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Independence  December 9, 2010
WELCOME  Ken McFadyenBlue Ridge Crossroads Economic     Development Authority
What Do    TheseEntrepreneurs   Have in Common?
SUCCESS!
SUCCESS!
Remember as a start-upyour place in the food chain
GET PREPARED…DOYOUR HOMEWORKOR……..
How to Start and Operate      A Business
How to Start and Operate A        Business                           Our Team                      Dr. Dallas Garrett-SBDC...
Who is the SBDC• Small Business Development Center• VSBDC Mission – To Improve new and existing  small business success an...
SBDC’s Goals• Assist clients to create and retain jobs• Increase client’s revenue and  profitability• Increase capital inv...
How the SBDC can Benefit youThrough one-on-one Counseling, the SBDC can help you  with the following processes…• Discuss y...
Business Planning & Strategy•   Help with Business Structure•   Explain pros/cons of different structures•   Taxes, Liabil...
Why do I need a Business Plan• A good plan will allow us to provide funding  contacts from a variety of sources including ...
What goes into a Business Plan•   Attractive Cover and Cover Letter•   Table of Contents•   Executive Summary and Capital ...
Business License & Registration (7-Steps)•   One      - Determine entity•   Two      - State Corporation Commission•   Thr...
Pricing Structure• We will help you determine realistic  costs for your business operation, which  will help you determine...
Management Practices•   Leadership/Team Building•   HR Management•   Quality Control Practices•   Six Sigma•   Lean Manufa...
Crossroads Business Development Success• Clients-606• Business Plans Completed 185• Clients Funded-120• Clients that did n...
VSBDC Offices           Crossroads SBDC Office             Tel: 276-236-0435         Dgarrett@crossroadsva.org        Long...
Count on SCORE Mentors forSmall Business Growth Advice
Small Business & SCORE       Topics        About SCORE        Mentoring & Small Biz Success        Resources to Help Yo...
About SCORE AdviceSCORE is America’s free and confidentialsource of small business mentoring.SCORE is a nonprofit associat...
Small Business and SuccessQ: Why is mentoring important to you?A: Small business represents success on your own terms.• Me...
Small Business and SuccessQ: How big a part of the economy is small   business?A: Small businesses create jobs and fuel gr...
Mentoring Has a Great Place in BusinessQ: How can a SCORE business mentor help?A: SCORE mentors give real-world advice tha...
SCORE and Job CreationGallup Poll shows SCORE Helps BusinessStart & Grow Even in RecessionSCORE to Help Grow 1 Million Suc...
Small Business at a Glance                    Small Business Means Jobs            Percent Small Business     90          ...
Business and Job Creation                                               50% of U.S. employees                             ...
Economic Recovery TrendingSmall Business is the Key to Economic Recovery                               •   The unemploymen...
Setting the Stage for GrowthImproving the Success of Small BusinessImproving success ratesimproves the economy.Today, only...
Growth Industries Aid RecoverySmall Business Leads the Way with Niche MarketsHealthcare, green business , “go local” oppor...
Who is Thinking Positive?Entrepreneurs are Optimistic about the Future50% say future is brighter•   Gen Y is the most opti...
Setting the Stage for Success   Workflow Responsibilities SCORE is America’s small business resource        Free & confide...
Small Business Counts on SCOREMentoring & Expert Insights Aid Success68.9% of SCORE’s clientsgo into business after mentor...
SCORE as an Expert ResourceEntrepreneurs’ Favorite SCORE Resources                                60% of SCORE clients say...
Small Business MattersThank you.Steve Willinger, Chapter Chair.              Bristol & Abingdon              Call or visit...
Growing YourBusiness/Marketing         Strategies
Entrepreneur Express          March 18, 2010MARKETING & ADVERTISING  For The Entrepreneur            Steve Willinger   Sma...
Todays Agenda•   Marketing Today•   Social Networking•   Planning for Success•   Advertising for the Small Business•   Dev...
A Few Facts• Advertising is struggling• Expectations are increasing• Competition is everywhere• Time is a scarcity• Techno...
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 risk”
A Good Plan…• Easy to understand• Clearly links objectives to strategies• Specific and measurable• Flexible• Provides for ...
The Marketing Plan• Reality Check   * Current economy   * Understanding success factors   * Challenges your company faces•...
