August 2017 Newsletter
IN THIS ISSUE .. .LDC clients in the Press, 7 must-haves for starting your business, and more!!!
BORROWER NEWS




CHECK OUT this article in the Charleston City Paper featuring one of our clients, VERDE, and how they became one of the fastest growing concepts in fast and healthy food!
TAKE A LOOK at this article in the Post and Courier about our client, Broom Wagon Coffee, and their exciting new location opening October/November in West Ashley!!!
"Hit The Spot" is a mobile food truck serving up some of the best southern food, including seafood and pit cooked BBQ! They will be cooking up a storm on Saturday, September 2nd, at a movie night event called, "Movies Under The Stars" at Alice Price Park in St. Stephen, SC, to benefit the children in the community. The event begins at dark. Click HERE to find out more about "Hit the Spot" on their Facebook page
CLIENT UPDATES
"We've been working with the SCDBC and the LDC for over a year to plan this move. After serving coffee from the location on Chateau during our first few years, we realized expansion was inevitable to continue growing our business. Our last day there was July 12, when we opened from 6 a.m. to noon. We closed the doors and moved that afternoon, and began to serve in our new space on Saturday, July 15. Since then, the response from our customers both existing and new has been overwhelming. We're currently hiring to add a manager and another part-time position to the team, and after that will come a small menu expansion and extended hours. We couldn't be more thrilled to see the vision come to life, and we're grateful for the help and support granted to use through organizations like the LDC!"

All the best,
Laura
Orange Spot Coffee
7 Must-Haves for Starting Your Business

From the desk of Earl Boyd, Director of Entrepreneurial Services

1. Define the problem you solve/need to meet – One of the major reasons for business failure is the product/service offering does not solve a problem people are willing to pay for. Businesses exist to solve a problem/meet a need for the market place. People buy products and services for that very reason.

2. Know if it is, what you think it is – New business owners are notorious for starting businesses without conducting research. Before investing your money, time, and energy learn about the facts related to your market and industry by doing some research. EW can help to streamline your market research, learn more  here .

3. Avoid doing the wrong things first – Most new business owners start by doing the wrong things first (i.e. establishing a legal structure, leasing space, securing licensing, etc.). You should make sure you understand what your business is before embarking on these issues. There are 5 Steps to starting a business, and the first one is defining the idea.

4. Not enough money can be worst that having no money – Oftentimes starting a business without enough money only allows you to get into deep water that you cannot get out of. Identify the amount of money and resources it will take to make the business work.

5. Spend time determining how you will get customers – New business owners get fixated on the facility, raising the money, designing their logo, incorporating, etc. However, a business is not a business until someone is spending money with you. The most important thing in starting a business is determining how you will get customers.

6. How is my product/service different – The success of all businesses hinges on defining how your product/service is different from others that are the same, similar to, or a substitute for yours.

7. Your commitment and willingness to make it happen – That speaks for itself

UPCOMING EVENTS

Our friends at Lowcountry Local First (LLF) have announced a new community storefront project in North Charleston





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