- Christopher Barstow
- Monday, May 06
If you are a woman in Columbia SC, and want to start a small business or expand an existing business, please take advantage of all the great services provided by the Benedict College Women's Business Center (WBC). I had a chance to ask Executive Director, Shauna Cooper about her small business journey and the services that WBC provides.
Could you please tell us a little bit about your small business background and how you came to be a part of the Benedict College Women’s Business Center?
My path to becoming the Executive Director of the Benedict College Women's Business Center was shaped by diverse experiences that span the nonprofit and entrepreneurial worlds. It all began in the D.C. metro area. I worked for several national nonprofit organizations and traveled the U.S. and its territories. I provided training and technical assistance to small and large nonprofit organizations and health systems on various topics. In these early days, I laid a strong foundation for what was to come: the birth of Growing My Nonprofit, LLC, a bouquet nonprofit consultancy business. Here, I embarked on a mission to support nonprofit organizations in expanding their capacity, capital, and community reach through grant writing, program reporting, and consulting.
My entrepreneurial drive continued with Wicks + Scents, LLC. This venture began as a hobby that provided therapeutic means and later flourished into an indie brand of handcrafted home fragrances, personal care, and decor. This business grew in addition to winning grants from LISC, the Local Entrepreneur Accelerator Program (LEAP) sponsored by the S.C. Community Loan Fund, Alibaba, and the Freed Fellowship. These opportunities fueled my passion and expanded Wicks + Scents' footprint, enabling me to sell my creations on my website and in independent stores nationwide. This journey through the world of entrepreneurship taught me the art of turning passion into profit and the importance of resilience and innovation.
My journey, culminating in the founding of the Arts & Sciences Center, has been a testament to my commitment to creating meaningful, inclusive opportunities. This nonprofit organization, based in Orangeburg, SC, was created to help empower youth in underrepresented communities in STEAM through hands-on learning and entrepreneurial efforts. With the community's support and funding from community foundations and private companies, the Arts & Sciences Center is a platform where creativity meets opportunity. As I stepped into my role at the Benedict College Women's Business Center, I brought a rich tapestry of experiences, ready to guide, inspire, and uplift aspiring and ambitious business owners. Navigating challenges is not just about navigating them; it's about embracing the journey, celebrating the victories, and turning dreams into tangible successes.
What services does your organization offer and is anything still done virtually? What Services Are Free and which ones are not.
At the WBC, we are committed to providing entrepreneurs with comprehensive services tailored to foster growth, innovation, and sustainability. Our offerings include:
- Multi-week accelerator programs designed to prepare entrepreneurs for challenges and opportunities in the business landscape. They offer in-depth training and resources to ensure business readiness and a competitive edge.
- Personalized one-on-one business consultation aimed at addressing specific needs and challenges faced by entrepreneurs. Our experienced advisors work closely with pre-venture entrepreneurs and business owners to develop and refine strategies, ensuring long-term success.
- Regularly scheduled web-based learning opportunities. These sessions provide ongoing education and insights into the latest trends, tools, and practices in the business world, allowing entrepreneurs to stay ahead and adapt to the changing market.
- An annual summit, a highlight event of our calendar, brings together entrepreneurs, experts, and industry leaders for a day of learning, networking, and inspiration. Mark your calendars for Thursday, August 15, 2024, for an event that promises to be both enlightening and transformative. More information is forthcoming
- Referrals to partner organizations, extending a network of support that includes funding opportunities, assistance with business certifications, staffing support, and complementary business education, further enhancing the ecosystem in which our entrepreneurs operate.
- Through the Benedict College Business Development Center, we offer an incubator program providing below-market rent for businesses. This initiative helps to mitigate some of the financial pressures on startups, offering a conducive environment for growth and innovation.
Our commitment to accessibility and inclusivity reflects our approach to service
delivery. All of our direct services, except the annual summit and the incubator, are offered virtually, ensuring entrepreneurs everywhere can benefit from our programs regardless of location. While most of our services are free to our clients and participants, a few of our webinars, the annual summit, and the incubator program require a fee, which is reinvested into our programs to continue supporting and nurturing the entrepreneurial community.
What is the most important thing to take into consideration before starting a small business?
