2012 EDGE Award Winners – Emerging Businesses
Congratulations to the 2012 Class of Emerging Business EDGE Awards Winners!
Brown Veterinary Hospital – Terre Haute, IN
Dr. Beth Brown came to the West Central ISBDC with more than 13 years of experience in veterinary medicine. Despite her lack of business experience, she was committed to open a vet hospital that reflected her philosophy on animal healthcare, taking a personalized approach on animal health.
To begin, Dr. Brown attended two WC-ISBDC workshops aimed at helping her write a business plan and orient her with starting a new business. For the next several months, she met with the WC-ISBDC to research and develop her business plan, including a comprehensive marketing strategy and the construction of a website. The strength of her business plan, combined with her vast experience, helped Dr. Brown obtain $100,000 in financing from Terre Haute Savings Bank. Using this funding she purchased, remodeled, and opened her clinic in July of 2011. Since opening, she has hired five employees, and has earned more than $550,000 in first year sales.
Circle Tool Supply – Schererville, IN
Circle Tool Supply, an industrial supply company, offers a wide range ofproducts for the manufacturing industry. Not long after opening in 2011, owner Chris Byrd approached the Northwest ISBDC seeking guidance in obtaining a business line of credit. Despite his business experiencing rapid growth, they were turned down by many lenders. After reviewing Circle Tool Supply’s business plan, the NW-ISBDC successfully assisted Chris in obtaining an $8,000 microloan from ACCION Chicago and $400,000 from American Savings Bank.
Circle Tool Supply’s sales in 2012 reached $2.5 million, more than double the company’s original projections. Chris continues to work closely with the NW-ISBDC, evaluating management practices and developing marketing strategies.
Farrell’s Extreme Bodyshaping – Columbus, IN
After committing to a healthier lifestyle in 2010, Erik and Lindsay Piper wanted to bring their wellness focus to Columbus and build a community of like-minded individuals. They decided to open Farrell’s Extreme Bodyshaping. In the beginning of 2012, they were ready to bring this vision to fruition, with one setback – finding a suitable lender. The Pipers turned to the Southeast ISBDC, who assisted the couple in creating a business plan through SmallBizNavigator and connected Erik and Lindsay with Wells Fargo where they received a $112,500 loan.
Since the launch of Farrell’s Extreme Bodyshaping, they have established a client base larger than expected and exceeded revenue projections, generating more than $200,000 in sales. Most importantly, they are achieving their core mission – to make the Columbus community a healthier place to live.
Franklin Window and Door, Inc. – Franklin, IN
Franklin Window and Door sells USA-made aluminum wood-clad products and provides historic window and door restoration, including the fabrication of replacement units for homes built in the 1800s. The business also offers workshops to homeowners, encouraging them to restore and maintain their historic windows and doors.
Shortly after starting their business in August 2012, owner Cori Brown came to the Central ISBDC for assistance in completing a business plan. The C-ISBDC offered assistance with the development of a financial plan utilizing ProfitCents financial analyst reports. C-ISBDC also provided guidance in registering the company as a Woman-Owned Business Enterprise. Since opening, the business has hired three additional employees. Cori is planning to purchase additional space to open a showroom for products using a $70,000 loan from Main Source Bank.
The Hazzard Institute – Richmond, IN
Having operated a hobby business for many years, James and Delores Hazzard had no idea what starting a business from scratch actually entailed. They were un-informed when it came to identifying their core assets or finding their competitive edge. After meeting with the EC-ISBDC, the couple was motivated to turn their hobby into a serious endeavor.
The Hazzard Institute provides comprehensive special education services to charter, community, and traditional schools. They perform psycho-educational evaluations, transition planning, and consulting to schools in order to help them meet the needs of their special education students.
