Guidance in Developing Business and Marketing Plans

When the husband and wife team contacted the Virginia Highlands SBDC, they were engaged in international consulting in agriculture and business. They had been living in various countries over the past ten years and had developed several unique ideas for a tourism-related business in Washington County. They needed assistance with focusing on the particular concepts they wished to pursue and developing a comprehensive business plan and credit facilities.

The center counselors suggested beginning with two related business concepts and focusing the business plan to clarify the concept and establish a business strategy and time-line. It was further suggested to explore a variety of financing options based on the needs determined by the plan and the options offering the least equity investment and the greatest flexibility.

The clients enrolled in the NxLevel for Entrepreneurs class sponsored by the center and continued to schedule individual appointments to review the drafts of the plan narrative and the projected financial statements. Special emphasis was given to developing a comprehensive marketing plan and the associated advertising and promotion budget. The client’s completed the NxLevel class and several iterations of the plan narrative and proforma financial statements.

The clients were successful in acquiring a $216,000 loan from Farm Credit and $168,000 from Ninth District Development Financing. They provided $275,000 in equity financing for the project. Construction began immediately, with the first phase of the business opening on April 10th. The business began with four employees and will expand to six by the end of the first year of operation.