Small Business in Virginia<br /><ul><li>Small Businesses constitute 97% of all Virginia businesses.
Small Businesses create over 75% of all new jobs.
Small Businesses account for half of the Commonwealth of Virginia’s contribution to the U.S. Gross Domestic Product - a whopping $160 billion. </li></ul>Virginia is for Business Lovers<br />
Virginia is for Business Lovers<br />Virginia ranked #1 state for business by Forbes.com last four years.<br />Ranked #1 most business friendly state by Pollina Corporate Real Estate, Inc. last two years.<br />Named #1 best states for business by CNBC.<br />Virginia among top 10 list of states friendly to small business.<br />
Poor location</li></li></ul><li>Financial Management<br />Use a computerized bookkeeping system<br />Separate bank account for trust fund taxes<br />Run Financial Statements monthly<br />Balance Sheets and Profit & Loss<br />Analyze statements each month<br />Compare period to period – benchmark to other businesses<br />Look out for major discrepancies<br />Check your pricing & competitors regularly<br />Don’t let one person do all accounting<br />Send bank statement to home – leave unopened<br />Make tax deposits & tax filings on time<br />Estimated tax payments<br />Don’t try to do it all yourself<br />
Local Office<br />Roanoke Regional Small<br />Business Development Center<br />210 South Jefferson Street<br />Roanoke, VA 24011<br />(located inside the Roanoke Regional<br />Chamber of Commerce building)<br />540-983-0717<br />www.rrsbdc.org<br />
Growing Your Business/Marketing Strategies<br />
Marketing Your Small Business</li></li></ul><li>19.2 billion in revenue<br />supported 210,620 jobs<br />provided $1.28 billion in <br /> state and local tax revenue <br />Impact of Tourism in VA - 2008<br />
Caterers Cleaning Services <br />Food/Drink Distributors Electricians<br />Restaurant Equipment Plumbers <br />Security Systems Pool Maintenance<br />Convenient Stores Lawn Care <br />Web Site Designers Auto Repair<br />Ad Agencies Events Planners<br />Travel Agencies Florists<br />Motorcoach Companies Linen Services <br />Car Rental Offices<br />Supporting Businesses <br />
Visit www.vatc.org & www.virginia.org <br />Sign up for the Dashboard e-newsletter<br />Attend at VTC Help Desk event<br />Establish relationships with all VTC divisions – tap into our services (i.e. marketing, advertising, research, etc.)<br />Learn More About VTC Services<br />
Now, <br />let’s talk about marketing your small business<br />
Can you answer thesetwo questions?<br />What is Marketing?<br />What is the difference between Marketing and Advertising?<br />
6 Questions You Should Answer<br />What are you trying to accomplish?<br />Who is your target audience?<br />What message will move your audience?<br />What vehicles do you have to deliver the message?<br />What are your resources?<br />How do you measure your performance/success?<br />Marketing Plan<br />
What are you trying to accomplish?<br />What is your mission and vision?<br />Are you the largest, cheapest, best<br /> service, best quality?<br />Sales goals?<br />Marketing Planning<br />
Who is your target audience?<br />by demographics<br />by geography<br />by needs and wants<br />now and in the future<br />Marketing Planning<br />
What message will move your audience?<br />Your brand<br />Your tagline/slogan/message<br />What do you want people to say <br /> about your business?<br />Marketing Planning<br />
What vehicles do you have to deliver the message?<br />Website <br />E-mail<br />Advertising<br />Public Relations<br />Social Media<br />Tradeshows<br />Newsletters<br />Marketing Planning<br />
What are your resources?<br />Budget/Money<br />Owner/Employee Skills <br />Friends/Family<br />Partnerships<br />Local/State/Federal Assistance<br />Chambers of Commerce, Business Associations, etc.<br />Marketing Planning<br />
How will you measure your marketing performance?<br />Electronic Marketing Tools<br />Data Collection<br />Research Mechanisms<br />Surveys<br />Informal Questioning<br />Sales Data<br />Marketing Planning<br />
Have a Calendar/Schedule<br />Include:<br />Anticipated Ad Placement<br />Press Releases<br />Social Media Updates/Posts<br />Promotions<br />Other Scheduled Strategies<br />Marketing Planning<br />
Marketing Plans Change <br />Because of business growth<br />Because of research<br />Because of economic factors<br />Because of technology (social media)<br />Because there is always change <br />Marketing Planning<br />
Other Business Resources<br />Sandy Ratliff, Business Services Manager<br />Virginia Department of Business Assistance<br />276-676-3768<br />firstname.lastname@example.org<br />www.vdba.virginia.gov<br />www.vastartup.org<br />
The Virginia Department of Business Assistance<br />VDBA supports economic development in the Commonwealth by working with new and existing businesses to provide business and economic development communities with:<br />workforce incentives<br />financing<br />business information and counseling<br />state procurement assistance<br />educational opportunities <br />www.vdba.virginia.gov<br />
Formula for Success<br /><ul><li>Critical information for decision making
Interactive business plan available online at www.vdba.virginia.gov or www.vastartup.org
5 Step process to a business plan</li></li></ul><li>Virginia’sBusiness One Stop<br />Are you starting a business?<br />Virginia’s Business One Stop system can help you determine your business formation requirements and can pre-fill your business registration forms.<br />Winner of the 2009 Governor's Technology Awards<br /><ul><li>Visit http://www.virginia.gov/bos/index.html to access the Business One Stop System.
