Experiences that Bring Customers Back!

We’ve heard from several communities across the commonwealth that improving downtown hospitality is a high priority in making their downtowns a destination! With help from the Virginia Tourism Corporation, DHCD has put together a series of 20 workshops across the state called Delivering Memorable Experiences Downtown, which aims to strengthen business hospitality to provide an experience that creates return customers and positive and proactive word-of-mouth.

Delivering the workshop is Virginia Tech associate professor and author, Dr. Vincent Magnini, who was recently ranked one of the top 12 most prolific hospitality researchers worldwide. Dr. Magnini has published six books and more than 150 articles and reports. His projects typically include destination marketing plans, economic impact analyses, feasibility studies and visitor satisfaction tracking. Before his career in academia, Dr. Magnini worked on management teams at Marriott, Hyatt and Hilton Garden branded hotels in the Mid-Atlantic and Midwestern regions of the U.S.

This training is designed specifically for business owners – restaurant, retail, service – there is something for everyone. Learn how to generate good buzz for your businesses!

Sign up for a workshop near you! Contact Jessica Hupp at Jessica.hupp@dhcd.virginia.gov or 804-371-7121 to register. Do not wait to reserve your seat for these one-time events!

August 6: Hopewell
August 14: Petersburg
August 15: Farmville
August 20: Waynesboro
August 21: Staunton
August 22: Winchester
August 23: Culpeper
August 29: Strasburg
September 11: Altavista
September 12: Pulaski
September 13: Lynchburg
September 14: Vinton
September 18: Cape Charles
September 19: Franklin
September 24: Gloucester

What’s in a Name? The Different Types of Shared Work Spaces

We’ve all heard buzzwords such as incubators, co-working spaces and maker spaces. As the number of people working in the “gig” economy continues to grow, so will the places that support that industry. But what’s the difference in these spaces, and what do they provide not only to the entrepreneurs that use them, but the community as a whole? Over the next few weeks, we will discuss several different types of shared working spaces beginning with an overview of the most popular types.

Incubators – Incubators specialize in growing new and early-stage businesses. They typically provide resources like office space, legal counsel, accounting and other business guidance, possibly even funding opportunities. The types of incubators vary greatly from office/service-oriented businesses to high tech. There are examples of incubators in Franklin, Lynchburg and Norton.

Accelerators – Accelerator programs are more geared towards rapid-growth companies. Most involve a “cohort” of companies that have applied to the accelerator program, and the idea is to “accelerate” the companies to market within a three- to six-month period. Roanoke and Hampton both have great examples.

Coworking space – There are an estimated 10,000 co-working spaces in the United States. The co-working space allows entrepreneurs and “gig economy” workers to join together in a low-cost space instead of working in isolation. These spaces typically offer other services such as networking events, mentoring and learning opportunities, and the opportunity to develop partnerships with other businesses. Richmond and Harrisonburg have really been at the forefront of coworking.

Maker space – A maker space is a collaborative workspace that includes a variety of maker tools such as 3-D printers, laser cutters, letter presses, CNC machines, computers and other equipment. Maker spaces typically charge a monthly fee to members and are created for those who are creating products or who would like to learn how to “make” items. Next time you are in Lexington or Staunton, check out these great examples!

Stay tuned for more in-depth discussion about each type of shared workspace, including best practices, in upcoming posts.

Starting a New Business: Where to Begin?

We hear from many communities that they have aspiring entrepreneurs who would like to explore their business ideas but don’t know where to begin. Here are a few great resources for start-ups:

Waynesboro used funding from a Building Entrepreneurial Economies (BEE) grant from DHCD to create an online tool and one-stop shop to help entrepreneurs through the process. Their “GroWaynesboro” site helps entrepreneurs “Dream It. Plan It. Be It.” They have even developed an interactive guide to starting a business in Waynesboro.

Small Business Development Centers are a helpful resource for new and experienced entrepreneurs. The Virginia SBDC network provides customized counseling and education for small businesses. They provide one-on-one assistance for businesses, as well as small-group training on management topics that are important to small business owners. There are centers located in every region of Virginia, and you can click here to find the location nearest you.

“We have a wealth of tools with which to help entrepreneurs start, fund, analyze and grow their businesses,” says Sheri McGuire of the Longwood SBDC in Farmville. “We have a great team of consultants and staff who share a common experience in business and as entrepreneurs and will work with clients confidentially, one on one, to help them reach their goals.”

Mentorship is also important for start-ups, as seasoned entrepreneurs can help newbies by sharing experiences and lessons learned in starting and growing their business. Some localities have mentorship networks, like the Community Investment Collaborative in Charlottesville. They also received funding through the BEE program to expand their reach. There are also chapters all over Virginia for SCORE, which is the largest network of volunteer, expert business members who help small businesses get off the ground, grow and achieve their goals through education and mentorship.

