to help you succeed.
Wisdom gained from the “school of hard knocks”
Independent, thoughtful advice specific to your business
Perspective from years in the trenches of economic cycles
www.score.org
34. Looking Ahead to Your Success
Entrepreneurial Success Factors
A focused business plan
Hard work, and plenty of it
A quality product and/or service
Good advice
www.score.org
35. Looking Ahead to Create Success
Build Your Business Success
Play to your strengths
Identify areas to improve
Learn and grow as a leader
Add to your knowledge base
Form a network of trusted advisors
www.score.org
36. Turn to SCORE
45 years of service to the small business community
Award-winning business counseling and resources
Resource partner with the U.S. Small Business
Administration (SBA)
Steve Willinger, Chapter Chair
423.989.4866 www.bristolscore.org
www.score.org
38. Entrepreneur Express
February 25, 2010
MARKETING & ADVERTISING
For The Entrepreneur
Steve Willinger
Small Business Marketing Professional
Social Media Strategist
Bristol, TN
39. Today's Agenda
• Marketing Today
• Social Networking
• Planning for Success
• Advertising for the Small Business
• Developing a Marketing Budget
40. A Few Facts
• Advertising is struggling
• Expectations are increasing
• Competition is everywhere
• Time is a scarcity
• Technology has become an integral component
41. Marketing is. . .
“Everything you do to place your product or service
in the hands of potential customers.”
• Creating a customer
• Keeping a customer
46. A Good Plan…
• Easy to understand
• Clearly links objectives to strategies
• Specific and measurable
• Flexible
• Provides for checkpoints
47. The Marketing Plan
• Reality Check
* Current economy
* Understanding success factors
* Challenges your company faces
• Customer Analysis
* Demographics, purchasing behaviors
• Competitive Analysis
* SWOT analysis, competitive changes, challenges
48. The Marketing Plan
SMART Objectives
• Specific
• Measurable
• Accurate
• Realistic
• Time‐based
49. The Marketing Plan
• Strategies must be linked to the objectives
• Well thought‐out strategies can provide discipline
• Minimizes the tendency to react
• Provides a benchmark for measuring success
50. 7 Step Marketing Plan
1. State the purpose of your marketing.
2. Define your target audience.
3. State customer benefits to emphasize.
4. List marketing objectives & strategies
5. Describe your market
6. Establish your budget.
7. Prepare an Action Calendar.
51. ADVERTISING is . . .
The most “convenient” method of
communicating to your target audience the
benefit of purchasing your product or service.
52. Fact: Most people ignore advertising
The key is to ensure that they take notice of
yours!
HOW?
53. Make sure your company is
Recognizable
Location
Regular advertising will build awareness
Constant Focus on Sales and Marketing
Community Involvement
Public Relations
Communication
Customer Service
55. How Does Advertising Work?
Advertising puts your company at the forefront of
people’s minds.
Advertising either stimulates a purchase or helps to
ensure that people know where to go when they do
decide to purchase.
Advertising also confirms a customer’s decision that
doing business with you was a good idea
59. “It’s your turn for Comments and
Questions”
Steve Willinger
Small Business Marketing Professional
Social Media Strategist
(423) 797‐0355
smwillinger@gmail.com
stevewillinger.com
linkedin.com/in/stevewillinger
facebook.com/stevewillinger
60. Tourism Business Development &
Marketing Assistance
Randy Rose
Development Specialist – Partnership Marketing
Virginia Tourism Corporation
rrose@virginia.org
276‐322‐2044
www.vatc.org (industry)
www.virginia.org (consumer)
63. • Advertising
• Customer Service & Industry Relations
• Electronic Marketing
• Film Office
• Marketing & Promotion
• Public Relations
• Research
• Tourism Development
• Others
Virginia Tourism Corp. Services
64.
65. • Wilderness Road Heritage Trail
• Virginia Coal Heritage Trail
• ‘Round the Mountain
• Heartwood
• Spearhead Trails
Development & Partnership Marketing
72. Caterers Cleaning Services
Food/Drink Distributors Electricians
Restaurant Equipment Plumbers
Security Systems Pool Maintenance
Convenient Stores Lawn Care
Web Site Designers Auto Repair
Ad Agencies Events Planners
Travel Agencies Florists
Motorcoach Companies Linen Services
Car Rental Offices
Ancillary Businesses
73. 6 Questions You Should Answer
• What are we trying to accomplish?
• Who is our target audience?
• What message will move our audience?
• What vehicle do we have to deliver the message?
• What are our resources?
• How do we measure our performance/success?
Marketing Tips
74. Marketing Plans Change
• Because of business growth
• Because of research
• Because of economic factors
• Because of technology (social media)
• Because there is always change
Marketing Tips
78. • Visit www.vatc.org & www.virginia.org
• Sign up for the Dashboard e‐newsletter
• Attend at VTC Help Desk event
• Establish relationships with all VTC divisions –
tap into our services (i.e. marketing, advertising,
research, etc.)
