Thanks to knowledge gained through the Western Small Business Accelerator, Refresh Clothing has grown its business by 20 percent and will soon open a second location.
Only three months into its first cohort, the Western Small Business Accelerator is already producing success stories.
Corey Bishop, founder of Refresh Clothing, is taking part in the first offering of the accelerator, put on by the Western Communities Redevelopment Alliance (WCRA) and the Five Points-West Business Alliance. Since April, Bishop has redesigned his business’ accounting practices through knowledge gained from the accelerator and has grown his business by 20 percent, even amidst COVID-19.
In fact, Refresh Clothing is doing so well it is expanding its footprint and will soon open a second location in north Birmingham, in addition to its current location in Five Points West.
“We were already an established business, and the accelerator helped us renew some things we were doing – some bad business practices,” Bishop said. “They came in and showed us better business practices.”
Helping businesses like Refresh Clothing will spark similar experiences for other businesses, as applications are now open for the second cohort of the Western Small Business Accelerator, said Jeremy Duckworth, executive director of the WCRA.
Duckworth said the accelerator’s target audience are “mature” businesses like Refresh Clothing, which has been in operation since 2005, or ones that have been around for at least 18 months and need an extra push to really taste success.
“We are looking for businesses that are right on the cusp and that have been stuck,” he said. “They can’t get over the hump to expand. We come alongside them and help them get over the hump.”
Participants take part in four phases, each of which are six weeks: Accounting, business model canvassing, marketing and expansion. The accelerator is offered free of charge and, in its first cohort, has eight participants. For the second cohort, Duckworth said the accelerator plans to take 15 participants, and classes will start in September. Though the accelerator’s target area is western Jefferson County, participants do not have to be located there.
The greatest currency the accelerator doles out is knowledge, Bishop said – knowledge that many minority small business owners like Bishop don’t have access to.
“A lot of obstacles underserved businesses have come because we don’t have the right information,” he said. “The WCRA passes out the right information that we were not privy to until now.”
Reginald Davis, sole proprietor of Christian product company Heartful Echoes in east Birmingham, is on track to more than double his revenue thanks to skills he’s learned so far in the accelerator, he said.
“The accelerator has opened me up to a world of possibilities,” Davis said. “The accelerator is set up for you to excel in business, but you have to be willing and open as a person and a business owner to do what’s needed to get to the next tier to reach the ultimate goal of a successful business.”
And when small businesses become successful through programs like the Western Small Business Accelerator, the entire community benefits, Duckworth said.
“The Western Small Business Accelerator is crucial for our growth as a business community,” he said. “Existing small businesses are in the best position to make capital investments back into their business and hire more people.”
Interested in applying for the second cohort of the Western Small Business Accelerator? Email Jeremy Duckworth here.