New-Age Preparatory Academy Finds Success With SCORE Mentor
Tanya and Chris Furlow had a passion to create a quality day-care center in their community. This husband-and-wife team planned to combine their talents, Tanya bringing her experience in childcare and Chris his experience in building renovation.
In 2005, they came to SCORE seeking advice on how to develop a business plan for their day-care facility. However, their plan required a substantial amount of money since they wanted to purchase a building on a spacious lot. Their primary counselor was Kisoon Park who introduced another SCORE counselor, John Costello, to help them with the financial section of the business plan.
Their loan application was approved later that year, which Tanya and Chris attribute to the strength of the business plan that SCORE helped them develop. They believe that in-depth demographic research combined with detailed competitive analysis for each and every day-care center in their target market was a key to their success in obtaining the loan.
Building and facility renovation took almost two years to complete, and the New-Age Preparatory Academy opened its doors in late 2007.
Tanya and Chris’s strong business plan, close teamwork and meticulous execution paid off. New-Age has already opened a second location and total enrollment in their academy reached over eighty children by late 2010.
“SCORE counseling helped us in doing detailed market studies with emphasis on competitive analysis," say Tanya and Chris. "This enabled us to develop business strategies that separate us from the competition and, most importantly, helped us in securing the building loan. Working with SCORE counselors over a period of time helped us in the successful implementation of our business plan.”