Learn More About VTC Services
79. Randy Rose
Development Specialist – Partnership Marketing
Virginia Tourism Corporation
rrose@virginia.org
276-322-2044
www.vatc.org (industry)
www.virginia.org (consumer)
93. • Chartered in 1964 as first rural
Community Action Agency in the
United States
• Offer a diverse range of
development services and
programs throughout Western
Virginia
94. • BusinesStart
• Training and Technical Assistance
• Consumer Loan Program
• IDA
• Cars for Work
• Ninth District Development Financing, Inc.
• New Market Tax Credit Program
95. People Inc Financial Services
• Promotes economic self‐sufficiency and a better
quality of life for the region’s citizens through small
business ownership, job creation, and asset
development.
• Provides business training, technical assistance, and
makes business loans.
• Partners with the local banking community and
focuses services on customers who may not be
eligible for bank financing.
98. Consumer Loan Program
• Loans available up to $10,000
• Interest Rate = Prime + 5.0%
• Terms up to 36 months
• Credit problems understood
• Loans must have collateral
• Loans for:
– Home Improvements
– Car Repairs
– Payoff Payday Loans
– Bill Consolidation
99. IDA
• Individual Development Account – special matched
savings designed to help working people develop
assets.
• The money needs to be used for certain things:
– Home Ownership
– Secondary Education
– Small Business Ownership
• Service Areas: Counties of Buchanan, Dickenson,
Russell, Tazewell, and Washington and the City of
Bristol.
100. IDA Award
• People Incorporated at the
Federal Reserve in Richmond
being awarded for having the
most graduates in the state.
101. Cars for Work
• Transportation initiative offered to working
TANF eligible participants.
• 0% interest rate, up to $3,000 for 24 months.
• Service areas: Counties of Buchanan,
Dickenson, Russell, Lee, Wise, Scott, Tazewell,
and Washington and the Cities of Bristol and
Norton.
103. New Market Tax Credit
• The New Market Tax Credit Program (NMTC) is a community
development lending tool designed to stimulate the flow of
investment in underserved communities by creating new jobs
and accelerating economic revitalization.
• The program was created as a part of the Community
Renewal Tax Relief Act of 2000 which encourages private
capital investment in low income communities by providing a
39 percent federal tax credit to investors.
• The program is based on the idea that there are viable
business opportunities in low‐income communities and that a
federal tax credit would provide attractive incentive to
increase the flow of investment capital to such areas.
104. Funding Partners
• Small Business Development (SBA)
• Virginia Enterprise Initiative (VEI)
• US Treasury
• Virginia Tobacco Commission
• Virginia Dept of Housing and Community
Development
• Virginia Community Capital (VCC)
• FAHE
• Washington County
• City of Bristol, Virginia
105. Contact Information
Becky Nave
People Incorporated of Virginia
1173 West Main Street
Abingdon, VA 24210
bnave@peopleinc.net
P: 276‐619‐2243
C: 423‐571‐3212
www.whatcanpeopledo.org
107. Other Business
Resources
Sandy Ratliff, Business Services Manager
Virginia Department of Business Assistance
276-676-3768
sandy.ratliff@vdba.virginia.gov
www.vdba.virginia.gov
www.vastartup.org
108. The Virginia Department
of Business Assistance
VDBA supports economic development in the
Commonwealth by working with new and
existing businesses to provide business and
economic development communities with:
• workforce incentives
• financing
• business information and counseling
• state procurement assistance
• incubator counseling and
• educational opportunities
www.vdba.virginia.gov
109. Formula f o r S ucc e s s
‐ Critical inform ation for decision
making
iful
‐ Well trained and plent
workforce
ture
‐ Approp riate capital struc
Ask VBIC = 866‐
248‐8814
110. Business Information Services
To help businesses get started and to grow.
Formation Assistance
Virginia Business Information Center (VBIC) 1-866-248-8814
Bridges the 26 state agencies, over 100 programs and over
300 forms that may touch a Virginia business
Virginia Central Business Portal
(www.business.virginia.gov)
Covers registration, taxation, licensing
Interactive Business Plan CD
5 Step process to a business plan
Entrepreneur Express Events
150 Events – 7,500 Trained
111. Virginia’s Business One Stop
Are you starting a business?
Virginia’s Business One Stop system can help
Winner of the you determine your business formation requirements and can
2009 pre-fill your business registration forms.
Governor's
Technology
Visit http://www.virginia.gov/bos/index.html to
Awards
access the Business One Stop System.
Create a Business One Stop account.
Answer a few brief questions about your business.
Receive a list of action items and pre-filled business
registration forms.
Questions? Contact the Virginia Business
Information Center
1-866-248-8814 (804) 371-0438
vbic@vdba.virginia.gov
113. Growing Your $ales ‐ State
Governor’s Executive
Order 33
$5 billion market
Access to buyers from 171 state
agencies
Additional $5 billion from local
governments
575 localities using eVA system.
