Here's a short clip from the SaveYour.Town video "Refilling Your Business Pipeline" starring Deb Brown and me.
Small towns and rural communities will need new business start-ups to revitalize their local economies, but few people today have the resources to start a business in the traditional way.
Part of what holds your potential new entrepreneurs together is that starting a business has to be a big, difficult and long project.
Imagine all the work that "everyone knows" is part of starting a new business:
If you decided to open a retail store, you decided on your specialty and the type of goods to be transported, deciding or guessing if your city will support it, finding a location and reshaping it or even getting them to code, decorate, find and start suppliers, establish your local bank, get financing, hire staff, advertise and market, and all before you even know if your concept initial is really solid.
In small towns, these problems can be magnified when you can cope with a shortage of usable buildings, long distances with suppliers who do not pay attention to small accounts like yours, few local banks, no chance of local funding. , little choice for potential workers and a smaller potential market. It seems like it is taking a lot of time, money and work just to get started in business.
You have to get all your ducks in a row.
What if I told you that there was a much easier way to go into business?
Take a duck and go from there.
Imagine building a few steps in between. If you could buy a few products and test them by running a temporary business in another business for a month or two, you will learn a lot about what is selling in your local market right now. If it works, perhaps you could rent a small stand in a shared commercial building. If something doesn't work, you can fix it and try again.
From there, switching to starting a traditional store doesn't seem as difficult. You have learned what people want to buy. You have established relationships with suppliers. You have won a loyal following. All these small steps bring you closer to the jump to overcome this obstacle to start a traditional business. And if you miss a jump to a smaller step, it's easier to grab it and try something new.
Why it works
This is the goal of innovative rural economic models. They put people in a much better position to succeed or fail in a manageable way. It reduces the time and money of the business creation process.
For economic developers, this allows you to easily add the promotion of entrepreneurship to existing projects and activities. It is not about starting new things from scratch. It's about finding and building on the small steps that already exist in your area.
The entire 30 minutes is available for purchase at SaveYour.Town: Refilling Your Business Pipeline.
About Becky McCray
Becky launched Small Biz Survival in 2006 to share stories and ideas about rural business and community development with other small town business people. She and her husband have a small cattle ranch and are lifelong entrepreneurs. Becky is an international speaker on small business and rural topics.
- Filling the rural business pipeline – July 7, 2020
- Huge vacant buildings: subsidies to renovate? – June 9, 2020
- Economic self-defense for small towns – June 7, 2020
- The best things you can do for local businesses in light of the coronavirus – March 27, 2020
- How to get more downtown parking without adding space – March 7, 2020
- Precise volume settings for the Yeti Blue microphone and Windows settings to reduce background noise – February 17, 2020
- Bring local businesses to cooperate with you: go shopping in Brownsville – December 16, 2019
- Results of the 2019 Rural Challenges Survey – December 5, 2019
- Shop Indie Local adds a new twist to tired Buy Local campaigns – November 11, 2019
- Better training of entrepreneurs for small towns – November 4, 2019