KTVN Channel 2 - Reno Tahoe News Weather, Video - Starting a Small Business in a Troubled Economy
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There's a lot of talk about the recovering economy and its challenges for many. While some businesses have closed, others have expanded.
But, what if you are thinking about starting a small business? You might be surprised to learn that now is the best time.
Officials with Nevada's Center for Entrepreneurship and Technology (NCET) say that's because more qualified people are looking for work. And office or retail space costs a fraction of the price it used to. Now, they're using one business as an example of success to help others.
There's a lot of networking and sharing business ideas this week.
Tuesday night, there was an open house at SilverSky Group in Reno for anyone who is thinking about starting a small business in this rocky economy.
"This is a great time to start a business and if you're going to start one you need a plan," Dave Archer, CEO of NCET says.
Officials with NCET say SilverSky Group is an example of a successful small business. "We try to hold up entrepreneurs and say look they did, you can do it," Archer says.
SiliverSky Group helps small companies here and around the world with business development.
"If it's a technology-oriented business, for example, it may be appropriate to try to figure out ways to protect the idea behind the technology," says Tim Casey, co-founder of SilverSky Group.
They develop intellectual properties such as patents, copyrights, trademarks and branding strategies for their clients.
Casey says the economy hit clients in some way or another, but he says Silversky Group is fortunate.
"Even though the economy here's been you know pretty tight, we've still had growth within Nevada and growth outside the state," Casey says.
SilverSky Group uses a special analogy about achieving business success. In fact, they have a poster about it: the green beanstalk reaching up to a giant's castle to get the golden egg.
"A lot of people want to grab the golden eggs first. And then they worry how they're going to build the rest of the business around it," Casey says.
They and other business professionals shared some successful strategies because they know how important small businesses are to the economy as a whole.
"Small businesses are the backbone of this country," Scottie Smith, executive assistant with SilverSky Group says.
