| Soon after U-Yong started her business in August 1999, a neighbor suggested that she contact the local chapter of SCORE. “There was so much to running a business that I didn’t know about—cashflow, accounting, taxes, everything,” U-Yong says. “Thankfully, Maxey Love was ready and willing to show me what I needed to do, and how to do it right.”
The former CEO of a local bank, Love had the accounting and financial experience that U-Yong needed. After an introduction to the various types of financial statements, he and U-Yong devised a record keeping system that enabled her to categorize business expenses and reconcile them with her bank statement. Love also guided U-Yong through the preparation of her first business tax return and other license fee payments, then proudly escorted her to the appropriate offices to file the documents.
Six months later, U-Yong was preparing her own financial statements with occasional help from Love. She has since hired an accountant to handle these tasks so she can focus on making her Tae Kwon Do studio successful. Despite the area’s economic difficulties, the business has been profitable from the start. U-Yong has recouped her start-up investment and hired two part-time instructors.
And though she no longer works directly with Love, U-Yong credits him for having helped her became a true American success story. “Maxey was so wonderful in providing comfort and encouragement when I needed it,” she says. “I’m grateful that there’s an organization like SCORE that can help me and other people start their own businesses.”
Brought to you by SCORE "Counselors to America's Small Business."
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