Business Insights & Resources

The Best Resources for Growing Your Business Well in Lynchburg

Posted by Lynchburg EDA on Jul 19, 2018 1:44:48 PM

When you start a business, there’s plenty of excitement, adrenaline and ambition at the beginning. But then you get one year or a couple of years into your business and you devote your energy and time performing a balancing act between finances, objectives and customer relations. As a business owner, your plate can fill up quickly and the idea of growth can seem more daunting than exciting at times—especially when you don’t know where to start. However you’re in luck, because you started your business in Lynchburg, The City of Opportunity. And here, you will find a welcoming, supportive community with resources that can help move your business into the next phase of growth.

Get in Touch With a Business Mentor

No business owner should brave the business world alone. You need a support system of close friends and mentors to help navigate your company to success. In fact, 70 percent of business owners who have a mentor make their business survive for more than five years. If you have a professional relationship with a established business owner in the city, set up a meeting with them or go out to coffee. Ask if you can meet occasionally to discuss ideas or advice for business growth. Another option is to connect with business support organizations through the Navigrid. Our Navigrid covers specific areas where businesses can seek support and connect with the right organizations that can help. Also be sure to check out Launched in Lynchburg as a great way to find local entrepreneurs who could be mentors.

Explore Financial Opportunities

When you plan to expand a business, every opportunity helps. Start by evaluating your business model and company finances and see if you’re at a place for expansion. Then, create a strategy for how you will finance the future growth with options that make sense for you. It could be reaching out to a potential investor, crowdfunding or a business loan. Another resource offered to you is investigating incentives. The City of Lynchburg as well as the Commonwealth of Virginia offers a variety of programs for business owners who meet certain criteria. If you want to discuss more about what you may qualify for, you can always contact us.

Find the Next Commercial Location

As the next phase of your business launches, you will need a location that suits your needs. Take time to think ahead to which part of the city meets your target audience, your business objectives and your culture preferences. There is a growing movement in Downtown Lynchburg. Businesses are taking up residency along the riverfront on Jefferson Street, Main Street and 5th Street. It’s near these areas that numerous tourists and residents alike are exploring the city and bringing new opportunities like concerts, festivals and events. Plus, on the first Friday of the month, residents are exploring downtown for First Fridays. Events like these serve as a chance for your business to engage with the community.

Once you know the best place for you, explore the available commercial properties throughout Lynchburg. There are a variety of options to choose from in your ideal location.

Our Office Door is Always Open

As the City of Lynchburg’s Office of Economic Development and Tourism, we are here to help businesses at all stages of growth. You can always request a meeting with one of our staff members to discuss further business expansion opportunities.

Topics: Development, Launched in Lynchburg, Business