Published Jun. 1, 2011
Ramon Ray discusses how to better understand and use technology to grow your business.
Jody and Zoltan Matolcsy have long shared an interest in gems and geology. They even spent part of their honeymoon at the famed Herkimer Diamond Mines in upstate New York where visitors can dig for the area’s famed beautiful double-terminated quartz crystals. Inspired by the Herkimer’s success in luring families and fellow collectors for tours and prospecting expeditions, the Matolcsy’s decided to pool their passion and knowledge with some partners to launch a similar operation near their home in southwestern Maine, an area with a rich mineral history of its own. Jody knew that SCORE provided help with preparing business plans, so she contacted the Portland chapter for help in creating what would become Maine Mineral Adventures.
Woodstock
ME
United States
My Successes
While many aspiring entrepreneurs can look to similar types of businesses as guides, the Matolcsy’s start-up needs were, in a word, unique. There were issues with gaining access to the long-dormant gem mines, long-term cash flow considerations given the seasonal variations in revenue, and marketing the wonders of mineral prospecting to prospective visitors.
“This was the first time a business like this had been tried in Maine, so we had nothing to base it on,” Jody says. “And as a seasonal business, most of our income would be generated two months out of the year. We had to be sure that we could cover year-round expenses as well.”
The Matolcsy’s have since expanded their business to include a location where visitors can pan for their own gemstones. Despite the pressures of the economic downturn, Maine Mineral Adventures has seen attendance grow every year, along with its profits. “It’s hard to say how much the recession is affecting us, but we’re making enough to sustain the business,” Jody says. “While Zoltan and I both have other jobs, we hope to grow Maine Mineral Adventures and add features such as an indoor facility for visitors.”
Although Maine Minerals Adventures is all about exploring the wonders of the natural world, the Matolcsy’s have found broadband to be an invaluable tool for their business. Along with giving them faster access to the web and making them more efficient, broadband provides them with the fastest and best access to their web site and customers online.
What's Great About My Mentor?
Volunteer mentors Glenn Davis, Dave West and Steve Veazey developed a cash flow projection to help the Matolcsy’s begin conducting mine tours in 2006. The mentors also provided regular critiques of their business plan to help refine the business concept, advised them on getting the proper permits, and offered guidance for managing both long-term and day-to-day management concerns. SCORE also assisted Zoltan and Jody in transitioning the business from a corporation to a limited liability company when their business partners dropped out of the venture.
How SCORE Helped
Jody and Zoltan will continue to look to SCORE for help as they look for ways to continue expanding their business. "SCORE gave us the confidence that we could make it on our own,” Zoltan says. “They helped dissolve the fear of the unknown of going into business for ourselves. Developing a niche business has been key to our success."
Jody also appreciates the fact that her mentors talk up Maine Mineral Adventures, and senses their pride in how far she and Zoltan have come. “I think they’re very happy with what we’ve done with a pile of rocks,” she says with a laugh.
Published May. 8, 2011
All entrepreneurs should write a business plan, but if you are trying to raise investment
capital, a written plan that conveys your vision to potential investors is a must.
The truth is that many successful businesses were started without business plans. While that may be fine for the likes of a few people, it’s generally not a good idea. If you're going to start a business, the smartest approach is to write a business plan.
The Business Plan
A business plan provides you with a comprehensive, detailed overview of all the aspects of your business. This overview is the skeleton of your business—the underlying structure that provides the basis of your entire operation. Prepared in advance, a business plan allows you to review the pros and cons of your proposed business before you make a financial and emotional commitment to it.
There are three reasons to create a written business plan:
Stephanie Mann had a lifelong passion for interior design. So she decided to start a second career as an entrepreneur by starting her own business, W. Laimon Interiors, which provides services for both residential and commercial clients, including three local churches.
South Norwalk
CT
United States
My Successes
Stephanie follows a 5-step process to satisfy her clients’ needs. First, she provides a consultation to understand their vision and needs. Next, she visits the location to get a sense of the scope of the project, and to learn about any space requirements and limitations. She works on schematics to show what is possible and provides layouts that work within budget limitations or furniture arrangements required by her clients.
