1. NRVCC, Radford, VA August 19, 2010

2. Are you sure?

3. What Do These Entrepreneurs Have in Common? Confidence? Competitiveness?

4. An Idea? Drive? Identified Market Need?

5. A Plan of Action? Willing to take Risks?

6. Focused? Goal & Objective? A successful enterprise

8. Remember as a start-up your place in the food chain

10. Small Businesses create over 75% of all new jobs.

11. Small Businesses account for half of the Commonwealth of Virginia’s contribution to the U.S. Gross Domestic Product - a whopping $160 billion. Virginia is for Business Lovers

12. Virginia is for Business Lovers Virginia ranked #1 state for business by Forbes.com last four years. Ranked #1 most business friendly state by Pollina Corporate Real Estate, Inc. last two years. Named #1 best states for business by CNBC. Virginia among top 10 list of states friendly to small business.

13. Virginia Business Start-ups Source: Virginia Employment Commission,Quarterly Census of Employment and Wages (QCEW)

14. How to Start and Operate A Business

15. Turn to SCORE Counselors for Small Business Advice Live Your Dream. SCORE Can Help.

17. Bring a new idea to fruition.

18. Live your lifelong dream.

19. Achieve financial independence.

21. Business workshops and seminars at a modest cost.

22. Online counseling and resources through the National SCORE Web Site, www.score.org.

24. SCORE counselors are volunteers who are successful entrepreneurs and business professionals.

25. Score has almost 400 chapters in the U.S. with over 11,000 volunteers.

26. The Roanoke chapter has been servicing Southwestern Virginia for over 45 years. There are 12 active counselors with skills and experience in a variety of fields. Details are available at www.scoreroanokeva.org.

28. Who is the SBDC Small Business Development Center Professional Business Counseling - Already Paid For Experienced Business Counselors Low Cost Business Seminars Worked with 3,000 business in the NRV Assisted clients with obtaining $95mil. Where business comes to talk business.

29. How the SBDC can Benefit you Through one-on-one Counselling, the SBDC can help you with… Management Skills Business Information Business Planning Productivity Improvement Workshops Networking Assistance Loan application Source of business financing Financial Analysis Marketing Permits, Licenses and taxes Where business comes to talk business.

30. Business Planning & Strategy 6 FORMS OF BUSINESS Entity pros/cons Taxes & Liabilities & Termination Consider talking to an accountant/attorney before you decide. Team of advisors Where business comes to talk business.

31. Why do I need a Business Plan To seek financing from a bank, private investor, venture capitalists or angels To provide you with a management tool Forces you to take an objective view of your ideas Serves as the road map to your objective Where business comes to talk business.

33. Statement of Purpose, Executive Summary or Request for Financing

34. Table of Contents (optional)

35. History of the Company

36. Business Summary

37. Definition of Products and/or Services

38. Industry and Competitor Analysis

39. Market Analysis

40. Marketing and Sales Strategies

41. Organization and Management

42. Operational Plan

43. Financial Statements and Pro Forma Projections

44. Capitalization/Equity/Debt StructuresWhere business comes to talk business.

45. Business Licence & Registration (7-Steps) One - Determine entity Two - State Corporation Commission Three - IRS Forms - EIN Four - Unemployment taxes – Va Employment Commission Five - Registration – Va Dept. of taxation Six - Local license/tax with local commissioner of the Revenue/Town Administrator Seven - Other State Agencies for Licenses/Permits for professionals Where business comes to talk business.

46. VSBDC Offices New River Valley/ Radford University www.bac.asp.radford.edu Tel: 540-831-6056 Mountain Empire Community College www.me.vccs.edu/dept/sbdc/ Tel: 276-523-6529 Southwest Virginia Community College www.sw.vccs.edu/ Tel: 276-964-7345 Virginia Highlands Community College www.vh.vccs.edu/cbi/ Tel: 276-676-5615 Crossroads Center - Galax Tel: 276-236-0435

47. Growing Your Business/Marketing Strategies

48. Tourism Business Development & Marketing Assistance Randall A. Rose Development Specialist – Partnership Marketing Virginia Tourism Corporation rrose@virginia.org 276-322-2044 www.vatc.org (industry) www.virginia.org (consumer)

50. Tourism Business Opportunities

53. Advertising Customer Service & Industry Relations Electronic Marketing Film Office Marketing & Promotion Public Relations Research Tourism Development Others Virginia Tourism Corp. Services

55. Planning Assistance Marketing Guidance Workshops Marketing/Advertising Benefits Business Assistance

56. Wilderness Road Heritage Trail Virginia Coal Heritage Trail ‘Round the Mountain Heartwood Spearhead Trails Crooked Road Fish Virginia First Development & Partnership Marketing

