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.
Urban Solace restaurant, located in North Park, is the first independent venture for partners Matt Gordon and Scott Watkins, who have 40 years of combined restaurant experience. Their restaurant serves delicious comfort food at neighborhood-restaurant prices, and it has exceeded revenue goals by 58 percent since opening in 2007. Urban Solace is also a critic's favorite, having received 13 food and restaurant awards in 2008 for such dishes as New York Cheddar Mac n' Cheese with caramelized bacon and charred tomatoes, and char-grilled prime Omaha hanger steak with homemade steak sauce and sweet potato mash.
San Diego
CA
United States
My Successes
When preparing to open Urban Solace, partners Gordon and Watkins used SCORE San Diego's free business consulting for financial advice and business plan guidance.
"SCORE San Diego helped us with numerous aspects of opening our restaurant by pairing us with a diversity of counselors," said Gordon. "We had a team of consultants who could advise us on a wide range of topics because of their specialized business backgrounds, and there are no restrictions on the number of counseling sessions."
Starting a small business is always tough, and the small business loan application process is especially difficult in the current economy. So, when Gordon and Watkins decided to open a second restaurant, they returned to SCORE San Diego for assistance.
What's Great About My Mentor?
"Due to the current economic crisis, banks have increased their credit requirements and, at the same time, have decreased the number of loans they're approving," said Paul Hollenbach, SCORE San Diego business consultant. "Our business consultants know what information banks require when reviewing a loan application and are able to help small business owners put together a strong business plan and resume that will increase their likelihood of approval."
How SCORE Helped
"We returned to SCORE San Diego for help because restaurants are notoriously risky investments and the help SCORE gave us the first time around was invaluable," said Gordon. "Their connections and knowledge of bank loans helped identify lenders willing to finance a start-up business during a recession."
For more information about Urban Solace, visit www.urbansolace.net or call 619-295-6464.
“Talking with SCORE mentors helped build my confidence. They were supportive and believed in my idea." -Todd Graves, Owner of Raising Cane's.
Baton Rouge
LA
United States
My Successes
Todd Graves celebrated the 100th location of his Raising Cane's restaurant chain. When he started his business in 1996, he contacted SCORE for financial and marketing advice. Now one of the food and beverage industry's fastest growing companies, Raising Cane's has become a fast food sensation, due in large part to a menu built around Todd's famous fresh chicken fingers.
Raising Cane's, which now operates 100 restaurants in 14 states, was honored with a 2010 SCORE Award for Outstanding Socially Progressive Small Business for its business success and community support.
Helping the community is an important element to the Raising Cane's philosophy. In 2009, the company gave more than $1 million to the communities that house its restaurants.
Raising Cane's is the recipient of the 2010 SCORE Award for Outstanding Socially-progressive Small Business.
What's Great About My Mentor?
Todd says his mentors’ insights are still valuable, particularly the importance of thorough planning and constantly staying atop all aspects of the business. “It may take you longer to plan ahead, but you’ll be more efficient in the end when you’re likely to be extremely busy,” he says, adding that any aspiring entrepreneur can benefit from working with an experienced SCORE mentor.
“They’re committed to help you be successful, because they understand the value a small business brings to a community,” Todd says. “But they also help you understand what it takes to be a successful business owner. If you’re willing to commit yourself to starting a business, they’ll provide all the encouragement and assistance you need.”
"And unlike all the banks that said no," he adds, "SCORE mentors ere supportive and believed in my idea as much as I did." Realizing that he'd have to raise his own capital, Graves spent a year on a job odyssey that included oil refinery boilermaker and commercial salmon fisherman. Returning to Baton Rouge, he resumed his networking and was soon able to pool his savings with those of investors who were impressed with both his vision and his commitment.
How SCORE Helped
"I saw SCORE as a good way to get real-world experience that would complement what my partner was learning in the classroom," Todd says. "We wanted to create an efficient business plan that would provide a sound base for growth." says Todd.
"I met with several SCORE counselors in 1995 as we were working on our business plan," he adds. "I attended the SCORE one-day seminar on Starting and Managing a Successful Business." Todd worked with several mentors at Baton Rouge SCORE on issues such as financial projections, management issues and marketing. They also encouraged Todd to think through every aspect of his business idea, including some he hadn’t considered.
"Talking with successful businesspeople like the SCORE counselors helped build my confidence, but it also helped me look at challenges realistically,"Todd says. "Running a business is very hard. SCORE challenged me to be ready and know what to expect."
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