Built to Last: Building a Madison Business with Staying Power.

Ruth Rohlich Business Development Specialist City of Madison rrohlich@cityofmadison.com 608-267-4933 Former: Small Business Owner (florist) Biotech Employee Project Director at WWBIC SBA Women in Business Champion

Micro-Businesses* = Huge Impact USA WI Total number of businesses 28.5 million 450,893 Number of micro- businesses 25.1 million 382,077 Percentage of all businesses that are micro-businesses 88% 85% A micro-business employees 10 or fewer people.

“If just one in three micro-businesses hired one additional employee the U.S. would be at full employment.” - Association for Enterprise Opportunity www.aeoworks.org

Your favorite business… Name How do you purchase their products? What do you feel when buying from them? Is it easy to find them? Do you recommend them? What can you learn from them?

5 tips on building a long lasting business in Madison 1. Invest in yourself 2. Deeply understand your product and your customer 3. Know your financials 4. Adapt to change 5. Find support

1. Invest in yourself Social Impact: Creating a good job for yourself and others is one of the most meaningful ways you can contribute to your community Keep learning and growing Get good at the hard stuff Social Impact of Independent Businesses Each dollar you spend at independent businesses returns 3 times more money to your local economy Independent businesses help give your community its distinct personality. The multiplier effect created by spending locally generates lasting impact on the prosperity of local organizations and residents. Research shows a strong correlation between the percentage of small locally-owned firms and various indicators of personal and community health and vitality.  Dane Buy Local www.danebuylocal.com

2. Deeply understand your product and your customer Madison’s population is growing 1995 191,000 2013 243,000 2014 281,000 The highest % of growth is “Baby Boomers” “Gen E” (EPIC Generation) Children (African American & Hispanic) Will your business be relevant to the changing demographics of our City? www.cityofmadison.com/economicdevelopment

3. Know your financials Median Net Worth in the US All $85,000 Non-Business Owner Business Owner All $85,000 $211,000 African American $10,000 $77,000 Hispanic/Latino $9,000 $37,000 Women $82,000 $180,000 Net worth is defined as the total value of all real and financial assets Association for Enterprise Opportunity www.aeoworks.org

4. Adapt to change Businesses & Business Owners must continue to adapt to new market forces Keep improving your product & services Be aware of demographic changes Expect that everything will change every few years Learn how to adapt to adversity Reach out before you need help

Fight the lonely - Find your people -Frighten yourself 5. Find support Fight the lonely - Find your people -Frighten yourself Business Support Organizations Worker Cooperative Models Business Accountability Groups Co-Working Spaces

Three Quick Goals…. 1 2 3

What you will do matters. All you need is to do it. Madison needs your creativity and entrepreneurship! Keep enjoying yourself and keep improving!

Thank you for letting me join you today….. Questions/Comments