Entrepreneurs Succeed With Small Business Resources in Enterprise Appalachia
Three executives share their personal stories of business success in Ohio
COLUMBUS, Ohio, May 18, 2011 /PRNewswire/ -- For entrepreneurs, every dollar is a precious commodity. The more investment capital that actually makes it to product development and commercialization, the greater the probability of success. And, the faster the return on investment. Site selection is critically important; the ideal location maximizes the value of the investment by delivering a perfect balance between access to mission-critical resources and low overhead costs.
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"Entrepreneurs must find a location that balances access to resources and low overhead costs for a higher chance of business success," said Ed Burghard, executive director of the Ohio Business Development Coalition, the nonprofit organization that markets the state for capital investment.
Joe Varacalli, president of SenSource Inc., Dr. Michael Mark, founder and CEO of ED MAP, Inc., and Craig Newbold, founder and CEO of Newbold Technologies, are living their entrepreneurial dreams in Ohio's Enterprise Appalachia. Small business resources and support services in Enterprise Appalachia enabled them to turn their ideas for business success into growing companies.
Every entrepreneur wants to select the right location to start and grow their business. But, the choice isn't always obvious and often the default is to simply start where you are currently located instead of looking for an ideal location.
Choosing a location is an important strategic choice, one that should be based upon a thorough consideration of established criteria and relevant data. An established business can draw from its existing networks, while an entrepreneur must find the perfect balance of resources and low costs. For the entrepreneur, it's get it right or else.
Ohio's Enterprise Appalachia offers the ideal site selection criteria for small businesses to thrive, from access to funding and finding a considerable knowledge base to leveraging supply chain resources and reaching key markets. This is evidenced by the surge of successful start-up companies who have put the state's abundant entrepreneurial resources into action.
SenSource, Inc., a Youngstown, Ohio-based designer, manufacturer and distributor of high-tech sensors and controls, was started in 2002 with $3,000 in cash and a couple of credit cards. Fueled by its continued market expansion, SenSource posted a 25 percent sales increase in 2010.
"Our location in Ohio gave us the entrepreneurial resources and support to expand our target market and quickly add new clients to grow our business," said Varacalli.
Enterprise Appalachia offers entrepreneurs access to capital to efficiently and successfully transition new products or services from R&D to commercialization. Entrepreneurs locating in the region benefit from regional venture capital and financial support that meets the needs of all businesses, from start-ups to gazelle high-growth companies.
Newbold Technologies, a provider of infrastructure support services, custom application development and e-commerce solutions located in East Liverpool, Ohio, has maximized profits and lowered the cost of doing business. "I recognized the fact that the cost of doing business was lower in Enterprise Appalachia, and that I could pass on those savings to the marketplace and compete with the offshore movement," Newbold said.
Entrepreneurs in Appalachia Ohio are ideally located to access supply chains and markets in Ohio and surrounding states. Ohio is within 600 miles of 60 percent of the U.S. population and 50 percent of the Canadian population, 62 percent of U.S. manufacturing plants, 59 percent of wholesale establishments and 63 percent of retail establishments.
Enterprise Appalachia's location has paid off for ED MAP, Inc., located in Athens, Ohio, which provides textbook and course materials fulfillment for online learning, corporate training and multi-campus colleges.
"Our location in Ohio's Enterprise Appalachia has enabled ED MAP to achieve profitability more quickly," Dr. Mark said. "Every day, we push about 3,000 boxes out of our warehouse, so being close to a large percentage of U.S. population makes our customer services better, cheaper and faster."
The region is home to 25 institutions of higher education, including seven four-year universities and colleges and 18 two-year colleges. Not only do these institutions provide knowledge and expertise to entrepreneurs, but contribute to a knowledgeable workforce ready to help companies grow.
In addition, Enterprise Appalachia's location and tax structure makes it cost effective for entrepreneurs to serve customers in North America and around the globe. A recent report by the Quantitative Economics and Statistics Practices (QUEST) of Ernst & Young in conjunction with the Council On State Taxation (COST) ranks Ohio as third in the nation for friendliest tax environment.
Ohio's Enterprise Appalachia offers a work-life balance for business owners, their employees and their families available nowhere else.
"Creating a successful business is a time consuming job. In the Enterprise Appalachia Region, it is easy to travel to and from work without having to deal with the stress of a long commute," Burghard said. "Locating your business in Enterprise Appalachia affords you the gift of time. You can meet the demands of creating a successful entrepreneurial venture without sacrificing your life in the process. It provides you an opportunity to have a life in perfect balance."
About the Ohio Business Development Coalition
The Ohio Business Development Coalition is a nonprofit organization that provides marketing strategy and implementation to support Ohio's economic development efforts. For more information, visit www.ohiomeansbusiness.com.
SOURCE Ohio Business Development Coalition
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