Small Business Goal – 40%
Over 41,490 registered
suppliers
Over 13,065 participating
buyers
Ask VBIC = 866‐
248‐8814
115. One–on‐One Counseling Sessions
Need Based:
– Accessing New Markets/Sales Growth
– Tailored Sales Development Solutions
– Financing Resources
– Social Media for Your Business
To schedule an appointment, contact:
Sandy Ratliff, Business Services Manager
276-676-3768
Email: sandy.ratliff@vdba.virginia.gov
116.
117. Entrepreneur Workshops
• Launched October 2006
• Partnership with Service
Providers and localities
• Provide information on
available resources to start
and grow a business
• Statewide Program
• Free – ½ Day Session
• Over 7,500 reached
• www.vastartup.org
122. Virginia Jobs
Investment Program
• Workforce recruiting and training
– Create minimum 25 net new jobs within 12 months and
capital investment of at least $1,000,000
– Minimum entry-level wage of $10.00/hr required. Only full-
time jobs are eligible.
• Small business workforce recruiting and training
– 250 employees or less, hiring at least 5 new full time
employees within 12 months of operation and capital
investment of at least $100,000
– Minimum entry-level wage of $10.00/hr required. Only full-
time jobs are eligible.
• Retraining
– Small businesses that are retooling and installing new
technologies
– Company must retrain minimum 10 full-time employees.
123. Financing Programs
• Direct Lending: In partnership with banks and
other lenders, we provide direct loans in economic
development transactions. We also provide direct
loans under specific programs designed to promote
environmental stewardship and assist licensed
daycare centers and family home providers.
• Indirect Lending: We provide loan guarantees or
other types of credit enhancements to commercial
banks in order to increase access to capital for
businesses.
• Conduit Financing: We are the statewide conduit
issuer of tax‐exempt industrial development bonds
for manufacturers and 501c3 organizations.
124. The VSBFA Does Not Give…
• Grants
• Loans or guaranties of loans without
collateral
• Loans or guaranties of loans without
personal guaranties from all significant
owners
125. OTHER AVAILABLE RESOURCES
• Virginia Department of Labor – Apprenticeship Program
– Combination of on‐the‐job training and classroom instruction.
– Advantage of skilled workforce and reduced turnover.
– http://www.doli.virginia.gov
• Virginia Department of Agriculture & Consumer Affairs
– Virginia’s Finest Trademark = Marketing program that promotes foods and
foods products grown in Virginia.
– Facilitates expansion of agricultural businesses.
http://www.vdacs.virginia.gov
126. OTHER AVAILABLE RESOURCES
Virginia Business Incubator
– 9 Available in Southwest Virginia
– 30 Within Commonwealth
– Business Incubator Benefits
• Facility designed to assist businesses to become
established and sustainable
• Benefits
– Shared premises and business services
– Business advice and mentoring assistance
– More details ‐ http://www.vbia.org/
127. Business Incubator
Commercial Kitchen
Light Manufacturing Space
Shared Amenities
128. OTHER AVAILABLE RESOURCES
Virginia Economic Bridge, Inc.
– Non‐profit organization to promote the economic vitality of
SWVA and the Commonwealth.
– Virginia’s Business Pipeline – Online searchable database
of more than 24,000 Virginia based companies, business to
business marketing & RFP resource
www.VirginiaBusiness.org
– Virginia’s Linked Workforce Showcase – Designed to
create business partnerships yielding contracts between
SWVA and Northern Virginia by connecting companies in
specific industry sectors.
www.LinkedWorkforceShowcase.org
129. Starting and Growing a Business
• Business Formation Assistance
– Small Business Development Center Network = www.virginiasbdc.org
– SCORE = www.score.org
– Virginia Business Information Center = 866‐248‐8814
– Virginia Central Business Portal = www.business.virginia.gov
– Virginia Business Incubator Association = http://www.vbia.org/
130. Marketing Resources
• SCORE = www.score.org
• Virginia Tourism Corporation = www.vatc.org
• Virginia Economic Bridge, Inc. = www.virginiabusiness.org
• Virginia Department of Agriculture – Virginia’s Finest
Trademark = www.vdacs.virginia.gov
132. “If you always do what you’ve
always done, You will always
get what you’ve always got!”
133. Lets Connect:
Sandy Ratliff
The Virginia Department of Business Assistance
276‐676‐3768
sandy.ratliff@vdba.virginia.gov
Online:
Twitter: http://twitter.com/sandyratliff
Facebook: http://www.facebook.com/sandy.ratliff
LinkedIn ‐ http://www.linkedin.com/in/sandyratliff
136. CONTACTS
• Sandy Ratliff, Virginia Department of Business Assistance
= 276‐676‐3768 or VBIC = 866‐248‐8814
• Steve Willinger, SCORE = 423‐989‐4850
• Joyce Kinder, SVCC SBDC = 276‐964‐7345
• Randy Rose, Virginia Tourism Corporation = 276‐322‐
2044
• Scott Peak, Wachovia Bank = 276‐645‐1230
• Becky Nave, People Inc. = 276‐619‐2243
• Carl Mitchell, Virginia Economic Bridge = 540‐ 731‐6800
• Linda Tate, Russell Chamber = 276‐889‐8041