FREE workshop geared towards small business owners as well as those who are thinking about becoming entrepreneurs. Accessing resources is crucial for a small business to start or grow. But in these challenging economic times finding financing, new customers/markets and accessing help within state and federal government can be difficult.
The Virginia Department of Business Assistance partnered with the Blue Ridge Crossroads Small Business Development Center and Blue Ridge Crossroads Economic Development Authority to conduct an Entrepreneur Express Workshop in Independence, Grayson County, Virginia. The program is designed to provide insight into areas of business ownership that often go overlooked and help connect you to FREE resources available to small business in Virginia.
11. How to Start and Operate A
Business
Our Team
Dr. Dallas Garrett-SBDC Director
Bernie Deck-Carroll County Business Development Director
Mandy Archer-SBDC Administrative Assistant
Sandy West-Financial Analyst
Kenneth McFadyen-BRCEDA Entrepreneurial and Business Development Director
12. Who is the SBDC
• Small Business Development Center
• VSBDC Mission – To Improve new and existing
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.
13. SBDC’s Goals
• Assist clients to create and retain jobs
• Increase client’s revenue and
profitability
• Increase capital investments and
efficiency in client business
• Increase business success rate and
• Continue as a recognized contributor to
Virginia’s economic development
Where business comes to talk business.
14. How the SBDC can Benefit you
Through one-on-one Counseling, the SBDC can help you
with the following processes…
• Discuss your Ideas in a confidential setting-There are no bad or
silly idea-Some ideas need a little adjusting
• Help you understand the Business Planning process and provide
whatever assistance you need to complete your plan
• Guide you through the process providing help along the way
• Help you determine realistic financial projections and provide
marketing ideas
• Suggest workshops that you might attend to help you start your
business off right
• Suggest format for your plan to help you secure funding
• Help you complete the loan application
• Provide sources of business financing
• Arrange meetings with funding sources at Crossroads
• Help you improve your credit report, when necessary and help
with Permits, Licenses and taxes
When you are successful we all benefit
Where business comes to talk business.
15. Business Planning & Strategy
• Help with Business Structure
• Explain pros/cons of different structures
• Taxes, Liabilities & Termination
• Consider talking to an accountant/attorney before
you decide.
• Suggest banking, accounting and bookkeeping
practices that will help your business
Where business comes to talk business.
16. Why do I need a Business Plan
• A good plan will allow us to provide funding
contacts from a variety of sources including
banks, private lending institutions, private
investors, venture capitalists and angel
Investors
• Provide you with a management tool for your
business
• A Business Plan Forces you to take an
objective view of your ideas
• A Business Plan serves as the road map to
your objective
Where business comes to talk business.
17. What goes into a Business Plan
• Attractive Cover and Cover Letter
• Table of Contents
• Executive Summary and Capital Request
• Description of Business, Projected Number of Employees
• History of the Company if already in Business 2-3 years of
Financials
• Description of Products and/or Services
• Who is Your Competition?
• Market Analysis
• Marketing and Sales Strategies
• Organization and Management Structure and Experience of
Key People
• Floor Plan and Pictures of Facility
• Financial Projections 3-5 Years, Financial Graphs
• Resumes of Key Employees
• Appropriate Attachments-Letters of Support-Recent orders
Where business comes to talk business.
18. Business License & 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.
19. Pricing Structure
• We will help you determine realistic
costs for your business operation, which
will help you determine your pricing
Structure
• Margin based
• Income based
• Competition Based
• Image Based
• Volume based
• Testing based
From “hypergrow your business” by Curtis Clinkinbeard
Where business comes to talk business.
20. Management Practices
• Leadership/Team Building
• HR Management
• Quality Control Practices
• Six Sigma
• Lean Manufacturing
• Lean Six Sigma
• ISO /QS
Where business comes to talk business.
