Starting a small business is no small undertaking. It takes hard work, dedication, and often a bit of luck to make it through the challenges that come with running your own company. There are many hurdles small business owners have to overcome in order to succeed. These can range from sourcing capital and finding the right employees to dealing with regulatory compliance or managing cash flow effectively.
In times of economic uncertainty, small business owners can face even more difficulties. This can be due to reduced demand for products and services, increased competition from larger competitors who have deeper pockets and access to more resources, or simply not having enough liquidity to weather an extended period of downturn.
Introducing V’Esther Goode, Founder of Boomer’s Food Truck and Catering
Despite these pitfalls, small business owner V’Esther Goode took a leap of faith when she started her company Boomer’s Kitchen and Catering in 2015.
V’Esther a.k.a. Boomer never considered starting her own catering business. But after receiving tons of positive feedback for the homemade dishes she shared on social media, Boomer was determined to make something of her culinary talents.
She started off by raising funds with breakfast platters from home every weekend. She would soon realize that it could be more than a hobby. Instead, her platters quickly became an opportunity to put away money towards her son’s college tuition. With a renewed sense of confidence, Boomer drained all her savings into buying a food truck and began paving out the foundations for what would eventually become a successful business.
How To Keep Your Small Business Thriving in an Uncertain Economy
If you want to learn how to grow and maintain your small business despite economic uncertainty, look to Boomer’s Kitchen and Catering for inspiration. Take a look at this exclusive interview with V’Esther Goode:
BW: Due to looming economic uncertainty, will entrepreneurs find success in starting a small business at this time?
VG: I first opened what is now Boomer’s Kitchen and Catering, as a food truck business at a Philadelphia festival back in June 2019 as a way to support my son with his out of state college tuition. It was such an exciting time for me – but then COVID hit and took a heavy toll on everything I was building.
The truth is, there is no good time to start a small business. Most of us do not come from money, but we are scrappy. Small business owners just have a unique drive to be bigger and better, and that’s a mindset you need to have when starting a business, especially in a less-than-ideal economic environment.
It was discouraging having COVID come right as I was starting my business, but I dug deeper. I knew people were still out and about, it was just a matter of social distancing, and I knew that with a food truck, this was entirely possible. It may be hard to stay afloat in uncertain times, but it is possible as long as you have a drive and vision behind your business.
BW: What is the single most important lesson you’ve learned as an entrepreneur?
VG: You have to spend money to make money. It’s cliche, but it’s true. When I started my company, I knew I could cook and run deliveries, but I quickly realized that I’d be spread thin trying to do this along with financial management and marketing. Verizon Small Business Digital Ready helped me realize the value of investing in people who would become crucial members
of my team.
Spending $500 on a virtual assistant seemed steep when I was just starting out, but the piece of mind it gave me was invaluable. I also hired a delivery driver and got an accountant for my business, which has taken so much weight off my shoulders. Because I have a team behind me, I can take on more business than I ever have before.
Prior to having my team, I only had the capacity to do one event at a time, and now I’m able to do more. Often business owners may think they are losing money by hiring and paying employees, but really the business opportunities and efficiency provided by having a team behind you makes you money in the long run.
Brittni Williams: What are your top tips for small business owners?
VG: Patience is Key: Many small business owners may expect to come up with their vision and plan for their own business, and have it blossom overnight. The reality is that it can take years for entrepreneurs to begin to see the return of their investment and make money with their own business. It took me 2 to 3 years before I saw that kind of return – but I was not discouraged. I was in it for the long haul, and that is what I’d recommend to other small business owners too – to be resilient, and be patient. If you trust your vision, it’s worth the wait.
Don’t Quit Your (Day) Job: Similarly to the above, with this long haul vision in mind, I did not end up quitting my day job to work full time on my food truck and catering business until about 3 years into the journey. It’s all about setting realistic goals. If small business owners have aspirations like that, it’s best to set a timeline you can work with and drive toward that. If you work hard and be patient, the pieces will fall into place!
Seek Out Resources: One thing I learned very quickly when I was getting started was I needed help. I had no formal background in business education, and I needed to figure out where to get started. From my own research I was able to come across different grants to apply to and programs that could support me, and that’s when I came across the Verizon Small Business Digital Ready program. It’s a free, online portal designed to help small business owners through self-paced courses and personalized coaching. I was able to learn so many different elements of running a business, from how to track finances and how to write a business plan to how to attract corporate catering gigs for my business.
BW: What are some common mistakes many business owners should avoid?
VG: A common mistake small business owners make ties back to having patience. Not seeing a big payday right away can be discouraging, as can dealing with outside opinions from family and friends about your business plans. When I started, I received some pushback for wanting to think outside the box and offer breakfast food in a market where soul food is particularly popular. Sticking by my vision and not giving up on my business prematurely is what allowed me to finally reach that return on investment down the line.
Another misconception that many business owners have when starting is thinking they can do everything on their own- and for a time I thought I could as well. In reality, it’s hard to manage all aspects of your business by yourself, which is why I highly encourage small business owners to seek out resources in their communities, as well as free resources like Verizon Small Business
Digital Ready that can not only teach you all aspects of owning a business, but also give you confidence while building it.
BW: What financial resources are available to small business owners?
VG: Grants: There are more grants and financial resources available than a lot of entrepreneurs may realize – they just need to invest the time in research and seeing what they can make work for them. For me, I was fortunate to come across a $10,000 grant opportunity with Verizon and the nonprofit Local Innovative Support Corporation (LISC) as part of the Digital Ready program and some of the courses I was taking. I went through seven rounds of submissions before being awarded – so other entrepreneurs should know to keep pushing! These things take time as well!
Business Banking: I did not realize until I was really getting my business started that in order to receive a grant or funding of any kind, I would need a business bank account. And this opened so many doors for me! Once I took that first step, I was able to learn how to get a business credit card, a line of credit and more.
Community Support: There also may be avenues for financial support and grants available for small business owners right in their own communities through churches, nonprofits and other government programs. If you invest your time into research and exploring these options, there may be more opportunities than you realize!