Small Business Connections                                                            June 2012 

Shoppes at 127

Three years ago, Jane Briner, a retailer for 35 years in Geneva, made a decision to create a new image and name. Initially, her concept was to keep half of the space, and rent the other half. However, due to the economy, she was not able to find a suitable renter. They had an inquiry from a prospective tenant, but not for the large space offered. 

Rather than turn the tenant away, she offered her a smaller space. They continued to offer opportunities for a portion of the store space to small retailers.  The flood gates opened, and Shoppes at 127 became a reality.

Shoppes at 127 is a jigsaw-style environment, with a circular walkway that enables all shops to be easily visited. Each space is separated from the next with furniture, fabric, displays and other physical barriers that incorporate the theme and design of each shoppe. Jst 4 U and De'Esse Boutique and Scent Shop were the first tenants.

The first year, Shoppes at 127 had four tenants. By the end of year two, there were 22 tenants.  This year, the space is full with 25 tenants, and there are many more retailers on the waiting list.

Jane shares what it took to transition the store to a multiple retailer operation. "I learned to be specific and put everything in writing. I require each tenant to have liability insurance and an Illinois resale tax number. The tenants do not wait on customers (that is my control over insuring that each customer is treated in a consistent manner). They are assigned a vendor code and taught how to use the computer for entering their inventory as it comes in. Since many of them have never worked in retail, I help the tenants with displays, suggest products that fit into their business, teach pricing and whatever is necessary to help them become successful."

In essence, Shoppes at 127 is like an incubator for new retailers, and offers a captivating variety of products, with each shop flowing seamlessly into the next.

Jane plans on becoming a retail consultant when she steps back from her everyday duties. "I talked with the IL SBDC at Waubonsee about how to structure that business. I found Harriet Parker to be knowledgeable, helpful and essential in my endeavor to create a plan. I find that I am becoming skilled as a consultant because of my tenants and plan to put those acquired skills into practice soon."

Jane teaches a workshop entitled Step Into Retail for the SBDC at the downtown Aurora location, where she continues to share her retail expertise with others.

Shoppes at 127 is located at 127 Third Street in Geneva, or find them on Facebook. 

Perfecting Your Business Pitch

If you have a unique product or business concept, but don't have enough information yet to develop a detailed business plan, start with a business pitch.

Your pitch should allow you to present your idea in 10-15 minutes, and will solicit valuable feedback that can be incorporated into your plan. If your product has investment potential, a successful pitch is critical.

Here's what an effective pitch contains:

• Problem - why your product will be interesting to a prospective customer. What need or problem do they have that your product solves?
• Solution - how does your product solve the problem? Show the solution from the user's perspective.
• Market - Who is your customer... specifically? Be careful to differentiate user from customer. For example, a retail mobile app may be used by the shopper, but the customer is probably the retailer. Focus is key. Choose a target market where you can realistically achieve results in a reasonable period of time.
• Strategy - How will you win customers? This is where your audience will know if you have potential or not. If you are looking for investment capital, you will probably need to implement this strategy and prove initial success before an investor will consider investing.
• Competition - what other products are similar, and how to you fill a gap in the competitive landscape. Remember, competition is not just someone who does exactly what you do. Barrier to entry is important here. What will keep others from copying your idea?
• Business Model - how will you make money, and how much money will you make? Again, like strategy, you need to prove your model by obtaining some early customers.
• Milestones - lay out specific things you expect to accomplish, and target dates for meeting your goals.
• Management Team - who is involved in taking your product to market? If you are looking for investment, you need to have a well-rounded team with expertise in key areas such as technology, marketing, sales and finance. Investors will be looking for a strong leader and healthy team dynamics.

Check out these tips about what makes a pitch work, as well as what makes it fail.

If you have a great idea and need help developing a pitch, call the Small Business Development Center at Waubonsee at (630) 906-4143. In addition to assistance of developing your pitch, we offer qualified candidates a venue to practice the pitch before an audience of local business leaders and entrepreneurs.

Biz Bitz

14th Annual Child Care Business Expo  

The 14th Annual Child Care Business Expo: Shining a Light on the Business Side of Child Care, presented by the Women's Business Development Center (WBDC), will be held on Saturday, June 2, 2012 from 8 a.m. to 3:30 p.m., at the UIC Forum, 725 W. Roosevelt Road, in Chicago.  The Morning Session will be held from 8 a.m. to 2 p.m., and and Afternoon Session from 1 p.m. to 3:30pm.

Themed "Shining a Light on the Business Side of Child Care" and presented in Spanish and English, the Child Care Business Expo provides child care entrepreneurs access to creative solutions to today's business issues and to a much-needed network of resources and support.  Attendees learn from peers and top leaders in the business side of child care.  The Expo is the only event of its kind-a unique one-stop clearinghouse for child care business solutions, resources, products, information and services.

Highlights of the Expo include the annual Child Care Business Breakfast and Applause Awards, featuring a keynote breakfast presentation by nationally-renowned family child care expert Tom Copeland of the National Association for Family Child Care and honoring exemplary child care providers and activists in the child care community; Speed Business Coaching and afternoon Boost Your Business Sessions focused on strengthening business skills in a variety of areas; and an Exhibit Hall with over 60 booths featuring insurance vendors, bankers, child care associations, state regulatory agencies for the industry, and educational products and curriculum vendors.  New to the Exhibit Hall this year are women's health and wellness exhibitors as well as a Model Family Child Care Business Office and Power Corner booths featuring interactive sessions.

The cost for the Morning Session of the Expo is $45 before May 15 and $55 thereafter; the cost for the Afternoon Session is $30.  On-site registration, based on availability, is $65 for the Morning Session and $45 for the Afternoon Session.  For more information and to register online, please visit www.WBDC.org or call 312-853-3477, ext. 290.

How to Beat the Health Insurance Blues

What's the next big tech thing for your business? Look no further than your own smartphone. It "changes everything, again," says Chuck Martin, who wrote The Third Screen: Marketing to Your Customers in a World Gone Mobile. 

Smartphones have three characteristics (the 3 A's) that marketers covet: The devices are always on, always near and always dear. You'd be hard put to find another advertising medium that has all three. For more information on how to integrate your smartphone for your business and why it will help, click here.  

Illinois SBDC at Waubonsee Community College