MOSourceLink Blog

MOSourceLink Bloghttps://www.mosourcelink.com/Advancing EntrepreneurshipInnovation-LedStarting a BusinessFunding and FinancesMain StreetSecond StageMicroenterpriseBusiness GrowthBusiness PlanningEntrepreneurs in ActionNetworkingMarketing/SalesNonprofit Development urn:uuid:ea4ca7d9-1cff-6157-bf7d-ff0000dcce84https://www.mosourcelink.com/blog/blog/2023/05/12/opportunity-for-budding-missouri-tech-startups-as-scale-vc-closes-second-fund Opportunity for Budding Missouri Tech Startups as Scale VC Closes Second FundScale VC, a venture capital fund based in Columbia, Missouri, has announced the closing of a $5 million fund that will invest in and support early-stage tech founders.Fri, 12 May 2023 15:49:02 Z<a href="https://www.scale-vc.com/">Scale VC</a>, a venture capital fund based in Columbia, Missouri, has announced the closing of a $5 million fund that will invest in and support early-stage tech founders. Through the new fund, Scale VC will invest $50,0000-$150,000 in 30-40 companies over the next three years. The new fund includes a $1 million investment from the <a href="https://www.umsystem.edu/">University of Missouri System</a>, an anchor investment from Columbia-based Shelter Insurance along with other investments from 34 limited partners. The fund is the largest venture capital fund raised in Columbia to date. Founded in 2021 by brothers Willy and Jabbok Schlacks and Jai Malik, Scale VC is a venture capital fund and studio investing monetary and social capital in early-stage tech founders across North America, the Midwest and Missouri. Prior to starting Scale, Willy and Jabbok founded EquipmentShare in 2015, a top 25 Y-Combinator construction tech startup that has garnered billions in capital and revolutionized the construction industry. 10 of the 23 companies that received investments from the first fund were based in Missouri, says Brett Calhoun, who serves as the managing director and partner at Scale VC. “Our biggest focus is finding really good entrepreneurs and founders who we believe have what it takes – the mindset, motivation and technical skills — to build a successful company,” Calhoun says. <h3>Starting Startups Internally Through Venture Studio</h3> Of the 30-40 companies the company plans to invest in, Scale will start three startups in-house through its Venture Studio program. The goal of the Scale’s Venture Studio program is to bring in a technical co-founder and to prove an internal idea and build an MVP. “We take ideas internally and do customer discovery, market research and competitor research on them,” Calhoun says. “Then we source founders to come in and be the co-founders and build companies around those ideas.” To date, two startups have come out of Venture Studio — <a href="https://www.pitatech.io/">PitaTech</a> and <a href="https://www.goodhouse.ai/">goodhouse</a>. PitaTech is building a solution that democratizes debt financing by simplifying filings, expediting legal diligence and increasing data transparency. Goodhouse offers home care subscriptions meant to disrupt traditional methods of home repair and maintenance for the 80 million homeowners in the U.S. <h3>Forming a Student Accelerator at the University of Missouri</h3> In addition to their financial investment, Scale VC’s partnership with the University of Missouri includes a new on-campus student accelerator. The accelerator is sponsored and supported by both Scale VC and EquipmentShare. The student accelerator launches this fall and will focus on connecting students across all departments and universities of the UM System — University of Missouri in Columbia, the University of Missouri-Kansas City, the University of Missouri-St. Louis and Missouri University of Science and Technology in Rolla — to forge innovative companies. “We will be putting founders essentially through a mini boot camp and helping them go from an idea to launching their businesses,” Calhoun says. urn:uuid:acfda6d9-1cff-6157-bf7d-ff0000dcce84https://www.mosourcelink.com/blog/blog/2023/01/11/700k-usda-rise-grant-primes-green-hills-rpc-mosourcelink-to-grow-agriculture-jobs-in-northwest-missouri Advancing EntrepreneurshipInnovation-LedStarting a BusinessFunding and FinancesMain StreetSecond StageMicroenterpriseBusiness Growth$700K USDA RISE Grant Primes Green Hills RPC, MOSourceLink to Grow Agriculture Jobs in NW MOMOSourceLink and Green Hills Regional Planning Commission have teamed up to create more opportunities in agriculture entrepreneurship in Northwest Missouri.Wed, 11 Jan 2023 20:24:19 Z The Show Me Jobs project, a new partnership between MOSourceLink and Green Hills Regional Planning Commission fueled by $727,919 in funding from the U.S. Department of Agriculture Rural Innovation Stronger Economy (RISE) Grant, will aim to create jobs, increase sales, start new businesses and spur more positive economic outcomes for five counties in the rural Green Hills Region of northwest Missouri over four years. The project will deliver technical assistance to build business capacity, increase supply chain connections, learn about agricultural business needs, connect entrepreneurs to resources and increase the visibility and awareness of value-added agricultural businesses and resources. “This partnership and funding allows us to help more entrepreneurs and fuel the economic agricultural engines of our rural communities in Northwest Missouri,” said Corinne Watts, executive director at Green Hills Regional Planning Commission. “We can’t wait to see how this opportunity will strengthen the economy in the Green Hills Region.” The five counties part of this project are Grundy County, Harrison County, Mercer County, Putnam County and Sullivan County. MOSourceLink and Green Hills RPC will be seeking partnerships within the communities in these counties to achieve the goals of the grant. Specifically, the four-year outcomes of the project include the following: <ul> <li dir="ltr" aria-level="1"> 100 existing businesses will report increased capacity through the addition of new jobs, increased sales, increased knowledge and/or capital infusion. </li> <li dir="ltr" aria-level="1"> 20 new businesses and 150 jobs will be created. </li> <li dir="ltr" aria-level="1"> 5 businesses will access debt funds through revolving loan sources. </li> <li dir="ltr" aria-level="1"> 4 businesses will increase sales by becoming part of the supply chain for urban corporations. </li> </ul> MOSourceLink will offer its key services of monitoring and filling gaps in the entrepreneur ecosystem and connecting entrepreneurs to experts and key organizations in the massive statewide network of 680+ business-building nonprofits. “We’re proud to be able to leverage our statewide network to prime the pump for economic growth in the Green Hills Region of Missouri,” said Alexces Bartley, network builder at MOSourceLink. “With our deep experience in connecting entrepreneurs to resources across Missouri, we’re thrilled to be able to lend our expertise to boost entrepreneurship in a vital agricultural region of the state.” To increase jobs in the Green Hills Region, the project will take a variety of approaches. The organizations will work alongside community leaders to leverage entrepreneurship as an economic development tool and work to better understand business development and workforce needs of the agribusiness cluster. Partners in the region will provide business-building technical assistance in startup, business planning, marketing, financing and other topics to startup and expanding businesses. Also part of the program is increasing businesses’ access to capital, increasing connections to the supply chain and increasing visibility and awareness of value-added agribusinesses. Networking events, educational workshops and other events will help connect entrepreneurs and service providers. “Our mission at USDA Rural