How to Build a Successful Business: Insights from Asheville's Top Entrepreneurs

Introduction

Asheville, North Carolina, is home to a thriving entrepreneurial community that has weathered challenges and emerged stronger than ever. At a recent AVL Meetup event, three successful local business owners shared their experiences and wisdom on what it takes to build and grow a successful venture. Josh Valdes of Dripolator Coffee, Kimi McBurney of American Eagle Home Inspections, and Jacob Baumann of Devil's Foot Beverage offered valuable insights on the power of networking, staying flexible, cultivating a strong company culture, and seeking creative funding.

The Power of Networking

All three entrepreneurs emphasized the crucial role networking played in their success. As Josh Valdes put it, "Never underestimate the power of a conversation...you need a painter and oh wow, Bob, who's been here every day, is a painter." Kimi McBurney echoed this sentiment, stating, "Honestly, the key to success in home inspections..., it's almost inspections - good inspections are important, but networking and getting yourself out there is paramount."

The entrepreneurs offered the following networking tips:

1. Consistently engage with your target audience through events and regular outreach.
2. Have a clear pitch to articulate what your business does and how you provide value.
3. Follow up promptly after making promising connections.
4. Provide value and support to your network before asking for anything in return.

Navigating Change and Staying Flexible

In a rapidly evolving business landscape, the ability to pivot is essential for growth. Jacob Baumann emphasized the importance of staying flexible: "After the first year of having this business it looked very different than I thought it was going to, and after two years it looked very different after five. So I think that's an important thing...not being super stuck in your ways when you have an idea and kind of letting things flow at you."

Josh Valdes shared how Dripolator Coffee shifted from their initial plan of drive-thru coffee shops to cafes: "Two years into it, and we're going on store four and they've all been cafes except for that first one, and but that's our lane and we've kind of refined ourselves down, but we're still gunning for that number."

To successfully navigate change in your business:

1. Regularly assess market trends and customer needs. Stay attuned to changes in your industry and proactively identify opportunities to adapt.
2. Embrace experimentation and learning. Test new ideas on a small scale and be open to learning from both successes and failures.
3. Involve your team in the pivoting process. Encourage open communication and gather input from employees closest to your customers and operations.
4. Communicate changes clearly to stakeholders. Keep your customers, partners, and investors informed about your pivots and how they will benefit from the changes.
5. Stay true to your core values and mission while making strategic changes to your business model or offerings.

Cultivating Company Culture

The entrepreneurs stressed the importance of intentionally building a strong company culture. Kimi McBurney explained, "I feel like our hiring process was really important to us because, unlike these two, we don't have a storefront, we don't have product. You know, we are our product. So, just being really intentional with our hiring process, hiring people who are like us."

Josh Valdes added, "I think it comes back to the culture that you create with your business and that comes down to who you hire...if your culture is where you want it to be and your people are where you want them to be, overwhelmingly you're going to have good reviews."

To cultivate a thriving company culture:

1. Define your core values and mission, and ensure they guide your decision-making and operations.
2. Be intentional in your hiring process. Look for candidates who align with your values and fit your desired culture.
3. Lead by example. As a business owner, embody the values and behaviors you want to see in your team.
4. Communicate openly and frequently with your team. Share your vision, celebrate successes, and address challenges transparently.
5. Invest in your team's growth and well-being. Offer training, mentorship, and support to help your employees thrive personally and professionally.

Getting Creative with Funding

Each entrepreneur took a different approach to funding their venture. Jacob Baumann highlighted the importance of seeking out grants and local resources: "We have worked with Mountain BizWorks... They really helped us a lot with some SBA stuff, and NC Idea as well."

Kimi McBurney focused on building a sustainable model with low overhead: "When we started a home inspection business, it was intentional. We have very low overhead, we don't have an office, we don't necessarily have a product, so we don't need as much working capital."

To get creative with funding your business:

1. Research and apply for relevant grants and pitch competitions. Look for opportunities specific to your industry, location, or business stage.
2. Explore local resources and organizations that support entrepreneurs, such as Small Business Development Centers, SCORE, and industry-specific associations.
3. Consider alternative funding options like crowdfunding, revenue-based financing, or strategic partnerships.
4. Bootstrap where possible to minimize overhead and maintain control over your business.
5. Build relationships with potential investors, even if you're not actively seeking funding. Nurture these connections for future opportunities.

Books Mentioned

The panelists recommended the following books:

1. The E-Myth Revisited by Michael E. Gerber
2. Profit First by Mike Michalowicz
3. Unreasonable Hospitality by Will Guidara

Conclusion

Building a successful business takes dedication, flexibility, and a willingness to learn and adapt. By prioritizing networking, embracing change, cultivating a strong company culture, and getting creative with funding, entrepreneurs can position their ventures for sustainable growth. As these Asheville business owners demonstrate, with the right mindset and strategies, anything is possible.

Frequently Asked Questions

1. What is AVL Meetup? AVL Meetup is a monthly gathering of entrepreneurs, business owners, and professionals in Asheville, North Carolina. The meetups focus on networking, education, and fostering a supportive entrepreneurial community.
2. How can I attend an AVL Meetup event? You can find upcoming AVL Meetup events and RSVP on their website: https://www.avlmeetup.com/events/upcoming/
3. Are AVL Meetup events only for Asheville-based businesses? While AVL Meetup events are held in Asheville and feature local entrepreneurs, the insights and strategies shared are valuable for businesses everywhere. The meetups welcome attendees from all locations who are interested in entrepreneurship and business growth. You can listen to the podcast episodes or watch the replay on our YouTube channel.
4. How can I connect with the entrepreneurs featured in this article? You can connect with the entrepreneurs and their businesses through the links provided in the article:
   1. Josh Valdes, Dripolator Coffee: https://www.dripolatorcoffee.com/
   2. Kimi McBurney, American Eagle Home Inspections: http://www.americaneaglehomeinspection.com/
   3. Jacob Baumann, Devil's Foot Beverage: https://devilsfootbrew.com/
5. Where can I find more resources on entrepreneurship and business growth? In addition to attending AVL Meetup events, you can explore the books recommended by the panelists:
   1. "The E-Myth Revisited" by Michael E. Gerber
   2. "Profit First" by Mike Michalowicz
   3. "Unreasonable Hospitality" by Will Guidara