Over the following nine months, starting the month of October, Farmville Downtown Partnership will present Business Boot Camp (BBC), Business Plan Competition and Pop Up Farmville Downtown. The BBC program will present four informative sessions regarding how to start up one’s own small business.
The Business Plan Competition will require the participants to provide a business plan that will be written during the sessions. From here, they are able to be a part of the Business Plan Competition and Pop Up Farmville Downtown.
A local review board will judge the business plans, the viability of the business plans as well as the credit worthiness of the business.
Afterwards, the chosen businesses will occupy vacant spaces within Downtown Farmville during the months of April 2014 to June 2014 for Pop Up Downtown Farmville. During this time, the judges will be able to view how the businesses respond to the population of Farmville, residents and college students, as well as major holidays.
Grant money will be given to chosen successful businesses through the competition by popular vote.
BBC is a four night program that will be hosted Oct. 2, Oct. 9, Oct. 16 and Oct. 23, each occurring on a Wednesday. Each session will be held at the South Street Conference Center at 124 N. Main Street from 5:30 p.m. to 9 p.m.
The Small Business Development Center is providing the presenters for the sessions.
To register to attend the program, one must pay a $40 fee and contact Executive Director of Farmville Downtown Partnership, Helen Person at (434) 392-3060. Registration forms are available at the Heartland Regional Visitor Center at 121 East Third Street.
BBC is presented by the Longwood Small Business Development Center, the Town of Farmville, Farmville Downtown Partnership and the Farmville Area Chamber of Commerce.
The first session, on Oct. 2, will introduce the program with local information, necessary traits for entrepreneurship and how to develop a mission statement and vision.
The second session, on Oct. 9, will identify the components of a business plan, discuss the various legal entities and business structures, discuss the concept of competitive advantage and identify research tools, techniques and available resources.
The session will also allow research for one’s market. Local insurance agents and attorneys will serve in the panel discussion during this session.
The third session, which is on Oct. 16, will focus on developing income and expense projections, financial information needed to operate a business, the pitfalls of poor record keeping and useful financial tools for running a small business. Local accountants will serve in the panel discussion during this session.
The fourth session, on Oct. 23, will focus on what one needs to knowaboutfinancingabusiness through lending and developing effective relationships with financial institutions. Local bankers will serve in the panel discussion during this session.
BBC was inspired by the Pop Up Marion event located in Marion, Va., according to Person. Pop Up Marion brings new businesses to vacant areas in the district for a short amount of time. These businesses compete to be judged and voted upon to receive certain amounts of monetary prizes to help start up the business.
Person stated that the development for the BBC and other programs have been in effect for several months, starting winter 2013. She stated that there were thoughts for the BBC to begin after Jan. 1, 2014 before deciding in October 2013.
According to Person, L. Rucker Snead, the chairman of the Farmville Chamber of Commerce, stated various times at the community market group that meets once a month that there should be an informational document to assist those interested in starting up their own small businesses.
Person and Farmville Town Planner Cindy Morris discussed the best way to create such an informational document and found the task to be infeasible.
Person said, “When we sat down and started looking at it, it was going to be huge, and it was also going to be something that would probably be outdated as soon as it came off the press.”
She further added, “It’s not so simple as people saying, 'you’ve got to do this, and this and this.' There are certain things every business has to do. There are some things that are going to bespecifictowhateverindustry they’re looking for .”
Person hopes for the Business Boot Camp, Business Plan Competition and Pop Up Farmville events to become annual. She also hopes for the BBC to become more accommodating to specific industries in the future, such as food industries.
Praising the possible benefits of the program, Person said, “It will give them a little leg up into what they need to do.”
The Business Boot Camp is sponsored by the U.S. Small BusinessAdministration, Farmville Downtown Partnership, the Virginia Small Business Development Center, the Town of Farmville, the Farmville Area Chamber of Commerce and Longwood University.
For more information on this and future entrepreneurial programs hosted by the Farmville Downtown Partnership, contact Helen Person at (434) 392-3060.
