On Saturday, May 4th, 2013, the Princeton SCORE chapter and Princeton Public Library are joining forces to host the 5th Annual Small Business Fair in downtown Princeton. The fair will be held at the Princeton Public Library from 11am to 3pm, and attendance is FREE.
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FIFO Wireless is a successful distributor of wireless device accessories in 5 states, but this 13-year old company wants to expand nationwide and gain a dominant market share. FIFO Wireless President, Abraham Mekki, called on Broward SCORE’s Turnaround Team for guidance and formation of a strategic business plan to meet their goals.
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Published Mar. 5, 2013
Choosing Among Sole Proprietorships, Single-Shareholder Corporations And Single-Member LLCs For New Businesses
Choosing Among Sole Proprietorships, Single-Shareholder Corporations And Single-Member LLCs For New Businesses
Q: I’m starting a new business in New Hampshire. I will be its only owner. Should my business be a sole proprietorship, a single-shareholder corporation or a single-member LLC?
About the Author
John Cunningham is a N.H. business lawyer whose practice is focused on LLC law and tax. He chaired the N.H. Business and Industry Association committee that drafted the Revised New Hampshire Limited Liability Company Act, a radical revision of New Hampshire LLC law that went into effect on January 1st. LLCs are, by a wide margin, the entities of choice for N.H. business start-ups.
As in the lyrics of the song, "We've Gotta Get out of this Place," performed by The Animals, Daniel Schemel and two best friends aspired to do something beyond their restaurant jobs. What exactly that something was going to be wasn't clear, just yet.
Daniel and his colleagues were watch lovers. They began creating watches, through a trial and error process. Daniel recalls, "It was more a hobby, really." But their passion and talent was recognized and rewarded by those that saw their craft. After selling to friends and their colleagues at the restaurant, they stepped it up, began attending festivals and traveling to shows.
In spite of many people using their phone as their timepiece, many others love the watch as a fashion statement, a stylistic showpiece they could wear on their wrist. Daniel and his colleagues saw big interest from others in their high quality, artistic product.
Combining their innovative spirit and environmental consciousness to the clockwork of life, Mistura was born. Mistura uses Columbia fine woods and movements from Japan to create timepieces for those who want to make a statement. For some, the statement might be one of heritage or fashion. For others, it is a statement about green, about eco-sustainability, social responsibility, even activism. The beauty of time is that we are all subject to it and reminded of it. Mistura has a range of products that strike a chord with fashionistas, cosmopolites, and farmers alike. Really - most any of us can find our identity in Mistura's wearable art.
How SCORE Helped
Daniel hadn't been an entrepreneur before, but has always been anxious about things to do. A permanent resident of the U.S., he is originally from Columbia. His plan was to come to the U.S., learn English and go back to open a family steak house. His family was very entrepreneurial including a Grandfather that made matches and brought German beer to Columbia.
Daniel first went to SCORE after learning of them from an international business development advisor. He commented, "I primarily used SCORE services over email. I was interested in learning how I can distribute to stores. I was missing the little details as to how we could become a big corporation. "
When asked about having co-founders Daniel said, "I feel it is very important. I wouldn't be here if I didn't have cofounders. The first years are really hard. I needed somebody as passionate as I was.
I get to the point of wanting to quit. Work 9-5 quit and have weekends off. Having co-founders is motivating to continue the business."
Daniel says he loves to advise other entrepreneurs starting up, to help them avoid the mistakes he's made. When pressed on those mistakes he shared, "I think we got into too much debt in the beginning. You have to work with basic tools and money. You don't know if it is going to work. I took on a $40k loan. I wouldn't have done that if I started over. Also, many people start investing in shows. We missed opportunities. We didn't know what to do with the people, follow up or how to get more out of our investment."
Daniel isn't quite done with SCORE. His vision is to build the next FOSSIL. He thinks there is much potential to his business and he's eager to continue working with others to make it happen, one wrist at a time.
Redefine Your Management “Quality Time”
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Broward SCORE counselors recently completed a Business Makeover of Digital Cut Productions of Fort Lauderdale in conjunction with the Miami Herald. Digital Cut Productions contacted The Herald “Business Monday” editors and requested assistance with revamping their business strategy. Herald editors reached out to Broward SCORE for counseling assistance on the project, and our Turnaround Team was assigned to the client.
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I have loved cooking and baking since I was a little girl in Jamaica. I once tried to bake my sister a birthday cake using a wood-burning stove. That cake wasn't a success but my latest venture into preparing food for others shows every sign of becoming a big success. Last May I opened “Little Island”, an authentic Jamaican Restaurant, in Hillsborough, New Jersey.
I got the idea to open my restaurant in the summer of 2011. I was taking the science courses I needed to get a degree in nursing, but really wasn't enjoying my studies. When I thought about what I really wanted to do, I kept coming back to my love for the Jamaican food I grew up enjoying.
The next step I took was to start my research — were there any direct competitors in Hillsborough? How far would I be from nearest Jamaican restaurants? What did they serve on their menus? What was their pricing? And, of course, what would it take to open my own restaurant? Could I find a good location? What licenses would I need? What equipment? Who were good, reliable vendors? And most important, what would it cost?
All of this information is necessary, but can be overwhelming. My son, Michael, suggested that I go to SCORE to seek advice. I started working with SCORE mentors in August 2011. My first focus was on forming an LLC and reserving my desired name both as a business and for my website. I then moved on to developing a business plan that would allow me to determine what I would need to invest to open a new business and support that business through the critical first 12 to 18 months of operation. Fortunately, I didn't allow myself to be rushed into decisions.
378 South Branch Road
Hillsborough
NJ
08844
United States
What's Great About My Mentor?
L to R: Gene Strupinski, Hillsborough Township, NJ Business Advocate, June Lee, Ownerand Nancy Bukovina, SCORE Central Jersey Mentor
How SCORE Helped
SCORE Counselors worked with me from early in the planning effort for this business. I first came to SCORE looking for guidance in forming a business entity and establishing a plan for my business. After the initial meeting, SCORE counselors assisted me in developing my business plan, defining strategies for negotiating my lease and determining an initial marketing strategy. I researched the pricing and quality of directly competitive restaurants within a viable commuting distance of my chosen location. SCORE then assisted me in developing a pricing strategy for my own menu that would be both competitive and profitable.
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