1. Service Corps Of Retired Executives “Counselors to America’s Small Business” Since 1964 Welcome Budding Entrepreneurs Thinking of Could I… Should I… Own a Business?

2. Be Your Own Boss… Own A Business

3. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 Agenda Introductions What/Who Is SCORE Live Your Dream Business Basics Points to Ponder

4. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 National Organization  US Small Business Administration  13,000 experienced volunteer professionals in 600 areas on expertise in 400 chapters  Eastern PA District - 500 volunteers in 16 chapters with 40 locations  Annually extend more than 1.3 million hours of business advice, mentoring and workshop sessions  31,000 new jobs (1 in every 7 clients)  68,500 new businesses  Annual Business counseling, seminars & workshops 600,000 clients helped 150,000 engaged in E-mail counseling 6,600 workshops & seminars held (190,000 in attendance)  9 million business owners helped - since 1964 SCORE

5. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 2010 Small Business Economic Impact  SCORE clients started a total of 58,637* new businesses in 2010  SCORE clients created 71,449 jobs at a cost of $98 per job  SCORE clients returned $548 to the federal treasury in taxes for every federal dollar appropriated to SCORE  SCORE clients saved 11,045 jobs  91% of SCORE’s “In Business” clients (those already in business in 2009) remained in business in 2010 * 2 or more employees

6. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 Who we are Montgomery County Chapter Jenkintown * Telford Lansdale * Valley Forge King of Prussia * Blue Bell Counselors to Americas Small Business Since 1964 SCORE Business counselors are volunteers who have achieved business success and want to help you succeed in your business.  Dedicated volunteers  Offer Confidential advice for your business  Experienced business owners and executives  Experts who’ve seen both economic highs & lows  Pros with expertise in hundreds of disciplines SCORE www.score513.org Call 215 885 3027

7. Our Mission… “is to offer our clients the Professional Guidance and Mentorship needed to Start, Enhance and Maximize Their Business Success from the Idea to the IPO” SCORE Membership www.score513.org Call 215 885 3027 Live Your Dream | Grow Your Business

8. WWW.SCORE.ORG Call 1-800/634-0245 Montgomery County Chapter www.score513.org Call 215 885 3027 SCORE FREE and CONFIDENTIAL Companies in operation and Start-ups Scheduled business counseling sessions at convenient locations: Chapter Office: Jenkintown, PA Satellite Locations: Montgomery County Community College, Blue Bell PennSuburban (NorthPenn) Chamber of Commerce, Lansdale Upper Merion Township Library, King of Prussia SBA District Offices, Valley Forge Indian Valley Chamber of Commerce, Telford

9. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 SCORE  Face-to-face, telephone, e-mail and “on-location” counseling of 40 our members  Advisory Board - like a board of directors  Business mentoring - from Idea to IPO  Matched Guidance: Specialized Professionals & Contacts- bank & insurance referrals, reviewing business & strategic plans, cash flow, & budget analysis, market research, taxes & business structure recommendations etc.  Marketing, Accounting & Finance, Real Estate, Insurance, Manufacturing, Advertising, Retail, Distribution, Technology, Mergers & Acquisitions, Franchising, eCommerce, Import & Export, Finance, Succession Planning, Legal  Conduct & Coordinate seminars & workshops Chapter Business Services

10. WWW.SCORE.ORG Call 1-800/634-0245 Agenda Introductions What/Who Is SCORE Live Your Dream Business Basics Points to Ponder

11. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 Q: Why is owning a business important to you? A: Small business represents success on your own terms. Be your own boss. Bring a new idea to life. Achieve your lifelong dream. Create financial independence. Turn your hobby into a profitable business. Live Your Dream www.score513.org Call 215 885 3027

12. Have You … – Wished you had a shoulder to lean on from someone who knows business from the inside out? – Thought starting or expanding a business is overwhelming? – Perceived business as a gamble? Live Your Dream www.score513.org Call 215 885 3027

13. Live Your Dream SCORE Can Help You… www.score513.org Call 215 885 3027 and take the mystery out of starting and expanding your own business

14. WWW.SCORE.ORG Call 1-800/634-0245 Q: How can a SCORE business counselor help? A: SCORE counselors give real-world advice that applies to your business. Practical advice Business planning assistance Problem-solving for business challenges Growth strategies for business opportunities Confidential sounding board for your ideas www.score513.org Call 215 885 3027 Live Your Dream

