Small business workshop a success

Small business ownership is no small task. From the initial dream to the daily running, it is important to plan for every eventuality from the start. When one sets out to realize their dream of being their own boss, they can pour every ounce of sweat and tears into it and the result of all the hard work can be very rewarding indeed. That sense of accomplishment can become bittersweet if one fails to plan

On Feb. 26, Christophe Trahan, with the LEDC hosted the second Small Business Workshop. This workshop featured special guest speaker Tim Wilson, the director of the North-east Texas Small Business Development Center. The SBDC can be a key resource to small business owners and future owners. They offer assistance with a plethora of important aspects of small business entrepreneurship.

Wilson, who has been with the SBDC for fourteen years, spoke about business models, business plans, and implementation strategies. There are many things to take into consideration when making a business plan. Starting with market research, owners need to know if their target location is well suited to their business. Another key item to consider is if a business is better suited for a brick and mortar location, online, or possibly both. One must also take into account if their product is a trend and wherein the trend cycle it is.

Each plan is based on the business and needs and ultimately unique. However, there are five items that are key to every business plan. Marketing analysis and planning, operations, management, and personnel planning, financial planning, and finally critical risk. These components, along with personalized points based on a business’s need, are only one part of successful business ownership.

The hardest part is the implementation of that plan and the tenacity to keep at it. From finding the perfect location to finding the perfect balance of inventory, one must continue to look at every aspect of an ever-changing market. While one must be strict in adhering to their plan, they must also be willing to be flexible.

Revisiting a business plan and adjusting it to suit current needs is a key to success.

The workshop also highlighted the importance of networking. Getting to know one’s business neighbors can lead to invaluable connections.

The SBDC offers assistance for free, so owners and potential owners can focus on planning and

Wilson said they also offer a personality test to help identify one’s strengths and weaknesses. This helps to highlight what will need to be focused on more.

Successful small business ownership takes planning, tenacity, passion, and connections, and while to some, it may seem like more work than it’s worth, the small business owner knows that it is all worth it.