Development is to boost rural economic development by funding technical assistance for small business owners and entrepreneurs,” said Kyle Wilkens, state director of USDA Rural Development Missouri. “We help them design robust business plans, find new markets and promote their goods and services. This investment is a prime example of how our agency carries out that mission.” Green Hills Regional Planning Commission and MOSourceLink will convene the agriculture industry and other entrepreneurship stakeholders from across the region at a January 2023 meeting to build connections, deliver more information about the project and find partners to work with to reach the initiative’s goals. For more information, contact the Green Hills RPC at <a href="mailto:ghrpc@ghrpc.org">ghrpc@ghrpc.org</a> or call 660-359-5636. Thumbnail image by Jonathan Petersson via Pexels: https://www.pexels.com/photo/green-grass-field-near-houses-1198507/ urn:uuid:16cfa6d9-1cff-6157-bf7d-ff0000dcce84https://www.mosourcelink.com/blog/blog/2022/10/27/tech-entrepreneurs-missouri-technology-corporation-is-accepting-applications-for-idea-funds-programs Tech Entrepreneurs: MTC Is Accepting Applications for Its IDEA Funds ProgramsExplore the opportunities for tech entrepreneurs and innovative founders through the Missouri Technology Corporation's IDEA Fund.Thu, 27 Oct 2022 17:27:03 Z Tech entrepreneurs and innovative founders, listen up: The Missouri Technology Corporation is now accepting applications for its <a href="https://www.missouritechnology.com/commercialization-programs">IDEA Fund Co-Investment Programs</a>, which provide financing to eligible businesses through components that correspond to the stages of growth for investment-grade, high-growth enterprises: <a href="https://www.missouritechnology.com/commercialization-programs/missouri-techlaunch">TechLaunch Co-Investment Program</a> is designed to help high-tech entrepreneurs overcome the principal financing challenges of launching new start-ups that leverage discoveries and talent at Missouri’s world-class public and private universities and other research organizations. <a href="https://www.missouritechnology.com/commercialization-programs/seed-capital-co-investment-program">Seed Capital Co-Investment Program</a> is designed to accelerate private investment in Missouri-based startup companies and to increase the overall investment impact. <a href="https://www.missouritechnology.com/commercialization-programs/venture-capital-co-investment-program">Venture Capital Co-Investment Program</a> is designed to accelerate private investment in Missouri-based startup companies and to increase the overall investment impact. MTC's Innovation, Development and Entrepreneurial Advancement Fund (<a href="https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.missouritechnology.com%2Fcommercialization-programs&data=05%7C01%7Cmeyerjz%40umkc.edu%7Cb268f5c664d14445152a08dab2d6c92f%7Ce3fefdbef7e9401ba51a355e01b05a89%7C0%7C0%7C638018932814852590%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=%2Bro8E8JzWUplhxDHPg%2FFXIgUcTb%2BF51vTBx4mLYrbRc%3D&reserved=0">IDEA) Fund Co-Investment program</a> supports Missouri's early-stage entrepreneurs in developing technologies and creating jobs across Missouri while positioning companies for future venture capital investment. The IDEA Fund supports technology startups through matching equity or convertible debt investments for the purpose of technology and business development. To date, MTC has made direct investments of over $45M into almost 140 of the state's most promising early-stage technology-focused companies and those companies have raised over $1.1bn in follow-on private funding. For the next eight years, the majority of MTC’s IDEA Fund investments <a href="https://ded.mo.gov/content/missouri-receives-95-million-through-state-small-business-credit-initiative-support-small">will be funded through the $95 million in federal funding</a> from the State Small Business Credit Initiative Program that was allocated to Missouri. In light of the approval of MTC’s IDEA Fund by the Department of Treasury to deploy the State Small Business Credit Initiative Program funding, MTC will continuously accept new applications for the IDEA Fund program and will review and award investment allocations on a quarterly basis. The deadlines for full consideration for each quarterly application review cycle for 2023 are listed below: January 2023 Award Cycle: Application deadline of 11:59 pm, Wednesday, Nov. 30, 2022 April 2023 Award Cycle: Application deadline of 11:59 pm, Wednesday, Feb. 8, 2023 July 2023 Award Cycle: Application deadline of 11:59 pm, Wednesday, April 12, 2023 October 2023 Award Cycle: Application deadline of 11:59 pm, Wednesday, June 28, 2023 <a href="https://unsplash.com/photos/Dc2SRspMak4">Thumbnail courtesy of Andre Taissin via Unsplash</a>.urn:uuid:839ca6d9-1cff-6157-bf7d-ff0000dcce84https://www.mosourcelink.com/blog/blog/2022/10/17/how-gopo-gourmet-popcorn-became-mid-missouri-s-go-to-snack-shop Business PlanningMain StreetEntrepreneurs in ActionStarting a BusinessBusiness GrowthHow GoPo Gourmet Popcorn Became Mid-Missouri’s Go-To Snack ShopBrooke and Nicholas Bartlett built a 5,000-square-foot business from a movie-night hobby.Mon, 17 Oct 2022 20:09:45 ZThree months into their marriage, Brooke and Nicholas Bartlett began making homemade popcorn. “We were broke,” Brooke says. “We wouldn’t even buy chips for parties. We’d bring the popcorn. Somebody said, ‘You should start a popcorn business.’ So [Nicholas] really got to work and put his whole heart into the flavors.” It got to the point where Nicholas making delicious popcorn – dubbed GoPo Gourmet Popcorn – wasn’t enough, so Brooke became the marketing, packaging and customers service arm of GoPo, based in Fulton, Missouri. “You have to be obsessed with your product,” she says of making the leap into entrepreneurship. “You have to love talking about it all the time, because it's part of your life. It's not something where you go to work and then you turn off – it's all the time. Nick and I really enjoy talking about business all the time. We enjoy going to other small businesses. It's our passion.” Known for fanciful flavors like lemon meringue (lemon with white chocolate drizzle and graham cracker crumbles) and Everything Tiger (everything-bagel seasoning with savory cheddar and a butter base), GoPo initially launched as a popcorn subscription service, which Brooke says helped them with upfront costs as a new business; they weren’t locked in renting a storefront for $2,000 a month. “We were really able to adjust to our customers’ needs and work on our pricing without that constant threat of overhead bills,” Brooke says. <h3>Getting serious about a popcorn business</h3> They agreed to give GoPo their full-time attention for six months and see if they could make it work. After that period went well, the Bartletts pulled the trigger on kitchen space in Fulton’s Brick District.  