How these local entrepreneurs beat the odds when starting a business | Expert Opinion

Starting a business is hard, and most fail. But a handful of local entrepreneurs are beating the odds.

They’re solving problems, being smart about their financing, relying on relationships, and staying ahead of the stress.

Here’s what they’re doing differently.

When Robin Goyle and Jennifer Graham opened Main Line Urgent Vet in Ardmore, the two veterinarians weren’t chasing a trend, they were solving a problem: an industry that was not meeting demand.

“We began to feel the pressure of the corporate world, and the negative impact it was having on patient care,” Goyle said. “Emergency rooms were overcrowded with sometimes up to 12-hour wait times. Opening an urgent care felt like a perfect way to blend our knowledge and experience.”

Dan Turner started his company, Venture Home Services, in the Valley Forge area more than a year ago. He had been hearing that many technical trades were experiencing a worker shortage, and that brought him a business idea.

“This idea of a handyman business started to take shape focusing on the small jobs that bigger contractors wouldn’t want to deal with,” he said.

If you’re stuck on figuring out an idea, you may find it helpful to participate in organizations like Philly Startup Leaders, Startup Grind, and Philly Tech Entrepreneurs where other like-minded entrepreneurs are sharing their dreams and developing new products and services.

All start-ups need capital. But where to find it at such an early stage?

Lisa Borodyanskaya, a researcher at Penn Medicine, recently founded Pullow Products, a Center City start-up that develops and distributes a device to treat urinary incontinence in women. To start her business, she took funds from her personal savings and received support from friends and family.

But most importantly — and like me when I started my business — she started up her company while holding down a job. She advises others not to quit their jobs completely until their business venture is bringing in a steady stream of income.

“I was lucky to have a flexible yet full-time position,” she said. “I knew that this would slow down the process, but I think it’s also the more responsible approach.”

Both Goyle and Graham also worked full-time jobs while setting up Main Line Urgent Vet — a huge commitment.

“Working essentially two full-time jobs while still trying to carve out time for our families was incredibly exhausting, but ultimately worth it,” said Goyle.

Both veterinarians used their life savings, money from family, and equity loans collateralized by their homes, and eventually received a Small Business Administration secured loan.

Many service start-ups don’t have the same kind of capital requirements. Turner was able to start his business without outside financing.

“The start-up costs were about as low as you can get, and thankfully I already had many of the necessary tools,” he said. “Through bootstrapping I was able to essentially start for the cost of the paperwork.”

Local organizations can also provide financing resources, educational tools, and consulting. Some are The Enterprise Center, the Free Library’s Business Resource and Innovation Center, and Temple University’s Small Business Development Center.

It’s also worth considering locating your business — even if it’s just you — inside of a coworking space or incubator like Pipeline, Braid Mill, or Incutate where start-up firms share resources and knowledge.

Advertising, search engine optimization, social media sites like Yelp and Google Maps, and email campaigns are common ways to attract new customers. But when you start a business, creating revenue flow takes time.

That’s why Borodyanskaya’s approach to starting her business while relying on her existing income stream from her job made sense. She also used that time to build connections and network. But there are other ways to slowly create revenues.

Goyle and Graham grew their practice by forming relationships with nearby businesses and ultimately using an outside consulting firm to help find customers so that the two doctors could focus on patient care. Personal referrals from the community were also important as they grew their practice. Turner said referrals were critical for growth, particularly at an early stage.

“We relied heavily on word-of-mouth,” he said.

Networking with other businesses can also provide opportunities. Getting involved in the chambers of commerce in Philadelphia; the Main Line; Montgomery, Lower Bucks, and Delaware Counties; and others in New Jersey and Delaware is a great way to network and meet other local business owners. It’s also helpful to get involved in local organizations like the Center City Business Association, Ambler Main Street, or the King of Prussia District.

According to the Bureau of Labor Statistics, more than half of start-ups fail within their first five years. That’s stressful. Unlike employees, new business owners must be prepared to accept a great deal of risk and unfortunately incur a good deal of stress. It’s important to focus on what you do best and commit.

Goyle and Graham were well aware that failure was a strong possibility and, having put their life savings and houses on the line, they were motivated to make their new venture a success.

“Veterinary medicine has one of the highest success rates, so it was easier to have more confidence in our decision,” said Goyle. “But our use of consultants enabled us to focus on providing a great service.”

Turner and Borodyanskaya have even newer businesses. But they are both confident. Turner tries not to worry about what’s outside of his control. Borodyanskaya finds that staying true to her purpose is the best way to manage her fears.

“I have a lot of passion and true belief that this is needed, so instead of focusing on failing I am focusing on doing my best to succeed,” Borodyanskaya said.