21. Crossroads Business Development Success
• Clients-708
• Business Plans Completed 204
• Clients Funded-155
• Clients that did not need funding-32
• Funding to date-$42,651,247
• Jobs created or saved-652
22. VSBDC Offices
Crossroads SBDC Office
Tel: 276-236-0435
Dgarrett@crossroadsva.org
Longwood SBDC – Martinsville
www.longwood.edu/sbdc Tel: 276-632-4462
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
Roanoke Regional Small Business
Development Center
www.roanokechamber.org/ Tel: 540-983-0717
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
24. Small Business & SCORE
Topics
About SCORE
Mentoring & Small Biz Success
Resources to Help You Succeed
Useful Small Biz Resources
Success Factors
Getting Started
www.score.org
25. About SCORE Advice
SCORE is America’s free and confidential
source of small business mentoring.
SCORE is a nonprofit association of more than 13,000
business experts representing 335,000 years of
experience who volunteer as mentors.
• 364 offices with local face-to-face mentoring
• Local, low-cost business workshops and seminars
• SCORE advice online through www.score.org
• Entrepreneurs get free and confidential business advice
www.score.org
26. 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
27. Small Business and Success
Q: How big a part of the economy is small
business?
A: Small businesses create jobs and fuel growth.
• Nationwide, there are more than 29.6 million small businesses.
• Small businesses represent 99.7 percent of all employers.
• Small businesses create 64 percent of new jobs.
• Each year, more than 625,000 new small businesses start.
www.score.org
28. Mentoring Has a Great Place in Business
Q: How can a SCORE business mentor help?
A: SCORE mentors give real-world advice that applies
to your business
Helpful and useful advice
Business and marketing planning assistance
Problem solving for managing cash flow
Growth strategies for business opportunities
Confidential sounding board for your ideas
www.score.org
29. SCORE and Job Creation
Gallup Poll shows SCORE Helps Business
Start & Grow Even in Recession
SCORE to Help Grow 1 Million Successful
Small Businesses by 2017
• Business Starts: 68,742
• Jobs Created 30,603
• Jobs Saved 16,510
• 2009 SCORE clients still in business 90%
www.score.org
30. Small Business at a Glance
Small Business Means Jobs
Percent Small Business
90 58.3% of goods-producing
80
70 industries are small business
60
50
40
30
20 47.73% of service industries
10
0 are small business
60.2 million U.S. workers are
employed by small business
Source: http://www.sba.gov/advo/research/sbqei1002.pdf
www.score.org
31. Business and Job Creation
50% of U.S. employees
work in a small business.
64% of net new jobs from
1993 to 2008 were small
business jobs.
Source: U.S. Dept. of Labor, Bureau of Labor
Statistics, Business Employment Dynamics.
www.score.org
32. Economic Recovery Trending
Small Business is the Key to Economic Recovery
• The unemployment rate fell to 9.5% in
June, and the economy generated
524,000 net new jobs in the second
quarter.
• 42% plan for capital investments
• Small business growth leads to
commercial real estate improvements
and regional bank success.
Source: Fall 2009 American
Express OPEN Small Business
Monitor
www.score.org
33. Setting the Stage for Growth
Improving the Success of Small Business
Improving success rates
improves the economy.
Today, only half of small
businesses survive for
5 years. (post shut-down
interviews revealed that 85%
Source: U.S Dept. of Commerce, Bureau of the
were preventable) Census, Business Dynamics Statistics.
Let’s change that.
www.score.org
34. Growth Industries Aid Recovery
Small Business Leads the Way with Niche Markets
Healthcare, green business , “go local” opportunities
• Green Power: Got $1.6 billion, 27%, of
all investment dollars in 2010 Q3
• Senior Market: 3 of the top 10 industries
with fastest employment growth
• Locally grown and made products:
More than 5% growth in the past 5 years
• Healthcare: Revenue expected to grow
beyond $72 billion by 2011
Source:
http://www.entrepreneur.com/tr
ends/index.html
www.score.org
35. Who is Thinking Positive?
Entrepreneurs are Optimistic about the Future
50% say future is brighter
• Gen Y is the most optimistic.
80% see better business ahead.
• Women more upbeat than men.
60% positive about the future.
• Expansion begins.