Third, she develops a final set of plans, including custom design work that may need to be done. Next is executing her design plans, and finally, she follows up with her clients to make sure they remain satisfied with the results.
Stephanie wanted to grow her business, get more clients, grow her sales and maximize profits, but she wasn’t sure how. Her brother, who owns an international human resources company in Michigan, told her he had visited a local SCORE office and found their advice quite helpful.
Stephanie has been working with the Fairfield County SCORE chapter and they have been so impressed with Stephanie’s success that they’ve asked her to appear as a panelist to offer advice to other SCORE clients. “I’ve benefited tremendously from these networking opportunities,” she says.
What's Great About My Mentor?
Stephanie began monthly face-to-face mentoring sessions with SCORE Mentor Elliot Baritz. “Elliot helped me be accountable to someone for my business,” Stephanie says. “Just having someone to talk to about my business helps me push myself to move to the next business area that I need to work on.”
Stephanie worked with Elliot to improve her marketing and advertising, which lead to increasing sales. “Elliot also taught me how to negotiate, which has paid off generously,” she says. “I apply his knowledge to my business and see real dollars and cents results.”
How SCORE Helped
Stephanie contacted Fairfield County SCORE and attended a workshop on developing a business plan. “I thought the information was very valuable, and I took home materials from the session to help put together my business plan,” she says. “Going to SCORE seminars has helped me meet other businesses. I’ve gotten several new clients!” Stephanie adds, “My client base has grown from three to 25, and sales and profits have increased exponentially.”
When it occurred to actress Jane Labanz that she did not want to spend countless hours at auditions or acting in productions that kept her away from her Manhattan home for extended periods of time, she turned her talent to entrepreneurship to give her the freedom she needed.
www.delicatepen.com
New York
NY
United States
My Successes
To occupy her time while working as a “booth singer” off stage, Labanz began doing calligraphy after admiring the beauty of the art while leafing through a magazine. She soon found herself applying her own expression to the calligraphy she was self-teaching. When production cast members saw her work, they implored her to do their wedding and other one-off invitations.
It then occurred to Labanz that she could turn her talent into a business, giving her another artistic outlet, the income she needed, and the flexibility to choose acting gigs that fit her New York ambitions.
Labanz founded The Delicate Pen, which provides high-end calligraphy products for weddings and other special events. The Delicate Pen’s products have been showcased by Barbara Walters on TV’s “The View,” displayed at the Smithsonian in Washington, DC, and featured in numerous bride and wedding magazines, including Martha Stewart Living Wedding and New York Bride.
The Delicate Pen’s sales reached $150,000 in the first year and are now sold in more than 30 stores in the United States, Puerto Rico and Italy. Even though sales and marketing take up increasingly larger chunks of her time, Labanz still manages to do all the product hand-lettering herself. But she is now looking to hire a full-time marketer.
Her newly evolving lifestyle allows Labanz to devote more time to her charitable passions such as participating in benefits for “Broadway Cares” and working for the “Little Seeds” program in South Africa. “Little Seeds” provides holistic childcare instruction to teachers in extremely needy areas where underprivileged children have little more than papier-mâché desks and few, if any, books.
What's Great About My Mentor?
In 1998 Labanz visited the New York SCORE office to learn about entrepreneurship. SCORE mentors helped her create a product line of fine stationery. Armed with a product portfolio and new entrepreneurial skills, Labanz participated in her first trade show at New York’s Jacob Javits Center. It was there that well-known stationer, Kate’s Paperie, discovered The Delicate Pen’s products, and now sells them. Labanz’ products also can be found at Bloomingdale’s and Michael C. Fina & Co.