57. Franklin County Roanoke County Craig County Patrick County Floyd County Pulaski County City of Radford Giles County Tazewell County Carroll County Locality Tourism Planning

59. Canoe Rentals and Tours Fishing and Boating Rentals Bicycle Tours and Outfitters Adventure/Nature Camps Tourism Business Opportunities

60. Wineries/Vineyards Corn Maze Pumpkin Patch Pick Your Own Animal Parks Herb/Flower Farms Christmas Trees Farms Agri-tourism

62. Cabins and Cottages

63. Lodges

64. Campgrounds

65. Horse Campgrounds

66. Horse Stables/Barns

67. House Boats

68. Green LodgingUnique Lodging Opportunities

70. Artisan Studios/Galleries

71. Heritage Sites

72. Tea Rooms

73. Breweries/Pubs

74. Eclectic Restaurants

75. Shopping

76. Spas Attractions

77. Caterers Cleaning Services Food/Drink Distributors Electricians Restaurant Equipment Plumbers Security Systems Pool Maintenance Convenient Stores Lawn Care Web Site Designers Auto Repair Ad Agencies Events Planners Travel Agencies Florists Motorcoach Companies Linen Services Car Rental Offices Supporting Businesses

78. Visit www.vatc.org & www.virginia.org Sign up for the Dashboard e-newsletter Attend at VTC Help Desk event Establish relationships with all VTC divisions – tap into our services (i.e. marketing, advertising, research, etc.) Learn More About VTC Services

79. Now, let’s talk about marketing your small business

80. Can you answer thesetwo questions? What is Marketing? What is the difference between Marketing and Advertising?

81. 6 Questions You Should Answer What are you trying to accomplish? Who is your target audience? What message will move your audience? What vehicles do you have to deliver the message? What are your resources? How do you measure your performance/success? Marketing Plan

82. What are you trying to accomplish? What is your mission and vision? Are you the largest, cheapest, best service, best quality? Sales goals? Marketing Planning

83. Who is your target audience? by demographics by geography by needs and wants now and in the future Marketing Planning

84. What message will move your audience? Your brand Your tagline/slogan/message What do you want people to say about your business? Marketing Planning

85. What vehicles do you have to deliver the message? Website E-mail Advertising Public Relations Social Media Tradeshows Newsletters Marketing Planning

86. What are your resources? Budget/Money Owner/Employee Skills Friends/Family Partnerships Local/State/Federal Assistance Chambers of Commerce, Business Associations, etc. Marketing Planning

87. How will you measure your marketing performance? Electronic Marketing Tools Data Collection Research Mechanisms Surveys Informal Questioning Sales Data Marketing Planning

88. Have a Calendar/Schedule Include: Anticipated Ad Placement Press Releases Social Media Updates/Posts Promotions Other Scheduled Strategies Marketing Planning

89. Marketing Plans Change Because of business growth Because of research Because of economic factors Because of technology (social media) Because there is always change Marketing Planning

90. Virginia’s Recent Ad Campaign

92. Sales/Promotions

93. Referrals

94. Phone CallsMarketing Tips

95. Branding (it’s not just a logo) Marketing Tips

97. Gauge Performance

98. Have Customer Service Plan (Goals, Objectives)Marketing Tips

100. E-mail

101. E-newsletters

102. E-adsMarketing Tips

104. Cultural Heritage (Coal Heritage Trail)

105. Anglers (Fish Virginia First)

106. Outdoor Enthusiasts

107. Weddings/Meetings/Group ToursMarketing Tips

108. Social Media Marketing Tips

109. Public Relations Marketing Tips

111. Be Creative

112. Have Fun!Marketing Tips

113. Tourism Business Development & Marketing Assistance Randall A. Rose Development Specialist – Partnership Marketing Virginia Tourism Corporation rrose@virginia.org 276-322-2044 www.vatc.org (industry) www.virginia.org (consumer)

114. Financing & Managing Resources

115. Helpful Hints for FinancingYour Business Tim Knot Assistant Vice President Wachovia Bank © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.

117. Check for any inaccuracies or mistakes.

118. Make certain that all accounts are current and there are no outstanding judgments or liens.

119. If there is any derogatory information, be proactive and prepare to explain the problems and why the problem is not likely to occur again.

120. Gather personal and/or business records

121. For the past three years, including:

122. Tax returns, financial statements with schedules and attachments, and interim year-to-date financial statements.

123. Any other financial documents that might help a lender.

124. Neatly photocopy all of the documents and prepare them for your presentation. 65 © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.

