Planning for a new facility is doubly daunting for a nonprofit community organization. In addition to the fundraising and financing necessary for the construction, the nonprofit must create a plan to sustain operating costs for the new facility, knowing it cannot rely on increasing revenue or fees from low-income clients.
Does market demand match your vision for company growth, but exceed your ability to supply the product? Such was the case for Black River Produce’s dream of delivering local and natural Vermont-raised meat products to the northeast corridor.
At some point in the life of your business, especially if your vision of success includes hiring employees, creating wealth, and offering innovative products or services, you will need to consider stepping into the world of “other people’s money.”
If yours is a woman-owned business, accessing capital comes with challenges. According to a 2014 report commissioned by the Small Business Administration, on average, women start their businesses with half as much capital as their male counterparts. And as their businesses grow, the gap widens. While the vast majority of business owners rely on personal assets to fund their business start-up, undercapitalizing your business can significantly impact its ability to survive and grow. At a recent Women Business Owners Network conference, we sat down with five women business owners to hear their experiences and recommendations about finding money for their businesses.
Maybe you’ve been there. The numbers don’t work, but your vision enjoys strong public- and private-sector support. Five years ago, such was the case for the dream of a new campus for the Community College of Vermont that would anchor downtown Rutland. The building vision
The vision was evident when the state of Vermont issued a request for proposals for what is known as a “build-to-suit lease” for a new Community College of Vermont campus in downtown Rutland. The requirements for the campus included more than 30,000 square feet of space for 24 classrooms, lecture space, administration, labs and large assembly space, in addition to on-site and secured parking.
When your business has so much happening you need more help, that’s usually good. But should you classify your new helper as an “employee” or “independent contractor”? Or can you hire an unpaid student intern? Why do worker classifications even matter?