VGCC Small Business Center Taking Risk Out Of Risky Business
Launched in 1986, Small Business Center seeing rise in the number of those who want to be their own boss
By Joe DeSantis
Franklin Times Managing Editor
HENDERSON– Diane Finch is a busy woman these days, perhaps the busiest she’s been in the past six years as director of Vance-Granville Community College’s (VGCC) Small Business Center and Cooperative Education program.
With a downturn in the North Carolina business sector and more and more local firms laying off workers, she finds herself guiding a growing number of potential entrepreneurs with the desire to start their own business in the right direction and armed with the right tools.
“The focal point of what we do here is to educate people about the tools of how to get started in business and how to expand. It takes a lot of information and homework to launch a small business,” confirms Finch.
VGCC’s Small Business Center was launched in 1986, part of 58 such centers located at each community college across North Carolina.
Many of the seminars and classes that Finch and others hold at the Henderson campus are free of charge and invaluable to those searching for ways to strike out on their own in the business world.
Most of the seminars run in three-hour blocks, conveniently scheduled in the evening for those currently in the workforce who are trying to lay the frame-work for starting their own enterprises.
Classes with titles like Basic Bookkeeping for Your Small Business, Cash Flow, Marketing in Tough Times, How To Develop a Business Plan, and How To Start a Successful Home Businessare among the sessions designed to assist people in getting started in their own businesses.
“When people come to use the first time for help, what I like to do is spend about 45 minutes with them to determine what their business idea is, what level of experience they have, whether they want to launch a business to make money or to pursue a life-long love or goal,” explained Finch.
That initial meeting helps the Small Business Center determine just where to start with a particular client.
“Most people who want to start a small business have some really good ideas, but very little money. We do not provide finances through the program, but we certainly can help them get ready to go to a bank or lending institution.
“We try to show them what it takes to get started, and some people with great business ideas quickly come to realize they really don’t have a clue as to what goes into the business side of running a business.”
Finch likes to call the VGCC Small Business Center the “meat and potatoes” of the process.
“Our program covers the basics like bookkeeping, cash flow, business insurance, relationships with banks, attorneys and certified public accountants. Marketing and customer service area also a big part of what we do,” said Finch.
VGCC works closely with various county Economic Development Commissions, the North Carolina Council of Governments, the Small Business Administration and other agencies to pull together collective resources and information available to potential business operators.
“Most people that come in want to start a business immediately, like tomorrow. But there really is a great deal of education, information and preparation needed to do it successfully. Information and homework are what it takes to do it right,” said Finch. “And having a basic business plan in play. The majority of clients have no clues about business plans when they first come to us.’’
Finch said with the current economic slump across the state, VGCC has seen a huge increase in the number of people who are interested in starting small businesses out of their homes and the number of business hopefuls headed by female entrepreneurs.
“When the economy is good and the job market is strong, the interest level tends to calm down. When people see insecurity in the workplace, more of them are willing to take the risk to strike out on their own. Still, others feel that if they are going to work hard for someone else, they might as well be working hard for themselves.
Finch said potential business operators have to understand the work involved and the risk associated with a business launch.
Customarily, almost 50 percent of new businesses fail to survive their first year of operation. Another 50 percent don’t make it to the fifth year.
“Most of the people that come to us right now are in their 30s and 40s. Some are in their 50s, close to retirement and wanting to do their own thing.
Along with education and information, what we try to do through the Small Business Center is definitely not stomp on their enthusiasm, but we want them to be realistic, prepared for business, and understand that anyone by nature of being an entrepreneur must also be a bit of a risk taker. One of the biggest things we do here is try to eliminate as much of the risk part as possible.
“Most people want more control of their lives, which pushes them in the direction of running their own businesses. For many of them, it’s the best thing in the world.
“The sky is the limit if you really want to work hard and if you are willing to take the risks.”
Finch said one of the best parts of her job is the rewarding aspect of seeing people use the resources at VGCC and move on to begin successful businesses. Just as she was explaining that during a Thursday afternoon interview, a call from a former client came in. It was from Tracy Hicks-Johnson, who runs Family Scrubs, located on Nash Street in Louisburg.
“Tracy was inquiring about getting a Tax Tips class started at the Franklin County Campus,” said Finch, after hanging up.
“We have a mailing list of more than 3,000 businesses and resources that we keep in touch with and follow up on – that phone call was a perfect example.”
The Small Business Center schedules different classes periodically over a three-semester calendar. Potential business entrepreneurs may contact the Henderson campus for specific information on class dates, times and locations by calling (252) 492-2061.
