Michael Gurau is president of CEI Community Ventures Fund , an early-stage venture capital fund that finances growth-oriented businesses in targeted communities in New Hampshire, Maine and Vermont. He writes in the New Hampshire Business Review, and his column on Friday was about building your business in a rural community. Here are some excerpts:
Let’s assume you’ve made a lifestyle choice to build a business and create your living in a rural market, such as northern New England. Doubtless, you’ve done so for the high quality of life, lower cost of living and positive environment for building a company and raising a family. As these elements were catalysts for you, so too may they be for those you may wish to attract to your business.
You may, however, find that living in a rural environment presents as many challenges as opportunities. For starters, you may find it difficult to find employees in your local markets that have requisite experience and skills to add value to your business.
Next, you need to consider availability of external capital to support you in your growth plans.
Finally, you might face fewer service resources in rural markets than your competitors might find in urban markets.
Gurau explains much more in the original article. He’s definitely a name we will watch for more often in rural small business discussions.
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Becky started Small Biz Survival in 2006 to share rural business and community building stories and ideas with other small town business people. She and her husband have a small cattle ranch and are lifelong entrepreneurs. Becky is an international speaker on small business and rural topics.