126. Know how much you need

127. Be prepared to support all costs with estimates, invoices, or contracts

128. Never tell a lender that you want to borrow as much money as possible.

129. Primary source of repayment

130. Be able to demonstrate how you will pay back the loan

131. Debt Service Coverage = Earnings before Interest, Taxes, and Depreciation / Total Debt Service

132. Debt to Income= Debt service / Income available to service debt

133. Secondary source of repayment (back up plan)

134. Be prepared to be able to demonstrate how your lender will be paid back if income falls short

135. Be prepared to have guarantors and possible collateral© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 66

137. Business owners tend to be optimistic

138. Be prepared for scrutiny

139. Address your strengths and challenges realistically & honestly

140. Most common weaknesses lenders find are:

141. Inability to demonstrate repayment ability

142. Insufficient collateral

143. Lack of management experience

144. Insufficient cash injection

145. Poor personal credit

146. Don't get scared; just get prepared

147. Depending on the severity of any particular weakness, you can often overcome it if you are prepared with a particularly noteworthy and compensating strength.© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 67

149. Business owners tend to be optimistic

150. Be prepared for scrutiny

151. Address your strengths and challenges realistically & honestly

152. Most common weaknesses lenders find are:

153. Inability to demonstrate repayment ability

154. Insufficient collateral

155. Lack of management experience

156. Insufficient cash injection

157. Poor personal credit

158. Don't get scared; just get prepared

159. Depending on the severity of any particular weakness, you can often overcome it if you are prepared with a particularly noteworthy and compensating strength.© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 68

161. Most expensive

162. Document as any business loan

163. Most risk

164. Personal Savings

165. Lowest expense

166. Lowest risk

167. Do not use all of your savings for start up costs

168. Bank financing

169. Low cost

170. Shorter term

171. Higher equity requirements

172. Small Business Administration guaranteed loans

173. Low cost

174. Longer terms

175. Reduced equity requirements

176. Lower risk to partner Banks

177. Multiple plans to address real estate, equipment, and working capital needs

178. Non-profit community lenders (People Inc, etc)© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 69

179. Types of Deals Financed Acquisition of Owner Occupied Real Estate Financing available up to $9MM Refinance of Existing Debt Up to $2MM Must cut payments by 10% or more Business Acquisition Individual or corporate buyers Partner or Management Buy-Outs Loans up to $1.75MM Start Ups Require 30% equity 70 © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.

180. Why Wells Fargo SBA Lending Largest lender in United States Closed over $900MM in 2009 – three times nearest competitor Experienced Lenders and Underwriters Preferred SBA Lender Growing while others contract 2010 Goal - $1.2B It’s a marathon not a sprint We don’t sell our loans 71 © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.

181. Tim KnottWachovia Bank (540) 381-2220Tim.Knott@Wachovia.com © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.

182. People Incorporated Financial Services

184. History and Background Chartered in 1964 as first rural Community Action Agency in the United States Offer a diverse range of development services and programs throughout Western Virginia

185. People Inc Financial Services Promotes economic self-sufficiency and a better quality of life for the region’s citizens through small business ownership, job creation, and asset development. Provides business training, technical assistance, and makes business loans. Partners with the local banking community and focuses services on customers who may not be eligible for bank financing.

186. NDDFNinth District Development Financing, Inc. Loans for start up or expanding a tourism related business. Business must be located within the 9th congressional district of Virginia. Interest rate = Prime Rate

187. Contact Information Becky Nave People Incorporated of Virginia 1173 West Main Street Abingdon, VA 24210 bnave@peopleinc.net P: 276-619-2243 C: 423-571-3212 www.whatcanpeopledo.org

188. Other Business Resources Sandy Ratliff, Business Services Manager Virginia Department of Business Assistance 276-676-3768 sandy.ratliff@vdba.virginia.gov www.vdba.virginia.gov www.vastartup.org

189. The Virginia Department of Business Assistance VDBA supports economic development in the Commonwealth by working with new and existing businesses to provide business and economic development communities with: workforce incentives financing business information and counseling state procurement assistance educational opportunities www.vdba.virginia.gov

191. Well trained and plentiful workforce

192. Appropriate capital structureAsk VBIC = 866-248-8814

194. Bridges the 26 state agencies, over 110 regulatory programs and over 300 forms that may touch a Virginia business

195. Virginia Central Business Portal (www.business.virginia.gov)

196. Covers registration, taxation, licensing

197. Interactive business plan available online at www.vdba.virginia.gov or www.vastartup.org

199. Create a Business One Stop account.

200. Answer a few brief questions about your business.

201. Receive a list of action items and pre-filled business registration forms.Questions? Contact the Virginia Business Information Center 1-866-248-8814 (804) 371-0438 vbic@vdba.virginia.gov

202. Ask VBIC = 866-248-8814

204. $5 billion market

205. Access to buyers from 171 state agencies

206. Additional $5 billion from local governments

207. 575 localities using eVA system.

