Shops of Monmouth Retail Business Competition
2:32 pm
Mon June 23, 2014

Monmouth Cultivates Entrepreneurs With Innovation Workshops

The city of Monmouth is hosting two workshops to help people learn tools to succeed in opening their own retail business.

Monmouth, Illinois
Monmouth, Illinois
Credit Flickr Commons / Pete Zarria

The classes are designed to help entrepreneurs develop a 5-7 page business plan to present to potential investors.

“The biggest thing that hits a lot of the smaller mom and pop businesses that open up is they don’t really think through honestly on a spreadsheet what the money is they need to operate," said Director of Community Development Paul Schuytema. "You don’t want to turn anyone loose on a business unless you are sure they can succeed."

Schuytema says participants will also learn how to evaluate their idea and determine if it has earning potential.

You don't want to turn anyone loose on a business unless you are sure they can succeed.

“Say someone comes into this workshop and they have this great idea. But they decide at the end of this workshop, that is not really what they thought it was and it’s not going to make them money," Schuytema said. "They just spent a couple hours of their time to make that decision rather than spending a chunk of their retirement.”

The classes are from 6 to 9 p.m. on Tuesday June 24 and Thursday June 26  at Monmouth College’s Center for Science and Business.

The workshops kick off this summer’s Shops of Monmouth Retail Business Competition. Winners will receive incentive packages worth 25-thousand dollars to open their own business in Monmouth.