Success Story _ True West Hats
True West Hats | Paonia, CO
In June 2018, April Selman and Charlie Rutledge, owners of True West Hats, moved from a home-based operation into a small retail/production site in downtown Paonia. Working with West Central SBDC consultant Judy Martin, who helped them with their business plan and financial projection, prepared True West for a successful move into their new store. As they ramped up for the Denver Flea holiday market, April and Charlie realized they required more raw materials in order to produce enough hats to meet Denver’s demand.
They needed working capital to purchase the inventory. Judy worked with Dan Scinto, Region 10’s Business Loan Fund director, to help secure a working capital loan. As a result, the hats were a huge success and True West was able to make a $24,000 profit for 2018-- even though they had only been fully operational for six months.
In May of this year, True West’s lease expired, and Judy helped them locate a better, more centrally located retail space on Grand Avenue in Paonia. Within two months, store sales had doubled compared to the previous year. Based on their reputation gained from the 2018 Denver Flea, they were able to qualify for summer festivals and events in Park City and Telluride, where they almost sold out of inventory. True West Hats are scheduled to be sold at events in Arizona every weekend in November. To round out 2019 and roll into 2020, they are planning to turn a piece work contractor into a full-time employee to keep up with demand. The SBDC will continue to nurture them as their business expands.
For more information, visit True West Hats.
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The Colorado Small Business Development Center (SBDC) is Colorado’s most trusted business resource. We empower businesses to launch, advance, and thrive, ultimately fueling innovation, strengthening local economies, and driving economic vitality across the state. Since 1987, the Colorado SBDC has been the state's only nationally accredited, go-to resource for entrepreneurs and business owners at every stage. With 14 Service Centers, over 25 Satellite Centers, and a network of approximately 300 business experts, the Colorado SBDC delivers no-cost, confidential one-on-one advising, essential training, and vital connections to community partners.
The Colorado Small Business Development Center (SBDC) is funded in part through a Cooperative Agreement with the U.S. Small Business Administration. The Colorado SBDC is a partnership between the State of Colorado, Colorado Office of Economic Development and International Trade, the Small Business Administration (SBA), Colorado’s institutions of higher education, local economic development organizations and local chambers of commerce.
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