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Sweet marketing music

Tanner Montague came to town from Seattle having never owned his own music venue before. He’s a musician himself, so he has a pretty good sense of good music, but he also wandered into a crowded music scene filled with concert venues large and small.But the owner of Green Room thinks he found a void in the market. It’s lacking, he says, in places serving between 200 and 500 people, a sweet spot he thinks could be a draw for both some national acts not quite big enough yet for arena gigs and local acts looking for a launching pad.“I felt that size would do well in the city to offer more options,” he says. “My goal was to A, bring another option for national acts but then, B, have a great spot for local bands to start.”Right or wrong, something seems to be working, he says. He’s got a full calendar of concerts booked out several months. How did he, as a newcomer to the market in an industry filled with competition, get the attention of the local concertgoer?

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by Andrew Tellijohn
June 2004

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Soul searching

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Resources

business builder resources  

Owners can find
help from many
local sources

by Jeff Roseland  

Pacifier, a new boutique specializing in baby gifts in northeast Minneapolis, was born shortly after Quyen Tran’s first niece.

After struggling to find a unique baby gift for her niece, Tran did some research and learned that the Twin Cities had few specialty baby shops. She also attended a Small Business Administration (SBA) loan seminar on starting a small business. She opened her trendy Old St. Anthony boutique in March.

“My business plan calls for making a profit in the third year,” she says. “My ultimate goal is to donate a percentage of profits to organizations that provide micro-loans to women in developing countries.

“I truly believe that this is the best vehicle for promoting sustainable development, one person and one family at a time. If we can do that, then my dream of owning and running a business would be complete.”

Tran, who was born in Vietnam and grew up in Bloomington, has a master’s degree in international development and previously worked in the nonprofit sector. Education and experience aside, she knew that starting a business was a feat she couldn’t accomplish on her own. Tran used a variety of local small-business resources to help her develop the business plan for Pacifier, finance her start-up costs and prepare for her business’s future.

She tapped into the wealth of resources for the small-business community that exists in the Twin Cities. Here is a rundown of a few of those resources that she found most helpful.

Offering assistance
Tran was the 10,000th entrepreneur assisted by the Minnesota Business Information Center in St. Paul. Managed by Tom Trutna, the Business Information Center is an offshoot of the U.S. Small Business Administration. Close to 75 centers operate nationwide; the St. Paul site is the lone center in Minnesota.

Funded primarily by local banks, the Business Information Center offers five sources of information to new or prospective business owners:

• A library with books on starting a business — everything from lawn care to limousine services, consignment stores to car washes — and sample business plans and marketing guides.

• A video library with about 80 business titles.

• Computers equipped with business software dedicated to writing business plans and performing financial analysis.

• Internet access with various bookmarked business sites.

• Business counselors. A counselor from SCORE, a nonprofit dedicated to growing small businesses, is on site every day. In addition, a business banker is available for consultation from 2 p.m. to 6 p.m. on Thursdays.

The “banker for a day” concept originated with a business banker who lived near the center and volunteered to spend an afternoon there each week, answering small-business loan questions. The program has expanded to include business bankers from 10 local banks who rotate as volunteers.

 “The banker for a day has been tremendously well received,” Trutna says. “People feel very comfortable meeting on an informal basis on neutral territory. The resource center is a wonderful place to meet with bankers who are truly interested in finding ways to help people launch or improve their businesses.”

Visitors to the Business Information Center most often seek help with a business plan or a one-on-one visit with a counselor. The center also has a network of other resources and partners throughout the Twin Cities, including banks, neighborhood associations, business workshops and nonprofit organizations.

Tran adds that Trutna and the center helped her with business planning and market research “to develop both the confidence and numbers that I needed to get going.”

Mentors and connectors
One of the Business Information Center’s frequent partners is WomenVenture, a nonprofit economic organization devoted to improving the economic prosperity of women.

Located in the same St. Paul building, WomenVenture focuses on small-business funding, career development and GirlVenture, its education and goal-setting program for girls ages 8 to 18. The nonprofit also has a resource library including information about jobs and business financing.

Generally, WomenVenture’s loan programs are best suited to those who can’t qualify for traditional bank loans due to credit or collateral issues. They offer business loans ranging from $200 to $50,000 as well as professional consulting, business workshops and business/marketing plan development.

“We also provide access to a network of volunteers and mentors,” says Pat McKenna, business consultant for WomenVenture. “We’ve been able to supply volunteer attorneys for a new business, mentors for clients with similar backgrounds and have even connected two new clients together, helping them both grow their businesses.”

Before opening Pacifier, Tran also attended a WomenVenture seminar on starting a small business.

A financial consultant is always a great resource for a small-business owner. Your financial consultant should be your ally, who helps you gather the information you need to start a business, evaluate your financial situation and develop a long-term business plan.

Before opening Pacifier, Tran considered a variety of options, including an SBA loan and home equity loan, which she eventually secured. “After all the research and planning and writing, when the time is right, you have to just take that step,” she says. “Everything came together perfectly.”

[contact] Jeff Roseland is regional sales manager for Wells Fargo in Minneapolis, for Small Business Administration lending: 612.316.2402; jeff.roseland@wellsfargo.com; www.wellsfargo.com