Posted: August 27, 2010

By Bill Cresenzo

bill.cresenzo@insidebiz.com

About 2,500 people came to network with businesses - both big and small - at the sixth annual Black Business Expo.

Eunice Mitchell of Virginia Beach was at the expo, held at the Virginia Beach Convention Center last weekend, and attended a seminar, led by Alvin Payne, a banker with Wachovia, on how to start a small business.

Mitchell, who said she now works for the federal government, wants to start a concierge service for busy people who need someone to run errands, cook or provide other personalized services.

"Two months ago, it really came into my mind what I wanted to do," she said. "I want to do something for myself."

In order to do that, she's going to need good credit and collateral, Payne said. Payne led Mitchell and about 20 others through a 30-minute small business seminar, explaining that the four steps of a successful business life cycle are startup, growth, maturity and transition.

During the startup, business owners can expect to work hard, make a small salary and borrow against their personal credit. The biggest risk is overextending themselves financially. In the later years, the business generates cash flow and begins providing support for its owners. Then the biggest risk is tapping out reserves needed to handle a downturn.

Expo officials reported 2,500 people attended. The expo lasted three days, and Virginia Lt. Gov. Bill Bolling was the kickoff's keynote speaker.

During the expo, Virginia Beach announced that Lindsey Brothers Inc. was the city's Business of the Year. The company was started in 1966 by Jack Lindsey and his brother, and is located on Newtown Road. It employs 21 people.

After 44 years, Lindsey still works there every day. nib