208. Small Business Goal – 40%

209. Over 44,994 registered suppliers

210. Over 13,065 participating buyersAsk VBIC = 866-248-8814

211. Examples of Purchasing: Instant Ice Tea 01/01/2009 – 12/31/2009 = $23,455.71 - 46 PO’s Novelty – Specialty Advertising Products 01/01/2009 – 12/31/2009 = $152,905.34 - 152 PO’s Grounds Maintenance: Mowing, Edging, Plant (Not Tree) Trimming, etc. 01/01/2009 – 12/31/2009 = $14,566,567.94 - 1150 PO’s Tires and Tubes, Passenger Vehicles 01/01/2009 – 12/31/2009 = $72,103.64 - 7 PO’s Concessions, Catering, Vending: Mobile and Stationary 01/01/2009 – 12/31/2009 = $6,187,712.31- 11,757 PO’s Building Maintenance 01/01/2009 – 12/31/2009 = $90,611,650.85 - 9285 PO’s Earth Moving Equipment Rental 01/01/2009 – 12/31/2009 = $8,573,333.24 -621 PO’s Cleaning Services, Steam & Pressure 01/01/2009 – 12/31/2009 = $3,358,694.55- 303 PO’s

212. One–on-One Counseling Sessions Need Based: Accessing New Markets/Sales Growth Tailored Sales Development Solutions Financing Resources Social Media for Your Business To schedule an appointment, contact: Sandy Ratliff, Business Services Manager 276-676-3768 Email: sandy.ratliff@vdba.virginia.gov

214. Partnership with Service Providers and localities

215. Provide information on available resources to start and grow a business

216. Statewide Program

217. Free – ½ Day Session

218. Over 8,000 reached

220. Market Research and Expansion

221. Financing

222. Growth Management

223. Partnered events for SWAM certification and eVA registration

224. Networking with businesses and government buyersUpcoming Events: September 21 – King College, Bristol, TN

226. September 9 – Bluefield

227. October 14 – Scott County

230. Combination of on-the-job training and classroom instruction.

231. Advantage of skilled workforce and reduced turnover.

232. http://www.doli.virginia.gov

233. Virginia Department of Agriculture & Consumer Affairs

234. Virginia’s Finest Trademark = Marketing program that promotes foods and foods products grown in Virginia.

235. Facilitates expansion of agricultural businesses.http://www.vdacs.virginia.gov

237. 29 Within Commonwealth

238. Business Incubator Benefits

239. Facility designed to assist businesses to become established and sustainable

240. Benefits

241. Shared premises and business services

242. Business advice and mentoring assistance

246. Starting and Growing a Business Business Formation Assistance Small Business Development Center Network = www.virginiasbdc.org SCORE = www.score.org Virginia Business Information Center = 866-248-8814 Virginia Central Business Portal = www.business.virginia.gov Virginia Business Incubator Association = http://www.vbia.org/

247. Marketing Resources SCORE = www.score.org Virginia Tourism Corporation = www.vatc.org Virginia Economic Bridge, Inc. = www.virginiabusiness.org Virginia Department of Agriculture – Virginia’s Finest Trademark = www.vdacs.virginia.gov

248. Financing Resources Virginia Small Business Financing Authority = www.vdba.virginia.gov Small Business Development Center = www.virginiasbdc.org Small Business Administration = www.sba.gov Local Economic Development Office or Chamber of Commerce

249. “If you always do what you’ve always done, You will always get what you’ve always got!”

250. Lets Connect: Sandy Ratliff The Virginia Department of Business Assistance 276-676-3768 sandy.ratliff@vdba.virginia.gov Online: Twitter: http://twitter.com/sandyratliffFacebook: http://www.facebook.com/sandy.ratliff LinkedIn - http://www.linkedin.com/in/sandyratliff YouTube - http://www.youtube.com/user/vastartup

251. Survey Completions Please take a moment to complete our survey!

253. Help is Available……Just a click away……

255. David Shanks, New River SBDC = 540-831-6056

256. Randy Rose, Virginia Tourism Corporation = 276-988-6067

257. Tim Knott, Wachovia Bank = 540-381-2220

258. Maynard Wiff, SCORE = 540-857-2834

259. Carl Mitchell, Virginia Economic Bridge = 540- 731-6800

260. Becky Nave, People Inc. Financial Services = 276-619-2243

261. Peggy White, Pulaski Chamber of Commerce = 540-674-1991