A key resource for the Barletts was another local business owner: Kelly Gilion of Plume, a boutique, bake shop, and event space in nearby Columbia, Missouri. Kelly let GoPo operate in her shop, and the couple also used that time to glean some business insights. “I didn’t know how often I had to pay sales tax, you know?” Brooke says. “You don't know what you don't know. It was just a lot of getting on the phone and a lot of calls to the Department of Revenue. It’s having the stance of a learner and being OK that you're a learner because there's no way to know all the things you need to do for your small business.” Eventually GoPo opened its own shop in Fulton’s historic Brick District in 2019. This location has been another support for the Bartletts as entrepreneurs. “The Brick District is super unique. A lot of the owners work their business here on a daily basis,” Brooke says. “They’re true mom-and-pop shops. My 5-year-old knows all the businesses by the owners’ names. We put on events together; we shop at each other’s businesses. We celebrate each other’s successes because we know how hard it is in retail today, against the internet and everything else. “It’s almost like a small business campus: I can walk to the post office, and the print shop, and I live a mile away. For me, it was really important to have all that stuff close and not be spending all day in the car, driving back and forth to run these necessary errands you have to have for a business.” <h3>Kernels of entrepreneurial wisdom</h3> Ultimately, Brooke feels the best advice for a new business is to start small. GoPo didn’t need 70 flavors to launch – the Bartletts cut it down to 16. Instead of spending a lot of money on the best equipment right off the bat, for example, Brooke says make sure you understand your customer base and are finding your niche because that’s what will build your success in the long run. And the couple got their <a href="https://www.mosourcelink.com/myplan">Personal Action Plan</a> from MOSourceLink, which connected them to the <a href="https://www.mosourcelink.com/resources/find-a-resource/detail?p=Callaway+Chamber+of+Commerce&id=226377&SearchArgumentId=1140715">Callaway Chamber of Commerce</a>, where they got help with advertising and financing projects. “I always tell people, you don’t have to have it perfect on Day 1,” Brooke says. “It’s OK to start tiny and learn your customer base, and then grow based on that. We still have ideas we haven’t implemented yet because we can’t execute them. It’s very much a building-block process.”urn:uuid:fe8ea6d9-1cff-6157-bf7d-ff0000dcce84https://www.mosourcelink.com/blog/blog/2022/09/27/what-are-cdfis-and-why-are-they-vital-to-missouri-entrepreneurs-and-small-businesses MicroenterpriseFunding and FinancesMain StreetBusiness GrowthWhat are CDFIs, and Why Are They Vital to Entrepreneurs and Small Businesses?Learn about Community Development Financial Institutions, aka CDFIs, and how they're a vital financing vehicle for communities.Tue, 27 Sep 2022 17:59:00 ZYou might’ve heard the term CDFI tossed around and might wonder exactly what that is.  The acronym stands for Community Development Financial Institutions, which work to economically empower low-income communities. CDFIs do this by providing loans and related technical assistance to entrepreneurs who, for one reason or another, can’t yet establish a relationship with a traditional lender. The idea is to create a pathway of accessible, financial products to help make these small business owners bankable so they can have a positive economic ripple throughout a community. CDFIs are important to our communities and to entrepreneurs. To highlight that, we asked a few CDFI experts right here in Missouri to share how CDFIs serve entrepreneurs and communities. TL/DR? Watch the CDFI panel, hosted by MOSourceLink. <iframe width="560" height="315" src="https://www.youtube.com/embed/DymmHJiOnj4" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture"></iframe> <ul> <li dir="ltr" aria-level="1"> <a href="https://youtu.be/DymmHJiOnj4?t=495">Panelist introductions</a> </li> <li dir="ltr" aria-level="1"> <a href="https://youtu.be/DymmHJiOnj4?t=841">What are CDFIs?</a> </li> <li dir="ltr" aria-level="1"> <a href="https://youtu.be/DymmHJiOnj4?t=1406">How can you partner with CDFIs?</a> </li> <li dir="ltr" aria-level="1"> <a href="https://youtu.be/DymmHJiOnj4?t=2131">What partnerships work well with CDFIs?</a> </li> <li dir="ltr" aria-level="1"> <a href="https://youtu.be/DymmHJiOnj4?t=3109">What tools can CDFIs leverage in partnerships?</a> </li> </ul> Featured: <ul> <li dir="ltr" aria-level="1"> Ruben Alonso of AltCap, a Kansas City-based CDFI that recently expanded in Missouri thanks to recent community partnerships </li> <li dir="ltr" aria-level="1"> Galen Gondolfi from Justine PETERSEN, a HUD-certified counseling agency </li> <li dir="ltr" aria-level="1"> Sheridan Garman-Neeman from New Growth Capital, a CDFI established to support Missouri’s under-resourced rural markets </li> <li dir="ltr" aria-level="1"> Charles McElrath from Liberty Bank & Trust Co., a CDFI Bank </li> </ul> <h3 dir="ltr">What is a CDFI?</h3> A <a href="https://www.cdfifund.gov/sites/cdfi/files/documents/cdfi_infographic_v08a.pdf">Community Development Financial Institution</a> is a privately owned financial entity that promotes financial inclusion and economic development, especially among low-income communities. CDFIs are about asset building and increasing access to capital for small businesses. CDFIs also aim to create future credit-worthy customers for banks. No two CDFIs are the same, and CDFIs across Missouri do things differently. Some might lend to small businesses while others might provide affordable home loans to individuals. The four types of institutions defined as CDFIs are CD banks, CD credit unions, CD loan funds (most of which are nonprofit) and CD venture capital funds. “I’m still learning about CDFIs after working 20 years in the industry,” says Galen Gandolfi of Justine PETERSEN. “The Paycheck Protection Program was a watershed moment for CDFIs because they were able to get capital to historically underserved groups. Folks became educated about CDFIs during the early days of the pandemic.” CDFIs tend to have a local focus, which helps them support and serve communities that are underserved by the traditional banking sector. Because of that, CDFIs often have a focus on social responsibility and inclusion over pure profit. <h3 dir="ltr">How do CDFIs benefit entrepreneurs?</h3> At their core, CDFIs are anti-poverty, mission-driven alternative loan vehicles that make entrepreneurs more bankable. All CDFIs have to deploy a certain percentage of capital in low-income communities. Banks, like Liberty Bank and Trust Co., work with CDFIs to reach parts of the community that they otherwise couldn’t. “Liberty Bank has a mission to serve underserved communities,” says Charles McElrath from Liberty Bank & Trust Co. “We’ve taken the government requirement further and help businesses in low- to moderate-income areas. “Capital is the lifeblood of any business. If entrepreneurs don’t have access, the community they work in will perish. Banks are highly regulated and can’t always lend money where money is needed, so we partner with CDFIs to do that.” CDFIs are about asset-building and helping entrepreneurs build credit scores and more. If one entrepreneur can build their credit store, this can create a ripple effect throughout the community. “I managed a CDFI, and our hallmark project was making a loan to a hotel that was an eyesore and a center of illegal activity,” Charles says. “I made a loan to a new buyer, and the hotel became the centerpiece of the community and spurred economic development.” Galen adds that the benefits of a CDFI spread far and wide. “Every individual could benefit from some relationship with a CDFI,” he says. <h3 dir="ltr">How do CDFIs benefit communities?