Small Business Resource Guide now available

The Department of Housing and Community Development (DHCD) has developed a Small Business Resource Guide that provides information on many of the items that new or expanding small businesses and entrepreneurs need. This includes financing programs, grant programs, business development resources and training opportunities, as well as university entrepreneurship programs that are available to the public.

The guide is a living document, so it will be updated often as new programs and resources become available or we are made aware of appropriate available resources. The guide can be found on the Resources and Reports page of the Virginia Main Street blog, or click here for a copy.

If you know of a great resource – federal, state, regional or local – that should be added, please let us know!

Fostering Successful Businesses in Your Community

How can Main Street organizations create a supportive, business-friendly community? 

What are the elements of a community that make it viable to attract business and expansion for the existing ones? 

And what are the trends that best produce the desired entrepreneurial advancement? 

These are some of the questions driving Entrepreneurial Ecosystems in Appalachia, a recently published suite of research reports and resources supporting entrepreneurial ecosystem development in Appalachia. However, the findings are beneficial to more than the southwest corner of Virginia. They are broadly applicable to encourage entrepreneurship and increase the probability of a successful business in your community, too.

The report makes clear that the development and maintenance of robust regional entrepreneurial ecosystems involves a complex mix of culture, history, markets, policy and environmental factors.  Referenced in the report, the Kauffman Foundation has developed “Seven Design Principles for Building Entrepreneurial Ecosystems” that provide excellent guidance and actionable ideas to support the ecosystem:

  1. Put Entrepreneurs Front and Center: Effective ecosystems are led “by and for” entrepreneurs.
  2. Foster Conversations: Effective ecosystems engage multiple partners in conversations that are focused on hope and action.
  3. Enlist Collaborators. Everyone is invited: Effective ecosystems engage partners from all walks of life, multiple disciplines and multiple sectors.
  4. Live the Values: Effective ecosystems do not have a “leader.” They are built on an invisible social contract of shared values.
  5. Connect people bottom-up, top-down, outside-in: Effective ecosystems bridge social boundaries and build tribes of trust.
  6. Tell a Community’s Authentic Story: Effective ecosystems champion role models and create stories out of strength.
  7. Start, be patient: Effective ecosystems take time to build.

The report is part of a larger project entitled Entrepreneurial Ecosystems in Appalachia. Additional project materials can be accessed at www.arc.gov, as well as the project’s website: http://arceco.creconline.org.

For a Main Street-focused guide, check out Main Street America’s Entrepreneurial Ecosystems and the Role of Commercial Districts >>

The District Digest Vol. 4 – Downtown Ideas to Put to Work

While you were busy making a difference in your hometown, you might have missed these thought-provoking reads.  Attraction, expansion and retention of businesses for your Main Street district is vital. It is also one of the most difficult things for a community to successfully accomplish. It takes hard work, planning and follow-through. Here is a dose of inspiration and education:

  1. Retention and Attraction Strategies for a Balanced Retail Sector – National League of Cities
  2. Chicago Proposes Experiment with Pop-up Urbanism – The Architects Newspaper
  3. Creative Uses for Buildings in Small Towns – University of Wisconsin Extension
  4. What’s in a Name? The Different Types of Shared Work Spaces – Virginia Main Street
  5. Incubators: Hatching Ideas into Business – Virginia Main Street
  6. Accelerators: Taking Businesses to the Next Level – Virginia Main Street

Recognizing the Hard Work on Main Street: CenterFuse Co-working

At the recent 2018 Downtown Intersections in Harrisonburg, we continued our tradition of acknowledging outstanding achievements in comprehensive downtown revitalization efforts through Merit Awards. They recognize the hard work, dedication and success of Virginia’s Main Street communities and their achievements across the four points of the Main Street Approach®.  This is the first of a blog series to highlight each of the seven award winners. 

Historic Manassas Inc. Executive Director Debbie Haight accepted the Outstanding Business award for CenterFuse Coworking.  Years in the making and the first in historic downtown Manassas, CenterFuse is both an incubator and co-working space that provides new and emerging businesses with an environment that will support their start-up phase and increase the likelihood of success.  It functions as a for-profit business, but was created by and is under the auspice of Historic Manassas Inc., a 501(c)3 nonprofit corporation and pioneer of the local Main Street program.

CenterFuse focuses on science and technology while cultivating other compatible businesses in the district.  The facility offers flexible leases, shared-use, and common office equipment, direct business assistance, mentoring, networking and access to capital.  The 3,800 square foot space includes a mix of offices, dedicated workstations, and open space for networking.  It also provides a roster of entrepreneurship education and mentorship programs, among others.

Since opening in May 2017, the incubator is seeing steady growth in the participating startup’s business development who will soon be ready to expand or move into vacancies downtown. While rising businesses are in the space, they contribute to an entrepreneurial culture in downtown and to the economic vitality of other local businesses and residential properties.

Congratulations Historic Manassas Inc. and CenterFuse Coworking!

To learn more >>>

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.