Lynchburg Business

DIY Business: Basics for Starting Your Own Business

Issue: May 2010 by Carrie Williams in Human Resources, Inside The Magazine

So you’ve got an idea for a business. It’s got the potential to not only be an incredible personal opportunity, but also a great investment. Yet, sometimes just getting started can be a very difficult thing. Don’t let the fear of failure stop you, because the slowed economy is targeting everyone, from big to small. Of course it’s a risk, but great ideas are worth the risk. It takes a well-built business plan and often a good bit of patience to make it work.

Did you know that there are several local companies that began solely to help people get their feet wet in the business world? The Business Development Center (BDC) is one example, offering help to small business owners who are both currently prospective and previously established. Whether you need help finding a facility to house your business or just need to find the right loan for you and your future, BDC can help.

Niro Rasanaygam, Co-Director of Region 2000 Small Business Development Center (SBDC), explains that there are a total of 29 centers in Virginia. In 2009 alone, the SBDC served over 206 business owners and created 126 jobs in the region—this during a time that the nation had an average unemployment rate of 9.3 percent.

Perhaps the biggest concern for entrepreneurs just starting out is money. How do you go about getting enough to start a business? Another benefit of SBDC is its microloan program. Think you need to have a squeaky clean record of approval to qualify? Think again! In order to be considered for one of the five program loans, you must have been turned down by at least one bank. These programs were created to help those in real need and have loaned nearly $1.2 million since it began in 1993.

“I am by no means saying that coming to us for help ‘guarantees’ success, but those entrepreneurs who do seek our assistance tend to be more aware of the resources available and are better planned and prepared for business,” Rasanaygam said. “The oldest client I have worked with is a family business that was started 65 years ago. The biggest business I have worked with had 87 employees. So our clients really run the gamut in terms of size and age.”

One such example of the fruits of SBDC’s labor is Lynchburg-based Speakertree Records. Blair Amberly, owner and founder of the store, which opened its doors in 2008, began a business plan on his own but eventually partnered with the SBDC for assistance after doing some online research.

“I think it was ultimately the work I did on my business plan and with the Business Development Center that solidified the business as a feasible reality,” Amberly said.

Since Speakertree’s opening, Amberly has continued to stay in contact with Rasanaygam, whom he worked with throughout the process of getting his shop up and running, saying that he still considers her his “top resource on major business related questions, like advertising, growth of the store and online communication and marketing.”

Amberly’s advice to entrepreneurs is to stay true to reality.

“It’s easy to get sidetracked by the ‘glamorous’ parts of owning your own business—how it will look, working for yourself, creative control, its role in the community—but there are a lot of drawbacks,” he explained.

He encourages people to continue thinking positively, however, by focusing on long-term goals rather than doubts.

“Those doing it with their hearts in it—they survive,” he said.

With the help of the SBDC, Speakertree Records has become a unique and successful venue for artistic and musical culture in downtown Lynchburg.

“The best outcome from my involvement with SBDC was the moral and professional support behind my goal of opening the store, which ultimately would not have happened without the consultations, advice and support I received from the Business Development Center,” Amberly said.

Greater Lynchburg SCORE is another resource for small business owners. Dan Lynch, Chairman of Lynchburg SCORE, emphasizes the value of both their workshops, which focus on things like financing and social media, as well as their Business Health Questionnaire.

The questionnaire is a resource, accessible on their website, for previously established businesses to help target problem areas in order to get individualized assistance.

“Any ‘no’ answer requires attention by the owner. It helps them identify areas that may be issues and they can take action,” Lynch explained.

Business owners can then either utilize the resources offered by SCORE to address the issues or work on it themselves.

While some small businesses in the region are just starting out and getting their first taste of success, there are those that have weathered the storms and surpassed the role of a “small business” entirely. For instance, few would consider West Manor Events & Design a small business in Lynchburg these days. However, owner Sharon Lester experienced her own fair share of entrepreneurial uncertainty.

“I never would have thought that leaving a nursing career to take care of my children and starting a small bed and breakfast would eventually turn into three special event sites, including a café and a nightclub,” Lester said. “Yet the opportunities just kept presenting themselves and I kept saying ‘Yes.’”

To Lester, her secret to success revolves around a family and a community that acted as driving forces.

“People would ask to get married on our farm and it grew from there. It was almost as if Lynchburg created the business for us, and my family and I have been running with it ever since!” she said.

There’s nothing quite like plugging in or flipping over that “We’re Open!” sign for the first time or being able to frame your very first dollar of profit. Starting a small business is no easy feat, but the incredible amount of drive and passion for work that you find in the owner of a small business is a unique thing. Bottom line: Don’t give up! Embrace your fear and allow it to push you to new heights, and your business could become anything but small.