</h3> CDFI microloans and small business loans can innovate to make capital as accessible as possible to small businesses and may receive support from the federal government's CDFI Fund. They can also give governments a vehicle to fuel development in target areas. “AltCap was born out of a public-private agency in Kansas City, Missouri,” says Ruben Alonso of AltCap. “We were an economic development tool the city added to its toolkit.” Ruben says as the primary CDFI serving Kansas City, AltCap leverages different partnerships to get loan funds and issue capital to small businesses that need it. “We got money to those who needed it before PPP was released,” Ruben says. “It took a CDFI, banks, municipalities in the region and philanthropy organizations to put together a loan reserve fund, a fund created to allow AltCap to borrow money from banks. We raised $5 million and loaned that to small businesses. Without that, it would have been much more difficult to raise that $5 million.” Governments have clear investment policies but might not have a clear policy to invest with local entrepreneurs. CDFIs can help be that investment vehicle so more organizations can invest in the community. “There are countless examples in Missouri and the nation where partners came together to manifest a vital small business in a small town,” Galen says. And that benefit works in other ways. “The New Markets Tax Credit Program is a federal tax credit program that supports investments in low-income communities, which allows us to spur private development in underserved areas,” Ruben says of AltCap. “You can leverage that experience to think about how to support entrepreneurs. We partner with banks, entrepreneurial service organizations—anyone working with entrepreneurs.” On top of that, the support a small business owner receives from a CDFI tends to spread throughout a community. “When a CDFI makes a loan to underserved communities, money tends to multiply in that community,” says Charles. “There’s a higher than normal employment rate and jobs are created where unemployment is higher. When you support a CDFI, you’re doing more than just helping a single business owner.” Sheridan Garman-Neeman from New Growth says that the effects of a CDFI are felt throughout small towns, too. “All businesses in a small town need one another, so when we support one business, you support others, especially in a small town,” she says. And while other investments might offer a greater return, CDFIs offer something else. “The rate of return investment with a CDFI is to make a difference,” Galen says. “The return is less than what you can get on more robust investments, but it’s about social good. You have to factor that into the rate of return.” If you’re not sure if a CDFI is the right fit for you, reach out. If one can’t help you, it can point you in the direction of a CDFI that can. Here’s more on <a href="https://www.cdfifund.gov/sites/cdfi/files/2022-05/CDFI_7374_infographic_w_ERP_052722.pdf">how CDFIs benefit communities</a>. <h3 dir="ltr">How can I partner with a CDFI in my community?</h3> CDFIs can originate from many places, especially when multiple entities see a need for one in their communities. CDFIs can receive federal funding through the <a href="https://www.investopedia.com/terms/u/ustreasury.asp">U.S. Department of the Treasury</a> by completing an application. They can also receive funding from private sector sources such as individuals, corporations and religious institutions. A variety of entrepreneur support organizations, like Small Business Development Centers, SCORE and county and regional government entities are partners with CDFIs. “You can view financial wellness as part of the CDFI curriculum; that’s what we’re seeing at Justine PETERSEN,” Galen says. “Several entities can come together to yield a significant collective investment activity.” Organizations who want to become a CDFI must meet a set of criteria, <a href="https://www.custrategicplanning.com/post/how-to-become-cdfi-certified">according to Strategic Planning</a>: <ul> <li dir="ltr" aria-level="1"> have a primary mission of promoting community development </li> <li dir="ltr" aria-level="1"> provide both financial and educational services </li> <li dir="ltr" aria-level="1"> serve and maintain accountability to one or more defined target markets </li> <li dir="ltr" aria-level="1"> maintain accountability to a defined market </li> <li dir="ltr" aria-level="1"> be a legal, non-governmental entity at the time of application (with the exception of tribal governmental entities) </li> </ul> Organizations must apply to become certified as a CDFI and submit a CDFI Certification Application to the CDFI Fund for review, according to Strategic Planning. The application documents how the organization meets the certification requirements. Once approved, a CDFI will need to submit a yearly certification report. “We are starting a CDFI to serve rural markets,” says Sheridan. “We found that entrepreneurs in rural areas are underserved. It’s important to reach out to those communities who don’t have access to mainstream capital.”   <div><a href="https://www.pexels.com/photo/cheerful-ethnic-male-food-truck-waiter-standing-with-crossed-arms-5920774/">Photo by Kampus Production via Pexels</a>. </div>urn:uuid:097aa6d9-1cff-6157-bf7d-ff0000dcce84https://www.mosourcelink.com/blog/blog/2022/08/31/how-lake-of-the-ozarks-startup-11-north-navigated-supply-chain-labor-challenges Marketing/SalesStarting a BusinessMicroenterpriseMain StreetFunding and FinancesEntrepreneurs in ActionBusiness PlanningBusiness GrowthHow Lake of the Ozarks Startup 11 North Is Navigating Supply Chain, Labor ChallengesJeff and Amanda DeWitt of custom home services company 11 North have faced and conquered plenty of challenges spurred by the pandemic.Wed, 31 Aug 2022 14:02:00 ZThe COVID-19 pandemic has created ups and downs for many entrepreneurs as opportunities for growth have been paired with obstacles, forcing many to get creative and find workarounds. Entrepreneurs like Jeff and Amanda DeWit, owners of custom home services company<a href="https://www.11northllc.com/"> </a><a href="https://www.11northllc.com/">11 North</a> at the Lake of the Ozarks in Missouri, show that the present difficulties are helping shape a picture of what they want their business to be in the future. The couple experienced business gains in 2020, but 2021 brought supply chain and labor shortage challenges. “We got busier in 2020 because people had a lot of time to sit around at home and look at the improvement projects they’d been wanting to do for years,” Jeff explains. “We had so much more work that we needed to hire additional people. Now, we’re facing major shipping delays for construction materials, furniture and appliances, and it’s hard to find workers.” In 2022, inflation and higher gas prices are also part of the equation. “Every one of the countless drives to the hardware store costs more and prices are higher when we check out,” Amanda says. “For a small business, it adds up in a big way. We're honoring our own labor estimates that were written up and booked last year even though that means we absorb the cost. We're adapting to stay fair to our current customers while planning accordingly for the future.” The husband-and-wife team is taking on fewer projects and setting clear expectations with customers around unpredictable project timelines. They are also finding ways to be more efficient with materials and driving time as well as relying less on specialty trade subcontractors to complete projects. Jeff also works extra hours on construction jobs to make up for being short-staffed. “It’s not unusual for us to work 80 to 100 hours a week,” Jeff says. “It’s a huge investment of time, but that’s the work ethic you need to own a business. We know eventually, when this all settles down and we're staffed better, things will go back to being a bit easier for us.” Moving forward despite these issues has required Jeff and Amanda to be flexible and draw lessons from the early days of running their business. <h3>Navigating rapid business expansion and high demand</h3> Amanda and Jeff launched 11 North in 2015. (Eleven represents their June 11, 2011, wedding date, and North reflects their home state of Iowa.) Amanda asked her mom, who used to own a bed-and-breakfast, for guidance on<a href="https://www.mosourcelink.com/guides/start-a-business"> </a><a href="https://www.mosourcelink.com/guides/start-a-business">the basics of setting up a business</a>. She also got advice from mentors at<a href="https://www.mosourcelink.com/resources/find-a-resource/detail?p=SCORE+-+Lake+Ozark&id=63714&SearchArgumentId=1071763"> </a><a