Are you sure?
What Do
    These
Entrepreneurs
   Have in
 Common?


                  Confidence?
                Competitiveness?
An Idea?

 Drive?



            Identified
           Market Need?
A Plan
  of
Action?




          Willing to take
              Risks?
Focused?

Goal & Objective?




                    A successful
                     enterprise
Remember as a start-up
your place in the food chain
Small Business in
 Virginia
 Small Businesses constitute
  99% of all Virginia businesses.
 Small Businesses create over...
Virginia is for Business Lovers
• Virginia ranked #1 state for business by
  Forbes.com last four years.
• Ranked #1 most ...
How to Start and Operate
      A Business
VA Small Business
Development Center
     Network
Who we are:

 A consortium of 29 centers throughout
  the Commonwealth that assists small
  business owners or managers t...
6 Small Business Development
         Centers in the
       Southwest Region
 MECC SBDC serves Scott, Lee, Wise &
 Dicken...
Our Mission is:

 “To foster small business success and grow
  Virginia’s economy.”

We are in the “economic development ...
What we do:
 Provide one-on-one, in-depth business
  management counseling to any and all who
  request assistance. There...
Who are we for:

 The business owner or manager wanting
  to expand the business, solve a
  business problem, develop a n...
What help is available:
 Create a comprehensive business plan and proforma
    financial statements
   Sources of financ...
Our center has…

 served over 2000 Clients since 1991
     created and retained over 1800 jobs
     created $33 Million...
Legal Entity

 One of the most important decisions you
  need to make before starting your
  business is determining what...
A Business Plan

 Planning is your map to success in the
  business world. You need to write a
  business plan if you are...
A Business Plan helps you….

 find hidden business flaws and makes you think
  carefully about each phase of your busines...
A Business Plan Contains
 Business Description
 Managers & Employees
 Operations & Location
 Market Analysis
 Marketi...
The Plan will help you:

 Move ideas from
  your head to paper in
  an organized, clear,
  convincing manner
 Avoid the ...
How can we assist you?



Phone: 276-523-6529
Fax:      276-523-8139
 tblankenbecler@me.vccs.edu
 www.mecc.edu/sbdc
Turn to SCORE Counselors for
   Small Business Advice
      Live Your Dream. SCORE Can Help.
Small Business and Leadership

     Live Your Dream. SCORE Can Help.

        Q: Why is small business so important to the...
Small Business and Leadership

             Live Your Dream. SCORE Can Help.

Q: Why is owning a business important to you...
About SCORE

             Live Your Dream. SCORE Can Help.

    SCORE “Counselors to America’s Small Business” is a nation...
About SCORE

             Live Your Dream. SCORE Can Help.

Q: How can a SCORE business counselor help?

A: SCORE counselo...
About SCORE

             Live Your Dream. SCORE Can Help.

    SCORE business counselors are volunteers. Volunteers
    w...
SCORE Services for You

             Live Your Dream. SCORE Can Help.



   Confidential business counseling
   Long-ter...
SCORE Services for You

  Live Your Dream. SCORE Can Help.




           More than 12,000 counselors nationwide
        ...
SCORE Resource: www.score.org

                      Live Your Dream. SCORE Can Help.

The SCORE Small
Business Web Site
a...
Turn to SCORE

Live Your Dream. SCORE Can Help.




      Steve Willinger
          Bristol Chapter Chair
       steve@ste...
Growing Your
Business/Marketing
         Strategies
Entrepreneur Express
          March 18, 2010


MARKETING & ADVERTISING
  For The Entrepreneur

            Steve Willinge...
Today's Agenda

•   Marketing Today
•   Social Networking
•   Planning for Success
•   Advertising for the Small Business
...
A Few Facts

• Advertising is struggling
• Expectations are increasing
• Competition is everywhere
• Time is a scarcity
• ...
Marketing is. . .


“Everything you do to place your product or service
       in the hands of potential customers.”

    ...
Social Networking?
Social Media
Marketing Plans

• Anticipate future events
• Define a direction
• Create a blueprint
Marketing Plans


“A written plan turns your marketing into
          a planned investment
        rather than a hopeful r...
A Good Plan…

• Easy to understand
• Clearly links objectives to strategies
• Specific and measurable
• Flexible
• Provide...
The Marketing Plan

• Reality Check
   * Current economy
   * Understanding success factors
   * Challenges your company f...
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...
7 Step Marketing Plan

1. State the purpose of your marketing.
2. Define your target audience.
3. State customer benefits ...
ADVERTISING is . . .


