- May 9, 2024
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In 2011 The City of Palm Coast and the University of Central Florida Small Business Development Center joined forces and created the Palm Coast Business Assistance Center.
“The BAC is designed to help small business owners lower their operating costs and grow their business,” said Joy Roy the UCF/SBDC area manager. “We have tried to establish an environment where small businesses can succeed as part of the BAC.”
The BAC conducted its first Business Assistance Expo on Nov. 2-3 at the Hammock Beach Resort to address some of the concerns small business owners share.
Approximately 165 individuals were expected to attend the event with an estimated 50 vendors showcasing their products and services.
While many have expressed an interest in displaying and seeing what products are available locally, Roy said it was the guest speakers who generated much of the interest for those signed up for the expo.
The “How Successful People Think” scheduled keynote speakers were Steve Cabot, on leadership; Pamela Roach, on innovation; and Joie Chitwood III, on the importance of brands.
“What I have heard is the quality of the speakers and their topics is what is proving to be the most important part of the event,” Roy said as he was making final preparations on Thursday.
Roy said that more than 125 companies have sought assistance and guidance since the BAC opened.
“Most of those businesses have been successful,” he said.
There has been what Roy describes as a “significant shift” in small business owners. “We are seeing more women with more talent and better prepared. Seventy percent of entrepreneurs today are women.”
The business owners who get the most out of the BAC services are those that have done some advance preparation.
“Research what you want to do, have a plan and a concept of where you want to go,” Roy suggests. “Understand your demographics and competition.”
Small business owners will need some up front capital and advertising and marketing plans. The center does not provide loans but does have a loan guarantee fund created by funds dispersed from the disbanded Flagler Enterprise group.
“Flagler Enterprise was funded by the city from tax revenue base and that money has gone back to the city as a fund for a loan guarantee program.”
Small business owners generally do all of the work in their businesses from financial to marketing.
“We can help with sale plans. It’s a lot more work for small business owners than the larger corporations,” Roy said. “In a large corporation if I need money I can go to my CFO but the small business owner has to go to the banks.”
Advertising and marketing is often a stumbling block for new business owners.
“Advertising and sales go hand in hand,” Roy said. “Advertising is not an expense, it is truly an incentive for growing a business.”
Since May 2011 Roy said the businesses that have worked with the BAC have generated more than 4.4 million dollars in economic impact and that money is staying within Flagler County.
Another common issue is setting prices. Roy said small business owners should not try to compete with larger companies and should focus on quality service.
“People will negotiate price but they will not negotiate quality,” he said.
BAC
Address: City Marketplace 160 Cypress Point Parkway, suite B-105
To schedule an appointment, call 386-986-2499 8 a.m. to 5 p.m. Monday through Friday.
