Small Business Development Centers (SBDCs) assist small business owners in starting or growing their businesses. Sometimes we also have to help prospective business owners realize that business ownership is not right for them or that they are not prepared at present to be a business owner. These are not easy conversations; however, it is much better to realize you should not start a business than it is to start a business and realize that you made a mistake. Before you take the plunge into business ownership, you should ask yourself these questions and answer them as honestly as you can. Do I have money to invest in starting a business? We meet with many people who do not have any cash to invest in starting a business. They expect to be able to borrow 100% of the start up costs. This is not going to happen.  A lender will expect the business owner to have 10- 20% of the start up funding needed.  If you do not have capital to invest but you really desire to start a … [Read more...]

  Keeping up with social media marketing trends can be a challenge for business owners.  Most business owners wear many hats and find it hard to make time for marketing, much less keep on top of the changes in the way their customers get information.  We turned to Social Media Examiner’s Industry Report to get a handle of what is new and trending in 2024.   Social Media Examiner (SME) surveyed business owners and identified the primary goals of using social media marketing as to: Increase exposure Increase traffic Generate leads Develop loyal fans Improve sales The industry report by Michael Stelzner focused on three primary social media platforms: Instagram, YouTube, and TikTok. These platforms have seen a remarkable surge in user traffic, presenting an unparalleled opportunity for businesses to precisely target their audiences within specific niches. This increased traffic translates into greater accessibility for businesses, ensuring their … [Read more...]

If you're looking to start or expand your business but traditional bank loans aren't an option, there are several alternative funding avenues available that could be the perfect solution for your needs. With a range of options tailored to different types of businesses and requirements, it's worth exploring these alternatives to see what might work best for you. First, let's dive into the realm of Small Business Administration (SBA) loans. The SBA, a government agency dedicated to supporting small businesses and entrepreneurs, stands as a significant source, securing loans with more favorable terms than conventional loans. Applying for an SBA loan through a lending institution initiates a process wherein the SBA provides a loan guarantee, ensuring that, in case of default, the government covers the guaranteed amount. Here are 10 alternative choices to consider if you discover that you do not meet the eligibility criteria for a business bank loan. If a bank rejects your SBA … [Read more...]

In 2016, Karen Brace faced a peculiar challenge – eleven baby opossums. At the time, Karen her knowledge about these fascinating creatures was minimal. A licensed wildlife rehabilitator in Virginia since 2012, Karen's initial work revolved around caring for various animals, such as rabbits, squirrels, and groundhogs. When a litterbox of opossums came into her care, she dedicated herself to learning about these creatures, realizing the prevalent misconceptions and misinformation surrounding them. All eleven possums were rehabilitated and successfully released back into the wild. Karen started Awesome Possumz LLC in early 2019 when it was determined that Stuart, one of her former rehab animals, could not be released in the wild. Karen first visited the University of Mary Washington Small Business Development Center (UMW SBDC) in August 2021, where she reviewed plans to rent a downtown store. Engaging in webinars and business boot camps, Karen found the SBDC a great resource. March … [Read more...]

Veterans make great business owners.  If you are a veteran, you developed skills in the military that carried over into the business world. These skills include the ability to set and achieve goals, delegate tasks, and build strong teams.  Additionally, veterans are problem solvers and risk takers; these attributes are critical for business entrepreneurs. They are resilient and respond quickly to new challenges that arise, and they are committed for the long-haul. All of these skills translate into financial success in the entrepreneurial world. In a recent survey, eighty percent of veteran business owners reported that they consider themselves to be successful and 72% reported that they are able to support their families on their business income. It is no wonder that veterans are 45% more likely to start a business than non-veterans. If you are a veteran business owner, or a veteran who would like to learn more about business ownership, please join us for the fall Veteran … [Read more...]

UMW’s procurement department is a big supporter of small businesses and encourages those small businesses that want to sell to state agencies to get SWaM-certified and attend SWaMFest. In this post, we will share how attending SWaMFest helped one small business grow. Brent Elliott is the owner of Positive Presssure, a small business operating in Marshall, Virginia. Brent’s company provides a wide range of services to keep commercial buildings clean. He started the business in 2018. Brent says, “We’re known for being a versatile and comprehensive support services provider, often referred to by our customers as the "Swiss Army Knife" of support services. Positive Pressure offers a wide range of services, including building and facility pressure washing, stadium cleaning, facilities and housekeeping support. Additionally, the Company plays a pivotal role in the completion of capital projects by contributing expertise in rough carpentry, doors and hardware, general labor, and general … [Read more...]

Hard work and perseverance pay off. After years of planning and hard work Debra Balestreri is planning the grand opening of Corgi Clay Art Center LLC. Debra started her journey with a Kickstarter campaign back in 2021. She succeeded in securing over $40,000 in pledges to make her vision of adding value to the arts community in her hometown a reality. The Kickstarter campaign helped partially fund her idea of leasing and transforming the soon-to-be-open space in North Stafford. Debra first visited the University of Mary Washington Small Business Development Center in late 2021 to plan for the remaining funding that the business needed in order to open its doors. Over the next several months Debra worked to develop her loan package and worked with a local business lender to obtain the funding needed to open her doors. Debra is no stranger to the art scene in Virginia. She studied fine art and education at The University of Mary Washington, earning her BA in Studio Art and her … [Read more...]

Join your fellow leaders in the Rappahannock region in expanding access to work-based learning for students. While there are many approaches to facilitating work-based learning, the Commonwealth has prioritized paid internships as a particular experiential learning format that can help us bridge the gap between classroom learning and real-world experience for students. Working together, we will strengthen our regional workforce by opening pathways for students to start their careers. To support our collective effort, the Commonwealth has established the Virginia Talent + Opportunity Partnership (V-TOP) as a statewide initiative to facilitate the creation and expansion of high-quality work-based learning opportunities for K-12 and college students. This initiative is being executed by regional collaboratives designed to leverage the insights and talents of local higher education institutions, K-12 school districts, economic and community development organizations, and businesses to … [Read more...]

Most small business owners could benefit from hiring an Intern from the University of Mary Washington.  Could you? We interviewed two Eagle Works residents to find out more from their experience in hiring a UMW intern. Angie: How did you hire your intern? Did you find him/her on Handshake or through a campus connection? Mike: We used the Handshake Platform to announce our position(s) and communication with those interested.  The goal was to find the best interns interested in our positions and create a real world interview process for their training and education. We conducted several interviews, using MS Teams/Zoom, and face to face when practical. Barbara: I reached out to the EagleWorks program manager for recommendations, she connected me with someone who was taking her StartupUMW business program. I interviewed her, turns out she was at the time interested in my field, so she understood the support I was looking for. Angie: What experience did you provide for the … [Read more...]