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 Plan1. State the purpose of your marketing.2. Define your target audience.3. State customer benefits to e...
ADVERTISING is . . .     The most “convenient” method of communicating to your target audience thebenefit of purchasing yo...
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 on Sa...
Make sure your company is       Memorable
How Does Advertising Work? Advertising puts your company at the forefront ofpeople’s minds. Advertising either stimulate...
Branding
QUESTIONS ASKED . . .        • What is it going to cost?• What methods would benefit my business               the most?  ...
Advertising Budget Basics  % of lifetime value of customer    % of previous annual sales         % of desired sales    8-1...
“It’s your turn for Comments and             Questions”         Steve Willinger    Small Business Marketing Professional  ...
Tourism Business Development &        Marketing Assistance                 Kitty BarkerDevelopment Specialist – Partnershi...
• 17.7 billion in revenue• supported 204,480 jobs• provided $1.24 billion in  state and local tax revenue *International v...
•   Advertising•   Customer Service & Industry Relations•   Electronic Marketing•   Film Office•   Marketing & Promotion• ...
•   Wilderness Road Heritage Trail•   Virginia Coal Heritage Trail•   ‘Round the Mountain•   Heartwood• Spearhead TrailsDe...
• Planning Assistance• Marketing Guidance• WorkshopsBusiness Assistance
• Marketing Leverage ProgramFunding
•Canoe Rentals and Tours•Fishing and Boating Rentals•Bicycle Tours and Outfitters•Adventure/Nature Camps Tourism Business ...
•Wineries/Vineyards •Corn Maze •Pumpkin Patch •Pick Your Own •Animal Parks •Herb/Flower Farms •Christmas Trees FarmsAgri-t...
Bed & Breakfast InnsCabins and CottagesLodgesCampgroundsHorse CampgroundsHorse Stables/BarnsHouse BoatsGreen Lodgi...
Music/Theater Venues Artisan Studios/Galleries Heritage Sites Tea Rooms Breweries/Pubs Eclectic Restaurants Shoppin...
Caterers                  Cleaning Services Food/Drink Distributors   Electricians Restaurant Equipment      Plumbers Secu...
6 Questions You Should Answer  •   What are we trying to accomplish?  •   Who is our target audience?  •   What message wi...
Marketing Plans Change  •   Because of business growth  •   Because of research  •   Because of economic factors  •   Beca...
Virginia’s Recent Ad Campaign
Targeting Niches & Groups By Interest •Traditional Music (Crooked Road) • Cultural Heritage (Coal Heritage Trail) • Angler...
Public  RelationsMarketing Tips
• Visit www.vatc.org & www.virginia.org• Sign up for the Dashboard e-newsletter• Attend at VTC Help Desk event• Establish ...
Tourism Business Development &        Marketing Assistance                 Kitty BarkerDevelopment Specialist – Partnershi...
Financing & Managing      Resources
Helpful Hints for     Financing     Your Business      Scott Peak      Market President© 2009 Wells Fargo Bank, N.A. All r...
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     ...
Primary Source of Repayment        Business Net Income + Outside Income (W-2)        Interest Expense +        Depreciatio...
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 eligible...
Advantages to SBA Loans         Lower down payment                  Up to 90% financing on Owner Occupied Real Estate   ...
Scott Peak     Market President     Wachovia Bank       601 State St – 3rd Floor       Bristol, VA 24201       (276) 645 –...
Community and Economic    Development
Community and Economic             Development•   Small Business Loans•   Ninth District Development Financing, Inc.•   Tr...
Assistance for Small Businesses        2010• $766,046 total  dollars disbursed• 30 business started  or expanded• 112 jobs...
Assistance for Small Businesses• Loans available up to $200,000 for start up or  existing businesses.• Interest Rate – 3% ...
NDDFNinth District Development Financing, Inc.                                  •Loans for start up                       ...
Training and Technical Assistance• Business Basics Workshop• Core Four Business Planning  Course• Customer Service Worksho...
Consumer Loan Program•   Loans available up to $20,000•   Interest Rate = Prime + 5.0%•   Terms up to 60 months•   Credit ...
Consumer Loan Program• Program started March 2009• 162 applications received that  were either declined or  withdrawn• 56 ...
IDA              Individual Development Account• Special matched savings designed to help  working people develop assets.•...