href="https://www.mosourcelink.com/resources/find-a-resource/detail?p=SCORE+-+Lake+Ozark&id=63714&SearchArgumentId=1071763">Lake of the Ozarks SCORE</a> and her colleagues in the<a href="https://www.facebook.com/YoungProfessionalsattheLake/"> </a><a href="https://www.facebook.com/YoungProfessionalsattheLake/">Young Professionals at the Lake</a> group, which is part of the<a href="https://www.lakeareachamber.com/"> </a><a href="https://www.lakeareachamber.com/">Lake Area Chamber of Commerce</a>. They used LegalZoom to establish 11 North as a<a href="https://www.mosourcelink.com/blog/post/blog/2019/02/01/how-to-form-an-llc-in-missouri"> </a><a href="https://www.mosourcelink.com/blog/post/blog/2019/02/01/how-to-form-an-llc-in-missouri">limited liability corporation</a>, QuickBooks for accounting and worked with Dustin J. Cox at<a href="https://representatives.countryfinancial.com/dustin.cox/"> </a><a href="https://representatives.countryfinancial.com/dustin.cox/">Country Financial</a> in Osage Beach, Missouri, to get insurance. Jeff quit his job as a district manager for Sprint and tapped into his building background to exclusively subcontract as a project manager for a residential construction and development company. After four years, that contract ended, and the DeWits decided to offer 11 North’s services to more clients. To<a href="https://www.mosourcelink.com/blog/post/blog/2021/11/08/upcoming-entrepreneur-programs-to-help-missouri-small-businesses-grow-scale"> </a><a href="https://www.mosourcelink.com/blog/post/blog/2021/11/08/upcoming-entrepreneur-programs-to-help-missouri-small-businesses-grow-scale">further grow the company</a>, Amanda left her job as a public relations specialist and graphic designer for Lake Regional Health System and began managing home decor and design projects for 11 North full-time. While Jeff says it was scary to no longer have a guaranteed paycheck, he was able to<a href="https://www.mosourcelink.com/guides/start-a-business/build-your-social-network"> </a><a href="https://www.mosourcelink.com/guides/start-a-business/build-your-social-network">lean on his strong relationships</a> with local suppliers, vendors, contractors and realtors to grow 11 North at a rapid pace. For six months, Jeff worked alone tackling tasks like kitchen and bathroom remodels. He soon realized he needed to hire help to advance to bigger projects including full home construction and remodeling, decks, dock repairs and custom woodworking. In 2020, he had nine employees. The current labor shortage has reduced that number to three. “We’ve been booked out 12 to 14 months in advance ever since we expanded to take on more clients,” Jeff says. “If we worked 24/7 for the next six months, we still wouldn’t be caught up.” From day one, Amanda and Jeff have built their business on a foundation of high-quality service. This has led to many customer referrals and earned them the Lake Lifestyles magazine reader’s choice awards for Best Interior Designer in 2022 and 2021 and Best Remodeler in 2020 (finalist in 2022 and 2021). “We're 100% transparent with our customers on every aspect of a project,” Jeff says. “We’re only interested in doing quality work and going above and beyond expectations.” <h3>Self-funding and operating on a tight business budget</h3> Jeff and Amanda didn’t take out loans to start 11 North. Prior to becoming entrepreneurs, they worked multiple jobs at the same time and took overtime, weekend and holiday shifts whenever possible to pay off debt and save money. “Our business funding came from us working hard, managing our money well and living below our means,” Jeff says. “We’re proof that you don’t need $100,000 to start a business. If you don’t have the cash for something, you don’t need to go out and buy it. Do what you need to do to get by until you have the cash. The interest on loans will kill you.” Once 11 North was off the ground, the couple operated on a lean budget to make sure they didn’t overextend themselves. “We didn’t go out and get a brand-new truck, trailer and tools,” Jeff says. “When we first started, I used the minimal tools necessary to do the job and I would only buy something if it was absolutely necessary. Amanda was using a nine-year-old laptop. Limiting our purchases was critical to making sure we had the funds to continue operating. Now, we’re in a much better position, and if we need something, we can just go get it.” Story continues below ... [[CTA]] <h3>Prioritizing brand awareness</h3> One thing the DeWits splurged on right away was marketing and branding. Although Amanda’s design expertise helped them cut costs around crafting the company’s image, they did invest in wrapping their vehicles with the 11 North logo and contact information. “Our vehicles serve as moving billboards and add to our professionalism when we’re on a job site,” Jeff says. “The money we put toward brand awareness was well spent and we saw a quick return on our investment.” Amanda encourages entrepreneurs with small budgets who don’t have the skills to do their own graphic design work to seek out professional help through freelance marketplaces like Fiverr. “It’s really important to have a solid, professional image when launching your own business,” Amanda says. “People comment all the time on our logo, how nice our website is and even the look and feel of our business cards. I put a lot of care into making sure we’re represented well.” Amanda and Jeff used Squarespace to build their website. They showcase their work and connect with potential customers on 11 North’s<a href="https://www.facebook.com/11northcustomservices"> </a><a href="https://www.facebook.com/11northcustomservices">Facebook</a> and<a href="https://www.instagram.com/11northllc/"> </a><a href="https://www.instagram.com/11northllc/">Instagram</a> accounts.  “It’s important for a small business to have a website and social media accounts so that people have a place to go and see who you are,” Jeff says. “Amanda also created a<a href="https://www.kcsourcelink.com/blog/post/blog/2021/11/22/how-kansas-city-small-businesses-can-create-a-top-google-business-profile"> </a><a href="https://www.kcsourcelink.com/blog/post/blog/2021/11/22/how-kansas-city-small-businesses-can-create-a-top-google-business-profile">Google Business Profile</a>, which allows us to control the way our business appears when people search for us.” <h3>Managing work-life balance as married entrepreneurs</h3> Aside from running their company, Amanda and Jeff are also raising two young daughters, have a third child on the way and are navigating the delicate dance between being business partners and husband and wife. “We have to set certain times where it's work, then other times where it's just for family,” Amanda says. “We read each other pretty well and know when we need to be done talking about work. One clear boundary for us is that our daughters’ needs trump everything. When it’s time to take care of them, everything else falls to the wayside.” While Jeff says they’re in “survival mode” right now, focused on keeping up with the heavy demand for their services and delivering the best product for their customers, he does envision a future with greater work-life balance. “Long term, my goal is to not be working every day, 100 hours a week,” Jeff says. “At some point, I don't want to be the one swinging the hammer, sanding the wood and hanging up the drywall. Ideally, we’d have someone who can run the jobs, and we’d handle things on the back end and meet with customers to make sure they're getting the quality product that we guarantee them.” Even with the long hours and sacrifices that come with owning a business, Jeff and Amanda say they wouldn’t trade entrepreneurship for anything. “The best part about being entrepreneurs is that even when there are tough