How SCORE Helped
Of her business artistic outlet Labanz states, “I make music with letters; I dance on paper.” When it comes to advice for aspiring entrepreneurs, she emphatically states, “Go to SCORE!” She herself continues to take advantage of SCORE’s services as she grows her business. Labanz’s other advice is, “Think big but start slow, and pick your passion.”
Ever wonder what a difference one decision can make? Just ask Larry Nowlan.
My Successes
In 1993, the Philadelphia native attended an exhibit of the sculptor Auguste Rodin and immediately became interested in art. He began taking night classes in sculpting at the Pennsylvania Academy of Fine Arts, then moved on to the New York Academy of Art’s Graduate School of Figurative Art.
While still a student, Larry was invited to serve as Artist in Residence at the Saint-Gaudens National Historic Site, in Cornish, NH, home of one of America’s greatest sculptors. Over the years, he earned several high-profile commissions, including three eight-foot bronze statues that are part of the National Wildland Firefighters Monument at the National Interagency Fire Center in Boise, Idaho, and a statue of Jackie Gleason’s Ralph Kramden character at the Port Authority Terminal in Manhattan.
A gallery adjacent to his Vermont studio provided a venue for customers to view and purchase Larry’s art. But being a retailer conflicted with his artistic pursuits. “I figured there had to be a way to market my work that would allow me to spend my time sculpting rather than walking people through a gallery,” he explains.
Larry was selected to create two major sculptures as part of the renovation of the University of Iowa’s 70,000-seat Kinnick Stadium. The project includes a 15-foot likeness of Nile Kinnick, Iowa’s only Heisman Trophy winner, and a 14-foot-wide bas-relief of Kinnick and other team members taken from a game sports photo.
The Kinnick Stadium commission promises to provide Larry with some valuable exposure as well. The University of Iowa plans to film the creation of the Kinnick statues from Larry’s studio work to the scheduled installation and dedication in 2006. Larry will also create bronze desktop replicas for major donors.
What's Great About My Mentor?
Fred worked with Larry on different marketing strategies, including direct mail and a several improvements to his Web site. Fred has also mentored Larry on various business issues, enabling him to maximize his time as both artist and business owner.
“Two years of the job security is rare for a sculptor,” Larry says. “Fred helped with my proposal package, including scheduling and insurance options, to make sure I didn’t overlook anything.”
Fred also helped Larry save some valuable time on what will be a very demanding project schedule. “The university told me that the contract might be ready to sign when I arrived for the announcement ceremony,” Larry recalls. “However, I wanted to go over it with Fred and my attorney before signing. Fred suggested that they send the contract template ahead without the fee schedule so we could review it in advance. That proved to be a great idea; otherwise, the project might have been pushed back by a month.”
And though the Kinnick Stadium project will keep Larry busy, he will continue calling on his SCORE mentor for help and advice. “Sculpting is a unique profession, and I think Fred enjoys the challenge of working with something that’s different,” Larry says. “I’m glad he finds it as intriguing as I do because he is a very thorough, very supportive person to work with. He brings a sense of security to situations that otherwise could be haphazard.”
How SCORE Helped
In 2002, a friend suggested that Larry to contact the local chapter of SCORE. That led to his first meeting with mentor Fred Thomas, and what Larry considers, “one of the better choices I’ve made in my life.”
Fairy tales are all about happy endings. Thanks to SCORE, Ariane Smith is writing a happy beginning to her dream of building a business that blends her experience as a children’s entertainer and storyteller with her fascination with fairy tales and culinary arts.
New York
NY
United States
My Successes
Ariane’s idea was simple, yet innovative—encourage healthy attitudes toward food among children by creating fun interactive stories called Enchanted Thyme, capped with healthy recipes that families could prepare together. After exploring different avenues to develop her idea, she decided to bring Enchanted Thyme to life as a series of children’s novels.
Despite the uniqueness of Ariane’s idea, Enchanted Thyme still faced the formidable challenge of achieving visibility in a highly competitive book market. Rather than rely solely on bookstores, Ariane decided to market the book through grocery stores where she would also offer interactive shows and culinary workshops.
