Entrepreneurs do well in down economy

By Jon Moffett

The Youngstown/Warren Regional Chamber encourages business ideas.

YOUNGSTOWN — The best time to be in the entrepreneur business is in a down economy.

So says Youngstown/Warren Regional Chamber President and CEO Tom Humphries to prospective business owners. Humphries and other members of the chamber had a news conference Thursday to announce a new program.

“The Regional Chamber focuses predominantly on retention, expansion and attraction,” Humphries said. “Our goal is to retain the companies that we have, and help them grow and try to attract new companies into the region. And the area that we don’t spend a lot of time on is the startup.”

The chamber has created a new program to help draw in new business and encourage individuals to start their own.

The Regional Entrepreneurial Assistance Channel, or REACH, is an 18-month program designed to assist people to establish a new business, purchase an existing business or develop a product. Through the program, the chamber offers advice on business plans and feasibility of ideas.

A federal grant of $250,000 through the Small Business Association, as well as contributions from AT&T and Charter Bank fund the program.

Jim Rowlands, chamber director, said the program benefits large and small business ideas. The most important part, though, is taking the crucial first step in the right direction.

“What a lot of people do, when they have an idea, is jump into the funding stage,” he said. He added that a solid business plan is crucial to starting a successful business.

One person who has received valuable guidance from the chamber is Erin Hoey, 24, of Youngstown. She wants to open her own hair salon. She has been a professional hair stylist for nine years and is in the process of buying a salon in Boardman.

She recruited the chamber for assistance, and it has helped her understand the nuances of starting and running a business.

“I’m learning the business side of being a beautician and how to put together a business plan,” Hoey said. “I had no idea before I came here. But now, they broke it down step-by-step and I can figure out financial and stuff like that. ... I know what I want, but I didn’t know how to put it on paper. They’ve helped me so much.”

Hoey advises people considering business ventures to talk to the chamber about their ideas.

“You start here,” she said. “You come to something like this that will help you step-by-step because I did not know what to do. I would say go to a program like this to help you get started.”

jmoffett@vindy.com