Owen Family Concessions Etc., LLC, Leland

The Iowa Small Business Development Center at North Iowa Area Community College helped Mike Owen with financial analysis, developed cash flow projections, reviewed his business plan, and provided other business advice so he could start his special event concessions company.

Mike Owen had some limited previous experience providing concessions to special events in his role as Scoutmaster for his local Boy Scout Troop. Having been recently laid off from his job, Mike saw a potential opportunity to develop a business around providing concessions, but lacked business experience to start the venture.

In December 2011 Mike contacted Ted Bair, Regional Director of the Iowa Small Business Development Center (SBDC) at North Iowa Area Community College (NIACC) in Mason City, and requested help in forming a business entity to provide concession services. Several counseling sessions took place as Mike refined his concept, began forming operational guidelines, and identified start-up costs. In February 2012, with help from the SBDC, Mike formed a limited liability company and began searching for funding to launch his company.

The SBDC assisted Mike in preparing financial forecasts based upon research data, a food cost analysis, overhead projections, and outlined financial goals and objectives. Mike presented his business concept and accompanying documents to his bank for a loan to fund his start-up costs. The bank agreed to Mike’s request for trailer funding and with funds provided by NIACC’s Nano-Loan Fund for additional equipment and working capital, Mike was ready for business.

In April 2012 Mike started the SBDC’s ten-week boot camp for new businesses and graduated with a refined business plan and much more confidence and validation that his project would be successful. While Mike attended these sessions he was securing spring, summer, and fall events.

Owen Family Concessions Etc., LLC is a certified and licensed business that provides concession services and products for special civic and private events as well as fairs and fundraisers in the north central Iowa region. The new company has created 4 part-time jobs so far.

Mike and his family completed their first calendar year in business providing concession services for special events with sales meeting projections. Mike is an excellent example of an entrepreneur who, with passion and an idea of what he wanted his business to be, saw opportunity through adversity and created a service business that benefits others and creates value and income for his family.

Mike anticipates 2013 will see sustained growth and profitability for his company and praises the assistance he received from the SBDC stating, “The SBDC helped me get the ball rolling to find financing to get our trailer and the Nano-Loan helped me buy additional equipment and paid the entry fees for our first event. We appreciate all the SBDC did for us in making our business a reality.”

Mike is currently working on developing his website and hopes to have it active soon. Questions can be sent via email to ofcetc@gmail.com or via phone to 641-590-0207.

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