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Scott Entrepreneur Express, October 14, 2010 Presentation

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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 has partnered with Scott County Economic Development, Scott County Chamber of Commerce, and Wachovia Bank to offer a workshop designed to provide insight into areas of business ownership that often go overlooked and help connect you to FREE resources available to small business.

If you have questions or require additional information, contact the Scott County Chamber of Commerce at 54276-386-2525.

Scott County is partnered with Sandy Ratliff with the Virginia Department of Business Assistance to conduct this workshop.

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Scott Entrepreneur Express, October 14, 2010 Presentation

  1. 1. Are you sure?
  2. 2. What Do These Entrepreneurs Have in Common? Confidence? Competitiveness?
  3. 3. An Idea? Drive? Identified Market Need?
  4. 4. A Plan of Action? Willing to take Risks?
  5. 5. Focused? Goal & Objective? A successful enterprise
  6. 6. Remember as a start-up your place in the food chain
  8. 8. Small Business in Virginia  Small Businesses constitute 97% of all Virginia businesses.  Small Businesses create over 75% of all new jobs.  Small Businesses account for half of the Commonwealth of Virginia’s contribution to the U.S. Gross Domestic Product - a whopping $160 billion. Virginia is for Business Lovers
  9. 9. Virginia is for Business Lovers • Virginia ranked #1 state for business by Forbes.com last four years. • Ranked #1 most business friendly state by Pollina Corporate Real Estate, Inc. last two years. • Named #1 best states for business by CNBC. • Virginia among top 10 list of states friendly to small business.
  10. 10. Virginia Business Start-ups Source: Virginia Employment Commission, Quarterly Census of Employment and Wages (QCEW)
  16. 16. 56 million people with disabilities in the U.S. Of the 69.6 million families in the U.S., 20.3 million families have at least one member with a disability. About half of all families have loved ones or close friends with disabilities
  17. 17.  Aggregate income of Americans with disabilities exceeds $1 trillion per year.  Discretionary or spendable income is $220 billion annually.  With direct family members, a „disability market‟ is worth at least $3 trillion per year.
  18. 18.  About 65% of Americans with disabilities are classified as “middle income,” virtually the same as the population of people without disabilities.  Sources: US Census 2000, US Department of Labor, Security Industry Association, and Social Security Administration.
  19. 19.  In the next 10 years, the number of Americans over 50 will increase by 40%.  Between 2008 and 2030, the numbers of Americans over age 65 will more than double, from 34.8 million to more than 70.3 million.  Americans 50 and older represent 25% of the population, but control 50% of the nation‟s buying power and 75% of its assets, representing $150 billion in annual discretionary income, and billions more for necessities like housing and food
  20. 20.  About 30% of all Americans become disabled prior to retirement age.  More than 7 out of every 10 Americans will acquire some sort of disability by the time they reach the age of 75.  Sources: U.S. Census Bureau, 2000; Patricia Dig: America’s Largest Untapped Market; Fortune Magazine, March 2,1998; U.S. Social Security Administration: The Work Site, 2004.
  21. 21.  71 percent of American adults with disabilities have traveled at least once in the past two years.  Total travel expenditures for the disability market equal More than $27 billion for 2 years  Approximately $13.6 billion annually  Americans with disabilities could spend twice as much, approximately $27 billion per year if the following needs were met:  Amenities and accessibility  Information  Staff members who go out of their way to accommodate guests with disabilities
  22. 22.  The average number of leisure trips and hotel stays was up 50% from 2002.  However, 60% of travelers with disabilities who have stayed overnight in paid accommodations said they had problems at these properties:  Physical barriers (48%)  Problems with customer service (45%)  Communication barriers (15%) BY TRAVEL INDUSTRY OF AMERICA AND OPEN DOORS ORGANIZATION Conducted by Harris Interactive, Released August, 2005
  23. 23.  Four out of ten members of the traveling public are made up of Americans with disabilities and their companions.  Individuals with disabilities exhibit strong brand loyalty toward products affiliated with disability- related causes. In order to tap into this brand loyalty, there must be a logical relationship between the company, its values, customer, community, employee and the cause.  62% of persons with disabilities say they are likely to do business with companies that have a commitment to diversity and equal treatment of employees. The National Organization on Disability/Harris Interactive Survey of Americans with Disabilities, 2004
  26. 26. P. 0. B0X 1210 NORTON, VA. 24273 276-679-5988
  27. 27. P. O. BOX 888 BIG STONE GAP, VA. 24219 276-523-4202
  28. 28. How to Start and Operate A Business
  29. 29. VA Small Business Development Center Network
  30. 30. Who we are:  A consortium of 29 centers throughout the Commonwealth that assists small business owners or managers to improve and grow their businesses and would-be entrepreneurs to make the right decision.