     The most “convenient” method of
 communicating to your target audience the
benefit of purchasi...
Fact: Most people ignore advertising


   The key is to ensure that they take notice of
                      yours!

    ...
Make sure your company is
              Recognizable
Location
Regular advertising will build awareness
Constant Focus o...
Make sure your company is
       Memorable
How Does Advertising Work?

 Advertising puts your company at the forefront of
people’s minds.
 Advertising either stimu...
Branding
QUESTIONS ASKED . . .


        • What is it going to cost?
• What methods would benefit my business
               the mo...
Advertising Budget Basics

  % of lifetime value of customer
    % of previous annual sales
         % of desired sales
  ...
“It’s your turn for Comments and
             Questions”
         Steve Willinger
    Small Business Marketing Professiona...
Tourism Business Development &
        Marketing Assistance
                 Kitty Barker
Development Specialist – Partner...
 19.2 billion in revenue
 supported 210,620 jobs

 provided $1.28 billion in

  state and local tax revenue




IMPACT ...
   Advertising
   Customer Service & Industry Relations
   Electronic Marketing
   Film Office
   Marketing & Promoti...
   Wilderness Road Heritage Trail
   Virginia Coal Heritage Trail
   ‘Round the Mountain
   Heartwood
   Spearhead Tr...
   Planning Assistance
   Marketing Guidance
   Workshops




Business Assistance
• Marketing Leverage Program




Funding
Canoe  Rentals and Tours
Fishing and Boating Rentals

Bicycle Tours and Outfitters

Adventure/Nature Camps




TOURISM...
Wineries/Vineyards

Corn  Maze
Pumpkin Patch

Pick Your Own

Animal Parks

Herb/Flower Farms

Christmas Trees Farms...
Bed & Breakfast Inns
 Cabins and Cottages

 Lodges

 Campgrounds

 Horse Campgrounds

 Horse Stables/Barns

 House ...
Music/Theater   Venues
  Artisan Studios/Galleries
  Heritage Sites
  Tea Rooms
  Breweries/Pubs
  Eclectic Restaura...
Caterers                  Cleaning Services
   Food/Drink Distributors   Electricians
   Restaurant Equipment      Plumber...
6 QUESTIONS YOU SHOULD ANSWER
      What are we trying to accomplish?
      Who is our target audience?
      What mess...
MARKETING PLANS CHANGE

      Because of business growth
      Because of research
      Because of economic factors
  ...
VIRGINIA’S RECENT AD CAMPAIGN
TARGETING NICHES & GROUPS BY INTEREST

 • Traditional Music (Crooked Road)
 • Cultural Heritage (Coal Heritage Trail)
 • A...
PUBLIC
RELATIONS




Marketing Tips
PROMOTIONS
   Visit www.vatc.org & www.virginia.org
   Sign up for the Dashboard e-newsletter
   Attend at VTC Help Desk event
  ...
Kitty Barker
Development Specialist – Partnership Marketing
        Virginia Tourism Corporation

                kbarker@...
Financing & Managing
      Resources
Helpful Hints for
     Financing
     Your Business
      Scott Peak
      Market President




© 2009 Wells Fargo Bank, N...
Helpful Hint #1
        Get Your Financial House In Order

             Obtain a copy of your personal credit report.
   ...
Helpful Hint #2
        Understand What Your Lender is looking for

             Be specific in what you are asking for
 ...
Helpful Hint #3

        Recognize Your Strengths And Weaknesses
             Bank underwriters are paid to identify risk...
Sources of Financing
         Credit Cards
           o Most expensive
           o Credit lines may be cut unexpectedly
...
Why NOW is the Best Time EVER to get a
                            SBA Loan?

