You settled on a great business idea.  Now what will you name your company? It’s important to take the time to choose a business name wisely because (1) it’s your first connection with customers and (2) making changes later on can be costly, especially if your customers become familiar with the current name. Below is a list of tips to get the naming process started off on the right foot.    Where to start?   Consider your competitors’ names and take note of trends: what’s the tone? Strong, luxurious, warm, nature-themed? Which names do you like better, and why?  Ask peers and potential customers about each name’s association with the service/product? Look for an emotional connection. What values and emotions do you want to convey to customers through your brand?  Write down ten names.   Keep them short! For memorability, ease of conversation, and for marketing purposes (social media handles, website, logo, printing, etc), a short name is often more effective than a … [Read more...]

Most business owners know that they need a business plan, yet they find it hard to justify setting aside the time necessary to write one.  When I owned my restaurant, I was so busy running the day-to-day operations, that I rarely thought about my plan. Fortunately, I had taken the time to write one before we opened the restaurant, and as a franchise restaurant, much of the strategic decision-making was made by the corporate office.  It is an important exercise, and one which all business owners should prioritize.  There are two main reasons that people write a plan: (1) to use it as an internal document that guides decision making, or (2) as a requirement for a loan, a lease, or another investment source. The good news is that if your business plan will be an internal guide, then it doesn’t need to be a formal document written in complete, well thought-out sentences.  Rather it might consist of lists, bullet points, and worksheets.  That is not the case if you will be sharing it … [Read more...]

Do you have a product or skill that the government buys?  Are you considering government contracting as a way to start or grow a business?  Navigating the contracting registration and certification processes can be challenging for those new to government contracting.  Here are some tips to help you:  Seek help with registering.  To be eligible to sell to the federal government, your business must be registered in SAM.  The registration process is challenging.  If you don’t understand what is being asked and you enter wrong information, you may not be able to apply for contracts.  Common mistakes include:  Registering as a non-profit instead of a for-profit small business  Not making your profile public  Complete your small business profile.  NAICS codes are used by federal agencies to identify products and services.  These codes are very broad.  To help distinguish your company from the many others using the same commodity codes, be sure to add a short, written … [Read more...]

“What is your business idea? What problem will you solve? Who is your target customer?” On April 15, thirteen student entrepreneurs had 45 seconds to answer these questions and convince an audience of Fredericksburg business professionals, business owners, local economic development offices, and UMW faculty/staff that they should vote for their business idea during the Eagle Innovation Business Pitch Competition.  The Eagle Innovation Business Pitch Competition is an annual competition open to all UMW and Germanna students. Three student teams are awarded with seed capital for their startup company or their business idea. This year, the competition was held online. The three winning teams are:  UMW senior Suzanne Triplett, first place prize of $2,000 for her business idea: Back to Grounds, a mobile café. Suzanne plans to invest in a coffee/espresso and breakfast food mobile café to park at the large commuter lots on I-95.   UMW ’20 graduates Wes Cantrall, Ethan Dillon and … [Read more...]

UMW students possess many natural and learned skillsets that can be great assets to small, growing, and large companies. As ‘digital natives’, they have an intuitive understanding of different information management systems, online design and experience best practices, social media platforms and other online marketing activities. UMW has strong Economics, Business, Computer Science and Communications programs that teach UMW students to think critically and complete independent projects. While our students are well-schooled in their various academic fields and possess great knowledge, there is no substitute for real-world professional experience.   Internships that are organized and well thought-out provide a great opportunity for both the employer and the intern. UMW uses an online platform called Handshake to connect employers to students. Handshake is a powerful tool that helps employers target students based on the students’ majors, degree types, interests, and more. To sign up, … [Read more...]

The Virginia legislature has mandated that minimum wage will be increased five times over the next five years from its current level of $7.25 per hour to $15.00 per hour.  The first increase will take effect in less than two months.  It is time to assess the impact that this increase will have on your business and create an action plan to ensure the viability of your business and to fairly compensate your most valuable employees.  Minimum Wage Increases  On May 1, the minimum wage will increase to $9.50 per hour.  It will be increased again on January 1, 2022, to $11.00 per hour.  Further, increases are scheduled for January 2023 ($12.00 per hour), 2025 ($13.50 per hour), and 2026, at which time the minimum wage will be $15.00 per hour.  Planning for Higher Payroll Costs  Your payroll costs will increase. This is true for businesses paying wages below $9.50 per hour, as well as for those who pay higher wages.  Increases in payroll costs can be offset by:  Passing the increased … [Read more...]

Cash flow problems are among the main reasons why small businesses close their doors. According to a study by the U.S. Bank, as many as 82 percent of startups and small businesses fail due to poor cash-flow management. Most cash flow problems can be avoided if the small business owner plans correctly and acts decisively. Let’s cover the 3 most common cash flow problems and simple solutions to consider.   Not having enough working capital  The number one problem small business owners have is a lack of working capital. Working capital is the money necessary to keep the business going during the initial startup phase or during a slowdown of the business.   Similar to how one budgets their household accounts, a small business should have enough cash to cover a minimum of three months, and preferably six months, of operating expenses at its disposal. Having an adequate amount of money available will help businesses survive a downturn in the economy or a slowdown within their … [Read more...]

UMW alumna and graduate StartUpUMW student, Julie van Ommeren’s decided to complete her college degree in her mid-40s, after devoting many years to raising her children. Just two weeks into her Bachelor of Liberal Studies program at UMW, she lost her 19-year-old son Kyle to suicide. While such a tragic loss would halt everything for many people, Julie became determined to discover how she missed the warning signs and to devote her college and professional career to making sure that others have the tools and resources, like to combat suicide.  “Our new approach to prevent suicide” is the message that pops up on KYVO’s homepage – the program fully developed byvan Ommeren during her undergraduate years. By creating her own major—Advocacy and Mentoring—Julie was able to tailor her coursework to material that would help in the development of KYVO, her nonprofit venture.   “Kyle’s death changed everything about my major,” she said. “I couldn’t accept our failure to prevent my son’s … [Read more...]

Have you ever been to a restaurant with a 4-page menu and a website that provides little information about the food philosophy, the talent that creates it and the attention to service they provide? Who cares? Is the chef that great? Is everything that good? Is there really that much enjoyment in all that stuff? Probably not. People want to make good decisions quickly based on quality, value and reputation among other things. Pitching your Business has the same mentality. Entrepreneurs, business owners, salespeople, program directors and many others have to know many different audiences and be able to grab their attention quickly. Your audience may be a customer, an investor, a banker, a key new hire, or a visitor at a trade show. They all need to hear something that connects them to the value you provide and people typically do not like to wait. Communicating clear and connective information quickly improves the opportunity to begin a customer relationship. That relationship … [Read more...]