  31. 31. 6 Small Business Development Centers in the Southwest Region  MECC SBDC serves Scott, Lee, Wise & Dickenson Counties and City of Norton
  32. 32. Our Mission is:  “To foster small business success and grow Virginia’s economy.” We are in the “economic development business” – helping one business at a time. Become  More Competitive  More Cost Effective  More Profitable
  33. 33. What we do:  Provide one-on-one, in-depth business management counseling to any and all who request assistance. There is no charge for consultation services and information is strictly confidential.  Provide opportunities for affordable workshops, seminars, conferences, and courses that provide professional development opportunities for the small business manager.  Serve as a referral source to other specialized business service providers and access to a variety of sources of capital.
  34. 34. Who are we for:  The business owner or manager wanting to expand the business, solve a business problem, develop a new idea, explore new markets, needs expansion capital.  The aspiring business owner who needs a business plan, and assistance with understanding the market, financial planning, and the legal and technical requirements for starting a business.
  35. 35. What help is available:  Create a comprehensive business plan and proforma financial statements  Sources of financing and loan application assistance  Enhancing management skills  Financial analysis  Market analysis and marketing  Business problem solving  Registration, licensing, certifications (SWaM, eVA)  Specialized business assistance resources  PTAC, MTC, VEDP, VSBFA, SBA
  36. 36. Our center has…  served over 2000 Clients since 1991  created and retained over 1800 jobs  created $33 Million in new capital investments  generated $16 Million in new sales  According to independent research, Virginia businesses that work with their local SBDC grow 30% faster and create 10 times more jobs than Virginia businesses in general.
  37. 37. Legal Entity  One of the most important decisions you need to make before starting your business is determining what legal form your business will take.  Sole Proprietor  Partnership  Corporation  Limited Liability Company (LLC)
  38. 38. A Business Plan  Planning is your map to success in the business world. You need to write a business plan if you are:  Starting or buying a business  Expanding or re-directing your business  Financing, refinancing or raising equity capital  Every business should have a plan  Fluiddocument  Review and Up-date the plan regularly
  39. 39. A Business Plan helps you….  find hidden business flaws and makes you think carefully about each phase of your business  analyze and determine those areas of your business that are dragging the positive parts down  gain in-depth knowledge about your business which will make it easier to answer lenders’/investors questions  clarify what is involved in making your business work successfully
  40. 40. A Business Plan Contains  Business Description  Managers & Employees  Operations & Location  Market Analysis  Marketing & Sales  Your Web Site  Analyze Your Competition  Loan Request  Financials  Personal Financial Statement  Balance Sheet  Income Statement  Cash Flow Statement
  41. 41. The Plan will help you:  Move ideas from your head to paper in an organized, clear, convincing manner  Avoid the most common mistakes  Keeps your focus on key points
  42. 42. How can we assist you? Phone: 276-523-6529 Fax: 276-523-8139  tblankenbecler@me.vccs.edu  www.mecc.edu/sbdc
  43. 43. Count on SCORE Mentors for Small Business Growth Advice
  44. 44. 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
  45. 45. 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 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
  46. 46. 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
  47. 47. 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
  48. 48. 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
  49. 49. 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
  50. 50. 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
  51. 51. 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
  52. 52. 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
  53. 53. 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. Source: U.S Dept. of Commerce, Bureau of the Census, Business Dynamics Statistics. Let’s change that. www.score.org
  54. 54. 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
  55. 55. 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
  56. 56. 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
  57. 57. 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
  58. 58. 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
  59. 59. 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
  60. 60. Small Business Matters We are here to help with free & confidential mentoring Call or visit us online (423) 989-4866 Offices in Bristol & Abingdon www.score.org Thank you, Steve Willinger, Chapter Chair www.score.org
  61. 61. Growing Your Business/Marketing Strategies
  62. 62. Entrepreneur Express March 18, 2010 MARKETING & ADVERTISING For The Entrepreneur Steve Willinger Small Business Marketing Professional Social Media Strategist Bristol, TN
  63. 63. Today's Agenda • Marketing Today • Social Networking • Planning for Success • Advertising for the Small Business • Developing a Marketing Budget
  64. 64. A Few Facts • Advertising is struggling • Expectations are increasing • Competition is everywhere • Time is a scarcity • Technology has become an integral component
  65. 65. Marketing is. . . “Everything you do to place your product or service in the hands of potential customers.” • Creating a customer • Keeping a customer
  66. 66. Social Networking?
