9. 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
10. 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
13. 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.
14. 6 Small Business Development
Centers in the
Southwest Region
MECC SBDC serves Scott, Lee, Wise &
Dickenson Counties and City of Norton
15. 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
16. 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.
17. 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.
18. 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
19. 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.
20. 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)
21. 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
22. 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
23. 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
24. 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
25. How can we assist you?
Phone: 276-523-6529
Fax: 276-523-8139
tblankenbecler@me.vccs.edu
www.mecc.edu/sbdc
26. Turn to SCORE Counselors for
Small Business Advice
Live Your Dream. SCORE Can Help.
27. 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.
28. 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.
29. 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
30. 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
31. 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
32. 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
33. 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
34. 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.
35. Turn to SCORE
Live Your Dream. SCORE Can Help.
Steve Willinger
Bristol Chapter Chair
steve@stevewillinger.com
(423) 989-4866 www.bristolscore.org
37. Entrepreneur Express
March 18, 2010
MARKETING & ADVERTISING
For The Entrepreneur
Steve Willinger
Small Business Marketing Professional
Social Media Strategist
Bristol, TN
38. Today's Agenda
• Marketing Today
• Social Networking
• Planning for Success
• Advertising for the Small Business
• Developing a Marketing Budget
39. A Few Facts
• Advertising is struggling
• Expectations are increasing
• Competition is everywhere
• Time is a scarcity
• Technology has become an integral component
40. Marketing is. . .
“Everything you do to place your product or service
in the hands of potential customers.”
• Creating a customer
• Keeping a customer
44. Marketing Plans
“A written plan turns your marketing into
a planned investment
rather than a hopeful risk”
45. A Good Plan…
• Easy to understand
• Clearly links objectives to strategies
• Specific and measurable
• Flexible
• Provides for checkpoints
46. 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
47. The Marketing Plan
SMART Objectives
• Specific
• Measurable
• Accurate
• Realistic
• Time-based
48. 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
49. 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.
50. ADVERTISING is . . .
The most “convenient” method of
communicating to your target audience the
benefit of purchasing your product or service.
51. Fact: Most people ignore advertising
The key is to ensure that they take notice of
yours!
HOW?
52. 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
54. 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
56. QUESTIONS ASKED . . .
• What is it going to cost?
• What methods would benefit my business
the most?
• Meet with a professional
57. 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
58. “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
59. 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)
60. 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
61.
62. Advertising
Customer Service & Industry Relations
Electronic Marketing
Film Office
Marketing & Promotion
Public Relations
Research
Tourism Development
Others
VIRGINIA TOURISM CORP. SERVICES
63.
64. Wilderness Road Heritage Trail
Virginia Coal Heritage Trail
‘Round the Mountain
Heartwood
Spearhead Trails
DEVELOPMENT & PARTNERSHIP
MARKETING
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 Offices
ANCILLARY BUSINESSES
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. 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
75. 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
78. 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
79. Kitty Barker
Development Specialist – Partnership Marketing
Virginia Tourism Corporation
kbarker@virginia.org
276-466-8772
www.vatc.org (industry)
www.virginia.org (consumer)
92. 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.
93. 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
94. 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
95. 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
96. Contact Information
Crystal Breeding
Business Development Manager
Email: cbreeding@peopleinc.net
(276)619-2291
98. 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
99. 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
101. 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
102. 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
104. 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
106. 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
107. 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
108. 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
111. 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.
112. 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.
113. 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
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. 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/
116. Business Incubator
Commercial Kitchen
Light Manufacturing Space
Shared Amenities
117. 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
118. 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/
119. 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
120. 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
121. “If you always do what you’ve
always done, You will always
get what you’ve always got!”
122. 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
126. 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