In just 60 seconds, we’ll show you how to determine if an RCL is right for you.
For financing flexibility, nothing beats a revolving credit line (RCL). Structured much like your personal credit card, RCLs allow approved borrowers to tap only as much money as needed to stay atop seasonal and business cycle fluctuations. Application and repayment requirements are generally far simpler than loans and other common financing options.
However, an RCL is by no means a panacea for a small business, nor is it entirely free of requirements and risks. In just 60 seconds, we’ll show you how to determine if an RCL is right for you.
Owners and artists Justin Kingsley Noyes and Rachel Vanatta Noyes established The Hive Creations in 2007, and began by creating 100% of their merchandise for the first few years of business. Their concept eventually evolved to represent numerous talented artists from all over the world, which has most recently grown to over 300.
Owner/Founder
Justin Kingsley Noyes and Rachel Vanatta Noyes
Bradenton Beach
FL
United States
My Successes
Rachel's line of jewelry, Nectar Jewelry (www.NectarJewelry.com) is sought after by jewelry collectors looking for something unique, which just happens to be her signature slogan, "Bee Unique". The jewelry line has been featured internationally in additional galleries, and more recently fashion events. Justin's illustrations and portfolio of commercial art accounts continue to gain momentum. His work has been featured in everything from magazines, books and restaurants, to major motion pictures in Hollywood, CA. Both hold degrees from th prestigious Savannah College of Art & Design.
What's Great About My Mentor?
It started with Rachel, who was searching for a way to market her jewelry line, but lacked the tools and info to do so herself. She contacted SCORE back in 2005, and was paired with SCORE advisor Jon Stuart. The two had weekly and bi-weekly meetings, and began by discussing how to create a better web presence. Over the next few years as positive stride were made, Rachel and her husband Justin came to the decision to work together and open their retail store and gallery.
How SCORE Helped
SCORE played a major role in beginning their endeavor by guiding the duo through the process of financing, creating a business plan, finding a retail space, just to name a few aspects.
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Think of a budget as a useful tool—a written financial plan that helps you set goals and measure progress.
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Start by coming up with a sales revenue target. Make it your best estimate.
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Based on past experience, estimate your cost of goods sold (e.g., 70 percent of sales) and subtract it from the sales revenue to come up with your estimated gross margin.
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.
5 Tips on Finding Angel Investors and Venture Capitalists
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Do some research. Identify the most likely candidates by asking your accountant, banker and lawyer.
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Keep an open mind—potential investors may be anywhere. According to Success magazine, one entrepreneur found an angel investor among the motorcyclists he rides with on weekends.
5 Tips for Writing a Business Plan For a Loan
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Begin with a statement of purpose. You should be able to explain your business in 25 words or less.
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Tell how your business will work and why it will be successful. List the owners.
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Fill in the business details. Describe its products or services, the customers, the market and the competition. List the managers and their credentials.
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Supply three years of projected financial statements. Include income, loss, and cash-flow projections.
www.mountainglorycreations.com
Jan Seale and Bob Brandenburger had big plans for their retirement years--travel, visits to family members, and perhaps a small business that would provide some extra income without cramping their newfound freedom.
But just ten days before bidding farewell to the nine-to-five routine, an automobile accident restricted Jan’s mobility for several months.
Suddenly faced with more down time than they’d expected, Jan and Bob began experimenting with their new digital camera. They photographed the scenic natural beauty and architecture near their Charlottesville, Va., home, and used their home computer and printer to create notecards for friends. As the distinctive notecards got around, Jan and Bob began receiving more and more requests for additional sets.
“This looked like the interesting and flexible business opportunity we had hoped to find,” Jan says of the enterprise they named Mountain Glory Creations. “However, both of us had been public-sector administrators. We had a lot to learn about running a small business.”
Charlottesville
VA
22903
United States
My Successes
SCORE’s counseling and seminars have helped Jan and Bob grow Mountain Glory Creations at a comfortable pace. Their regular appearances at the summer Charlottesville City Market have led to new products such as prints, calendars and computer screensavers, as well as commissions to photograph area homes, farms, restaurants and vineyards. The couple also learned how to create a web site that exposes their products to an even wider market.
What's Great About My Mentor?
“Steve Cooper introduced us to a number of marketing paths, and how to evaluate their potential value to our business. He also gave me tips for approaching store owners about selling our cards, which was important since I’m not a natural salesperson.” says Bob.
Cooper also offered suggestions managing large influxes of orders, and cost- and labor-saving measures such as using an area printer for some of the more popular note cards.
How SCORE Helped
Jan and Bob discovered that the local chapter of SCORE offered a series of low-cost seminars for new and prospective entrepreneurs. While the formal presentations gave the couple valuable information about business planning, financial management and other start-up issues, SCORE Counselor Steve Cooper provided free advice on specific aspects of their business idea.
Jan and Bob have a ready answer to anyone who admires their success and expresses interest in getting a business started. “We send them all to SCORE,” Jan says, “and we’re pleased to hear that many have indeed called them.”
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