  67. 67. Social Media
  68. 68. Marketing Plans • Anticipate future events • Define a direction • Create a blueprint
  69. 69. Marketing Plans “A written plan turns your marketing into a planned investment rather than a hopeful risk”
  70. 70. A Good Plan… • Easy to understand • Clearly links objectives to strategies • Specific and measurable • Flexible • Provides for checkpoints
  71. 71. 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
  72. 72. The Marketing Plan SMART Objectives • Specific • Measurable • Accurate • Realistic • Time-based
  73. 73. 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
  74. 74. 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.
  75. 75. ADVERTISING is . . . The most “convenient” method of communicating to your target audience the benefit of purchasing your product or service.
  76. 76. Fact: Most people ignore advertising The key is to ensure that they take notice of yours! HOW?
  77. 77. 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
  78. 78. Make sure your company is Memorable
  79. 79. 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
  80. 80. Branding
  81. 81. QUESTIONS ASKED . . . • What is it going to cost? • What methods would benefit my business the most? • Meet with a professional
  82. 82. 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
  83. 83. “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
  84. 84. Tourism Business Development & Marketing Assistance Randall A. Rose Development Specialist – Partnership Marketing Virginia Tourism Corporation rrose@virginia.org 276-322-2044 www.vatc.org (industry) www.virginia.org (consumer)
  85. 85. • 19.2 billion in revenue • supported 210,620 jobs • provided $1.28 billion in state and local tax revenue Impact of Tourism in VA - 2008
  86. 86. • Advertising • Customer Service & Industry Relations • Electronic Marketing • Film Office • Marketing & Promotion • Public Relations • Research • Tourism Development • Others Virginia Tourism Corp. Services
  87. 87. • Wilderness Road Heritage Trail • Virginia Coal Heritage Trail • ‘Round the Mountain • Heartwood • Spearhead Trails Development & Partnership Marketing
  88. 88. • Planning Assistance • Marketing Guidance • Workshops Business Assistance
  89. 89. • Marketing Leverage Program Funding
  90. 90. •Canoe Rentals and Tours •Fishing and Boating Rentals •Bicycle Tours and Outfitters •Adventure/Nature Camps Tourism Business Opportunities
  91. 91. •Wineries/Vineyards •Corn Maze •Pumpkin Patch •Pick Your Own •Animal Parks •Herb/Flower Farms •Christmas Trees Farms Agri-tourism
  92. 92. Bed & Breakfast Inns Cabins and Cottages Lodges Campgrounds Horse Campgrounds Horse Stables/Barns House Boats Green Lodging Unique Lodging Opportunities
  93. 93. Music/Theater Venues Artisan Studios/Galleries Heritage Sites Tea Rooms Breweries/Pubs Eclectic Restaurants Shopping Spas Attractions
  94. 94. 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
  95. 95. 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
  96. 96. 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
  97. 97. Virginia’s Recent Ad Campaign
  98. 98. Targeting Niches & Groups By Interest •Traditional Music (Crooked Road) • Cultural Heritage (Coal Heritage Trail) • Anglers (Fish Virginia First) •Outdoor Enthusiasts •Weddings/Meetings/Group Tours Marketing Tips
  99. 99. Public Relations Marketing Tips
  100. 100. • 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
  101. 101. Tourism Business Development & Marketing Assistance Randall A. Rose Development Specialist – Partnership Marketing Virginia Tourism Corporation rrose@virginia.org 276-322-2044 www.vatc.org (industry) www.virginia.org (consumer)
  102. 102. Financing & Managing Resources
  103. 103. Helpful Hints for Financing Your Business Scott Peak Market President © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
  104. 104. Helpful Hint #1 Get Your Financial House In Order  Obtain a copy of your personal credit report. • Check for any inaccuracies or mistakes. • Make certain that all accounts are current and there are no outstanding judgments or liens. • If there is any derogatory information, be proactive and prepare to explain the problems and why the problem is not likely to occur again.  Gather personal and/or business records • For the past three years, including: • Tax returns, financial statements with schedules and attachments, and interim year-to-date financial statements. • Any other financial documents that might help a lender. • Neatly photocopy all of the documents and prepare them for your presentation. © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 114
