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Propell Credit Union, in collaboration with CCEDC and i2n, empowers local small business owners via a five-part workshop series.
Navigating the world of small business ownership is both an exciting and challenging endeavor. The path is often fraught with hurdles that test even the most passionate entrepreneurs. Recent data shows that some of the biggest challenges small businesses face include securing funding, effective marketing, and managing a capable team.
To address these critical issues, Propell Credit Union, in partnership with Chester County Economic Development Council (CCEDC) and Ideas x Innovation Network (i2n), launched a five-part workshop series aimed at providing local business owners with the tools and knowledge needed to tackle these challenges head-on.
Five Key Challenges Facing Small Businesses and How To Overcome Them
1. Understanding How To Generate Market Demand: Generative market demand goes beyond traditional marketing strategies; it’s about crafting and conveying your business’s story in a memorable way that truly resonates with your target audience.
Solution: CCEDC, in collaboration with industry expert Craig Smith, offered the “Shaping & Telling Your Story” workshop. This session guides entrepreneurs in refining their business ideas and effectively communicating their value. Attendees learn to connect with customers through compelling storytelling, ensuring they address genuine market needs.
2. Adequate Funding: Securing sufficient funding is a common hurdle for startups. With proper capital, businesses can maintain operations, invest in growth, or manage financial emergencies.
Solution: The “How to Ask for Money” workshop provided business owners with strategies from seasoned entrepreneurs and financial experts. Participants learned how to approach different funding avenues, from traditional loans to venture capital. Additionally, exploring untraditional sources of working capital can be key for many businesses. Local community credit unions, like Propell, offer personalized financial services and competitively priced business services. By looking into non-traditional solutions, businesses may find more flexible loan products, grants, and other resources specifically designed to meet their diverse financial needs.
3. Effective Marketing Strategies: Even the best products need to reach their target audience to succeed. Unfortunately, many small businesses struggle to stand out in crowded markets, wasting resources on ineffective marketing efforts.
Solution: Marketing Expert Wendy Verna of Octo Design, led the “Marketing & Branding” workshop, offering practical tools to help attendees craft strategic marketing plans. Leveraging paid and earned media with storytelling can boost a small business’s reach and reputation across platforms. By blending storytelling with traditional ads, companies can create engaging, memorable narratives that attract customers. On social media, stories turn passive browsing into experiences. This strategic use of storytelling strengthens marketing efforts and builds a network of advocates dedicated to mutual success.
4. Navigating Legal Challenges: Legal complexities, from business structures to intellectual property, can be daunting and costly if mishandled.
Solution: Legal Expert Terry Kerwin will host a “Legal 101” session on November 15th. The session will address these challenges with practical advice on corporate governance, contract management, and intellectual property rights. Business owners gain the knowledge to avoid common legal pitfalls and focus on growth.
5. Finding the Right Team: A capable team is essential for success, yet small businesses often need help attracting and retaining the right talent.
Solution: “Human Resources 101,” led by Lauren Williams on Dec. 6, will cover the best practices for hiring and managing teams. Entrepreneurs learn to create effective job descriptions, foster positive work cultures, and handle payroll and compliance issues, enabling them to build cohesive teams that propel their businesses forward.
Empowering Business Owners
Running a business often means focusing on day-to-day operations, leaving little time to work on long-term strategies. Propell Credit Union understands this challenge and is committed to supporting hardworking business owners with resources to help them grow and succeed.
Beyond the workshops, Propell encourages business owners to take advantage of valuable local resources, including the Chester County Economic Development Council (CCEDC) and the Ideas x Innovation Network (i2n). The CCEDC provides strategic advice, support for startups, and innovation-driven programs, while i2n focuses on nurturing the region’s startup ecosystem. Together, they offer guidance on funding, marketing strategies, and legal matters that can help businesses scale.
Propell’s hub of business resources offers more than flexible savings and lending; it provides competitive services that help business owners save money and focus on growth. With Propell by your side, you can spend less time on red tape and more time building the business you’ve always envisioned.
Get your tickets now for the upcoming sessions on Nov. 15 and Dec. 6 at just $25 each. Reserve your spot here.
Learn more at Propell Credit Union. Propell was founded to accelerate economic progress and growth in the local communities it serves by empowering personal and business banking members to achieve their financial goals.
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