Starting a business is challenging, but also can also be very rewarding, and Barre is a great place to consider when seeking to get started. The centrally located Barre Area is the second largest labor and retail market area in the State, the home to many professionals in the areas of law, accounting, finance, marketing, web site development and insurance, and for entrepreneurs in all sectors, there are many distributors and wholesalers located nearby. When proceeding from one step to the next, stay in touch with BADC and we will assist you in finding the resources to succeed. BADC is an active proponent of economic "gardening," which is another way of saying that we understand the bulk of economic development will result from the growth of existing companies or individuals in the area who have an idea that once planted and patiently nurtured will create jobs and local wealth.
For those who are just starting, here are some practical pointers:
- Initially kick around your idea with friends, family and trusted colleagues to get feedback.
- Research the market for the product or service you propose to determine whether it's being served, or whether the new idea fits into it due to increasing demand, or the superiority of what your business will offer.
- Assess the commitment in time and resources, including money, that will be required to move ahead so that you and your collaborators or partners are fully prepared to make these commitments.
- Determine what is and is not known including the labor, the professional assistance necessary to get started, and any missing professional or technical expertise.
- Create a business plan, which includes a description of the business, the products and services that will be provided to the market, costs of getting started separated into the basic categories of capital expenses and working capital, and income and expense projections for at least 3 years.
- Get feedback on the Business Plan and amend as may be required.
- Look at all avenues of financing.
- Look at the real estate assets, if any, that are required to launch the business. This form here may be helpful.
Notwithstanding all the advice offered, there is no absolute "right way" to start a business. What is known, however, is that those who plan, network, and stick to it are more likely to succeed than those who have not considered all the possible means to success. Flexibility in marketing and operating are crucial and having options in both those areas when starting is exceedingly helpful when meeting the challenges of a new business. At BADC, not only do we try to steer entrepreneurs to resources, but we try to partner with them by asking questions which will help fine tune the start-up and prepare the new businesses for what lies ahead. Call us, we are ready to start so that you will be ready to succeed.
Local assistance is provided by the following organizations below: A critical resource is the State of Vermont and a directory of its economic and business services can be found here for business planning, technical assistance, financing, marketing and real estate.
The Barre Partnership is a non-profit Main Street organization dedicated to energizing and improving Downtown Barre. It provides a wide variety of support services to businesses in Downtown Barre including marketing and event planning.
CVEDC is located at the National Life Building in Montpelier. An economic development corporation that serves as a catalyst for industrial and economic growth in Central Vermont and is an excellent resource for information about State of Vermont programs to assist businesses.
The VTSBDC is co-located with the CVEDC at the National Life Building in Montpelier, is available for free one-on-one assistance with the process of researching, starting, operating, expanding and selling a business. They work with businesses of up to 500 employees.