  105. 105. Helpful Hint #2 Understand What Your Lender is looking for  Be specific in what you are asking for • Know how much you need • Be prepared to support all costs with estimates, invoices, or contracts • Never tell a lender that you want to borrow as much money as possible.  Primary source of repayment • Be able to demonstrate how you will pay back the loan • Debt Service Coverage = Earnings before Interest, Taxes, and Depreciation / Total Debt Service • Debt to Income= Debt service / Income available to service debt Secondary source of repayment (back up plan) • Be prepared to be able to demonstrate how your lender will be paid back if income falls short • Be prepared to have guarantors and possible collateral © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 115
  106. 106. Helpful Hint #3 Recognize Your Strengths And Weaknesses  Bank underwriters are paid to identify risk • Business owners tend to be optimistic • Be prepared for scrutiny • Address your strengths and challenges realistically & honestly  Most common weaknesses lenders find are: • Inability to demonstrate repayment ability • Insufficient collateral • Lack of management experience • Insufficient cash injection • Poor personal credit  Don't get scared; just get prepared • Depending on the severity of any particular weakness, you can often overcome it if you are prepared with a particularly noteworthy and compensating strength. © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 116
  107. 107. Sources of Financing  Credit Cards o Most expensive o Credit lines may be cut unexpectedly o Most risk  Personal Savings o Lowest expense o Lowest risk o Do not use all of your savings for start up costs  Bank financing o Low cost o Shorter term o Higher equity requirements  Small Business Administration guaranteed loans o Low cost o Longer terms o Reduced equity requirements o Lower risk to partner Banks o Multiple plans to address real estate, equipment, and working capital needs  Non-profit community lenders (People Inc, etc) © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 117
  108. 108. Why NOW is the Best Time EVER to get a SBA Loan?  More companies than ever are eligible  Tangible net worth <$8.5MM  Net profits <$3MM in each of last two years  Transaction costs are at an all time low  SBA has waived the guarantee fee – usually ~2 points  Interest rates are at all time lows  Congress is now acting to increase lending limits, waive fees, and bolster lending! © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 118
  109. 109. Advantages to SBA Loans  Lower down payment  Up to 90% financing on Owner Occupied Real Estate  Up to 85% financing on Business Acquisition  Up to 90% financing on Partner Buy Out  Longer amortization  20 – 25 Year Term on Owner Occupied Real Estate  10 Year Term on Business Acquisition or Refinance  Can lend with collateral shortfall  SBA does not have specific LTV  Must take “All available collateral” © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 119
  110. 110. Types of Deals Financed  Acquisition of Owner Occupied Real Estate  Financing available up to $9MM  Refinance of Existing Debt  Up to $2MM  Must cut payments by 10% or more  Business Acquisition  Individual or corporate buyers  Partner or Management Buy-Outs  Loans up to $1.75MM  Start Ups  Require 30% equity © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 120
  111. 111. Why Wells Fargo SBA Lending  Largest lender in United States  Closed over $900MM in 2009 – three times nearest competitor  Experienced Lenders and Underwriters  Preferred SBA Lender  Growing while others contract  2010 Goal - $1.2B  It’s a marathon not a sprint  We don’t sell our loans © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 121
  112. 112. Scott Peak Market President Wachovia Bank 601 State St – 3rd Floor Bristol, VA 24201 (276) 645 – 1230 Scott.peak1@wachovia.com © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
  113. 113. People Incorporated Financial Services
  114. 114.  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
  115. 115. • BusinesStart • Training and Technical Assistance • Consumer Loan Program • Ninth District Development Financing, Inc. • New Market Tax Credit Program
  116. 116. 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.
