WORLAND — Looking to start your own business? The Washakie Development Association has just the workshop for you with an eight-week entrepreneur class.

According to Executive Director LeAnn Chenoweth, “We plan to start the class on Thursday, Feb. 25, and run as an eight-week plan, ending on April 14. These classes could be scheduled to run from 6 -9 p.m. 

Chenoweth said students will “start with an idea and come out with a business plan in this class.” She added that the WDA is partnering with Northwest College. Classes will be at the WDA building, 101 Rodeo Drive, off of 15 Mile Road.

The class is open to entrepreneurs in Washakie, Hot Springs and Big Horn counties.

Chenoweth said “We talk constantly about trying to keep our youth here and trying to show them ways that if they choose to stay here and raise a family and they choose not to go to college that small business is a good idea.”

As a way to promote entrepreneurism to high school students the WDA is offering scholarships to Worland and Ten Sleep high school students. There are five $100 scholarships being offered, with two already spoken for from two WHS students.

Chenoweth said the scholarship does not pay for the entire cost of the class, noting that it’s important for entrepreneurs to have some personal investment in the class.

Jennifer Lopez and Mariah Alcaraz are two scholarship recipients. Both are juniors at WHS. Alcaraz said she is interested in opening her own business and has a “new idea regarding a clothing store,” but added that she didn’t want to divulge any specific details at this time.

Lopez is also interested in the fashion and clothing industry.

While both are students in the entrepreneurship class at WHS, Lopez said they feel this class will move them forward because they will have a business plan at the end of eight weeks. They added that this will give them more information and better understanding of starting and running their own business.

Both students said they do plan to attend college, however, before opening up any business fulltime.

Scholarship information is available by contacting Chenoweth at the WDA office, 307-347-8900. Deadline to submit an application is Feb. 12. Registration for the class is also due on Feb. 12. Chenoweth said they need at least 10 students to move forward with the class.

The class structure and weekly topics that will be covered are as follows:

•Week 1, Entrepreneurship – are you ready, the benefits of planning.

•Week 2 – Basic business research, refining your idea, defining your products and services, and developing a customer profile.

•Week 3, Business legal structure, defining management and operations, management skills-and managing when you are all by yourself, market analysis, product/placement/pricing and promotional strategies.

•Week 4, Developing a marketing plan/marketing strategies, knowing your competition and creating sales forecasts, goal setting, and using industry data.

•Week 5, Internet, ecommerce and the art of selling; developing customer loyalty, an introduction to cash flow.

•Week 6 – Using cash flow cycle to prepare cash flow projections, using cash flow projections as a management tool.

•Week 7 – Setting up business accounts, bookkeeping basics, guarding the profit/loss gate, profit margin and cost of goods sold, financial statements.

•Week 8 – Developing a professional mindset, getting professional help, ownership and tax forms, financing your business, money sources, preparing to seek financing, credit and collections, making and managing a deal and overcoming barriers.