After working for over a decade in manufacturing, Fabienne Christenson finally did what she had always secretly wanted to do: make and sell perfume. Christenson decided to use the internet as her storefront, as overseas customers would be an essential part of her business.
1310 Pendleton Street 8th Floor
Cincinnati
OH
45202
United States
My Successes
"I felt as if I had left no problem unexamined and I changed my mind about a number of important factors during my writing. For instance, what should I do if there is an economic downturn? Good thing I thought of that. If I hadn't, I know I would have priced myself out of the success zone," said Christenson. "The best thing about a business plan is that you must take a look at where you are likely to end up and what you need to do about it in advance.
"With a good business plan you won't get caught by unexpected circumstances because you will have researched it all when it's the most powerful: at the beginning of your business. You really do have to sit down and do that plan."
Possets Perfume is located at www.possets.com. Christenson has a lively blog, Facebook page, Twitter account, podcast, and a Hubpage as well as a member forum. Descriptions of hundreds of fragrances to choose from are on her site, with something new all the time. Possets Perfume is also sold retail at bigg's/Remke in Hyde Park.
What's Great About My Mentor?
Though she created a business plan in MBA school, following through on it in real life was a different matter. She sat down with Dick Wendel from SCORE in 2006 and thoroughly examined her company's goals, strengths, weaknesses, and needs.
Writing a new plan took more than a month of hard work, but Christenson says it was worth it.
For many small businesses, the most common bookkeeping errors are also the easiest to fix. Use these six tips to help keep your business on sound financial footing.
From the AllBusiness.com Finance & Accounting Center
Basic Bookkeeping Tips
For many small businesses, the most common bookkeeping errors are also the easiest to fix. Use these six tips to help keep your business on sound financial footing.
You, the franchisee, have supported this system with your royalties and initial purchase price and it now will be one of your biggest assets as you decide to grow your business.
Betty Otte, SCORE Counselor
You, the franchisee, have supported this system with your royalties and initial purchase price and it now will be one of your biggest assets as you decide to grow your business.
Since the systems for the franchise are already in place, your biggest concerns as you grow your business are:
-
Finances –having sufficient capital and resources
-
Location – for many businesses, location is critical.
-
Employee training
In Part 1, you checked out your franchise options and decided to purchase a franchise. You have decided which one of the 75 franchising industries is right for you and have narrowed it down to maybe three or four different companies. The big decision now is to select the one franchise that is right for you.
Business demands that we think with our head and our heart, but when doing research, the head must take the lead. You are risking your money, your time and your career, so the choice you make must be congruent with your lifestyle and needs. Researching each option is the key. Here are five simple steps to help you
Betty Otte, SCORE Counselor
In Part 1, you checked out your franchise options and decided to purchase a franchise. You have decided which one of the 75 franchising industries is right for you and have narrowed it down to maybe three or four different companies. The big decision now is to select the one franchise that is right for you.
When most of us think about franchises, we are referring to the business-based franchise like the top 500 franchises published in Entrepreneur magazine each year. Entrepreneur’s 75 different categories range from automotive to services, but they all have one thing in common—a systematic method to deliver services or products.
Franchising is not for everyone, but for an individual who has limited business experience or someone who enjoys working within an established system, franchising can be the best possible path.
Betty Otte, SCORE Counselor
When most of us think about franchises, we are referring to the business-based franchise like the top 500 franchises published in Entrepreneur magazine each year. Entrepreneur’s 75 different categories range from automotive to services, but they all have one thing in common—a systematic method to deliver services or products.
Published Mar. 30, 2011
A franchisor will send you the company’s Franchise Disclosure Document (FDD) once you have filled out an application and indicated serious interest in the franchise.
The FDD very clearly defines what the franchisor will do for you and what s/he expects of you. There are 23 important parts to review.
The Federal Trade Commission (FTC) protects franchisee prospects up until the point of sale, but once the franchise is purchased, the FTC looks upon the business as any other start up so the UFOC becomes vitally important in providing you protection at this point.
Betty Otte, SCORE Counselor
A franchisor will send you the company’s Franchise Disclosure Document (FDD) once you have filled out an application and indicated serious interest in the franchise.
The FDD very clearly defines what the franchisor will do for you and what s/he expects of you. There are 23 important parts to review.
If you are thinking about purchasing a franchise, keep the following 5 tips in mind.
Betty Otte, SCORE Counselor
If you are thinking about purchasing a franchise, keep the following 5 tips in mind.
1. You are a customer to the franchisor. Many people believe that going into a franchise is like joining a partnership where you, the franchisee, will be protected from failure. This is not true. While franchisee companies have a much higher success rate than individual start-up companies, up to 20 percent of all franchises do not do well. However, this failure rate is far lower than that of individual start ups.
