Youth Entrepreneurship

A well-researched and realistic business plan will help you create a viable new business with a feasible business model and business strategy for future growth.

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.

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.

SCORE to Launch New e-Business Learning Website for Small Business

Date
Tue, 2011-03-22 23:02

Consortium of Public and Private Organizations

In Helping Entrepreneurs Leverage Technology to Fuel Their Growth and Success

 

New-Age Preparatory Academy Finds Success With SCORE Mentor

Tanya and Chris Furlow had a passion to create a quality day-care center in their community.  This husband-and-wife team planned to combine their talents, Tanya bringing her experience in childcare and Chris his experience in building renovation.

In 2005, they came to SCORE seeking advice on how to develop a business plan for their day-care facility.  However, their plan required a substantial amount of money since they wanted to purchase a building on a spacious lot. Their primary counselor was Kisoon Park who introduced another SCORE counselor, John Costello, to help them with the financial section of the business plan.

www.newageprep.com

Owner/Founder
Tanya and Chris Furlow
My Location
8938 S Cottage Grove Ave
Chicago IL 60619
United States
Employees
16
Year Company Formed
2006
My Successes

Their loan application was approved later that year, which Tanya and Chris attribute to the strength of the business plan that SCORE helped them develop.  They believe that in-depth demographic research combined with detailed competitive analysis for each and every day-care center in their target market was a key to their success in obtaining the loan.

Building and facility renovation took almost two years to complete, and the New-Age Preparatory Academy opened its doors in late 2007. 

Tanya and Chris’s strong business plan, close teamwork and meticulous execution paid off.  New-Age has already opened a second location and total enrollment in their academy reached over eighty children by late 2010.

What's Great About My Mentor?

“SCORE counseling helped us in doing detailed market studies with emphasis on competitive analysis," say Tanya and Chris. "This enabled us to develop business strategies that separate us from the competition and, most importantly, helped us in securing the building loan.  Working with SCORE counselors over a period of time helped us in the successful implementation of our business plan.”

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