By LINDA McGURK
Indiana Correspondent

COVINGTON, Ind. — Starting a new business can be difficult in any case; doing it in a sparsely populated area where incomes are lower than average comes with its own set of challenges.

For newly-hatched and would-be entrepreneurs in Fountain County, Ind., an upcoming workshop could help shed light on the art of running a successful business venture. “Sixty percent of all new businesses fail in the first two years. That’s scary,” said Jim Roudebush, director of the Rural Entrepreneur Network and moderator of the workshop.

“So many people start a business without thinking things through. We want to make sure that they understand the market and have a business plan, to reduce the risk of failure. We know we have a proven track record with these workshops.”

The workshop will be March 10 from 6-8 p.m. at the City Building in Covington (1329 Second Street). The registration fee is $15 for those who register seven days prior to the workshop and $25 for registrations received after that. A 60-page workbook that covers all aspects of running a business is included in the price.

Though most new small businesses tend to be created in the service sector, the workshop is relevant to new businesses in virtually any industry, according to Roudebush.

“The formula and the model is basically the same. We look at what your revenue and expenses are going to be, if you’re an entrepreneur and if you have an understanding of money and small business management,” he said. “During these two hours, we really get a lot done.”

Some of the topics covered are marketing and finding a target clientele, both of which are especially important for businesses based in small towns with fewer potential customers.

“Internet companies are great for rural areas. You can have a website and target the whole U.S., and ship out of your home. Or, your target could be just your small town, but then you’ve got to make sure that the revenue from each sale is substantial,” Roudebush said.

The layoffs caused by the recession have made self-employment an attractive option in an otherwise tough job market. The flip side of that is there’s less money available in a recession, as unemployment is high and credit is tight, but “if you go through this workshop, it makes the banks much more receptive (to a small-business loan). It gives you a leg up,” Roudebush said.
With such a high rate of businesses failing in their first two years of existence, he said having passion for what one does is essential. Good organizational and money-management skills, combined with the ability to juggle a lot of balls at the same time, will also help a business become successful.

“With today’s economy, having your own business makes as much sense as anything,” Roudebush said.

For more information or to register, contact the Hoosier Heartland RC&D Council office at 317-290-3250 or visit www.ruralenet.org to see a flyer with a registration form.