Minority Entrepreneurs

Q: What are limited liability companies (“LLCs”), and what should businesses know 
about them?
A: LLCs are a new type of business entity that emerged in the early 1990s. They have many important legal and tax characteristics, but the key ones are these:
  • Liability shield. LLCs provide their owners (called “members”) with a statutory liability shield that is essentially identical to the corporate shield.

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.

Ask SCORE

       I’ve recently taken my business plan for a new and innovative consumer product to several banks seeking funding, but have had no success. What are some other financing options that might be available to me?

 

 

About the Author

       This column is brought to you by the Merrimack Valley Chapter of SCORE, with nearly 70 current and former business executives available to provide free, confidential, one-on-one business mentoring and training workshops for area businesses. Call 603-666-7561 or visit merrimackvalley.score.org for information on mentoring, upcoming workshops and volunteer opportunities. SCORE is a national, non-profit organization and a resource partner of the U. S. Small Business Administration.
       Have a question you’d like answered in this column? E-mail it to info@score-manchester.org, with “Ask SCORE” in the subject line.

Review the 15 key areas of the Business Check list before your start your business.

 

 

Judith’s Dessert Boutique

Owner/Founder
Judith Smith Parrott
Year Company Formed
2012
How SCORE Helped


After retiring as an educator, Judith Smith Parrott turned her love of baking into a business...Judith’s Dessert Boutique.

Judith made the decision to start her business the smart way by enrolling in the Princeton SCORE five-part  StartSMART™ workshop series. After taking that first step, Judith never looked back.  She and her mentor worked together to complete a "finance ready" business plan and Judith launched her business in late 2012. Since then, Judith's Dessert Boutique was also selected as one of the small businesses to receive $1,000 from the Sam’s Club Giving Program, in addition to attending a 2-day entrepreneurial program for all finalists hosted by SCORE in 2013.

“Working with SCORE has provided a foundation to help my business grow,” said Judith Smith Parrott, owner of Judith’s Dessert Boutique. “The access to tools for my business from Sam’s Club and the additional training will really help me take my business to the next level.”

Military Spouse Foundation Gives Entrepreneurs a Place to Go - April Dudash

Date
Fri, 2013-02-01 10:10

Mary John-Williams turned to Fayetteville State University's Veterans Business Outreach Center and the SCORE mentorship program before starting her business.

John-Williams saw an opportunity in Fayetteville not long after moving there with her Army husband about three years ago. What began as a word-of-mouth business cleaning houses for fellow military spouses is now A Green Clean Environmental Inc.

 

CLICK HERE TO READ THE FULL ARTICLE

This paper will outline ways to stay ahead on your business accounting and financial paperwork. These simple weekly steps will save you major at tax preparation time as well as providing useful ongoing operational financial information to guide your business decisions.

About the Author

30+ years of retail experience with two Big Box corporations, managing numerous multi million retail outlets within New Hampshire. Experience included meeting or exceeding operational goals, profit, expense control, and customer experience.

 

Ask SCORE

       My partner and I have been running our laser engraving business ourselves for the past two years. We’ve reached the point now where we’re both completely maxed out, so we’re considering hiring at least one employee. Where do we start  Read more.....

About the Author

       This column is brought to you by the Merrimack Valley Chapter of SCORE, with nearly 70 current and former business executives available to provide free, confidential, one-on-one business mentoring and training workshops for area businesses. Call 603-666-7561 or visit merrimackvalley.score.org for information on mentoring, upcoming workshops and volunteer opportunities. SCORE is a national, non-profit organization and a resource partner of the U. S. Small Business Administration.
       Have a question you’d like answered in this column? E-mail it to info@score-manchester.org, with “Ask SCORE” in the subject line.

CPAP Supplies & Services in Topeka

How SCORE Helped

Grants Fuel Optimism and Provide Access to Training and Growth
 

Topeka, Kansas, Dec. 6, 2012 In an unprecedented effort to expand year-round support for small business growth and success, Sam’s Club and the Sam’s Club Giving Program have forged a collaboration with national non-profit SCORE to provide more than $500,000 in supplies, training and holiday spirit to 102 U.S. small businesses (two in each state plus Washington, DC). 

The grant to SCORE will provide each business owner with access and travel to a two-day educational event to help them implement strategies to grow their business. The grant will also fund three regional educational workshop events in 2013 hosted by SCORE for any small business in those regions. Combined, these events aim to reach over one thousand small businesses. The 102 small businesses in the Sam’s Club Holiday Giving campaign were chosen in part by local SCORE chapters based on each business’s need and commitment to ongoing learning and growth. To see a full list of small businesses benefitting from the Sam’s Club – SCORE alliance, visit SamsClub.com/giving.

CPAP Supplies & Services in Topeka is one of two businesses selected from Kansas. CPAP in Topeka “Improving your quality of sleep one night at a time”. Each business will receive a $1,000 Sam’s Club gift card in addition to training through SCORE, an organization dedicated to helping small businesses grow and achieve their goals through education and mentorship.

“Working with SCORE has provided a foundation to help my business grow,” said Cindy Greene, CRT, owner of CPAP Supplies & Services LLC. “The access to tools for my business from Sam’s Club and the additional training will really help me take my business to the next level.”

“Our collaboration with SCORE allows Sam’s Club to provide the tools and goods that small business owners need to enter the New Year with increased confidence and optimism,” said John Boswell, senior vice president of marketing, member insights and ecommerce for Sam’s Club. “Everyday our associates strive to positively impact the lives of small businesses that are so important to the fabric and success of our country.  The Christmas season is certainly no exception.”

The 102 businesses were selected by SCORE based on each business’ need and commitment to ongoing learning and growth. SCORE will utilize the grant from Sam’s Club to sponsor a two-day “High Speed Growth Seminar” especially for the 102 winners, a special training program featuring key executives and workshops on attracting customers, branding, online marketing and developing a sales plan. The grant will also fund continued regional and local training for these businesses with SCORE mentors. 

“Small businesses truly are the backbone of our economy, particularly during lean times,” said W. Kenneth Yancey, Jr., CEO, SCORE.  “With the support of Sam’s Club this holiday season, these small businesses will be in a position to take the critical next step in their evolution.”

New Boutique Born of Shopaholic's Dissatisfaction - Ragan Robinson

Date
Mon, 2013-01-14 09:58

Barbara Bailey was frustrated with the skimpy local pickings for plus-sized women’s clothing.  So she took her savings, teamed up with Lekesha Bell, and did something to add to the boutique scene.

They sought help with business planning from the Small Business Center at Gaston College and Charlotte SCORE.

 

CLICK HERE TO READ THE FULL ARTICLE

Little Island Authentic Jamaican Cuisine

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. 

My Location
378 South Branch Road
Hillsborough NJ 08844
United States
Year Company Formed
2012
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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