If your community has an innovative program to assist budding entrepreneurs, we would like to hear about it! Email us at mainstreet@dhcd.virginia.gov to let us know what is happening in your community. You may also contact us if you have any questions about these resources or others that may be available to entrepreneurs in Virginia.

FastTrac Program Available for Entrepreneurs

You have an idea. That’s where it starts. Now what do you do with the idea? You could start a business, but how do you make it viable? The Kauffman FastTrac program can help you find the answer.

The Kauffman Foundation has been helping entrepreneurs for more than 50 years, and the FastTrac program has been designed as a flexible course with a solid framework to support you as you start a business and begin your journey to success. This immersive course is designed to provide information, tips, exercises and tools to help you go from concept to reality.

The course will help you:

  • Discover how your business concept matches your personal vision.
  • Align your business concept with a real-market opportunity.
  • Find your target market and discover your competitive advantage.
  • Determine the unique features and benefits to your product/service.
  • Learn how to set realistic financial goals for your business.
  • Define your company’s brand and marketing.
  • Learn how to manage business functions and develop an organizational culture.
  • Determine the steps to profitability.
  • Identify potential sources of funding for your business.
  • Launch your business.

The FastTrac program has been used to train more than 300,000 entrepreneurs throughout the past 25 years, and now an online version is available for free for the first time. For more information about the FastTrac program, click here.

Increase Your Small Business Success During National Small Business Week

Lexington is celebrating the start up of four new downtown businesses!

Launch Lex Pitch Event

On the evening of April 11, more than 100 fans witnessed a group of aspiring entrepreneurs pitch their best ideas for new downtown businesses in a one-night version of “Shark Tank,” with $60,000 in grants awarded.  Main Street Lexington hosted Launch Lex, which provided an eight-week business training program and culminated with the competition. The room sizzled, and the community is still reeling from the excitement.  Congratulations, entrepreneurs!

On Main Street, small business support like this is essential for a vibrant downtown.  If you don’t currently have anything to offer, the U.S. Small Business Administration has you covered.

The U.S. Small Business Administration and SCORE Association will host a free, three-day virtual conference during National Small Business Week. The conference will take place Tuesday-Thursday, May 1-3 from 12:30-6:30 p.m. ET each day.

The virtual conference offers all the best parts of an in-person conference, but without the hassle of traveling. Watch 12 educational webinars, get free business advice from mentors, pick up free information and resources from sponsors and network with fellow business owners.

The webinars include:

  • Hug Your Haters: How to Embrace Complaints and Keep Your Customers
  • Simple Steps to Choosing the Right Financing
  • Pop andPlay: How Opening a Pop-Up Shop can Help Launch Your Retail Brand
  • How to Get New and Repeat Business On Autopilot with Email Marketing
  • The U.S. Economic Outlook and its Impact on Small Businesses
  • Grow Your Business in 2018

Learn more and share with your community>>>

Virginia is for Entrepreneurs!

Governor McAuliffe and Senator Warner recently announced a new initiative to match Virginia entrepreneurs with investors, called “Virginia is for Entrepreneurs” (VA4E). This initiative includes a new website (va4e.org) that includes a standardized online application to better link entrepreneurs with more than 50 investment firms and potential funders to help launch or grow their Virginia-based businesses.

Any Virginia business can join the network, whether it is a farmer in Southwest Virginia or a high-tech startup in Northern Virginia. The network will provide resources and connect them with investors looking for opportunities to fund businesses across regions, backgrounds, and industries.

Interested investors can also join at the website, which will connect them with other like-minded investors, as well as provide them with opportunities to support entrepreneurs. Partners in the network include a number of universities, angel investment groups, venture funds, and statewide organizations.

According to Governor McAuliffe, “the Virginia is for Entrepreneurs initiative will open new doors for local start-ups by increasing access to the capital they need to thrive and create good-paying jobs.”

View the governor’s press release regarding this initiative here.

BEE Innovation Day 2017

The Virginia Department of Housing and Community Development (DHCD) will be holding a Building Entrepreneurial Economies (BEE) Innovation Day on Wednesday, December 6, in Charlottesville, VA. Community leaders and small business enthusiasts will discuss innovative ideas in entrepreneurship development, as well as offer inspiration and education to plan for and create a vibrant entrepreneurial ecosystem in their communities.

Our panel of experts and educational topics include:

  • Trends in Entrepreneurship – Mike Lenox, The Darden School, UVA
  • Building Partnerships for an Entrepreneurial Ecosystem – Annette Patterson, The Advancement Foundation
  • Thinking Entrepreneurially both Internally and Externally – Martin Kaszubowski, The Center for Enterprise Innovation, ODU
  • Resources for Entrepreneurs – David Touve, i.Lab at UVA
  • The Gig Economy: The Next Generation of Work – Larkin Garbee, 804RVA

Attendees will have the opportunity to discuss various aspects of DHCD’s Building Entrepreneurial Economies (BEE) and Community Business Launch (CBL) programs with some our past grantees, and to tour the i.Lab facility at UVA.

Register here for the event.