         More companies than ever are eligi...
Advantages to SBA Loans


         Lower down payment
                  Up to 90% financing on Owner Occupied Real Estat...
Types of Deals Financed


         Acquisition of Owner Occupied Real Estate
                  Financing available up to...
Why Wells Fargo SBA Lending


         Largest lender in United States
                  Closed over $900MM in 2009 – th...
Scott Peak
     Market President
     Wachovia Bank
       601 State St – 3rd Floor
       Bristol, VA 24201
       (276) ...
People Incorporated Financial Services
 Creation of new job opportunities in the Ninth Congressional
  District
 An important component of our economic develop...
Loan Eligibility
 Any Profit or Non-Profit entity that enhances
  tourism, creates jobs and expand economic
  development...
NDDF
Ninth District Development
Financing, Inc.
 Loans for start up or expanding a tourism related
  business.
 Business...
Training and Technical Assistance

 Business Basics Workshop – 3    Customer Service Training – 2
  hour                ...
Contact Information


              Crystal Breeding
      Business Development Manager
      Email: cbreeding@peopleinc.n...
Questions?
Other Business
              Resources
Sandy Ratliff, Business Services Manager
        Virginia Department of Business As...
The Virginia Department
    of Business Assistance
VDBA supports economic development in the
  Commonwealth by working wit...
Ask VBIC = 866-
248-8814
Business Information Services

         To help businesses get started and to grow.

Formation Assistance
 Virginia Busin...
Virginia’s Business One Stop
                Are you starting a business?
                Virginia’s Business One Stop sys...
Ask VBIC = 866-
248-8814
Growing Your $ales - State

                            Governor’s Executive
                             Order 33
      ...
• Examples of Purchasing:
   – Instant Ice Tea
      • 01/01/2009 – 12/31/2009 = $23,455.71 - 46 PO’s
   – Novelty – Speci...
One–on-One Counseling Sessions
  Need Based:
     –   Accessing New Markets/Sales Growth
     –   Tailored Sales Developme...
Entrepreneur Workshops
          • Launched October 2006
          • Partnership with Service
            Providers and lo...
Growing Your $ales Workshops
 Business Sales Growth Program
    Market Research and Expansion
    Financing
    Growth...
Social Media Workshops
You-Link-Twit-Face




                     Upcoming Events:
                     • April 14 – Dick...
Virginia Jobs
    Investment Program
•   Workforce recruiting and training
     – Create minimum 25 net new jobs within 12...
Financing Programs
• Direct Lending: In partnership with banks and other
  lenders, we provide direct loans in economic
  ...
The VSBFA Does Not Give…
• Grants
• Loans or guaranties of loans without
  collateral
• Loans or guaranties of loans witho...
OTHER AVAILABLE RESOURCES
• Virginia Department of Labor – Apprenticeship Program
   – Combination of on-the-job training ...
OTHER AVAILABLE RESOURCES
Virginia Business Incubator
  – 9 Available in Southwest Virginia
  – 30 Within Commonwealth
  –...
Business Incubator




                                               Commercial Kitchen
Light Manufacturing Space

      ...
OTHER AVAILABLE RESOURCES
Virginia Economic Bridge, Inc.
  – Non-profit organization to promote the economic vitality of
 ...
Starting and Growing a Business

• Business Formation Assistance
   –   Small Business Development Center Network = www.vi...
Marketing Resources
•   SCORE = www.score.org
•   Virginia Tourism Corporation = www.vatc.org
•   Virginia Economic Bridge...
Financing Resources
• Virginia Small Business Financing Authority =
  www.vdba.virginia.gov
• Small Business Development C...
“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 Assistance
                  276-676-37...
Survey Completions
Please take a moment to complete our
               survey!
CONTACTS
• Sandy Ratliff, Virginia Department of Business Assistance
  = 276-676-3768 or VBIC = 866-248-8814
• Tim Blanken...
Adventure Tourism EE Presentation, April 9, 2010
Adventure Tourism EE Presentation, April 9, 2010
Adventure Tourism EE Presentation, April 9, 2010
Adventure Tourism EE Presentation, April 9, 2010
Adventure Tourism EE Presentation, April 9, 2010
Adventure Tourism EE Presentation, April 9, 2010
Adventure Tourism EE Presentation, April 9, 2010
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Adventure Tourism EE Presentation, April 9, 2010

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Adventure Tourism Entrepreneur Workshop Afternoon Express Presentation, April 9, 2010, Norton, Virginia.