Consortium of Public and Private Organizations
In Helping Entrepreneurs Leverage Technology to Fuel Their Growth and Success
Related Topics
Kevin McDermott and Steven Smits originally intended to operate a small company producing aviation lighting systems. They soon grew their business when only 20 months into operations, the company was awarded a $7.7 million contract from the Air Force to supply lighting at 28 bases. Kevin, vice president of business development, says, he and Steve, the president of the company who is a service-disabled veteran, made a conscious decision to hire veterans for the workforce they’d need to meet the contract.
Attending meetings at their local SCORE chapter, Kevin and Steven met with Milwaukee mentor Joan Burke for small business help.
Owner/Founder
Kevin McDermott and Steven Smits
290 Pleasant Hill Road
Lomira
WI
53048
United States
My Successes
"There was an awful lot we didn't know" about starting a business, Kevin says. They must have learned a lot quickly, because Patriot Taxiway Industries received the 2010 SCORE Award for Outstanding Veteran-owned Business.
What's Great About My Mentor?
Attending meetings at their local SCORE chapter, Kevin and Steven met with Milwaukee counselor Joan Burke, and they were given checklists to understand what it takes to start a small business and to understand what they'd be up against.
How SCORE Helped
SCORE, Kevin says, gave them the framework to ask the right questions that would help them succeed regarding banks, liability insurance, marketing to the federal government. "In the military, we have a role, we have a task. The environment doesn't bother us; we fix airplanes," Kevin says. "It's different when we have to go out and hire people."
Education
Kevin and Steven each have more than 20 years’ experience in the Air Force National Guard. They met in 1988 and have been deployed together all over the world including Afghanistan, Bosnia, Iraq, Kosovo and Somalia. Nevertheless, Kevin calls starting a small business one of the most challenging, albeit rewarding, things he’s ever done.
With Kevin's background in electrical engineering and optical design, and Steven's in avionics manufacturing, the two had strong credentials for producing their aviation lighting systems, which makes lighting systems for aviation customers, from the overhead lights in an airplane cabin, to the runway and anti-collision lights utilized by airports.
“There has to be a better way.” That’s what Jack Licata used to think during his days as a U.S. Air Force missile officer.
Basking Ridge
NJ
United States
My Successes
On his mandatory monthly day of office duty, the chore he least looked forward to was emptying the trash. “It was both messy and inefficient having to dump the bins and replace liners,” Jack says
Following his discharge in 1988, Jack pursued several successful careers, first in truck sales, then as head of an environmental company that recycled auto oil filters, antifreeze and motor oil. But the idea of handling trash more efficiently stayed in the back of his mind. He frequently watched the problems encountered by fast-food workers when they emptied the large bins found in most restaurants. As the father of two young children, he also understood the hassles and potential messes that came with getting the trash ready for pick-up in the home.
By 2006, Jack was ready to devote more attention to the product, which he called Bag Ups. The biggest challenge—raising awareness of Bag Ups among his target commercial and retail markets—would require a more sophisticated marketing and distribution strategy. That’s when he decided to contact New York City SCORE.
What's Great About My Mentor?
One of the first things SCORE Counselor Elliott Merberg encouraged Jack to do was to focus on his business plan for Bag Ups. “It not only crystallized my thinking but made it easier to explain my idea to the outside world,” Jack says. “Over the next several months, I’d refine the plan and share it with Elliott, who would always give me new things to think about.”
Elliott also kept urging Jack to think of ways to get the product to market as quickly as possible. “His mantra was ‘Get it out there,’” Jack says. “I gained so much confidence from that because I know he sees a lot of ideas—some good, others not so good. For him to give that kind of support and say I have a good product was a tremendous boost.”
Jack’s strategy included visiting a Chicago housewares trade show, where he gave a presentation on Bag Ups before a panel of purchasing agents. That led to a spot on the QVC cable shopping network and instant exposure for Bag Ups to complement his Web site.
Jack is working on taking Bag Ups to the next level, including getting the product into a broader range of stores and establishing links with Web sites that promote green products. Elliott is helping Jack craft a proposal for a regional supermarket. SCORE Counselor Howard Geltzer, whose experience includes promoting the Sony Walkman, is advising him on a marketing campaign that may include producing a 60-second TV commercial.
“I wasn’t a neophyte when it came to starting a business, but everybody needs to think outside the box,” Jack says. “And the only way to do that is to have someone from outside take a look at what you do. That’s what the people at SCORE do best. The level and breadth of their expertise is great. Even if you’ve done all this before, they’ll give you insights and ideas that you might never have thought of.”
How SCORE Helped
I wasn’t a neophyte when it came to starting a business, but everybody needs to think outside the box. And the only way to do that is to have someone from outside take a look at what you do. That’s what the people at SCORE do best. Even if you’ve done all this before, they’ll give you insights and ideas that you might never have thought of.
Print