days or situations that aren’t much fun, we can take pride in knowing that everything we’re doing is for our customers and our business,” Jeff says. “At the end of the day, being self-employed is very rewarding and freeing.” Photos courtesy of Jeff and Amanda DeWitt via Briana Henry of Breakfree Photography. urn:uuid:a479a6d9-1cff-6157-bf7d-ff0000dcce84https://www.mosourcelink.com/blog/blog/2022/08/30/small-town-missouri-startup-innovaprep-uses-its-tech-in-the-global-fight-against-covid Business GrowthInnovation-LedSecond StageEntrepreneurs in ActionHow a Small Town Tech Startup Became a Key Player in the Global Fight against COVIDThanks to several entrepreneurial resources in Missouri, InnovPrep was ready when opportunity knocked during the pandemic.Tue, 30 Aug 2022 16:44:00 ZDave Alburty isn’t afraid to think outside of the box. When he started his business, he didn’t want to live close to work. He wanted to work close to home. “I chose Drexel, Missouri, for my first company because I wanted to start a company where I wanted to live,” he says. With a population hovering between 900 and 1,000 residents, Drexel is a hidden gem south of Kansas City, and it has been perfect for Dave’s ventures. He started AlburtyLab and then microbiology tool manufacturer <a href="https://www.innovaprep.com/">InnovaPrep LLC</a> in the town. Today, InnovaPrep employs 40 people — and they’re all busy. In addition to making next-gen sample prep tools for microbiology, the company is very involved in the public health fight against coronavirus. The InnovaPrep story is one of flexibility and drive, and many Resource Partners have played a role in its success. <h3>Anticipating and following market needs</h3> InnovaPrep provides scientists with ways to make microbiology sampling faster, more sensitive and more efficient. The company’s technology is used in fields ranging from industrial microbial control to veterinary diagnostics. But with the pandemic, one particular use of InnovaPrep’s technology came to the forefront: wastewater monitoring. “In the beginning, it was mostly university research labs that were doing the monitoring of wastewater,” says Ann Packingham, InnovaPrep’s marketing and distribution director. “The publication of peer-reviewed articles painted a convincing picture to government entities of how effective monitoring wastewater is in tracking outbreaks and variants.” Since home testing is now widely available for coronavirus and people aren’t necessarily reporting positive cases, wastewater data can provide important insight into the volume and type of virus in any given community. The Centers for Disease Control and Prevention launched the National Wastewater Surveillance System in 2020, and state governments have funding to monitor wastewater for the next few years. Now, InnovaPrep has public health lab customers in 20 of the 37 National Wastewater Surveillance System reporting states. The interest in wastewater monitoring is expanding beyond COVID to now include polio, the monkeypox virus, some foodborne pathogens and even anti-microbial resistant bacteria. Fortunately, InnovaPrep is prepared for this growth. [[CTA]] <h3>The entrepreneurial resources that help spur and support new business</h3> Since its founding in 2009, InnovaPrep’s leaders have taken advantage of programs and assistance from a variety of organizations. “We took part in the <a href="https://www.mosourcelink.com/calendar/event-detail/2022/09/22/default-calendar/elevationlab-tech-venture">ELEVATIONLAB™ Tech Venture</a> classes, and Dave is taking advantage of <a href="https://www.mosourcelink.com/resources/find-a-resource/detail?p=Pipeline+Entrepreneurs&id=205835&SearchArgumentId=1125398">Pipeline</a>,” Ann says. “We’ve used lots of different assistance programs at the <a href="https://www.mosourcelink.com/resources/find-a-resource/detail?p=Missouri+SBDC+at+University+of+Missouri+Kansas+City&id=60036&SearchArgumentId=1125402">Missouri Small Business Development Center at UMKC</a>: grant writing in the beginning and then commercialization. They’ve connected us with all kinds of resources. “I also participated in and enjoyed <a href="https://www.kcsourcelink.com/scale-up?fbclid=IwAR1uGKuSNn5UVI-BiHSkJuNBJVM5K2KnmcemBtxVe2ir3lSQdnk9exSNpVI">ScaleUP! KC</a>,” Ann continues. “The mentors, like Jill Meyers and, again, Sally Williams and several others put their heart and soul into mentoring growth-stage companies like ours with all kinds of business training, advice and resources.” In addition, the <a href="https://www.mosourcelink.com/resources/find-a-resource/detail?p=Missouri+Department+of+Economic+Development+-+Kansas+City+Region&id=204628&SearchArgumentId=1125409">Missouri Department of Economic Development</a>, its <a href="https://www.mosourcelink.com/blog/post/blog/2017/05/08/global-market-access-program-increase-your-international-sales">Global Market Access Program</a>, the <a href="https://www.mosourcelink.com/resources/find-a-resource/detail?p=Missouri+Department+of+Economic+Development+-+International+Trade+and+Investment+Office&id=60256&SearchArgumentId=1125409">Missouri International Trade & Investment Office</a> and <a href="https://www.mosourcelink.com/blog/post/blog/2016/06/02/get-your-goods-on-the-map-with-mo-step-up!">MO STEP=UP</a> have aided InnovaPrep in finding distributors throughout the world. The company also works closely with the <a href="https://www.mobio.org/">Missouri Biotechnology Association</a>. When it came to the nuts and bolts of manufacturing, the <a href="https://www.mosourcelink.com/resources/find-a-resource/detail?p=Missouri+Technology+Corporation&id=72739&SearchArgumentId=1125413">Missouri Technology Corporation</a> provided training. The organization also helped InnovaPrep with proper documentation. The company earned ISO certification last year with MTC’s help. It might sound like the team knew exactly who to contact for what help. But the reality is that they figured it out as they went along. “I wish I’d known about Missouri SBDC when I first started out,” Dave says. “That was great, great helps to me since I jumped into the deep end of the pool.” <h3>A small-town location that’s ideal for big growth</h3> So back to Drexel. When it comes to attracting and retaining team members, the location has been a draw, not a hindrance. Employees who travel from the metro have a reverse commute. And for those who live around Drexel, InnovaPrep offers interesting work. “It’s a place to for science and engineering in the country, and that’s unusual,” Dave says. “Drexel is cost effective. We make stuff, so we need space. We can put money into growth instead of into rent. Drexel is an entrepreneurial town. People are pretty feisty; it’s a lot of fun.” Remote work and easy shipping empower small businesses like InnovaPrep to select locations that are right for them — not necessarily in traditional centers of commerce. And these choices can help communities thrive. <h3>Advice and more resources for entrepreneurs</h3> InnovaPrep is enjoying success — and failure. “We fail spectacularly here all the time,” Dave says. “Failure is the first attempt at learning. So pretty much everything we’ve achieved here, we failed at first. You have to fail and get back up.” Ann also sees the value in missteps — and focusing efforts. “We have a technology that spans all kinds of very large markets,” she says. “We really tried to address all of the potential markets instead of picking one and conquering one first. I think that’s the biggest mistake we made.” Dave suggests that prospective entrepreneurs take the leap — and make peace with the difficulty of starting a venture. “If you’re thinking about starting a business but haven’t started yet? You’ve got to throw down and grind — just go for it,” he says. “If this were easy, I wouldn’t be doing it — that’s what I tell myself and