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Adventure Tourism EE Presentation, April 9, 2010

  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
  7. 7. Small Business in Virginia  Small Businesses constitute 99% of all Virginia businesses.  Small Businesses create over 60-80% 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
  8. 8. 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 is for Business Lovers Ask VBIC = 866- 248-8814
  9. 9. How to Start and Operate A Business
  10. 10. VA Small Business Development Center Network
  11. 11. 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.
  12. 12. 6 Small Business Development Centers in the Southwest Region  MECC SBDC serves Scott, Lee, Wise & Dickenson Counties and City of Norton
  13. 13. 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
  14. 14. 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.
  15. 15. 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.
  16. 16. 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
  17. 17. 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.
  18. 18. 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)
  19. 19. 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
  20. 20. 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
  21. 21. 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
  22. 22. 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
  23. 23. How can we assist you? Phone: 276-523-6529 Fax: 276-523-8139  tblankenbecler@me.vccs.edu  www.mecc.edu/sbdc
  24. 24. Turn to SCORE Counselors for Small Business Advice Live Your Dream. SCORE Can Help.
  25. 25. Small Business and Leadership Live Your Dream. SCORE Can Help. Q: Why is small business so important to the economy? A: Small businesses create jobs and fuel growth.  There are nearly 26,000,000 small businesses nationwide.  Small businesses represent 99.7% of all employers.  Small businesses create 75% of new jobs.  About 672,000 new small businesses are formed each year.
  26. 26. Small Business and Leadership Live Your Dream. SCORE Can Help. Q: Why is owning a business important to you? A: Small business represents success on your own terms.  Be your own boss.  Bring a new idea to life.  Achieve your lifelong dream.  Create financial independence.  Turn your hobby into a profitable business.
  27. 27. About SCORE Live Your Dream. SCORE Can Help. SCORE “Counselors to America’s Small Business” is a national nonprofit association. “SCORE provides resources and expertise to maximize the success of existing and emerging small business”  Workshops and Seminars  Face-to-Face counseling  Online counseling www.score.org  Free and confidential business advice
  28. 28. About SCORE Live Your Dream. SCORE Can Help. Q: How can a SCORE business counselor help? A: SCORE counselors give real-world advice that applies to your business.  Practical advice  Business planning  Problem-solving  Growth strategies  Confidential sounding board
  29. 29. About SCORE Live Your Dream. SCORE Can Help. SCORE business counselors are volunteers. Volunteers who have achieved business success–and want to help you succeed in your business.  Dedicated volunteers  Confidential advice for your business  Experienced business owners and executives  Experts who’ve seen both economic highs and lows  Pros with expertise in hundreds of disciplines
  30. 30. SCORE Services for You Live Your Dream. SCORE Can Help.  Confidential business counseling  Long-term business mentoring  Face-to-face brainstorming sessions  Online email advice available anytime  Local workshops and seminars
  31. 31. SCORE Services for You Live Your Dream. SCORE Can Help.  More than 12,000 counselors nationwide  Representing over 300,000 years of business experience  More than 1,000 locations for counseling  Ask SCORE online counseling at www.score.org
  32. 32. SCORE Resource: www.score.org Live Your Dream. SCORE Can Help. The SCORE Small Business Web Site also offers: Business Tools— Workshops, tips and tools for your business. How To—Industry articles and expert insights.
  33. 33. Turn to SCORE Live Your Dream. SCORE Can Help. Steve Willinger Bristol Chapter Chair steve@stevewillinger.com (423) 989-4866 www.bristolscore.org
  34. 34. Growing Your Business/Marketing Strategies
  35. 35. Entrepreneur Express March 18, 2010 MARKETING & ADVERTISING For The Entrepreneur Steve Willinger Small Business Marketing Professional Social Media Strategist Bristol, TN
  36. 36. Today's Agenda • Marketing Today • Social Networking • Planning for Success • Advertising for the Small Business • Developing a Marketing Budget
  37. 37. A Few Facts • Advertising is struggling • Expectations are increasing • Competition is everywhere • Time is a scarcity • Technology has become an integral component
  38. 38. Marketing is. . . “Everything you do to place your product or service in the hands of potential customers.” • Creating a customer • Keeping a customer
  39. 39. Social Networking?
  40. 40. Social Media