  117. 117. BusinesStart • Classes are offered to assist in educating the customer on Business Development. • Loans available up to $200,000 for start up or existing businesses. • Continuing assistance to customers once the business is up and running.
  118. 118. Training and Technical Assistance • Business Basics Workshop • Core Four Business Planning Course • Customer Service Workshop with partner Virginia Tourism Cooperation • Social Media Workshop- You-Link-Twit-Face with partners Virginia Dept of Business Assistance and Virginia Tourism Corporation
  119. 119. 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
  120. 120. NDDF Ninth District Development Financing, Inc. • Loans for start up or expanding a tourism related business. • Business must be located within the 9th congressional district of Virginia. • Interest rate = Prime Rate • Visit our website: www.nddf.org
  121. 121. 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.
  122. 122. 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
  123. 123. Contact Information Becky Nave People Incorporated of Virginia 1173 West Main Street Abingdon, VA 24210 bnave@peopleinc.net P: 276-619-2243 www.whatcanpeopledo.org
  124. 124. Questions?
  125. 125. 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
  126. 126. 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
  127. 127. Ask VBIC = 866- 248-8814
  128. 128. 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
  129. 129. 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
  130. 130. Ask VBIC = 866- 248-8814
  131. 131. 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
  132. 132. • Examples of Purchasing: – Instant Ice Tea • 01/01/2009 – 12/31/2009 = $23,455.71 - 46 PO’s – Novelty – Specialty Advertising Products • 01/01/2009 – 12/31/2009 = $152,905.34 - 152 PO’s – Grounds Maintenance: Mowing, Edging, Plant (Not Tree) Trimming, etc. • 01/01/2009 – 12/31/2009 = $14,566,567.94 - 1150 PO’s – Tires and Tubes, Passenger Vehicles • 01/01/2009 – 12/31/2009 = $72,103.64 - 7 PO’s – Concessions, Catering, Vending: Mobile and Stationary • 01/01/2009 – 12/31/2009 = $6,187,712.31- 11,757 PO’s – Building Maintenance • 01/01/2009 – 12/31/2009 = $90,611,650.85 - 9285 PO’s – Earth Moving Equipment Rental • 01/01/2009 – 12/31/2009 = $8,573,333.24 -621 PO’s – Cleaning Services, Steam & Pressure • 01/01/2009 – 12/31/2009 = $3,358,694.55- 303 PO’s
  133. 133. 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
  134. 134. 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
  135. 135. 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
  136. 136. Social Media Workshops You-Link-Twit-Face Upcoming Events: •November 1 - Floyd •November 16 – Bristol
  137. 137. Are you interested in starting an adventure tourism business in Southwest Virginia? If so, attend a ½ day workshop and learn about the opportunities, best practices, and steps required to launch a successful tourism business. Event Dates: October 19 = Roanoke November 4 = Wytheville Advanced Registration Required: Online: www.vastartup.org
  138. 138. 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
  139. 139. OTHER AVAILABLE RESOURCES Virginia Business Incubator – 7 Available in Southwest Virginia – 29 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/
  140. 140. Business Incubator Light Manufacturing Space Shared Amenities Commercial Kitchen
  141. 141. 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
  142. 142. 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/
  143. 143. 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
  144. 144. 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
  145. 145. “If you always do what you’ve always done, You will always get what you’ve always got!”
  146. 146. 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
  147. 147. Survey Completions Please take a moment to complete our survey!
  148. 148. CONTACTS • Sandy Ratliff, Virginia Department of Business Assistance = 276-676-3768 or VBIC = 866-248- 8814 • Randy Rose, Virginia Tourism Corporation = 276- 322-2044 • Steve Willinger, SCORE = 423-989-4850 • Tim Blankenbecler, MECC SBDC = 276-523-6529 • Becky Nave, People, Inc. = 276-619-2243 • Scott Peak, Wachovia Bank = 276-645-1230 • John Kilgore, Scott Co. EDA = 276-386-2525 • Dennis Horton, MEOC = 276-523-4202