my team. It’s going to be hard. But there’s a lot of help available in the entrepreneurial community.” If it sounds like he’s speaking directly to you, you won’t be grinding alone. MOSourceLink has your back. The <a href="https://www.mosourcelink.com/resources/find-a-resource">Resource Navigator™</a> lists more than 230 organizations that can help you reach your goals. The <a href="https://www.mosourcelink.com/calendar">MOSourceLink Calendar</a> is the metro’s most comprehensive collection of upcoming classes and programs that can help you make it happen. And if you don’t even know where to begin? Our Network Navigators can create a free <a href="https://www.mosourcelink.com/myplan">Personal Action Plan</a> that’s tailored to your unique needs and dreams and lists exactly which experts to contact in Missouri to help you move your business forward. urn:uuid:576ca6d9-1cff-6157-bf7d-ff0000dcce84https://www.mosourcelink.com/blog/blog/2022/08/16/show-me-jobs-report-missouri-tech-startups-add-74-more-new-jobs-in-2021-vs-2020-number-of-all-startups-surges Second StageMain StreetFunding and FinancesInnovation-LedNonprofit DevelopmentAdvancing EntrepreneurshipBusiness GrowthMO Tech Startups Add 74% More New Jobs in 2021 vs. 2020, Number of Total Startups RisesThe newest MOSourceLink "Show Me Jobs" report highlights an increase in the number of startups, jobs and wages in Missouri.Tue, 16 Aug 2022 17:43:28 ZMissouri’s high-tech companies are high-impact companies: They grow jobs faster, pay higher wages and offset job losses from early-stage business closures. Their economic impact is made clear in MOSourceLink’s latest "Show Me Jobs" report. In 2021, new tech startups, defined in "Show Me Jobs" as first-time employers in tech industries with fewer than 20 employees, created 1,297 new jobs, recouping a dip in jobs created by new tech firms in 2019 and 2020. Accounting for the employees hired in each year from 2017 through 2020, as well as job losses, tech startups created a cumulative total of 7,930 jobs in 2021. “In a boom year for technology companies nationwide, Missouri tech startups rebounded from the pandemic with vigor,” says Alexces Bartley, network builder for MOSourceLink. “Missouri’s new tech startups create jobs, and they create good jobs. Wages at Missouri tech startups pay nearly double the state’s average wage—and wages are where the investment in an entrepreneurial economy becomes a driver of economic growth.” "Show Me Jobs" quantifies the economic impact not just of tech firms, but all of Missouri’s new and young firms. Using data from the Quarterly Census of Employment and Wages for Missouri, MOSourceLink used a statistical analysis to calculate the number of jobs from first-time employers by looking at employers who paid for unemployment insurance for the first time. MOSourceLink further sorted that number to include only those employers with 20 or fewer employees at the time of first hire. [[CTA]] Also in the report, MOSourceLink reveals that, across the state of Missouri, new and young businesses with fewer than 20 employees created over 187,430 jobs from 2017 to 2021, accounting for nearly 81% of all new jobs in the state. In addition, the pandemic spurred startups across the state: Missouri created 18,234 startup firms in 2021, up from 16,287 in 2020 and 15,934 in 2019. Where are those startups located? Through a heat map that measures startup density by geography, "Show Me Jobs" illustrates that startups, defined as first-time employers with fewer than 20 employees, are launched in every corner of the state, from the rolling hills of the north to the lowlands of the Bootheel.  “With the right resources, startups can start anywhere, and with "<a href="http://www.mosourcelink.com/jobs">Show Me Jobs</a>," we know where they’re starting now,” says Alexces Bartley, network builder for MOSourceLink. “When you look at startup density geographically, you see what you would expect: Startups cluster around the urban centers of St. Louis, Kansas City, Springfield, Columbia and Joplin.” The counties of St. Louis County, Jackson, St. Louis City, Saint Charles and Greene round out the top five for startup creation in Missouri, followed by Boone, Clay, Jefferson, Cape Girardeau and Jasper. In addition to jobs created by first-time employers, the report also provides year-to-year comparison data regarding job creation by new and young firms and by the tech sector as well as wage growth, the industrial density of startups and the geographic dispersal of Missouri startups. Further highlights from the report (available for download at<a href="http://www.wecreatekc.com/jobs"> mosourcelink.com/jobs</a>) include: <ul> <li dir="ltr" aria-level="1"> First-time employers who employed fewer than 20 employees created 40,544 new jobs in Missouri in 2021, an increase of 11% over 2020. This accounts for 81% of all new jobs in Missouri. </li> <li dir="ltr" aria-level="1">  Considering the employees hired by these same firms in 2017 and in each succeeding year, and accounting for job losses as well, first-time employers created 187,430 new jobs from 2017 to 2021. </li> <li dir="ltr" aria-level="1"> A heat map reveals that startups are everywhere. The counties of St. Louis, Jackson, St. Louis City, Saint Charles and Greene round out the top 5 counties for startup creation in Missouri, followed by Boone, Clay, Jefferson, Cape Girardeau and Jasper. </li> <li dir="ltr" aria-level="1"> New tech firms created an average of 956 jobs each year for the past five years. </li> <li dir="ltr" aria-level="1"> Missouri had 18,234 new startup firms in 2021. </li> <li dir="ltr" aria-level="1"> Wages at startup tech firms start at nearly double the state’s average wage. </li> </ul>urn:uuid:665ca6d9-1cff-6157-bf7d-ff0000dcce84https://www.mosourcelink.com/blog/blog/2022/05/04/mosourcelink-hires-new-senior-director-to-champion-kc-entrepreneur-ecosystem MOSourceLink Hires New Senior Director to Champion KC Entrepreneur EcosystemMichael S. Carmona will further champion Missouri entrepreneurs in his new role as the senior director for MOSourceLink.Wed, 04 May 2022 19:57:00 ZMichael S. Carmona will further champion Missouri entrepreneurs in his new role as the senior director for MOSourceLink, a program of the UMKC Innovation Center that links entrepreneurs to the right resources to start and grow businesses and helps build collaborations to fill gaps in the Missouri entrepreneurial ecosystem. In his role as MOSourceLink’s director and network builder, Carmona will work beside the 230+ business-building organizations in the MOSourceLink network to increase access and visibility of these resources to entrepreneurs and to improve the capacity and resiliency of Missouri’s entrepreneurial support organizations. “I’m so excited about the opportunity to work with an amazing group of individuals and organizations to dive deeper into our collective mission of building an inclusive entrepreneurial ecosystem,” says Carmona. “I am also thrilled to work with so many great entrepreneurs, coaches, mentors and supporters to create opportunities and jobs in the state of Missouri.” Carmona, a community developer who’s spent more than a decade working with small businesses, comes to MOSourceLink from the Community Capital Fund, where he oversaw more than $2 million in funding to support underserved communities in the Kansas City area. Before that, he held multiple positions at the Hispanic Economic Development Corporation, where he led the development of the organization’s asset-wealth-building programs for underserved people in Missouri and provided technical assistance to entrepreneurs. Both the Community Capital Fund and Hispanic Economic Development Corporation are among the more than 230 business-building organizations in the MOSourceLink network that help aspiring entrepreneurs and established