Sleeptopia recognized as Kansas SBDC 2016 Emerging Business of the Year by Kansas SBDC at WSU
When Kevin Kunz started Sleeptopia in January of 2013, he knew the market opportunity was good. Sleeptopia was a new concept in Wichita, Kansas, but not to sleep medicine. Sleep medicine had been steadily gaining traction in the U.S. over the past few years.
Eight months into the business, Kevin found his business challenged with the notorious delays in healthcare reimbursement that often plague companies dependent upon insurance payments. To keep his business moving in the right direction, Kunz reached out to the Kansas SBDC at WSU.
Working with Elaine Hanna, Kansas SBDC at WSU consultant, Kunz identified a short-term need for gap financing. Together they worked on financial projections for investors as well as a business plan to show how the business would keep moving forward. They incorporated realistic plans for delayed payments from insurers. Hanna also tapped into the SBDC network for important secondary market research to better support the business plan.
With the plan, Kunz successfully secured the financing he needed for operations.
In fact, Kunz has taken this first success and opened one additional business, CPAP and Supplies of Kansas, with plans to add a sleep apnea overnight testing service in the near future. Kunz credits the help of the Kansas SBDC and Hanna with not only securing funding, but making the day-to-day operations and budgeting process much easier.
“Having a mentor, a solid business plan or a Master’s in business is important, but you reach a point where having a resource like the Kansas SBDC can take you to the next level. It’s surprising how many questions come up each day, just little things that you may not have planned for, or there may be a new regulation you have questions about,” shared Kunz. “The KSBDC, and in my case, Elaine Hanna, was very helpful. I always felt well-informed.”
What advice would he give to someone in business today? “Call Elaine.”
Kunz has steadily grown each month since opening and has expanded to two locations with nine employees.
Kevin’s Secret to Success
“Putting God first, having a mentor, the moral support from family and friends, and definitely having a great team of employees that share the same beliefs and goals that I share.”
If you would like someone to help you with your short-term or long-term business needs, contact Kansas SBDC at WSU.