  41. 41. Marketing Plans • Anticipate future events • Define a direction • Create a blueprint
  42. 42. Marketing Plans “A written plan turns your marketing into a planned investment rather than a hopeful risk”
  43. 43. A Good Plan… • Easy to understand • Clearly links objectives to strategies • Specific and measurable • Flexible • Provides for checkpoints
  44. 44. 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
  45. 45. The Marketing Plan SMART Objectives • Specific • Measurable • Accurate • Realistic • Time-based
  46. 46. 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
  47. 47. 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.
  48. 48. ADVERTISING is . . . The most “convenient” method of communicating to your target audience the benefit of purchasing your product or service.
  49. 49. Fact: Most people ignore advertising The key is to ensure that they take notice of yours! HOW?
  50. 50. 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
  51. 51. Make sure your company is Memorable
  52. 52. 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
  53. 53. Branding
  54. 54. QUESTIONS ASKED . . . • What is it going to cost? • What methods would benefit my business the most? • Meet with a professional
  55. 55. 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
  56. 56. “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
  57. 57. 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)
  58. 58.  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
  59. 59.  Advertising  Customer Service & Industry Relations  Electronic Marketing  Film Office  Marketing & Promotion  Public Relations  Research  Tourism Development  Others VIRGINIA TOURISM CORP. SERVICES
  60. 60.  Wilderness Road Heritage Trail  Virginia Coal Heritage Trail  ‘Round the Mountain  Heartwood  Spearhead Trails DEVELOPMENT & PARTNERSHIP MARKETING
  61. 61.  Planning Assistance  Marketing Guidance  Workshops Business Assistance
  62. 62. • Marketing Leverage Program Funding
  63. 63. Canoe Rentals and Tours Fishing and Boating Rentals Bicycle Tours and Outfitters Adventure/Nature Camps TOURISM BUSINESS OPPORTUNITIES
  64. 64. Wineries/Vineyards Corn Maze Pumpkin Patch Pick Your Own Animal Parks Herb/Flower Farms Christmas Trees Farms Agri-tourism
  65. 65. Bed & Breakfast Inns Cabins and Cottages Lodges Campgrounds Horse Campgrounds Horse Stables/Barns House Boats Green Lodging UNIQUE LODGING OPPORTUNITIES
  66. 66. Music/Theater Venues Artisan Studios/Galleries Heritage Sites Tea Rooms Breweries/Pubs Eclectic Restaurants Shopping Spas Attractions
  67. 67. 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
  68. 68. 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
  69. 69. 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
  70. 70. VIRGINIA’S RECENT AD CAMPAIGN
  71. 71. 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
  72. 72. PUBLIC RELATIONS Marketing Tips
  73. 73. PROMOTIONS
  74. 74.  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
  75. 75. Kitty Barker Development Specialist – Partnership Marketing Virginia Tourism Corporation kbarker@virginia.org 276-466-8772 www.vatc.org (industry) www.virginia.org (consumer)
  76. 76. Financing & Managing Resources
  77. 77. Helpful Hints for Financing Your Business Scott Peak Market President © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
  78. 78. 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. 82
  79. 79. 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. 83
  80. 80. 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. 84
  81. 81. 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. 85
  82. 82. 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. 86
  83. 83. 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. 87
  84. 84. 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. 88
  85. 85. 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. 89
  86. 86. 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.
  87. 87. People Incorporated Financial Services
  88. 88.  Creation of new job opportunities in the Ninth Congressional District  An important component of our economic development strategy is the promotion of our region’s tourism economy. Southwest Virginia’s many natural assets afford residents with new and greater economic opportunities, including the creation and expansion of small, locally owned businesses to serve the increasing numbers of tourists who visit our area.  Small business owners and non-profit entities are eligible to apply for funding through this program for projects that enhance tourism, create jobs and expand economic development in the Ninth Congressional District.  To date, more than ten projects have received financial assistance as a result of this funding.
  89. 89. Loan Eligibility  Any Profit or Non-Profit entity that enhances tourism, creates jobs and expand economic development in the Ninth Congressional District are eligible for this loan fund.  The following restrictions apply:  A. 10-year term on real property (land and buildings)  B. 5-year term on equipment and machinery  C. No refinancing of existing loans  D. Loans must be collateralized
