Investment of $20 to $50 million for entrepreneurs in their mid-40s or older. Monthly earning of $5,000 to $10,000.
Those were the results from the analysis of participants at Los Angeles Korean Chamber of Commerce’s (KACC) annual business expo in February of last year. For last year’s event, KACC received 300 applications. Some participants even used the expo as a springboard to launch their businesses.
Using the data it has collected, KACC is looking to upgrade the upcoming 2017 event set to take place on Jan. 18 from 10 a.m. to 5 p.m. at Garden Suite Hotel. KACC announced the plan in a press conference and added that the requirements for participating businesses were stricter than before this year while the opening for individual participants is expected to be more accessible.
“We are only inviting credible businesses,” said the expo’s vice chairwoman Cindy Cho. “We’ve also lowered the initial investment to $10,000 to allow more opportunities to passionate entrepreneurs.”
Amore Pacific, Korea Ginseng Corporation, Soho Fashion, O‘My Burns, Oleego and Churned Creamery are six businesses confirmed to participate as of today. KACC are looking to add two or three more businesses to the current lineup.
Cho added that franchise café business Churned Creamery enables aspiring owners to launch a store in a limited 400 to 500 square foot space at a relatively affordable price.
“We have been preparing for the expo since August,” said KACC chairman Eun Lee. “We only invited Korean businesses to accommodate language barrier, but the businesses at the event will make anyone there believe that owning a business is a possibility.”
Lee added that only 200 to 250 spots are available to individual participants.
The expo is free to enter for the general public. Each business will set up a booth at the event to provide one-on-one counseling and consultation services to aspiring owners. Reservation is required for all participants.
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By Moon Ho Kim