Published Apr. 29, 2011
Screening test for startup
Screening test for startup
Published Apr. 29, 2011
How to look at costs
How to look at costs
Published Apr. 29, 2011
A comprehensive source of information resources compiled under 3 main categories of Planning Tools, Sources of Data, and General Sources. Each of these 3 categories is broken down into subcategories and detail lists under the navy blue headings. While Northern Illinois SCORE has made every effort to insure the accuracy of this list, we can not be responsible for changes in the URLs or the content on these references.
A comprehensive source of information resources compiled under 3 main categories of Planning Tools, Sources of Data, and General Sources. Each of these 3 categories is broken down into subcategories and detail lists under the navy blue headings. While Northern Illinois SCORE has made every effort to insure the accuracy of this list, we can not be responsible for changes in the URLs or the content on these references.
Published Apr. 29, 2011
Planning and analysis templates in Excel, PDF, or Word format to help you analyze specific areas of your business start-up or growth venture.
Planning and analysis templates in Excel, PDF, or Word format to help you analyze specific areas of your business start-up or growth venture.
Published Apr. 27, 2011
The selection of a business entity (form) will affect your exposure to personal liability, how you draw profits and pay taxes, your ability to raise capital, how you run your business, and how difficult it is for business reporting.
Generally, all businesses fall into one of these broad categories: Sole Proprietorship, Partnership, Limited Liability Corporation, or Corporation.
A sole proprietorship is an unincorporated business owned by one individual. A partnership is a legal entity existing between two or more persons who join to carry on a trade or business.
Three times a week, Sarah Hill opens the door of her antiques store and welcomes visitors into a world of delicately crafted porcelain, linens and glassware. Such a career is appropriate for Hill, for her journey to becoming an entrepreneur is as colorful as the tales behind the exotic treasures that occupy her store.
Alexandria
VA
United States
My Successes
When Sarah received her degree from Mt. Holyoke College in 1993, she faced a dilemma common to many liberal arts majors—finding a job in a world dominated by high-tech industries. She eventually joined a computer consulting firm, but found that things weren't all bad. The job was based in Lisbon, Portugal. "I think I enjoyed being in Europe more than having the job," she confesses. "For 18 months, I was able to do a lot of traveling and pursue my personal interests."
One of those interests was a love of antiques and old houses. Sarah used every opportunity to visit countries and locations that had fascinated her as long as she could remember. When her employer’s project ended, Sarah returned home to Alexandria, VA, and began looking for ways to capitalize on her experiences and education. A specialty antique store in the city’s historic Old Town district seemed like a perfect idea. But with so many established stores there already, how could a newcomer survive?
After Sarah opened Curzon Hill Antiques in November 1996, word spread quickly about her unique offerings and eagerness in helping customers locate hard-to-find items. Her success was so impressive, SCORE’s Washington, DC, chapter named her the Client of the Year less than a year later. A feature story on Hill in the Alexandria newspaper was soon followed by a high-profile article in the The Washington Post’s Home Section, in which she discussed the care and preservation of antique linen. The resulting publicity led her to launch a side business that specializes in the care and washing of treasured handbags, tablecloths, linens, and blankets. "It’s amazing what some publicity can do," Hills says. "I’ve received orders from across the United State and Europe. I’m also preparing to launch an Internet site."
What's Great About My Mentor?
Sarah’s grandfather, who had owned a successful advertising and printing business in Omaha, suggested that she contact the local chapter of SCORE. After attending seminars on start-ups and developing business plans, Sarah began working with Volunteer Mentor Eugene Rosen, a former small business coordinator for NASA. Rosen helped Sarah understand the nuances of cash flow, advertising, and expenses, as well as preparing and analyzing financial reports.
Another benefit of Rosen’s experience came when Sarah began evaluating potential retail locations for her store. “One site that seemed very promising had been vacant for two years,” Sarah recalls. “Mr. Rosen sensed that something was wrong and suggested that I first find out why it had been on the market so long. It turned out that the landlord didn’t have a good reputation. I found a much better location near the heart of Old Town while that other space has stayed unoccupied.”
How SCORE Helped
As Hill’s business has grown, so too has the value of SCORE’s expertise. Along with Rosen, Hill now works with Volunteer Mentor Herb Robinson, who formerly owned five dress shops in the metropolitan Washington area. "Mr. Robinson has brought some great insights into specialty retail markets," Sarah says. "Both he and Mr. Rosen have been wonderful about staying in touch and taking a personal interest in my business. Now, I’m doing something that I’d always dreamed about, but wasn’t always sure could really happen. I’m really having the time of my life."
Patterson Hornworks, owned by Jim and Cora Patterson, was founded in 1996 in Los Angles. In 2005, the company relocated to Las Cruces, New Mexico. The company’s main business is selling, customizing and repairing French Horns. These rich sounding instruments, so beautiful to hear but so difficult to play, are the cornerstones of any orchestra’s brass section, and the Patterson instruments are recognized globally for their exceptional quality. The company does, however, have four major competitors, including Yamaha, a global conglomerate. Patterson’s market is thus focused on professional level instruments, which makes them and a few other smaller companies niche players (no pun intended).
By operating in the professional segment, they have attracted a global reputation among players for the London and New York Philharmonics, the Bolshoi Theater, various Hollywood recording studios, and even our own local Las Cruces and El Paso Symphonies. Regardless of the reputation, the market is still very small (these instruments will last a lifetime), so it is difficult to steer such a small company toward growth.