businesses in the Kansas City metro. As a network builder with MOSourceLink, Carmona will focus on civic engagement, relationship building and community partnerships to advance entrepreneurship across the region and further develop one of the most well-connected entrepreneur ecosystems in the country. Through the MOSourceLink hotline, he will manage thousands of incoming requests from aspiring entrepreneurs, established business owners in addition to corporate and community leaders who want to connect to Missouri entrepreneurship. “Michael truly understands how entrepreneurship can elevate communities,” says Maria Meyers, executive director of the UMKC Innovation Center and associate vice chancellor for economic development at UMKC. “He has led and lived that vision, working passionately with entrepreneurs to get them connected to capital and resources and with community leaders to advance economic prosperity. We know that under his leadership, we can make Missouri the state for innovation between the coasts.” Last year, thousands of entrepreneurs who contacted MOSourceLink used its Resource Partner Network to start a business, improve their business, increase sales, expand operations, solve a problem, hire employees and more. urn:uuid:8a00a2d9-1cff-6157-bf7d-ff0000dcce84https://www.mosourcelink.com/blog/blog/2019/08/12/how-to-use-linkedin-for-small-business-networking Starting a BusinessAdvancing EntrepreneurshipBusiness GrowthNetworkingMarketing/SalesHow to Use LinkedIn for Small Business NetworkingDo not miss out on another free marketing tool.Mon, 12 Aug 2019 18:42:00 ZLike every social media platform, LinkedIn has its own culture and purpose. Think of it like a business conference (to Facebook’s reunion-like atmosphere or Twitter’s house party). On LinkedIn, it is expected for you to talk about all things business whether it’s asking questions, sharing accomplishments or even a little bit of self-promotion. And that’s what’s awesome about LinkedIn, people expect you to talk business. Just like at a networking event, they expect you to hand over your business card. So talking about your business is fine—it’s how you talk shop that matters. Because even though LinkedIn is poised for business, it’s still a social media platform. Emphasis on “social,” which always means emphasis on building relationships. Here are a few tips to make sure you’re putting your best business face forward on LinkedIn. Sell without sounding tacky. LinkedIn is for business. People expect you to talk about business and aren’t offended when you <a href="https://www.mosourcelink.com/blog/post/blog/2018/08/13/write-a-killer-about-us-page-for-your-business">talk about your business</a> or product as long as you're tactful and offer value to whomever reads your posts and comments. Keep your customer at the center of your posts. Focus your conversations on how you solve problems rather than the products you’re selling. If you lead with value and benefit, then you’re always building a relationship and people will want to continue to talk with you. And that’s social gold. Not sure how much you should be talking about your business? The 80/20 rule, where you post 80 percent about interesting topics, 20 percent actually related to your business and generating sales, has since become outdated. While this ratio has proven to work well for some businesses, always do what is best for your business in terms of posting.    Send a message when asking to connect with someone. Building relationships starts with being human. Strangers are more apt to accept your connection request if you attach a note with your invite. This gives you a chance to build rapport when connecting with folks before selling or asking for a coffee. Just keep in mind not to come in with a hard sell - “Hi, are you interested in hearing how my business can help you?” The answer to that question will most always be, “No.”   Fill out your profile completely. The more your profile is filled out, the more credible you appear online. You don’t have to fill out your profile like a resume, but the more relevant information you can share the more trustworthy you look. Talk about what you do as if you were describing your job to a friend one-on-one. Highlight your accomplishments. What do you want your connections to know about what you do? Quick tip: add a link to your business website under Contact Info when editing your profile.   Use an up-to-date, professional profile photo. Stop using your headshot from 10 years ago. You want connections to be able to recognize you at business and networking events. Plus, you’ll look more confident if you use a recent photo instead of using one that no longer looks like you. Need a new headshot? Ask a friend to assist or hire a professional photographer.   Share content. Keep your business at the top of your connections’ minds by creating and sharing content. You don’t have to be an award-winning author to create content on LinkedIn. Post updates about your company or share business events you attended. Bonus points if you write an article and share it on LinkedIn. Keep the stakes low and share what you know. Just make sure you spell check before publishing. Quick tip: If you share articles or other user’s posts, add your own spin on the post, perhaps let folks know why you’re sharing it, what you like about the article or what you disagree with.   Increase engagement. So here’s the deal about LinkedIn. Unlike Facebook’s algorithm, you don’t have to pay to make sure your connections see your posts. LinkedIn uses real humans to decide if posts should continue to be displayed in the newsfeed. You could post something and people will still be liking and commenting on it three days later. The more engaging or enticing your post is, the more people will comment or share, thus increasing your reach.  What is reach? It’s a measurement of how many people saw your post. You’ll notice at the bottom of your published post, there is a line that says “XX views of your post in the feed”. This is the number of people who actually saw your post. Want more people to see your posts? Tag your network (when relevant) or ask a question. The more open your post is for people to respond, the better. Here’s the hierarchy of publishing content on LinkedIn on a scale of 1 being the least amount of effort and 5 being the most amount of effort (and potentially the biggest amount of engagement and reach). 1.    Like your connections’ posts 2.    Comment on someone’s post 3.    Share a connection’s post with your own commentary 4.    Publish a blog on LinkedIn 5.    Upload your own video (LinkedIn is trying to compete against the other social giants in native video (that is, video posted directly to the website), so it’s giving BIG bonus points to uploaded videos.)   Be authentic. The main takeaway with being on LinkedIn is being authentic. Keep sharing and engaging with your connections on LinkedIn without sounding like a robot or that you only care about your business or yourself. People trust people. The more you are yourself on LinkedIn, the more people will tend to trust you and think of doing business with you in the future. <h2 dir="ltr">Need to take a refresher course on social media for your business?</h2> Do you need to step up your marketing game? There are Resource Partners all across Missouri who are ready to help you. Head over to <a href="https://www.nwmosourcelink.com/resources/find-a-resource">The Resource Navigator</a> and select the area of assistance you need for a list of organizations near you. <a href="https://i.imgur.com/qAPLvvc.png">Image </a>courtesy of <a href="https://www.i-newmedia.com/media" rel="noreferrer" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://www.i-newmedia.com/media&source=gmail&ust=1663338651555000&usg=AOvVaw0pM4sLX1GyRbWNXRkw1d0W">https://www.i-newmedia.com/media</a>.