More than 25% of entrepreneurs
say YES, we are ready to invest in
the future.
Source: Fall 2009 American Express
OPEN Small Business Monitor
www.score.org
36. Setting the Stage for Success
Workflow Responsibilities
SCORE is America’s
small business resource Free & confidential
mentoring
• One-on-one counseling in
person & online. • We help small biz grow
• Workshops, seminars & • Jelly Belly $160mm rev
events in your community.
• Vera Bradley $288mm rev
• Business tools & templates
• 8.5 million served since 1964
at www.score.org.
• 370,000 assisted this year
www.score.org
37. Small Business Counts on SCORE
Mentoring & Expert Insights Aid Success
68.9% of SCORE’s clients
go into business after mentoring
• Clients in 2009 +350,000
• Under 44 years old 46%
• Female 46%
• College graduates 69%
Source: Gallup SCORE client outcomes survey 2009.
Helena and Emily McHugh of Casauri,
SCORE clients for more than 10 years.
www.score.org
38. SCORE as an Expert Resource
Entrepreneurs’ Favorite SCORE Resources
60% of SCORE clients say
these SCORE-mentored tools
are very important to the
growth of their business.
• Marketing Plan
• Business Plan
• Cash Flow Analysis
• Financial Strategy
Source: Gallup SCORE client
outcomes survey 2009.
www.score.org
39. Small Business Matters
Thank you.
Steve Willinger, Chapter Chair
. Bristol & Abingdon
Call or visit us online
(423) 989-4866
www.bristolscore.org
We are here to help with free & confidential mentoring
www.score.org
41. Entrepreneur Express
March 18, 2010
MARKETING & ADVERTISING
For The Entrepreneur
Steve Willinger
Small Business Marketing Professional
Social Media Strategist
Bristol, TN
42. Today's Agenda
• Marketing Today
• Social Networking
• Planning for Success
• Advertising for the Small Business
• Developing a Marketing Budget
43. A Few Facts
• Advertising is struggling
• Expectations are increasing
• Competition is everywhere
• Time is a scarcity
• Technology has become an integral component
44. Marketing is. . .
“Everything you do to place your product or service
in the hands of potential customers.”
• Creating a customer
• Keeping a customer
48. Marketing Plans
“A written plan turns your marketing into
a planned investment
rather than a hopeful risk”
49. A Good Plan…
• Easy to understand
• Clearly links objectives to strategies
• Specific and measurable
• Flexible
• Provides for checkpoints
50. 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
51. The Marketing Plan
SMART Objectives
• Specific
• Measurable
• Accurate
• Realistic
• Time-based
52. 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
53. 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.
54. ADVERTISING is . . .
The most “convenient” method of
communicating to your target audience the
benefit of purchasing your product or service.
55. Fact: Most people ignore advertising
The key is to ensure that they take notice of
yours!
HOW?
56. 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
58. 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
60. QUESTIONS ASKED . . .
• What is it going to cost?
• What methods would benefit my business
the most?
• Meet with a professional
61. Advertising Budget Basics
% of lifetime value of customer
% of previous annual sales
% of desired sales
8-10% average retail (b2c)
4-6% average wholesale (b2b)
Marketing & Advertising = Customers
62. “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
63. Tourism Business Development &
Marketing Assistance
Kitty Barker
Development Specialist – Partnership Marketing
Virginia Tourism Corporation
kbarker@virginia.org
276-466-8772
www.vatc.org (industry)
www.virginia.org (consumer)
64. • 17.7 billion in revenue
• supported 204,480 jobs
• provided $1.24 billion in
state and local tax revenue
*International visitation up 16%.
Impact of Tourism in VA - 2009
65.
66. • Advertising
• Customer Service & Industry Relations
• Electronic Marketing
• Film Office
• Marketing & Promotion
• Public Relations
• Research
• Tourism Development
• Others
Virginia Tourism Corp. Services
67.
