West Virginia: Info Gold Mine For Small Business Startups
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West Virginia has established an extraordinary network of information, services and support for those considering their own small business. It’s smart, because the state’s economy, like other states, relies heavily on small businesses suited to a service-oriented economy, and/or meeting desires for something other than large chain restaurants and merchandise. All businesses start small!
The biggest challenge may be which resource to consult first. Here’s a quick overview:
The free West Virginia Business Answer Line, 1-888-WVA-SBDC (1-888-982-7232), recently established at the request of Governor Joe Manchin.
The Women’s Business and Training Center, which works with both genders, in Beckley.
Small Business Development Center at Pierpont Community and Technical College (C&TC) of Fairmont State University.
Small Business Development Division (SBDD), West Virginia Development Office, working with the Pierpont C&TC.
Service Corps of Retired Executives (SCORE), Upper Mon Valley, covering 13 counties in North Central West Virginia. SCORE is part of the U.S. Small Business Administration (SBA).
Whomever you consult, all agree on the most important first steps toward small business success:
Think carefully. Ask questions. Is your idea is unique to your area or to a niche on the web? If not, how is it different from existing businesses? Is the market big enough to support one more business?
Is the economy of a town or area a good climate for this business now?
How much business will you need to succeed? Julie Karickhoff with the SBDD, who provides one-on-one coaching, uses a coffee shop as one example. How many cups will you need to sell per day to cover your expenses? How often might repeat customers buy coffee?
Do you understand the business well enough to write a business plan, including costs? All of the organizations above can help you research and provide business plan models.
Can you pull together funding to keep the business going early on? How long does this kind of business usually take to break even? To turn a profit?
Most businesses need startup loans. Will your personal credit history convince banks, the SBA, etc. that you are a good risk? Don’t assume a small business loan is easy to obtain. “We have to explain that there’s no such thing as free money,” says Sid Absher, chair of the SCORE chapter. “They think the SBA hands out money, and they don’t. You have to have a relationship with the bank.”
Are you, family and even friends, prepared to put in the work and hours to make the business succeed? These experts say people often think a small business will get them out of “the rat race.” For some time, just the opposite will be true. Countless hours and lots of support are needed. “You’re going to work harder than you ever worked for someone else if you want to make a go at it,” Absher cautions.
How will you find good supporters, advisors and funders, including an attorney, accountant and loan officer? Your best resource is the invaluable advice, support and counsel from any of the excellent free services listed above, says Tara Elder, director of the Women’s (and Men’s) Business and Training Center.