Post on 19-Oct-2014
description
December 9, 2010
Independence
WELCOME
Ken McFadyenBlue Ridge Crossroads Economic
Development Authority
What Do
These
Entrepreneurs
Have in
Common?
SUCCESS!
SUCCESS!
Remember as a start-up
your place in the food chain
GET PREPARED…DO
YOUR HOMEWORK
OR……..
How to Start and Operate A Business
How to Start and Operate A
BusinessOur 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
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.
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.
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 taxesWhen you are successful we all benefit
Where business comes to talk business.
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.
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.
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.
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.
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 basedFrom “hypergrow your business” by Curtis Clinkinbeard
Where business comes to talk business.
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.
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
VSBDC Offices
Crossroads SBDC OfficeTel: 276-236-0435
Dgarrett@crossroadsva.orgLongwood SBDC – Martinsville
www.longwood.edu/sbdc Tel: 276-632-4462
Mountain Empire Community Collegewww.me.vccs.edu/sbdc/ Tel:276-523-6529
New River Valley/Radford Universitywww.sbdc.radford.edu Tel: 540-831-6056
Roanoke Regional Small Business
Development Centerwww.roanokechamber.org/ Tel: 540-983-0717
Southwest Virginia Community Collegewww.sw.vccs.edu/sbdc Tel: 276-964-7345
Virginia Highlands Community Collegewww.vhcc.edu/sbdc Tel: 276-739-2474
Count on SCORE Mentors for
Small Business Growth Advice
www.score.org
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
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
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
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
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
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%
Gallup Poll shows SCORE Helps Business
Start & Grow Even in Recession
SCORE and Job Creation
www.score.org
Small Business at a Glance
58.3% of goods-producing
industries are small business
47.73% of service industries
are small business
60.2 million U.S. workers are
employed by small business
Small Business Means Jobs
0
10
20
30
40
50
60
70
80
90
Percent Small Business
Source: http://www.sba.gov/advo/research/sbqei1002.pdf
www.score.org
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
Economic Recovery Trending
Small Business is the Key to Economic Recovery
Source: Fall 2009 American
Express OPEN Small Business
Monitor
• 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.
www.score.org
Improving success rates
improves the economy.
Today, only half of small
businesses survive for
5 years. (post shut-down
interviews revealed that 85%
were preventable)
Let’s change that.
Improving the Success of Small Business
Setting the Stage for Growth
Source: U.S Dept. of Commerce, Bureau of the
Census, Business Dynamics Statistics.
www.score.org
Growth Industries Aid Recovery
• 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 2011Source:
http://www.entrepreneur.com/tr
ends/index.html
Small Business Leads the Way with Niche MarketsHealthcare, green business , “go local” opportunities
www.score.org
Who is Thinking Positive?
Entrepreneurs are Optimistic about the Future50% 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
Workflow Responsibilities
SCORE is America’s
small business resource
• One-on-one counseling in
person & online.
• Workshops, seminars &
events in your community.
• Business tools & templates
at www.score.org.
Free & confidential
mentoring
• We help small biz grow
• Jelly Belly $160mm rev
• Vera Bradley $288mm rev
• 8.5 million served since 1964
• 370,000 assisted this year
Setting the Stage for Success
www.score.org
Mentoring & Expert Insights Aid Success
Source: Gallup SCORE client outcomes survey 2009.
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%
Small Business Counts on SCORE
Helena and Emily McHugh of Casauri,
SCORE clients for more than 10 years.
www.score.org
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
Entrepreneurs’ Favorite SCORE Resources
SCORE as an Expert Resource
Source: Gallup SCORE client
outcomes survey 2009.
www.score.org
Thank you.
Steve Willinger, Chapter Chair
.
Small Business Matters
Bristol & Abingdon
Call or visit us online
(423) 989-4866
www.bristolscore.org
We are here to help with free & confidential mentoring
Growing Your Business/Marketing
Strategies
Steve WillingerSmall Business Marketing Professional
Social Media Strategist
Bristol, TN
MARKETING & ADVERTISING
For The Entrepreneur
Entrepreneur Express
March 18, 2010
• Marketing Today
• Social Networking
• Planning for Success
• Advertising for the Small Business
• Developing a Marketing Budget
Today's Agenda
• Advertising is struggling
• Expectations are increasing
• Competition is everywhere
• Time is a scarcity
• Technology has become an integral component
A Few Facts
“Everything you do to place your product or service in the hands of potential customers.”