New Markets Tax Credit• The New Markets Tax Credit Program (NMTC) is a community  development lending tool designed to sti...
Becky NaveSenior Business Trainer/Marketing Coordinator•   Phone:        276-619-2243•   Email:        bnave@peopleinc.net...
Other Business              ResourcesSandy Ratliff, Business Services Manager        Virginia Department of Business Assis...
The Virginia Department    of Business AssistanceVDBA supports economic development in the  Commonwealth by working with n...
Ask VBIC = 866-248-8814
Business Information ServicesTo help businesses get started and to grow.Formation Assistance Virginia Business Informatio...
Virginia’s Business One Stop                Are you starting a business?                Virginia’s Business One Stop syste...
Ask VBIC = 866-248-8814
Growing Your $ales - State                            Governor’s Executive                             Order 33          ...
• Examples of Purchasing:   – Soft Drinks      • 11/01/2009 – 10/31/2009 = $1,659,641 - 2967 PO’s   – Souvenirs: Promotion...
One–on-One Counseling Sessions  Need Based:     –   Accessing New Markets/Sales Growth     –   Tailored Sales Development ...
Entrepreneur Workshops          • Launched October 2006          • Partnership with Service            Providers and local...
Growing Your $ales Workshops Business Sales Growth Program    Market Research and Expansion    Financing    Growth Man...
Social Media WorkshopsYou-Link-Twit-Face                     Upcoming Events:                     •March 10, 2011 - Christ...
Virginia Jobs    Investment Program•   Workforce recruiting and training    – Create minimum 25 net new jobs within 12 mon...
Financing Programs• Direct Lending: In partnership with banks and other  lenders, we provide direct loans in economic  dev...
OTHER AVAILABLE RESOURCES• Virginia Department of Labor – Apprenticeship Program   – Combination of on-the-job training an...
OTHER AVAILABLE RESOURCESVirginia Business Incubator  – 7 Available in Southwest Virginia  – 28 Within Commonwealth  – Bus...
Business IncubatorLight Manufacturing Space   Shared Amenities   Commercial Kitchen
Starting and Growing a Business• Business Formation Assistance   –   Small Business Development Center Network = www.virgi...
Marketing Resources• SCORE = www.score.org• Virginia Tourism Corporation = www.vatc.org• Virginia Department of Agricultur...
Financing Resources• Virginia Small Business Financing Authority =  www.vdba.virginia.gov• Small Business Development Cent...
“If you always do what you’vealways done, You will alwaysget what you’ve always got!”
Lets Connect:                   Sandy Ratliff    The Virginia Department of Business Assistance                    276-676...
Survey CompletionsPlease take a moment to complete our               survey!
CONTACTS• Sandy Ratliff, Virginia Department of Business Assistance  = 276-676-3768 or VBIC = 866-248-8814• Kitty Barker, ...
Grayson Entrepreneur Express Workshop #2, December 9, 2010 Presentation
Grayson Entrepreneur Express Workshop #2, December 9, 2010 Presentation
Grayson Entrepreneur Express Workshop #2, December 9, 2010 Presentation
Grayson Entrepreneur Express Workshop #2, December 9, 2010 Presentation
Grayson Entrepreneur Express Workshop #2, December 9, 2010 Presentation
Grayson Entrepreneur Express Workshop #2, December 9, 2010 Presentation
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Grayson Entrepreneur Express Workshop #2, December 9, 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 partnered with the Blue Ridge Crossroads Small Business Development Center and Blue Ridge Crossroads Economic Development Authority to conduct an Entrepreneur Express Workshop in Independence, Grayson County, Virginia. The program is designed to provide insight into areas of business ownership that often go overlooked and help connect you to FREE resources available to small business in Virginia.

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  • 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.
  • Transcript of "Grayson Entrepreneur Express Workshop #2, December 9, 2010 Presentation"

    1. 1. Independence December 9, 2010
    2. 2. WELCOME Ken McFadyenBlue Ridge Crossroads Economic Development Authority
    3. 3. What Do TheseEntrepreneurs Have in Common?
    4. 4. SUCCESS!
    5. 5. SUCCESS!
    6. 6. Remember as a start-upyour place in the food chain
    7. 7. GET PREPARED…DOYOUR HOMEWORKOR……..
