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These 5 Myths Cause Small Businesses to Fail

January 1, 2020
By Charles “Tee” Rowe –

Every year, Americans start businesses with the hope of achieving financial success, independence, and personal fulfillment. Unfortunately, many times those dreams are never realized. Too often the enthusiasm and energy that small business owners put into their business isn’t matched by the planning and skills needed to survive.

At America’s SBDCs — 62 small business development center networks nationwide and their nearly 1,000 centers — we find that a solid business plan and a brilliant business concept need to be married to a serious understanding of the financial and management needs of running a business.

Too many businesses believe marketing is their key to success, but hemorrhaging cash is the secret, silent killer. So for aspiring entrepreneurs, here are five myths small business owners believe in that lead to failure:

1. Don’t ask for help

“You’re smart, you’ve got this.” Nobody has got it. There are so many free resources out there, and the biggest mistake many small business owners make is not using those resources. There are nearly 1,000 small business development centers nationwide — why would you ignore free help? (more…)

How to Set Goals With Your Employees for 2020

December 30, 2019 1 Comment
By Linsey Knerl –

It’s the start of a new year, and now that everyone’s social media feeds have finished filling with “My 2019 updates,” we can look forward to an overwhelm of “My 2020 goals” lists. Goals in themselves are effective tools for real change, provided they are used correctly. Unfortunately, the numbers show that we aren’t very good at following through on what we set out to accomplish. Depending on who you ask, the failure rate for resolutions of all kinds can top 80 percent or higher.

As a business owner, you probably have goals such as getting a handle on your business checking account or improving your business credit scores, but you should also focus on helping your employees reach their personal goals. When integrated into an existing employee performance or wellness program, personal goals can easily mesh with career ambitions. That’s a win-win for everyone at work.

Here are some of the ways managers and leaders are using the spirit of the New Year to jump-start those workplace resolutions. (more…)

7 Steps for Buying a Commercial Real Estate Property

December 23, 2019
By Michelle Black –

Building

Buying commercial real estate has the potential to be an excellent investment, often more so than residential properties. Yet even if you’re an experienced real estate investor, it’s crucial to understand that buying a commercial property isn’t the same as buying a house.

Before you purchase a commercial property, it helps to know the pros and cons of this type of investment. It’s also important to understand that with the chance for more reward often comes a higher purchase price and more risk.

How to Buy a Commercial Property: An In-Depth Review

1. Understand your motivations for investing in commercial real estate.

Why do you want to invest in commercial real estate? It’s an important question to ask yourself before you start hunting for properties. (more…)

Hawk Knob Owner Turns Lifelong Passion Into Successful Agribusiness

December 17, 2019
Hawk KnobWest Virginia Success Story –

Morgantown was Josh Bennett’s home while he attended West Virginia University in 2006, but the distance between the college town and the farm he grew up on in Highland County, Virginia stretched further than the 150 miles of country roads separating the two locations. As far as Bennett was concerned, city living and farm life were a world apart.

Bennett had a genuine passion for agriculture and couldn’t wait to get back to his roots once he finished studying horticulture at WVU.

“All I knew was that when I got out of college, I wanted work with agricultural products,” he said. “I wanted the agrarian lifestyle.”

Bennett only needed to find a way to make it all work.

From passion to business (more…)

Family-Owned Auto Shop Still Growing After 40 Years

December 10, 2019
Vermont Success - Don's Auto ServiceVermont Success Story, by Amanda Kuhnert

“They are honest, capable, and efficient, and it’s good to know there’s a local auto shop with friendly people I can trust to do a good job with my car.” This is just one of nearly 700 five-star customer reviews that say, in one way or another, the same thing. Don’s Auto Service is known for its friendly service, honest work, and fair rates.

The auto shop has been a staple in Derby, Vermont since 1979. Unlike many second-generation businesses, its reputation hasn’t suffered with the passing of the baton. After his father, Don, passed away in 2001, Scott Keenan became part-owner of Don’s Auto Service with his mother, Cheryl. Scott’s wife, Deanna, and daughter, Ashley, also work at the shop.

After becoming a partner in the business, Scott realized that they had outgrown their existing space. He identified a larger building for sale that would fit their needs. But to secure financing for the purchase, he needed to prepare a business plan and financial projections. That’s when he reached out to the Vermont Small Business Development Center (VtSBDC). (more…)