Score counselors in the Las Cruces Chapter were able to work with the Pattersons to help them plan for future growth and attract the funding needed to support that future.
Las Cruces, New Mexico
United States
My Successes
Based on the availability of SCORE advice, the quality of the business and marketing plans they helped us generate, the analysis of inventory and other corporate assets, the company was able to secure financing and move ahead with our strategic and marketing initiatives.
How SCORE Helped
In late 2008, Counselors from the Las Cruces Chapter of SCORE began working with the company. Many face-to-face meetings were held to make sure the SCORE mentors understood the business background, product segments, customers and competitors. Patterson, with the guidance of SCORE, was then able to develop a historical analysis of sales and cost structure by their product segments, and their contribution to profits. This type of analysis is useful to identify segments that promise growth and those that may not be profitable. It also allowed the company to set some general target guidelines for their business, designating appropriate levels of operating margins, general and administrative costs, the cost of money, and the contribution to margin per unit.
In addition, a full inventory of every item, from parts to tools to finished horns, was conducted. This helped identify the market value of this these items and provided input into the market outlook. This type of data is also important when seeking financing, because it helps place a value of the assets against which a loan can be offered.
All of this information was used to develop financial projections for several years out. This also helped to provide a framework for coping with a shifting business mix. The final result was a strategic action plan that defined the minimum needs for surviving as a business as well as the needs necessary to grow the business over time. The many ideas and analyses were incorporated into a business plan that was used to seek bank financing. Also a detailed marketing plan was developed, and work was started with an accountant to create a more business friendly financial management and accounting system.
In 2005, Damien Casten and Scott Kerrigan were preparing to launch Candid Wines, an innovative new business built around organizing unique food and wine experiences for professionals and corporations. A lesson learned at a Chicago SCORE-sponsored presentation proved valuable in helping the two novice business owners grow their company.
Owner/Founder
Damien Casten and Scott Kerrigan
My Successes
Candid Wines put together an event with NBA Coach Greg Popovich which took place on November 5, 2005, and raised $25,000 for the Chicago-based Bear Necessities Pediatric Cancer Foundation, with a portion of the funds directed to families of cancer patients whose lives had been disrupted by Hurricane Katrina. The high-profile event garnered substantial local and national publicity, and put Candid Wines in the public eye just as Damien and Scott were making the final preparations to launch the business. “The event got us off to a flying start,” Damien says. “Yet all that attention cost me nothing but my time and energy.”
What's Great About My Mentor?
Damien recalls what he learned at a Chicago SCORE-sponsored presentation from guerrilla marketing expert Al Lautenslager about the importance of engaging the press. “Al’s presentation taught me the importance of telling the story to the press. The SCORE mentors who were on hand complimented his talk with great insights about tailoring a sales pitch to a particular audience, and being persistent.”
How SCORE Helped
“Because we don’t a have person here who’s done a lifetime of selling, SCORE provides our role model,” says Damien. “Their insights have helped me gauge the progress of our sales and marketing efforts, and how to adjust our strategy as the relationship develops. They’re such a good resource, and I’m thrilled that we had the opportunity to learn from them.”
Since her college days, Celina Taganas Duffy, ran her painting, graphic design and greeting card business by the seat of her pants. Celina managed to achieve a measure of success thanks to creative talent, hard work and unique line of patented envelope-free greeting cards.
Celina recognized that regardless of her creative skill, her business—Tagline Communications—would be stymied unless she improved and streamlined her business practices. “I had been running my business for awhile, but I knew I could run it more effectively and efficiently,” says Celina.
My Successes
Now I focus on the important areas,” says Celina. She claims that her revenue has risen by 80 percent with the help of her team of SCORE mentors and is grateful for their help in “completely turning the business around.”
Celina is now making plans to hire a graphic designer and find dedicated studio space, two steps that will allow her to spend more time painting her colorful and vibrant canvases. Celina’s greeting cards feature miniatures of her paintings and she’s also eager to expand Tagline Greetings, the greeting card side of Tagline Communications.
What's Great About My Mentor?
In November 2001, Celina visited the SCORE Santa Ana, CA Chapter and met with Mentor Leanore Saks. As an artist herself, Leanore offered insightful advice on the industry, pricing, portfolio development and general business planning.
When Leanore was going to be out of town for some time, Mentor Betty Otte stepped in to help Celina develop some marketing ideas. While learning more about Tagline Communications, Betty discovered that Celina frequently sent her invoices out late. She asked Mentor Hiro Kranz, a certified management accountant and retired controller, to assist. Soon, Hiro began meeting with Celina to develop a system to invoice accounts properly. Hiro taught Celina how to use QuickBooks and advised her on hiring a bookkeeper.
Betty continues to visit Celina’s office each month for mentoring. Celina says, “Betty keeps me focused and motivated. She gives me monthly project tasks to help me evaluate my business.” The future looks bright and busy for Celina, and she is confident with her SCORE mentors lending a hand, she will continue down the road of success.
How SCORE Helped
“My experience with SCORE has been amazing. I know I have strengths, but I’ve learned that I can’t do everything by myself. Having experts handle various aspects of my business, has freed up a lot of my time.” Says Celina Taganas Duffy.
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