|
Workshop whets appetites of local entrepreneurs
BY JAMES JACENICH • STAFF WRITER
BOLAR - Did you know that Virginia is ranked No. 1 for business by Forbes.com the last two years? And that Entrepreneur.com named Virginia second best for entrepreneurs, Pollina Corporate Real Estate, Inc. calls Virginia the most business friendly state, and Virginia ranked second in its use of information technology to benefit citizens in the 2006 Digital States Survey?
Did you also know that 75 percent of new jobs in Virginia are created by start-up and small businesses?
That was just part of what 15 participants learned at the Entrepreneur Express workshop in Bolar March 29. The 15 represented a wide range of business interests in Bath and Highland counties, from those just starting to plan their business, to those who already established but wanting to make it better.
Virginia is a great state to do business in, said David Fuller of the Virginia Department of Business Assistance.
But that doesn't make it easy to succeed in business. Learning the ropes of how to start and maintain a business was the point of the Saturday morning workshop.
Guest speakers included Robin Sullenberger, member of the Highland County Board of Supervisors and executive director of the Shenandoah Valley Economic Development Partnership. After a brief introduction, he turned the floor over to Betty Mitchell, executive director of The Highland Center representing the Shenandoah Valley Small Business Development Center.
Mitchell said the SBDC assists clients to create and retain jobs, increase revenue, profitability and capital investments.
The Shenandoah Valley SBDC provides free counseling, training and resources. Counseling covers a variety of topics, including business planning, financial analysis, cash flowprojections, loan proposals, marketing plans, management practices, sales techniques and human resources concerns.
"Planning is the most important thing you can do," said Mitchell. A plan is a tool one can use when seeking financing or managing a business. "It forces you to take an objective view of your ideas," she said. "It serves as a road map to your objectives."
Sandra Tanner, representing the Virginia Tourism Corporation, discussed the VTC marketing plan.
She said in the tourism business, several questions are paramount - Where do they (tourists) want to stay? What do they want to do? What is going to interest them? What makes tourists want to stay longer?
Tanner advises, whatever the business, an entrepreneur needs to look at assets, resources and competition.
Competition can also be seen as a source for partnerships, she said. Similar businesses have similar needs and use similar strategies to attract customers. Sometimes resources can be shared to achieve a common goal, such as through joint advertising or packaging.
Packaging is a response to the demand for other opportunities that tourists seek. Packaging is a way of collectively advertising a region and its assets, drawing in visitors not only for a day or one event, but also for a several day or weeklong stays and visits to many different businesses.
Marketing takes research. One's message to potential customers should be consistent and concise, said Tanner.
"We are a day's drive from anything," Tanner said, offering this as an example of a good reason to come to Virginia. The same pitch could be used to show visitors the value of coming to Bath or Highland counties, too.
Tanner said the tourism industry focuses on decision makers. For the VTC, the focus is on women, who make most of the travel decisions for their families. "Women make decisions about travel," said Tanner. "Women think, 'I'm time deprived; I want to get the most out of my vacation; and I'm looking for an experience,'" she said. Some current tourism trends include girlfriend getaways, pet friendly accommodations, multi-generational travel, and the epicurean experience. A recently emerging trend is Virginia Green - people are going to see green attractions.
"Some of these won't fitin your area - do your own model," said Tanner.
Fuller introduced the sobering statistic that 80 percent of small businesses fail within fiveyears and that nine out of 10 failures are avoidable. "Accounting difficulties are responsible for as much as 25 percent of small business failure," he said. "Poor planning is a major cause," Fuller added.
The essentials to succeeding in business are - believe, be prepared, build, bottom-line focus and be creative, said Fuller.
Entrepreneurs have to believe in their business, but they also have to be realistic and have a plan that minimizes financial risks, among other things. A business plan also gives the true believer a reality check. A good idea might not work if the timing or location is wrong. That's not to say the idea needs to be abandoned, just that one needs to plan more carefully to make their dream come true.
Fuller said critical feedback from impartial parties helps prepare one for the challenges ahead. "Think numbers," he added. "Make reasonable, data-based projections."
Once the business gets started, "There is no excuse for not knowing your business' financial position," he said.
Fuller said the bottom line is how one answers the question, "Will the income from the business exceed the expenses and allow you to meet your basic and long term needs?"
The three-hour presentation was just a taste of the resources available to entrepreneurs in Virginia. See the sidebar for a long, but not exhaustive list of Web sites and phone numbers. Also, for those wanting to start a new business or expand an existing one, visit or call the Bath County Chamber of Commerce, Highland County Chamber of Commerce or The Highland Center for more information.
Helpful business Web sites
and local contacts
The Highland Center, (540) 468-1922 - The center, in addition to running a small business incubator, hosts SCORE and the SBDC, providing space for private consultations with small business mentors.
Highland County Chamber of Commerce, (540) 468-2550.
Bath County Chamber of Commerce, 1-800-628-8092.
www.virginia.org - Listing on the Web site is free to Virginia businesses.
www.VATC.org - The Virginia Tourism Corporation. It has an electronic marketing-newsletter an industry site. The site also has information on the state's welcome centers, which, for a fee, will put brochures on local businesses on display. Welcome centers also provide a free reservations service. There's a Welcome Center on U.S. 64 near Covington. The Web site also has a link to the Virginia Film Office,which maintains a listing of regional assets that movie producers look at when deciding where to film.
www.sba.gov/financing - For information on the U.S. Small Business Administration financial resources.
www.score.org - SCORE provides free small business counseling.
www.businessfinance.com - A business funding directory.
www.capital-connection. com - Venture capital information guide.
www.dba.virginia.gov/financing, 1-866-248-8814 - The Virginia Department of Business Assistance Small Business Financing Authority.
www.nfib.com/page/ toolsHome - National Federation of Independent Business, business toolbox.
www.dba.virginia.gov/virginia/ default.asp (804) 371-0438 or 1-866-248-8814. Virginia Business Information Center.
www.activecapital.com - Angel investor network.
www.bizstats.com - Business statistics.
www.Entrepreneur.com/ money/finance/index.html - Money and financing.
www.exportVirginia.org - Look at your market as more than Bath or Highland counties.
www.dmbe.virginia.gov - Department of Minority Business Enterprise.
| 