• Creating a customer
• Keeping a customer
Marketing is. . .
Social Networking?
Social Media
• Anticipate future events
• Define a direction
• Create a blueprint
Marketing Plans
Marketing Plans
“A written plan turns your marketing into a planned investment
rather than a hopeful risk”
• Easy to understand
• Clearly links objectives to strategies
• Specific and measurable
• Flexible
• Provides for checkpoints
A Good Plan…
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
The Marketing Plan
SMART Objectives• Specific
• Measurable
• Accurate
• Realistic
• Time-based
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
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.
The most “convenient” method of communicating to your target audience the
benefit of purchasing your product or service.
ADVERTISING is . . .
The key is to ensure that they take notice of yours!
HOW?
Fact: Most people ignore advertising
Location
Regular advertising will build awareness
Constant Focus on Sales and Marketing
Community Involvement
Public Relations
Communication
Customer Service
Make sure your company is
Recognizable
Make sure your company is Memorable
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
How Does Advertising Work?
Branding
• What is it going to cost?
• What methods would benefit my business the most?
• Meet with a professional
QUESTIONS ASKED . . .
% 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
Advertising Budget Basics
Steve WillingerSmall Business Marketing Professional
Social Media Strategist(423) 797-0355
smwillinger@gmail.comstevewillinger.com
linkedin.com/in/stevewillingerfacebook.com/stevewillinger
“It’s your turn for Comments and
Questions”
Tourism Business Development &Marketing Assistance
Kitty BarkerDevelopment Specialist – Partnership Marketing
Virginia Tourism Corporationkbarker@virginia.org
276-466-8772
www.vatc.org (industry)www.virginia.org (consumer)
Impact of Tourism in VA - 2009
• 17.7 billion in revenue
• supported 204,480 jobs
• provided $1.24 billion in
state and local tax revenue
*International visitation up 16%.
Virginia Tourism Corp. Services
• Advertising
• Customer Service & Industry Relations
• Electronic Marketing
• Film Office
• Marketing & Promotion
• Public Relations
• Research
• Tourism Development
• Others
Development & Partnership Marketing
• Wilderness Road Heritage Trail
• Virginia Coal Heritage Trail
• ‘Round the Mountain
• Heartwood
• Spearhead Trails
• Planning Assistance
• Marketing Guidance
• Workshops
Business Assistance
Funding
• Marketing Leverage Program
Tourism Business Opportunities
•Canoe Rentals and Tours
•Fishing and Boating Rentals
•Bicycle Tours and Outfitters
•Adventure/Nature Camps
Agri-tourism
•Wineries/Vineyards
•Corn Maze
•Pumpkin Patch
•Pick Your Own
•Animal Parks
•Herb/Flower Farms
•Christmas Trees Farms
Unique Lodging Opportunities
Bed & Breakfast Inns
Cabins and Cottages
Lodges
Campgrounds
Horse Campgrounds
Horse Stables/Barns
House Boats
Green Lodging
Music/Theater Venues
Artisan Studios/Galleries
Heritage Sites
Tea Rooms
Breweries/Pubs
Eclectic Restaurants
Shopping
Spas
Attractions
Ancillary Businesses
Caterers Cleaning Services Food/Drink Distributors ElectriciansRestaurant Equipment Plumbers Security Systems Pool MaintenanceConvenient Stores Lawn Care Web Site Designers Auto RepairAd Agencies Events PlannersTravel Agencies FloristsMotorcoach Companies Linen Services
Car Rental Offices
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
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
Virginia’s Recent Ad Campaign
Targeting Niches & Groups By Interest
Marketing Tips
•Traditional Music (Crooked Road)• Cultural Heritage (Coal Heritage Trail)• Anglers (Fish Virginia First)•Outdoor Enthusiasts •Weddings/Meetings/Group Tours
Public Relations
Marketing Tips
Learn More About VTC Services
• 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.)
Tourism Business Development &Marketing Assistance
Kitty BarkerDevelopment Specialist – Partnership Marketing
Virginia Tourism Corporationkbarker@virginia.org
276-466-8772
www.vatc.org (industry)www.virginia.org (consumer)
Financing & Managing Resources
Helpful Hints for
Financing
Your Business Scott Peak
Market President
© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
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.
85© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
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
86© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
Primary Source of Repayment
Business Net Income + Outside Income (W-2)Interest Expense +Depreciation / Amortization +
Earning Before Interest, Depreciation, & Amortization(EBIDA)
DIVIDED BY
Annual Debt Service Payments orInterest Expense plus Current Maturities of Long Term Debt
Equals = Debt Service Coverage (Target > 1.40 to 1.0)
87© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
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.
88© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
Sources of Financing
Credit Cardso Most expensiveo Credit lines may be cut unexpectedly o Most risk
Personal Savingso Lowest expenseo Lowest risk o Do not use all of your savings for start up costs
Bank financing o Low costo Shorter termo Higher equity requirements
Small Business Administration guaranteed loanso Low costo Longer termso Reduced equity requirementso Lower risk to partner Bankso Multiple plans to address real estate, equipment, and working capital needs
Non-profit community lenders (People Inc, etc)
89© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
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!
90© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
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”
91© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
Scott PeakMarket President
Wachovia Bank
© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
601 State St – 3rd Floor
Bristol, VA 24201
(276) 645 – 1230
Scott.peak1@wellsfargo.com
Community and Economic
Development
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
Assistance for Small Businesses
2010
• $766,046 total dollars disbursed
• 30 business started or expanded
• 112 jobs created or retained
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
•Loans for start up
or expanding a
tourism related
business
•Over $4.1 million
dollars disbursed
since inception
Visit our website:
www.nddf.org
NDDF
Ninth District Development Financing, Inc.
Training and Technical Assistance
• Business Basics Workshop
• Core Four Business Planning
Course
• Customer Service Workshop
• Social Media Workshop
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
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
IDAIndividual 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.
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
• Phone: 276-619-2243
• Email: bnave@peopleinc.net
• Website: www.whatcanpeopledo.org
Becky Nave Senior Business Trainer/Marketing Coordinator
http:www.facebook/becky.nave
http:www.linkedin.com/in/becky.nave
http:www.twitter.com/becky.nave
Other Business Resources
Sandy Ratliff, Business Services ManagerVirginia Department of Business Assistance
276-676-3768
sandy.ratliff@vdba.virginia.gov
www.vdba.virginia.gov
www.vastartup.org
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
Ask VBIC = 866-248-8814
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
Are you starting a business?
Virginia’s Business One Stop system can help
you determine your business formation requirements and can
pre-fill your business registration forms.
Visit http://www.virginia.gov/bos/index.html to 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
Virginia’s Business One Stop
Winner of the 2009
Governor's Technology
Awards
Ask VBIC = 866-248-8814
Ask VBIC = 866-248-8814
Governor’s ExecutiveOrder 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
Growing Your $ales - State
• Examples of Purchasing:– Soft Drinks
• 11/01/2009 – 10/31/2009 = $1,659,641 - 2967 PO’s
– Souvenirs: Promotional, Advertising, etc.• 11/01/2009 – 10/31/2010 = $257,620.77 - 344 PO’s
– Grounds Maintenance: Mowing, Edging, Plant (Not Tree) Trimming, etc.
• 11/01/2009 – 10/31/2010 = $7,760,607.88 - 1028 PO’s
– Tires and Tubes, Passenger Vehicles• 11/01/2009 – 10/31/2010 = $187,946.28 - 464 PO’s
– Concessions, Catering, Vending: Mobile and Stationary• 11/01/2009 – 10/31/2010 = $18,793,359- 12,993 PO’s
– Building Maintenance• 11/01/2009 – 10/31/2010 = $85,730,848 - 10,422 PO’s
– Earth Moving Equipment Rental• 11/01/2009 – 10/31/2010 = $14,115,179 - 1136 PO’s
– Cleaning Services, Steam & Pressure• 11/01/2009 – 10/31/2010 = $5,024,911- 215 PO’s
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 Manager276-676-3768
Email: sandy.ratliff@vdba.virginia.gov
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
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
Social Media WorkshopsYou-Link-Twit-Face
Upcoming Events:
•March 10, 2011 - Christiansburg
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.
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.
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
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/
Business Incubator
Light Manufacturing Space Commercial KitchenShared Amenities
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/
Marketing Resources
• SCORE = www.score.org
• Virginia Tourism Corporation = www.vatc.org
• Virginia Department of Agriculture – Virginia’s Finest Trademark = www.vdacs.virginia.gov
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
“If you always do what you’ve
always done, You will always
get what you’ve always got!”
Lets Connect:Sandy Ratliff
The Virginia Department of Business Assistance276-676-3768
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
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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