Friday, July 31, 2015
When Sarah Tharp decided to take over her family business, it was a big undertaking. Her dad invested a lot of time and effort into starting and making this a successful business. As a new business owner, she felt overwhelmed with all the tasks ahead of her.
Sarah immediately decided to contact the local Small Business Development Center (SBDC). SBDC representative Kelly Weaver helped her with the business plan and cash flow projections. “Kelly did a great job of helping me get prepared to take over the business,” stated Sarah. “We reviewed a lot of different factors to operating a business, such as margins, mark-up percentages, accounting, bookkeeping methods, and even marketing.”
Next, Sarah searched for business financing. She decided to contact a statewide non-profit lender, GROW South Dakota. GROW SD provided an affordable financing package that was backed by funding from the USDA Rural Development Intermediary Relending Program and a local bank. Upon completing the loan process, Sarah stated, “A business owner really needs to be proactive when searching for financing. I am grateful that I contacted GROW SD because it was cost effective financing which in the end, helped my bottom line.”
After nine years, Home Network continues to be a successful small business in Huron and has moved to a new location for better exposure. Sarah has two employees that have been with her from day one. “As the owner you are the last to get paid,” stated Sarah, “but surrounding yourself with good employees makes being a business owner a lot easier.” Sarah understands the hard work it takes to operate a small business. She takes pride in successfully stepping into her Dad’s role of small business owner and the continued growth of Home Network.
She stated that it is important to have both short and long term goals for your business and to celebrate when that goal is accomplished. She also offers the following advice to other new business owners, “Be prepared; know the numbers you have to hit; and have a little extra built in for mistakes.” But ultimately she suggests, “Small business owners should utilize resources like the SBDC or GROW South Dakota.”
For more information call (605) 698-7654 or visit www.facebook.com/growsouthdakota. GROW South Dakota is an equal opportunity provider, lender and employer.
Category: Success Stories