Women Entrepreneurs

Your Business Plan Outline

Lullaby Maternity, LLC - Teri Weiss-Lohrei

Lullaby maternity, LLC was established in 2004 by Teri Weiss-Lohrei. Teri is the only employee, with all manufacturing, packaging and shipping done under subcontract.

Teri Initially targeted only the maternity market with polyurethane memory foam support pillows. The pillows are configured in a set of two joined by a Velcro® strip. The pillows can be used together as a set or individually.

Owner/Founder
Teri Weiss-Lohrei
Year Company Formed
2004
My Successes

In recent months, Teri has expanded her market to orthopedics, specifically hip, knee and shoulder post surgery support requirements.

Teri was on QVC in May 2007, and is scheduling another showing in the near future. She is also exploring joint venture opportunities with two successful maternity/sleep comfort product companies...one on the west coast and the other on the east coast.

Establishes client expectations from SCORE and what is outside the scope of our volunteers.

Once Upon a Child & Plato's Closet - Judy Wilt

Judy Wilt is the owner anJudy Wiltd operator of two local retail stores, Once Upon a Child and Plato’s Closet.  Judy had spent fourteen years in retail sportswear merchandising for the Boscov stores.  In the 2000, she decided to do research for a retail business that would fit her experience and personality.  She discovered a franchise for recycling children’s merchandise that was attractive.  This Once Upon a Child concept gives parents the opportunity to bring in outgrown children’s clothing, books, toys, furniture, etc., and either receive cash or trade-in credit.

The business grew so quickly that she expanded this store in 2003 and opened a second store, Plato’s Closet in September 2005, which follows the same recycling concept for teens and young adults.  

Judy is active in the community as an advisor to other franchisees, President of the Education Committee for Berks Women in Business, and a member of Rotary.  She also provides merchandise from the store to the Salvation Army on a weekly basis.

Owner/Founder
Judy Wilt
How SCORE Helped

With help from a SCORE counselor, the franchiser, and many business books, Judy opened Once Upon a Child in August 2001.  She attributes the early SCORE assistance for keeping her focus and direction during the critical start-up process.  “I really appreciated the support and insistence of the SCORE counselor for stressing the importance and detail of all my financial projections and budgets,” Judy said.

The form of business you operate determines what taxes you must pay and how you pay them. The following are the four general types of business taxes.

  • Income Tax
  • Self-Employment Tax
  • Employment Taxes
  • Excise Tax

The resources on page the Starting a Business in Illinois explain the basic steps most business owners will need to take when starting or expanding a business in Illinois. If you are already a business owner, and want to find out about your legal requirements, visit our Operating a Business page.

The form of business you operate determines what taxes you must pay and how you pay them. The following are the four general types of business taxes.

  • Income Tax
  • Self-Employment Tax
  • Employment Taxes
  • Excise Tax

The resources on page the Starting a Business in Illinois explain the basic steps most business owners will need to take when starting or expanding a business in Illinois. If you are already a business owner, and want to find out about your legal requirements, visit our Operating a Business page.

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Business Plan template sources from SCORE, Western Washington SBDC, Palo Alto Business Plans and other business plan information including an Amortization Calculator to provide monthly interest and principal payments for the life of the small business loan.

Mainstreet Art Centre

In 2006, Frankie Johnson, a professional artist and business owner, faced an unexpected challenge when her business partner decided to dissolve the partnership. Frankie quickly sought guidance from her local SCORE chapter and learned how to successfully organize a buyout and new business plan.

Owner/Founder
Frankie Johnson
My Location
Lake Zurich IL
United States
My Successes

While Frankie felt confident that she could run Mainstreet Art Centre as the sole owner, she had no idea about how to proceed with the buyout, particularly since the partner wanted the stake to be paid out in cash. She assumed that it’d take a business loan to execute the buyout, but even that was unknown territory for her.

As the new owner of Mainstreet Art Centre, Frankie reports that the company has been able to maintain a healthy level of profitability. The growing business provides a wide range of classes that are popular for professional artists, budding talents and children just discovering the fun of art.  In addition, the center also sells frames, equipment and art supplies and hosts demonstrations, workshops and other art-related events.

What's Great About My Mentor?

Volunteer mentor Seymour Stoller met with Frankie and carefully examined Mainstreet Art Centre’s financials. He felt that the buyout could be funded entirely from company profits and recommended a structure for the buyout proposal.  The details were worked out over two meetings and, after a series of negotiations; Frankie’s partner accepted the proposal.  Four months later, Frankie owned Mainstreet Art Centre free and clear.

How SCORE Helped

"Buyouts were a complete mystery. I was a member of the chamber of commerce, which sponsors the local office of SCORE, so I went to SCORE," says Frankie.

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