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

https://youtu.be/wkZ-bcSEDcc

Introduction

Asheville, North Carolina, is home to a thriving entrepreneurial community that has weathered challenges and emerged stronger than ever. At a recent AVLmeetup 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.

Key Takeaways

Josh Valdes ran Starbucks stores for seven years before pitching Amy on 100 Dripolator stores in 10 years. The drive-thru concept became cafes instead, and two years in they were opening store number four.
Devil's Foot Beverage started with almost no money and stacked outside help: SBA guidance through Mountain BizWorks, an NC IDEA micro seed grant around 2018, and a $50,000 NC IDEA seed grant the following year. Jacob Baumann said the company was in its first round of funding at the time of the event.
American Eagle Home Inspections was built for low overhead on purpose. No office, no product, and commission-only pay for inspectors, which is why Kimi McBurney has never needed more than a couple thousand dollars in short-term credit.
Referral relationships compound. American Eagle did more than 60 transactions in a single year for one top-producing agent, an agent McBurney credits with giving hard feedback that made both businesses better.
Dripolator is living wage certified, and Valdes said hiring has come mostly through word of mouth from existing employees, which he treats as evidence the culture is where it needs to be.

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:

Consistently engage with your target audience through events and regular outreach.
Have a clear pitch to articulate what your business does and how you provide value.
Follow up promptly after making promising connections.
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:

Regularly assess market trends and customer needs. Stay attuned to changes in your industry and proactively identify opportunities to adapt.
Embrace experimentation and learning. Test new ideas on a small scale and be open to learning from both successes and failures.
Involve your team in the pivoting process. Encourage open communication and gather input from employees closest to your customers and operations.
Communicate changes clearly to stakeholders. Keep your customers, partners, and investors informed about your pivots and how they will benefit from the changes.
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:

Define your core values and mission, and ensure they guide your decision-making and operations.
Be intentional in your hiring process. Look for candidates who align with your values and fit your desired culture.
Lead by example. As a business owner, embody the values and behaviors you want to see in your team.
Communicate openly and frequently with your team. Share your vision, celebrate successes, and address challenges transparently.
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:

Research and apply for relevant grants and pitch competitions. Look for opportunities specific to your industry, location, or business stage.
Explore local resources and organizations that support entrepreneurs, such as Small Business Development Centers, SCORE, and industry-specific associations.
Consider alternative funding options like crowdfunding, revenue-based financing, or strategic partnerships.
Bootstrap where possible to minimize overhead and maintain control over your business.
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:

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.

Questions From the Audience

How do you hold a laser focused vision and still stay flexible? Kimi McBurney said the vision and the route are two different things. Having a target of 1,000 stores or five employees does not dictate how you get there, so you can hold the number and still pivot on the path. She credited coaching with helping her separate the two, which is what lets her change tactics without feeling like she is abandoning the goal.
What makes you happy in a small business, and how do you get great reviews? Jacob Baumann said what makes him happy is knowing he could make more money with cheaper ingredients and does not. On reviews, all three agreed you have to ask. McBurney pays for software to collect them and offered the sharpest tip of the night: leave someone a review and ask for one in return, because nobody is upset about receiving a good review. Josh Valdes tied reviews back to hiring. If the culture and the people are right, the reviews are overwhelmingly good, and you let the occasional unfair one go.
Did you have to sacrifice family, friends, and socializing to build this? Baumann answered yes without hedging, including relationships he lost, and said a clear vision is what makes those decisions possible. Valdes, who has three kids, said go in with your eyes open about the time it takes and be deliberate about protecting what matters, because passion alone will burn you out. McBurney, who has two young daughters, said she and her husband now homeschool between the two of them and run the business on the 80/20 principle: find the 20% of the work that produces the results, and do that.
Do you have a business coach? McBurney was the one yes, and only recently, after several bad coaches. She found a nationwide home inspection coaching company that does group and individual work plus two retreats a year, and called it game changing: you will earn far more than it costs. Baumann has thought about it and stayed too busy. Valdes said Dripolator wants to know itself inside and out first, so it can tell when to say no to outside advice.
What business do you wish existed in Asheville? Valdes wants milk delivery, since there is essentially one option serving local coffee shops. McBurney needed a good pool inspector the same day she was asked. Baumann wants a local can supplier, because buying cans closer to home would change his cost structure. All three answers are open lanes for somebody in Western North Carolina.

Frequently Asked Questions

What is AVLmeetup? AVLmeetup 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.
How can I attend an AVLmeetup event? You can find upcoming AVLmeetup events and RSVP on their website: https://www.avlmeetup.com/events/upcoming/
Are AVLmeetup events only for Asheville-based businesses? While AVLmeetup 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.
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/
Where can I find more resources on entrepreneurship and business growth? In addition to attending AVLmeetup 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