    8. 8. How to Start and Operate A Business
    9. 9. How to Start and Operate A Business Our Team Dr. Dallas Garrett-SBDC Director Bernie Deck-Carroll County Business Development Director Mandy Archer-SBDC Administrative Assistant Sandy West-Financial AnalystKenneth McFadyen-BRCEDA Entrepreneurial and Business Development Director
    10. 10. 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.
    11. 11. 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.
    12. 12. How the SBDC can Benefit youThrough one-on-one Counseling, the SBDC can help you with the following processes…• Discuss your Ideas in a confidential setting-There are no bad or silly idea-Some ideas need a little adjusting• Help you understand the Business Planning process and provide whatever assistance you need to complete your plan• Guide you through the process providing help along the way• Help you determine realistic financial projections and provide marketing ideas• Suggest workshops that you might attend to help you start your business off right• Suggest format for your plan to help you secure funding• Help you complete the loan application• Provide sources of business financing• Arrange meetings with funding sources at Crossroads• Help you improve your credit report, when necessary and help with Permits, Licenses and taxes When you are successful we all benefit Where business comes to talk business.
    13. 13. 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.
    14. 14. 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.
    15. 15. 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.
    16. 16. 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.
    17. 17. 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.
    18. 18. 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.
    19. 19. Crossroads Business Development Success• Clients-606• Business Plans Completed 185• Clients Funded-120• Clients that did not need funding-28• Funding to date-$40,133,833.00• Jobs created or saved-652
    20. 20. VSBDC Offices Crossroads SBDC Office Tel: 276-236-0435 Dgarrett@crossroadsva.org Longwood SBDC – Martinsville www.longwood.edu/sbdc Tel: 276-632-4462 Mountain Empire Community College www.me.vccs.edu/sbdc/ Tel:276-523-6529 New River Valley/Radford University www.sbdc.radford.edu Tel: 540-831-6056 Roanoke Regional Small Business Development Centerwww.roanokechamber.org/ Tel: 540-983-0717 Southwest Virginia Community Collegewww.sw.vccs.edu/sbdc Tel: 276-964-7345 Virginia Highlands Community College www.vhcc.edu/sbdc Tel: 276-739-2474
    21. 21. Count on SCORE Mentors forSmall Business Growth Advice
    22. 22. 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
    23. 23. About SCORE AdviceSCORE is America’s free and confidentialsource of small business mentoring.SCORE is a nonprofit association of more than 13,000business experts representing 335,000 years ofexperience 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
    24. 24. Small Business and SuccessQ: 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
    25. 25. Small Business and SuccessQ: 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
    26. 26. Mentoring Has a Great Place in BusinessQ: 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
    27. 27. SCORE and Job CreationGallup Poll shows SCORE Helps BusinessStart & Grow Even in RecessionSCORE to Help Grow 1 Million SuccessfulSmall 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
    28. 28. 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 businessSource: http://www.sba.gov/advo/research/sbqei1002.pdf www.score.org
    29. 29. 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 LaborStatistics, Business Employment Dynamics. www.score.org
    30. 30. Economic Recovery TrendingSmall 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
    31. 31. Setting the Stage for GrowthImproving the Success of Small BusinessImproving success ratesimproves the economy.Today, only half of smallbusinesses survive for5 years. (post shut-downinterviews revealed that 85% Source: U.S Dept. of Commerce, Bureau of thewere preventable) Census, Business Dynamics Statistics.Let’s change that. www.score.org
    32. 32. Growth Industries Aid RecoverySmall Business Leads the Way with Niche MarketsHealthcare, 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
    33. 33. 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
    34. 34. 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
    35. 35. Small Business Counts on SCOREMentoring & Expert Insights Aid Success68.9% of SCORE’s clientsgo 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
    36. 36. SCORE as an Expert ResourceEntrepreneurs’ 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
    37. 37. Small Business MattersThank you.Steve Willinger, Chapter Chair. Bristol & Abingdon Call or visit us online (423) 989-4866 www.bristolscore.org We are here to help with free & confidential mentoring www.score.org
    38. 38. Growing YourBusiness/Marketing Strategies
    39. 39. Entrepreneur Express March 18, 2010MARKETING & ADVERTISING For The Entrepreneur Steve Willinger Small Business Marketing Professional Social Media Strategist Bristol, TN
    40. 40. Todays Agenda• Marketing Today• Social Networking• Planning for Success• Advertising for the Small Business• Developing a Marketing Budget
    41. 41. A Few Facts• Advertising is struggling• Expectations are increasing• Competition is everywhere• Time is a scarcity• Technology has become an integral component
    42. 42. Marketing is. . .“Everything you do to place your product or service in the hands of potential customers.” • Creating a customer • Keeping a customer
    43. 43. Social Networking?
