EOCC: Helping New Business Build a Strong Foundation

Dorothy Hardee, Chamber Administrator

“A small business is an amazing way to serve and leave an impact on the world you live in”…. Nicole Snow

Along with COVID came stress, burnout and isolation, which led to people rethinking what they are willing to tolerate at work. For organizations unwilling to step up to the plate, employees began looking for new opportunities elsewhere. The Great Resignation, Big Quit or Great Reshuffle, is an ongoing economic trend in which employees have voluntarily resigned from their jobs en masse, beginning in early 2021, primarily in the United States. Stagnation in wages, rising cost of living and safety concerns added to the mass exodus.

While it has dominated the headlines and impacted every industry in the American workforce negatively impacting companies in specific industries, it has fueled the startups and small business throughout the country.

StartUpNation examined how startups and small businesses began benefiting from turning the “Great Resignation into a Golden Opportunity to succeed.” Freelancing and independent contracting is on the rise. A survey among eight hundred business executives found that 70 percent planned to increase freelancers within the market. With more resignations from corporate roles, the “Gig Economy” expands working well for startups, especially those leveraging the latest digital technology to improve operations.

The increase in remote work opens hiring opportunities. Startups can capitalize on this trend by attracting new talent among those resigning. Attractive benefit packages help the recruiting efforts as well. Over time the opportunities will continue to grow allowing small business to thrive.

Are you among the 31.7 million small business owners in the United States and more than 2.4 million in Florida? According to Fincyte, 8 out of every 10 small businesses fail or shut down. A shortage of funds and lack of competitive advantage contribute, as well as ignoring the latest trends. Examining the issues experienced by others developing solutions is a starting point.

The Small Business Administration provides a 10-step guide to start a business identifying market research, business plan, funding, and location as the top four. Working in the Chamber we often get calls from solopreneurs ready to dip their toe in the small business pool. Procedures to comply are overwhelming, challenging their dream let alone the requirements based on where they live.

The East Orlando Chamber seeks to be the leading resource in business advocacy, community engagement and regional connectivity. We are an advocate for small business, so therefore launched the East Orlando Chamber Foundation (EOC Foundation), a 501(c)(3) nonprofit organization supporting entrepreneurial trailblazers. The aim is to support small and medium enterprises to launch and expand their footprint with East Orange County. The Foundation will provide financial support, mentorship and guidance while paving the way for a suitable environment for the establishment and development of projects.

The Foundation has developed a series of workshops to help small business achieve their MWBD and Service-Disabled Veteran Owned Small Business certification, as well as workshops to address funding and accounting, as well as marketing. On May 13, the EOC Foundation is partnering with Valencia College Lake Nona and many of our East Orlando Chamber members to conduct a workshop during the Day of Learning. We will offer six sessions for attendees covering key content to help offer the foundation for those launching into business or branching out. Topics will include:

Business Plan, Elevator speech, MWBE Certification overview & Finances
Marketing, Branding & websites, establishing social media presence, Press releases & Printing and promotion
Sales, HR & Payroll, Staffing
Tech IT, platforms, automation & e-commerce
Legal
Accounting, budgeting & balance sheets
Medical & liability insurance

During the summer, the EOC Foundation will launch their microgrant application. Those completing the application and meeting all the qualifications will be invited to participate in the annual Pitch Competition with a chance to secure a microgrant for business.

For more information or to register call (407) 277-5951 or visit our website at eocc.org. The East Orlando Chamber of Commerce everywhere East of I-4.

UPCOMING EVENTS

Coffee Club East: Often imitated, never duplicated…the ORIGINAL Coffee Club

Testimonial Tuesday on Location

Tuesday, April 12, 2022

9:00 AM – 12:30 PM

LIVE of Facebook & On Location

Featuring: Guacamole Mexican Grill; Two Men and a Truck; The Ewing Family Security & Staffing; Mutual of Omaha

Misters & Sisters Great Lunch Adventures

Tuesday, April 12, 2022

12:30 – 1:30 PM

Guacamole Mexican Grill

2822 S Alafaya Trail, #195