Capital One’s John Villar, Vice President of Business Banking, and Kate Marty, Manager of Business Banking, gave our entrepreneurs another reason to be grateful this holiday season. They opened up a recent ETS class with a much-appreciated presentation on pricing strategies for products and services. Professionally, their department helps small businesses grow into larger businesses, which made them ideal counselors to our aspiring entrepreneurs. They gave us an inside look into how to price products and services, understand expenses, and ultimately increase revenue.
Thanks to Capital One, our entrepreneurs had the opportunity to receive one-on-one advice from John about their businesses. For example, Cynthia King, an ETS student creating a property management business, spoke with John about her business plan. He applauded her for taking the initiative to renovate a family property that had been sitting idle. In starting her business, Cynthia considered her assets and looked for creative ways to use them to generate income. John was impressed by her initiative. Finding undiscovered areas of opportunity and capitalizing on them is, after all, the cornerstone of business success!
Receiving positive feedback from John gave Cynthia more confidence as an entrepreneur and opened up a conversation about the quantitative aspects of her business model. Already looking ahead, she estimated that she will be profitable in two years’ time and wanted to know how to use that profit to expand her business. John recommended that she first pay herself back for her initial personal investments in renovating the property. After that, she could look towards broader options such as making the property a short-term vacation rental or a bed and breakfast.
Overall, John’s advice was to the class was:
- Protect yourself – Invest time in setting-up your infrastructure
- Understand your identity – find your niche in the market
- Communicate with investors quantitatively – use mathematical models
- Build a loyal base – focus on customer service and retention
Sharmila Karamchandani, ETS Lead Trainer, thanked John and Kate at the end:
“You both did a wonderful job in asking all the women of our businesses and pulled out some good examples to explain stuff in detail. Also, I thank you for extending your time to our women and agreeing to meet with them beyond the session tonight or ask any further questions.”
EWI appreciates Capital One’s support of local entrepreneurs. Many thanks to John Villar and Kate Marty for spending their evening with us!
Written by Kimberly Barton, a guest blogger who’s a new Alexandria resident. She recently graduated from the University of California, Berkeley and is interested in local programs that empower, educate, and support women. Connect with her on LinkedIn.