    44. 44. Social Media
    45. 45. Marketing Plans• Anticipate future events• Define a direction• Create a blueprint
    46. 46. Marketing Plans“A written plan turns your marketing into a planned investment rather than a hopeful risk”
    47. 47. A Good Plan…• Easy to understand• Clearly links objectives to strategies• Specific and measurable• Flexible• Provides for checkpoints
    48. 48. 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
    49. 49. The Marketing Plan SMART Objectives• Specific• Measurable• Accurate• Realistic• Time-based
    50. 50. 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
    51. 51. 7 Step Marketing Plan1. State the purpose of your marketing.2. Define your target audience.3. State customer benefits to emphasize.4. List marketing objectives & strategies5. Describe your market6. Establish your budget.7. Prepare an Action Calendar.
    52. 52. ADVERTISING is . . . The most “convenient” method of communicating to your target audience thebenefit of purchasing your product or service.
    53. 53. Fact: Most people ignore advertising The key is to ensure that they take notice of yours! HOW?
    54. 54. 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
    55. 55. Make sure your company is Memorable
    56. 56. How Does Advertising Work? Advertising puts your company at the forefront ofpeople’s minds. Advertising either stimulates a purchase or helps toensure that people know where to go when they dodecide to purchase. Advertising also confirms a customer’s decision thatdoing business with you was a good idea
    57. 57. Branding
    58. 58. QUESTIONS ASKED . . . • What is it going to cost?• What methods would benefit my business the most? • Meet with a professional
    59. 59. 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
    60. 60. “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
    61. 61. Tourism Business Development & Marketing Assistance Kitty BarkerDevelopment Specialist – Partnership Marketing Virginia Tourism Corporation kbarker@virginia.org 276-466-8772 www.vatc.org (industry) www.virginia.org (consumer)
    62. 62. • 17.7 billion in revenue• supported 204,480 jobs• provided $1.24 billion in state and local tax revenue *International visitation up 16%. Impact of Tourism in VA - 2009
    63. 63. • Advertising• Customer Service & Industry Relations• Electronic Marketing• Film Office• Marketing & Promotion• Public Relations• Research• Tourism Development• OthersVirginia Tourism Corp. Services
    64. 64. • Wilderness Road Heritage Trail• Virginia Coal Heritage Trail• ‘Round the Mountain• Heartwood• Spearhead TrailsDevelopment & Partnership Marketing
    65. 65. • Planning Assistance• Marketing Guidance• WorkshopsBusiness Assistance
    66. 66. • Marketing Leverage ProgramFunding
    67. 67. •Canoe Rentals and Tours•Fishing and Boating Rentals•Bicycle Tours and Outfitters•Adventure/Nature Camps Tourism Business Opportunities
    68. 68. •Wineries/Vineyards •Corn Maze •Pumpkin Patch •Pick Your Own •Animal Parks •Herb/Flower Farms •Christmas Trees FarmsAgri-tourism
    69. 69. Bed & Breakfast InnsCabins and CottagesLodgesCampgroundsHorse CampgroundsHorse Stables/BarnsHouse BoatsGreen LodgingUnique Lodging Opportunities
    70. 70. Music/Theater Venues Artisan Studios/Galleries Heritage Sites Tea Rooms Breweries/Pubs Eclectic Restaurants Shopping SpasAttractions
    71. 71. 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 OfficesAncillary Businesses
    72. 72. 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
    73. 73. Marketing Plans Change • Because of business growth • Because of research • Because of economic factors • Because of technology (social media) • Because there is always changeMarketing Tips
    74. 74. Virginia’s Recent Ad Campaign
    75. 75. Targeting Niches & Groups By Interest •Traditional Music (Crooked Road) • Cultural Heritage (Coal Heritage Trail) • Anglers (Fish Virginia First) •Outdoor Enthusiasts •Weddings/Meetings/Group ToursMarketing Tips
    76. 76. Public RelationsMarketing Tips
    77. 77. • 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
    78. 78. Tourism Business Development & Marketing Assistance Kitty BarkerDevelopment Specialist – Partnership Marketing Virginia Tourism Corporation kbarker@virginia.org 276-466-8772 www.vatc.org (industry) www.virginia.org (consumer)
    79. 79. Financing & Managing Resources
    80. 80. Helpful Hints for Financing Your Business Scott Peak Market President© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
    81. 81. 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. 85
    82. 82. 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. 86
    83. 83. 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 or Interest Expense plus Current Maturities of Long Term Debt Equals = Debt Service Coverage (Target > 1.40 to 1.0)© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 87
