The main challenge faced by Gateway Learning Academy, LLC was a significant enrollment downturn in 2022. This decline in student enrollment posed a threat to the sustainability of the daycare and preschool. Established in 2005 by Frankie Briggs, Gateway Learning Academy has been a long-standing institution dedicated to nurturing Memphis's youth. However, the enrollment downturn marked a pivotal juncture, raising concerns about the business's continuity and financial stability. Frankie, a lifelong educator deeply committed to children's education, recognized the pressing need to address this challenge to ensure the academy's viability.
Our TSBDC consultant initiated tailored marketing research via SBDC.net, guided grant applications (CCDF, CARES Act, CRRSA Act, ARP Act), and advised on optimal loan options, aiding Gateway Learning Academy's sales growth, securing $267,240 in grants, and adding an employee, bolstering sustainability.
With invaluable guidance from TSBDC, Gateway Learning Academy implemented advanced marketing strategies that significantly bolstered its enrollment rates. Additionally, Frankie adeptly secured grants and acquired additional capital through loans, proving instrumental in surmounting the enrollment challenge. This collaborative endeavor, coupled with strategic planning, not only restored Gateway Learning Academy's financial stability but also facilitated remarkable growth. The extensive marketing research directly contributed to a substantial increase in sales, soaring to $222,000, and the successful acquisition of grants totaling $267,240. Moreover, this achievement enabled the academy to expand its workforce, growing from seven employees to eight.
Ancient Lore Village approached the TSBDC in Knoxville Tennessee in January 2022 with ideas for the expansion of their flagship resort as well as licensing ideas for additional resorts across the US. They needed a growth plan, funding, and guidance on how to expand his concept to other areas across the US.
TSBDC, upon engagement with Ancient Lore Village, facilitated pivotal assistance crucial for their growth. The consultant aided in crafting a comprehensive business plan, developing proforma financials, and identifying a local lender willing to provide a substantial $5 million working capital through a construction loan. TSBDC's guidance equipped Ancient Lore Village with vital tools to articulate its unique business model, overcoming the challenge of securing financing for expansion and enhancing its facilities.
With the aid of TSBDC and the secured working capital, Ancient Lore Village experienced significant growth and development. They utilized the funds to construct a commercial kitchen, expand their gift shop, and restructure existing buildings for corporate and private events. As a result, the resort's revenue skyrocketed by 400%, welcoming a staggering 17,000 guests in 2022. Looking ahead, Ancient Lore Village aspires to continue strategic growth, targeting an ambitious goal of attracting 50,000 guests with ongoing support from TSBDC in strategic planning and innovative marketing concepts.
Sarah Mandl first approached the TSBDC in Dyersburg in January 2022 with her long-standing dream of opening a Coffee Shop. After 20 years of envisioning her dream, Sarah selected the historical section of Covington as the ideal location for her venture. Sarah had no idea where to begin to make her dream come to life. Through Sarah's connection with one of our host institutions, she knew the TSBDC was the where she could go for help. Sarah credits the TSBDC with assisting her in every stage of planning her business.
Seeking assistance from the TSBDC-Dyersburg, Sarah sought guidance in developing a comprehensive business plan, creating financial projections, and obtaining support for the renovations necessary to establish Crafted Coffee. The TSBDC also help Sarah find funding for her start-up.
With the necessary funding secured, Sarah purchased and revamped the space in Covington, leading to the limited opening of Crafted Coffee in June 2022. After experiencing success in her first year of business, Sarah's current focus is on attracting new clientele, increasing revenue, enhancing the online presence of Crafted Coffee, and expanding her workforce. In Sarah's own words, "I am grateful for the exceptional business counseling provided by the TSBDC, as it has undoubtedly contributed to our progress."