Answer a few brief questions about your business.
Receive a list of action items and pre-filled business registration forms.</li></ul>Questions? Contact the Virginia Business Information Center<br />1-866-248-8814 (804) 371-0438 email@example.com<br />
One–on-One Counseling Sessions<br />Need Based:<br />Accessing New Markets/Sales Growth<br />Tailored Sales Development Solutions<br />Financing Resources<br />Social Media for Your Business<br />To schedule an appointment, contact:<br />Sandy Ratliff, Business Services Manager<br />276-676-3768<br />Email: firstname.lastname@example.org<br />
Entrepreneur Workshops<br /><ul><li>Launched October 2006
Partnership with Service Providers and localities
Provide information on available resources to start and grow a business
Small businesses that are retooling and installing new technologies
Company must retrain minimum 10 full-time employees. </li></li></ul><li>Financing Programs<br />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. <br />Indirect Lending: We provide loan guarantees or other types of credit enhancements to commercial banks in order to increase access to capital for businesses. <br />Conduit Financing: We are the statewide conduit issuer of tax-exempt industrial development bonds for manufacturers and 501c3 organizations.<br />
OTHER AVAILABLE RESOURCES<br /><ul><li>Virginia Department of Labor – Apprenticeship Program
Combination of on-the-job training and classroom instruction.
Advantage of skilled workforce and reduced turnover.
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.</li></ul>http://www.vdacs.virginia.gov<br />
OTHER AVAILABLE RESOURCES<br />Turn to SCORE Counselors for Small Business Advice<br />Visit the SCORE Small Business Web Site: <br />www.score.org<br />How-to Advice & Info<br /> Ask SCORE for business advice online<br /> Find SCORE to locate any chapter in the country<br /> 2,000 pages of content for small business owners<br /> How-to articles offer practical business tips<br />
OTHER AVAILABLE RESOURCES<br />Virginia Business Incubator<br /><ul><li>7 Available in Southwest Virginia
OTHER AVAILABLE RESOURCES<br />Virginia Economic Bridge, Inc.<br /><ul><li>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</li></ul> www.VirginiaBusiness.org<br /><ul><li>Virginia’s Linked Workforce Showcase – Designed to create business partnerships yielding contracts between SWVA and Northern Virginia by connecting companies in specific industry sectors. </li></ul> www.LinkedWorkforceShowcase.org <br />
Starting and Growing a Business<br />Business Formation Assistance<br />Small Business Development Center Network = www.virginiasbdc.org<br />SCORE = www.score.org<br />Virginia Business Information Center = 866-248-8814<br />Virginia Central Business Portal = www.business.virginia.gov<br />Virginia Business Incubator Association = http://www.vbia.org/<br />
Marketing Resources<br />SCORE = www.score.org<br />Virginia Tourism Corporation = www.vatc.org<br />Virginia Economic Bridge, Inc. = www.virginiabusiness.org<br />Virginia Department of Agriculture – Virginia’s Finest Trademark = www.vdacs.virginia.gov<br />
Financing Resources<br />Virginia Small Business Financing Authority = www.vdba.virginia.gov<br />Small Business Development Center = www.virginiasbdc.org<br />Small Business Administration = www.sba.gov<br />Local Economic Development Office or Chamber of Commerce<br />
“If you always do what you’ve always done, You will always get what you’ve always got!”<br />
Lets Connect:<br />Sandy Ratliff<br />The Virginia Department of Business Assistance<br />276-676-3768<br />email@example.com<br />Online:<br />Twitter: http://twitter.com/sandyratliffFacebook: http://www.facebook.com/sandy.ratliff<br />LinkedIn - http://www.linkedin.com/in/sandyratliff<br />YouTube - http://www.youtube.com/user/vastartup<br />
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