Since their first meeting with the EC-ISBDC, the Hazzard’s have incorporated their business, hired three part-time employees, and generated more than $100,000 in sales. Through it all, the EC-ISBDC supported and challenged them; motivating the entrepreneurs to keep working toward their short and long-term goals. Utilizing ISBDC tools like SmallBizNavigator and Esri reporting, the Hazzard’s were able to develop their strategic plan and identify target markets and competitors, giving them a viable edge.
HoneyBaked Ham and Café – Evansville, IN
Mark Hudson, a former bank executive, began considering a new career in 2011, and with his wife’s encouragement, he decided to open a HoneyBaked Ham and Café. Having no past restaurant experience, Mark turned to the Southwest ISBDC for assistance. During a ten month-period, the SW-ISBDC and Mark worked together to fine tune the company’s business plan, marketing strategy, and financial projections.
The café opened in December 2011 with the help of an SBA loan from First Bank. Due to Mark’s openness to try new things the café generated $500,000 in sales in their first year. One example of this forward thinking is that his HoneyBaked Ham is the first one in the county to offer a daily salad bar.
Honey’s Frozen Yogurt – Goshen, IN
The idea for Honey’s Frozen Yogurt came to business owner Kelly Huffman after visiting her son in Mississippi and seeing the success of a similar shop there. Kelly sought assistance from the North Central ISBDC, who helped her complete an in-depth evaluation of market potential using center reporting resources like Esri and First Research, develop a business plan, and create financial projections.
On May 20, 2012, Honey’s Self-Serve Frozen Yogurt opened to the public, becoming the first frozen yogurt specialty shop in the city of Goshen. Her careful planning and attention to detail helped her obtain an SBA loan for the amount requested from First Source Bank, hire 16 employees, and generate sales that exceeded expectations in her first six months of operation.
The Red Poppy Studio and Gallery – Lafayette, IN
After being a stay-at-home mom for nearly 20 years, Joann Retherford opened the Red Poppy Studio and Gallery in August of 2012 as a way to use her background in art to make an impact on the Lafayette community. On opening night, more than 1,000 visitors visited the studio, proving that Lafayette was excited about this new small business.
Prior to opening the gallery, Joann began working with the Hoosier Heartland ISBDC in developing a business plan, forecasting sales, and performing market research. Through HH-ISBDC guidance Joann received a $245,000 commercial loan from Regions Bank.
The Red Poppy Studio and Gallery has become a hub for the arts community in Lafayette. Space is being leased by a photography business and nine studio classes for Ivy Tech Community College are being taught there.
Additionally, Joann has been approached to rent the studio for special events; a surprising but welcome additional revenue source.
Stone Cutters Café and Roastery – Bedford, IN
Laura Anderson and Ruth DeWell visited the Radius ISBDC just weeks after deciding that they wanted to start a business together. They needed guidance in exploring the feasibility of their idea as well as help developing their business plan. The Radius ISBDC assisted with plan creation, which led to a commercial bank loan from Bedford Federal Savings Bank. Additionally they received an opportunity loan from the Lawrence County Economic Growth Council and a technical assistance grant, all totaling $112,500.
On June 4, 2012 Stone Cutters Café and Roastery opened. The café features an extensive menu and fresh handcrafted coffee. The coffee is roasted daily in-house and is made of beans hand selected by Laura and Ruth, along with their staff of nine employees. In addition to being a café, Stone Cutters is also a wholesale roaster providing clients with the opportunity to design private labeled coffee as a marketing tool.
Yum Yums, Yogurt U Make, LLC – Fort Wayne, IN
When starting their self-serve yogurt shop in March of 2012, owners Angie and Brian Kurek, George Hill, and Jocelyn Acker did not anticipate its tremendous success. They turned to the Northeast ISBDC for guidance in developing their business plan, financial projections, marketing strategy, and logo. They were also seeking sources for startup capital which ultimately came as an SBA guaranteed loan from iAB Bank.
Today, the shop is thriving in Fort Wayne and employing more than 10 people. The owners are currently working with the NE-ISBDC on an expansion plan for this year.