Athens is an ever-growing hub for small businesses, with plenty becoming fixtures in the community. But many also can’t keep their doors open for even a year.
Why do some businesses have staying power while others don’t?
Small business owners must learn to navigate the roadblocks of operating a business. Some of the problems business owners face are lack of planning, marketing and access to capital.
A business plan acts as a map for any business. Planning is essential for not only start-ups, but for established businesses as well. Most small businesses start out with a little to no marketing budget, so learning to focus on the correct target market is essential. Without capital, a small business can’t operate, and a lot of businesses don’t see the need for working capital or know what the requirements are to win approved for a loan.
The University of Georgia’s Small Business Development Center helps guide owners through these potential roadblocks in hopes they might become a growing and thriving business. We help our clients, free of cost and with complete confidentiality, plan for the present and the future.
A business plan is essential for new businesses because it gets ideas on paper, and allows owners to see the requirements of what needs to be done in opening a business.
Established businesses need to plan too, especially for long-term goals such as expansion. A strategic planning session at the SBDC can help run a business more effectively.
In towns like Athens, summers can sting particularly bad for businesses, when the student population clears out. But it also creates an opportunity to diversify target markets.
Revamping a marketing plan to address drastic changes in the market is essential in a college town. Consultants can pull data and help identify new target markets during tough times.
Gaining access to capital is very hard for small businesses, especially start-ups. By understanding exactly what lenders are looking for, such as the 5 C’s of Credit, owners can better prepare for financing. SBDC consultants can guide entrepreneurs through the lending process and assist with putting together an impressive loan package complete with financial projections that are ready to present to a lender.
Katie Murray is a program coordinator for the University of Georgia’s Small Business Development Center.