    84. 84. 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  Dont 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. 88
    85. 85. 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. 89
    86. 86. 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. 90
    87. 87. 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. 91
    88. 88. Scott Peak Market President Wachovia Bank 601 State St – 3rd Floor Bristol, VA 24201 (276) 645 – 1230 Scott.peak1@wellsfargo.com© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
    89. 89. Community and Economic Development
    90. 90. 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
    91. 91. Assistance for Small Businesses 2010• $766,046 total dollars disbursed• 30 business started or expanded• 112 jobs created or retained
    92. 92. 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
    93. 93. NDDFNinth District Development Financing, Inc. •Loans for start up or expanding a tourism related business •Over $4.1 million dollars disbursed since inception Visit our website: www.nddf.org
    94. 94. Training and Technical Assistance• Business Basics Workshop• Core Four Business Planning Course• Customer Service Workshop• Social Media Workshop
    95. 95. 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
    96. 96. 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
    97. 97. IDA Individual Development Account• Special matched savings designed to help working people develop assets.• The money needs to be used for certain things: – Home Ownership – Secondary Education – Small Business Ownership• Service Areas: Counties of Buchanan, Dickenson, Russell, Smyth, Tazewell, and Washington and the City of Bristol.
    98. 98. 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
    99. 99. Becky NaveSenior Business Trainer/Marketing Coordinator• Phone: 276-619-2243• Email: bnave@peopleinc.net• Website: www.whatcanpeopledo.org http:www.facebook/becky.nave http:www.linkedin.com/in/becky.nave http:www.twitter.com/becky.nave
    100. 100. Other Business ResourcesSandy Ratliff, Business Services Manager Virginia Department of Business Assistance 276-676-3768 sandy.ratliff@vdba.virginia.gov www.vdba.virginia.gov www.vastartup.org
    101. 101. The Virginia Department of Business AssistanceVDBA 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 opportunitieswww.vdba.virginia.gov
    102. 102. Ask VBIC = 866-248-8814
    103. 103. Business Information ServicesTo 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 atwww.vdba.virginia.gov or www.vastartup.org 5 Step process to a business plan
    104. 104. Virginia’s Business One Stop Are you starting a business? Virginia’s Business One Stop system can helpWinner of the you determine your business formation requirements and can 2009 pre-fill your business registration forms. Governors 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
    105. 105. Ask VBIC = 866-248-8814
    106. 106. 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
    107. 107. • 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
    108. 108. 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
    109. 109. 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
    110. 110. 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
    111. 111. Social Media WorkshopsYou-Link-Twit-Face Upcoming Events: •March 10, 2011 - Christiansburg
    112. 112. 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.
    113. 113. 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.
    114. 114. 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
    115. 115. OTHER AVAILABLE RESOURCESVirginia 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/
    116. 116. Business IncubatorLight Manufacturing Space Shared Amenities Commercial Kitchen
    117. 117. 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/
    118. 118. Marketing Resources• SCORE = www.score.org• Virginia Tourism Corporation = www.vatc.org• Virginia Department of Agriculture – Virginia’s Finest Trademark = www.vdacs.virginia.gov
    119. 119. 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
    120. 120. “If you always do what you’vealways done, You will alwaysget what you’ve always got!”
    121. 121. Lets Connect: Sandy Ratliff The Virginia Department of Business Assistance 276-676-3768 sandy.ratliff@vdba.virginia.gov Online: Twitter: http://twitter.com/sandyratliffFacebook: http://www.facebook.com/sandy.ratliffLinkedIn - http://www.linkedin.com/in/sandyratliffYouTube - http://www.youtube.com/user/vastartup
    122. 122. Survey CompletionsPlease take a moment to complete our survey!
    123. 123. 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
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