  90. 90. 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
  91. 91. Training and Technical Assistance  Business Basics Workshop – 3  Customer Service Training – 2 hour hour  Can I sell it?  Service  Is it for me?  Attitude  Can I manage it?  Consistency  Where’s the money?  Teamwork  Core Four Training – 12 hour  Success Planning  Market Planning  Cash Flow Planning  Operations Planning
  92. 92. Contact Information Crystal Breeding Business Development Manager Email: cbreeding@peopleinc.net (276)619-2291
  93. 93. Questions?
  94. 94. 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
  95. 95. The Virginia Department of Business Assistance VDBA supports economic development in the Commonwealth by working with new and existing businesses to provide business and economic development communities with: • workforce incentives • financing • business information and counseling • state procurement assistance • incubator counseling and • educational opportunities www.vdba.virginia.gov
  96. 96. Ask VBIC = 866- 248-8814
  97. 97. Business Information Services To help businesses get started and to grow. Formation Assistance  Virginia Business Information Center (VBIC) 1-866-248-8814 Bridges the 26 state agencies, over 100 programs and over 300 forms that may touch a Virginia business Virginia Central Business Portal (www.business.virginia.gov) Covers registration, taxation, licensing Interactive Business Plan CD 5 Step process to a business plan  Entrepreneur Express Events 150 Events – 7,500 Trained
  98. 98. 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
  99. 99. Ask VBIC = 866- 248-8814
  100. 100. Growing Your $ales - State  Governor’s Executive Order 33  $5 billion market  Access to buyers from 171 state agencies  Additional $5 billion from local governments  575 localities using eVA system.  Small Business Goal – 40%  Over 41,490 registered suppliers  Over 13,065 participating buyers Ask VBIC = 866- 248-8814
  101. 101. • 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
  102. 102. 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
  103. 103. Entrepreneur Workshops • Launched October 2006 • Partnership with Service Providers and localities • Provide information on available resources to start and grow a business • Statewide Program • Free – ½ Day Session • Over 7,500 reached • www.vastartup.org
  104. 104. Growing Your $ales Workshops  Business Sales Growth Program  Market Research and Expansion  Financing  Growth Management  Partnered events for SWAM certification and eVA registration  Networking of businesses and decision- makers
  105. 105. Social Media Workshops You-Link-Twit-Face Upcoming Events: • April 14 – Dickenson County •April 29 – Wytheville •May 18 – Galax •June 10 – Washington County
  106. 106. 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.
  107. 107. 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.
  108. 108. The VSBFA Does Not Give… • Grants • Loans or guaranties of loans without collateral • Loans or guaranties of loans without personal guaranties from all significant owners
  109. 109. 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
  110. 110. OTHER AVAILABLE RESOURCES Virginia Business Incubator – 9 Available in Southwest Virginia – 30 Within Commonwealth – Business Incubator Benefits • Facility designed to assist businesses to become established and sustainable • Benefits – Shared premises and business services – Business advice and mentoring assistance – More details - http://www.vbia.org/
  111. 111. Business Incubator Commercial Kitchen Light Manufacturing Space Shared Amenities
  112. 112. 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
  113. 113. 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/
  114. 114. 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
  115. 115. Financing Resources • Virginia Small Business Financing Authority = www.vdba.virginia.gov • Small Business Development Center = www.virginiasbdc.org • Small Business Administration = www.sba.gov • People Inc. Financial Services = www.businesstart.org • Local Economic Development Office or Chamber of Commerce
  116. 116. “If you always do what you’ve always done, You will always get what you’ve always got!”
  117. 117. 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
  118. 118. Survey Completions Please take a moment to complete our survey!
  119. 119. CONTACTS • Sandy Ratliff, Virginia Department of Business Assistance = 276-676-3768 or VBIC = 866-248-8814 • Tim Blankenbecler, MECC SBDC = 276-523-6529 • Kitty Barker, Virginia Tourism Corporation = 276-466-4653 • Steve Willinger, SCORE = 423-989-4866 • Scott Peak, Wachovia Bank = 276-645-1230 • Crystal Breeding, People Inc. Financial Services = 276- 619-2291 • Carl Mitchell, Virginia Economic Bridge = 540- 731-6800

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