Minority businesses: getting started

By DON SHILLING

shilling@vindy.com

YOUNGSTOWN

Barbara Miller is so impressed that her daughter has built a successful business that she plans to start her own when she retires.

“I’m trying to follow in her footsteps,” the East Side woman said.

Barbara and her daughter, Faye Miller, were among the 200 people who attended the Minority & Female Business Conference on Thursday at Youngstown State University.

“You have to get educated,” said Miller, who did not want to give her age.

Faye Miller, also of the East Side, has been operating KenCare Education Training Center for the past four years. The Glenwood Avenue business trains nurses aides.

Faye Miller, who worked as a registered nurse at Forum Health Northside Medical Center for 25 years, said she attends as many business seminars as she can. She has attended all three of the annual conferences at YSU, which are arranged by the Youngstown/Warren Regional Chamber.

“Every time I come, I learn something new,” she said.

She and her mother had just heard Edward Hopson, senior partner of Real Estate Capital Partners in Cleveland, explain the finances of starting a new business.

“I learned that you only borrow money to make money,” Barbara Miller said.

Hopson advised the crowd to borrow only for purposes such as buying equipment, building inventory or expanding. Bad reasons to borrow include paying bills, he said.

“You don’t borrow money to feel good or to say, ‘I’m in business,’” he said.

He suggested people save up their own funds before starting a business or take a no-interest loan from a relative.

People also should learn about loan guarantees from the U.S. Small Business Administration, which can back up to 90 percent of a loan.

“It’s like doing a term paper. You have to do your research,” he added.

In addition to learning, conference attendees had the opportunity to meet with area businesses who want to do business with minority- and female-owned businesses.

Officials from companies such as FirstEnergy Corp., Home Savings and Loan and Humility of Mary Health Partners staged individual meetings with people at the conference.

Barbara Miller, who has worked as a receptionist and in customer service, said she is considering taking what she learned at the conference and going into a graphics business. She didn’t want to be more specific.

“I have several ideas that have been bouncing around up there [in my head],” she said.