As Small Business Week shines a spotlight on Canadian entrepreneurs and the role they play in the economy, Venture Norfolk is reminding aspiring business owners that local support is available to help turn an idea into a viable business.
Kristine Carey, general manager of Venture Norfolk, says the organization works with entrepreneurs throughout Norfolk County to help them assess their ideas, develop business plans and determine what it will take to succeed.
Carey says some of the strongest business ideas come from people who have hit roadblocks and other issues in the past.
The challenge is turning that idea into a workable plan, including understanding the costs, assessing the market and identifying the resources needed to move forward.
Venture Norfolk’s small team helps entrepreneurs work through those questions, test their assumptions and determine whether a proposed business is financially viable.
A business plan must account for the costs of operating, generating revenue and managing unexpected challenges.
As Carey points out, if it costs more to produce a product or provide a service than the business earns from selling it, the money will eventually run out.
Venture Norfolk helps entrepreneurs put their ideas into a standardized business plan, test the financial assumptions and identify areas that need more work before money is invested.
Carey says that process can sometimes reveal an idea may not be as viable as its creator initially believed.
While that can be difficult to hear, she says the goal is not to discourage entrepreneurs, but to help them make informed decisions before they risk their savings or take on debt.
The business planning and consulting services are offered free of charge, supported by the federal government.
If an entrepreneur needs financing, Venture Norfolk can also help determine what funding may be available.
Carey says access to capital should not necessarily be the biggest obstacle for someone considering starting a business.
A solid business plan, a strong understanding of the numbers and an entrepreneur with the skills and willingness to learn are all important parts of the equation.
Carey describes Venture Norfolk’s role as that of a coach rather than a cheerleader.
The organization draws on its experience working with entrepreneurs to ask difficult questions, identify weaknesses and help business owners make adjustments when necessary.
Sometimes that means changing direction or bringing in additional expertise, such as an experienced bookkeeper, accountant or commercial banker.
The importance of that support is reflected in the role small businesses play in Norfolk County’s economy.
While Norfolk County and major employers such as Toyotetsu account for significant employment, Carey says small businesses represent the largest group of employers by number.
She adds that the benefits of helping a local entrepreneur extend beyond the individual business.
A successful business can eventually hire employees, sponsor community activities and reinvest in the local economy.