Before entering the world of small business, the paramount consideration is evaluating whether entrepreneurship suits you personally and professionally. This introspection involves assessing your readiness to face the challenges, uncertainties, and commitments that come with running a business. Are you prepared to take risks, invest substantial effort, and navigate tough times? Simultaneously, verifying whether there's a real market for your business idea is essential. This means doing your homework to understand whether your product or service meets an existing demand. A successful business addresses a specific need or problem for its target audience, so ensuring your idea has a market is critical to its viability and future growth. In short, aligning your readiness with a genuine market need forms the bedrock of launching a successful small business.
Have you ever been a small business owner, if yes, did you use a similar service when you started your business?
Having a SCORE mentor has been indispensable to my journey. This resource has given me access to experienced business advisors who have offered invaluable guidance, helping me navigate the complexities of managing and scaling my ventures. Their expertise in financial planning, marketing strategies, and operational challenges has been integral. The personalized, one-on-one mentorship has helped refine my business planning and strategy and connected me to a broader network of support, allowing me to make informed decisions and foster the growth of my businesses.
What is the wrong reason to start a business?
One of the misguided reasons to start a business is the false belief that it offers a quick path to income generation. The reality is that owning a business requires immense dedication, long hours, and a significant initial investment of both time and resources. Success seldom comes overnight, and the journey often includes navigating financial risks, market fluctuations, and the challenge of building a customer base. This endeavor demands patience, resilience, and a strategic approach to overcome the hurdles of entrepreneurship.
Are there places to get small business financing that don’t require perfect credit?
There are viable paths to securing the necessary funds for entrepreneurs navigating the world of small business financing without the luxury of a perfect credit score. Microloans and nonprofit lenders, such as those facilitated by the U.S. Small Business Administration (SBA), offer tailored programs designed to support the startup and expansion of small businesses with more lenient criteria than traditional bank loans. Community Development Financial Institutions (CDFIs), such as the S.C. Community Loan Fund, are another cornerstone of support, providing affordable lending options to help integrate low-income and disadvantaged communities into the economic mainstream, often with flexible credit requirements. Additionally, local credit unions stand out for their personalized approach to financing, offering more adaptable lending terms than their larger banking counterparts. These institutions are pivotal for entrepreneurs seeking financial assistance to bring their business visions to life, ensuring that a less-than-perfect credit history isn't an insurmountable barrier to achieving their goals.
How much money do you have to have saved up before starting a small business? Can some businesses be started on a shoestring?
The money one needs to save before starting a small business can vary significantly depending on the industry and the chosen business model. Indeed, some businesses can be launched with relatively low startup costs, particularly those that operate online, offer services that don't require a physical location, or utilize a dropshipping model with minimal inventory costs. On the other hand, businesses with a physical storefront, specialized equipment, or significant upfront inventory can demand a substantial initial investment. With careful planning and strategic execution, starting a business on a shoestring budget is possible. This approach often involves minimizing overhead costs, leveraging digital platforms for marketing and operations, and starting small with the potential to scale. The key is to plan your business model, understand your initial costs, and find creative ways to reduce expenses without compromising the quality of your product or service. For many entrepreneurs, starting small and gradually growing the business as it generates revenue is a practical approach to minimize financial risk and build a sustainable business.
What is the biggest mistake people make when starting a small business?
A common mistake people often make when starting a small business is not developing and implementing a realistic plan. This plan is crucial not just for the business's inception but also for its growth and sustainability. Without a clear, actionable plan, entrepreneurs may navigate without direction, making it difficult to address challenges, capitalize on opportunities, and achieve long-term success. A well-thought-out business plan should include:
- detailed market research
- a solid financial strategy
- a marketing plan
- a clear understanding of the operational requirements is needed to not only start the business but also to grow and sustain it in the competitive landscape
This oversight can lead to resource mismanagement, expense underestimation, and an inability to meet business goals, ultimately jeopardizing the business's success.
What is the best way to contact you about utilizing the Benedict College Women’s Business Center’s services?
The best way to inquire about or utilize the services offered by the Benedict College Women’s Business Center is to reach out directly via telephone. You can call us at 803-705-4641 to speak with someone who can guide you through our services and how we can assist you.
Special Thanks to Shauna Cooper and the Benedict College, Women's Business Center