Because her first Enchanted Thyme book had not yet been published, Ariane followed SCORE Mentor Abe Silverstein advice and, with book proofs in hand, began approaching nearby ShopRite grocery stores. “Three of them gave me the chance to do performances, which were very successful,” Ariane says.
ShopRite customers weren’t the only ones who were impressed. The chain’s regional management agreed to sponsor Ariane at the FoodNetwork New York City Wine and Food Festival, enabling her to add high production value to her show at a high-profile venue. ShopRite is also considering having Ariane perform at other stores in metropolitan New York and beyond.
As word of Enchanted Thyme has spread, Ariane is busy giving more performances at stores and libraries in New York City and the surrounding area. She’s also at work on her second book, and working on animated shorts featuring Enchanted Thyme characters that kids can download to their iPods or cell phones. “They can watch the short with their parents while grocery shopping, and pick up the ingredients for the recipe,” she says.
What's Great About My Mentor?
“Abe was a perfect fit for me,” Ariane says. “He calibrated my approach, telling me when I was thinking too big, and when I needed to think bigger.”
In assessing start-up financing options, Abe recommended that Ariane pursue a small business loan rather than seeking out investors. “That allowed me to follow my own vision starting out, rather than having to answer to other people,” Ariane says. “Abe helped me with my business plan, which led to an incredible loan with a great interest rate.”
Ariane continues to work with Abe, who frequently checks on her progress and provide a sounding board for ideas. “That he calls so regularly means the world to me,” she says. “Starting and running a small business is not easy, especially these days. It’s nice to have someone like Abe there to be a mentor and a friend.”
How SCORE Helped
While attending an SBA seminar in Manhattan in early 2007, Ariane learned about SCORE and its free small business mentoring services. She began meeting with New York City SCORE Mentor Abe Silverstein, a veteran of developing successful small businesses.
Many aspiring entrepreneurs dream of running successful small businesses from their homes. Harriett McFeeley has taken the concept one step further, turning her family’s 2.5-acre property in Hastings, Nebraska, into Country Meadows, a beautiful location for staging weddings, family gatherings and other special events.
Hastings
NE
United States
My Successes
Over the years, Harriett and her husband, Dick, planted numerous trees, created intricate rock and flower gardens, and added several water features such as ponds, waterfalls and a stream around their family home. In 1999, friends began asking Harriett if they could “borrow” her unique garden for social events. Suddenly, the opportunity to start a business became clear.
“I’d been frantically searching for some kind of home-based business because I could no longer work outside the home and properly care for my ailing mother,” Harriett says. “This was definitely the answer to a prayer.” Harriett adds that while she had no business plan, no finances and no business management experience, “I did the only thing I could do—open the doors and go to work.”
Country Meadows began attracting customers, but Harriett and Dick knew that more people needed to know about their special oasis. Learning about marketing was one of their motivations to enroll in a SCORE-sponsored small business workshop in 2003. “The publicity element was very important because we don’t have a large budget for advertising,” Harriett says. “Most people find out about us through word-of-mouth.”
What's Great About My Mentor?
Central Nebraska SCORE Mentors Bob Portwood and Jim Svoboda, both of whom had backgrounds in marketing and retail sales, subsequently met with the McFeeleys to develop business and marketing plans, identify their trade area and target audience, and provide cost-effective ideas for enhancing Country Meadows’ visibility.
Portwood and Svoboda also provided suggestions for Country Meadows’ logos and slogans such as “Let us simply amaze you!” and “The Perfect solution for your Unique Event.” “Bob and Jim offered positive, helpful, practical advice whenever we needed it,” Harriett says. “They also gave us a lot of referrals—something that we really appreciated.”
How SCORE Helped
Harriett is confident that more people will be able to enjoy the special Country Meadows experience, thanks in large part to the help she received from SCORE. “Bob and Jim really knew what they were talking about,” she says. “They had worked in marketing their entire careers, yet were happy to take time from retirement sharing advice and ideas with us.”
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