68. • Wilderness Road Heritage Trail
• Virginia Coal Heritage Trail
• ‘Round the Mountain
• Heartwood
• Spearhead Trails
Development & Partnership
Marketing
75. 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
76. 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
77. 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
81. • 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
82. Tourism Business Development &
Marketing Assistance
Kitty Barker
Development Specialist – Partnership Marketing
Virginia Tourism Corporation
kbarker@virginia.org
276-466-8772
www.vatc.org (industry)
www.virginia.org (consumer)
94. Community and Economic
Development
• Small Business Loans
• Ninth District Development Financing, Inc.
• Training and Technical Assistance
• Consumer Loan
• IDA (Individual Development Accounts)
• New Markets Tax Credit Program
95. Assistance for Small Businesses
2010
• $766,046 total
dollars disbursed
• 30 business started
or expanded
• 112 jobs created or
retained
96. Assistance for Small Businesses
• Loans available up to $200,000 for start up or
existing businesses.
• Interest Rate – 3% above prime
• Collateral required
• Continuing technical assistance to clients
97. NDDF
Ninth District Development Financing, Inc.
•Loans for start up
or expanding a
tourism related
business
•Over $4.1 million
dollars disbursed
since inception
Visit our website:
www.nddf.org
98. Training and Technical Assistance
• Business Basics Workshop
• Core Four Business Planning
Course
• Customer Service Workshop
• Social Media Workshop
99. Consumer Loan Program
• Loans available up to $20,000
• Interest Rate = Prime + 5.0%
• Terms up to 60 months
• Credit problems understood
• Loans must have collateral
• Loans for:
– Home Improvements
– Car Repairs
– Payoff Payday Loans
– Bill Consolidation
100. Consumer Loan Program
• Program started March 2009
• 162 applications received that
were either declined or
withdrawn
• 56 loans have been approved
• $199,765 total dollars disbursed
• 9 loans have been paid in full
101. 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, Smyth, Tazewell, and
Washington and the City of Bristol.
102. New Markets Tax Credit
• The New Markets 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.
Grundy Town Center Project
104. 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
105. 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
• educational opportunities
www.vdba.virginia.gov
107. 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 110 regulatory 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 available online at
www.vdba.virginia.gov or www.vastartup.org
5 Step process to a business plan
108. 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
110. 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 44,994 registered suppliers
Over 13,065 participating
buyers
Ask VBIC = 866-
248-8814
112. 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
113. 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 8,000 reached
• www.vastartup.org
114. Growing Your $ales Workshops
Business Sales Growth Program
Market Research and Expansion
Financing
Growth Management
Partnered events for SWAM certification and
eVA registration
Networking with businesses and government
buyers
116. 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.
117. 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.
118. 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
119. OTHER AVAILABLE RESOURCES
Virginia Business Incubator
– 7 Available in Southwest Virginia
– 28 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/
121. 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/
122. Marketing Resources
• SCORE = www.score.org
• Virginia Tourism Corporation = www.vatc.org
• Virginia Department of Agriculture – Virginia’s Finest
Trademark = www.vdacs.virginia.gov
123. Financing Resources
• Virginia Small Business Financing Authority =
www.vdba.virginia.gov
• Small Business Development Center =
www.virginiasbdc.org
• Small Business Administration = www.sba.gov
• Local Economic Development Office or Chamber of
Commerce
124. “If you always do what you’ve
always done, You will always
get what you’ve always got!”
125. 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
YouTube - http://www.youtube.com/user/vastartup
129. CONTACTS
• Sandy Ratliff, Virginia Department of Business Assistance
= 276-676-3768 or VBIC = 866-248-8814
• Kitty Barker, Virginia Tourism Corporation = 276-466-8772
• Steve Willinger, SCORE = 423-989-4866
• Dallas Garrett, Crossroads SBDC = 276-730-3019
• Becky Nave, People, Inc. = 276-619-2243
• Scott Peak, Wachovia Bank = 276-645-1230
• Oliver McBride, Southwest Regional Enterprise Center =
276-236-0435
• Kenneth McFadyen, Blue Ridge Crossroads Economic
Development Authority = 276-236-0391
Hinweis der Redaktion
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.