15. www.score513.org Call 215 885 3027 Live Your Dream

16. WWW.SCORE.ORG Call 1-800/634-0245 Here’s What to Expect a confidential counseling session with two (2) SCORE volunteer counselors who have the business experience you seek to address your questions (typically one (1) hour) an assignment to help you think you through your business challenge or opportunity a follow-up appointment to be set at your first counseling session follow-up from your SCORE counselor, checking in on your progress and offering additional assistance www.score513.org Call 215 885 3027

17. WWW.SCORE.ORG Call 1-800/634-0245 We begin with YOUR NEEDS. –Help you flesh out your ideas –Help you put together a realistic business plan –Help you create marketing strategies –Help you manage cash flow. We listen. We question. We advise. Here’s What to Expect www.score513.org Call 215 885 3027

18. WWW.SCORE.ORG Call 1-800/634-0245 “I want to buy a restaurant. How can I finance it?” “What kinds of registrations will I need to go into business?” “I’ve been an independent contractor for years. What are my personal risks, liabilities & benefits of incorporating?” “Will the SBA lend me $250,000 to start my business?” “My sales are declining. What can I do to get more customers?” “My business is growing and now I need to hire someone to help. What do I have to do?” “How do I market my business on the internet?” Typical questions and issues www.score513.org Call 215 885 3027

19. WWW.SCORE.ORG Call 1-800/634-0245 Ways of Ownership – Buying an Existing Business – Franchise Investment – Start-up from Scratch www.score513.org Call 215 885 3027

20. WWW.SCORE.ORG Call 1-800/634-0245 Buying Existing Business Advantages –QUICKEST –LEAST RISK –CUSTOMER BASE Disadvantages –INTEGRITY of PURCHASE INFORMATION –POTENTIAL for OVERPAYING –LACK of CONTINUED SUPPORT from SELLER www.score513.org Call 215 885 3027

21. WWW.SCORE.ORG Call 1-800/634-0245 Buying a Franchise Advantages –ESTABLISHED / PROVEN TOTAL CONCEPT –HIGH SUCCESS RATE –LESS EXPERIENCE NECESSARY –TRAINING & GUIDANCE PROVIDED –ON-GOING SUPPORT (e.g.): market research advertising new product development Disadvantages –HIGH INITIAL COST (VARIES GREATLY) –ON-GOING FEES & ROYALTIES –LIMITED SCOPE / CREATIVITY www.score513.org Call 215 885 3027

22. WWW.SCORE.ORG Call 1-800/634-0245 Start-Up from Scratch Advantages –BROAD OPTIONS –FEW RESTRICTIONS –GREATEST OPPORTUNITY FOR INNOVATIONS –BEST OPPORTUNITY FOR MAKING MONEY Disadvantages –MOST EFFORT REQUIRED BY FAR –FINANCING USUALLY MORE DIFFICULT –HIGHEST FAILURE RATE www.score513.org Call 215 885 3027

23. WWW.SCORE.ORG Call 1-800/634-0245 Agenda Introductions What/Who Is SCORE Live Your Dream Business Basics Points to Ponder

24. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 Business Planning 101 Test Your Idea Protect Your Idea –Organization, Insurance, Regulations Create a Business Plan –Marketing/Selling –Financial Estimates Obtain Funding Launch

25. SO… Thinking of Owning Your Own Business ! ? “Points to Ponder” www.score513.org Call 215 885 3027

26. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 SMALL BUSINESS FACTS More than 27.2 million small businesses in America. 640,000 new businesses annually 99.7% of all employers are small businesses. Half the private workforce employed by small businesses. Small business is important to you and your communities. www.score513.org Call 215 885 3027

27. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 Is Entrepreneurship For You? “SELF EVALUATION” Are you a self-starter and a leader? How well do you get along with a variety of personalities? How good are you at making decisions? Do you have the stamina to run a business (commit long hours)? How well do you plan & organize? Is your drive strong enough to maintain motivation - patient but assertive? How will the business affect your family – support and encouragement? Are you willing to take risks, able to learn from your mistakes & accept all responsibility? Are you innovative, resourceful & intuitive? www.score513.org Call 215 885 3027

28. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 Owners Wear Many Hats... Leader Plan Make Decisions Solve Problems Marketing/Advertising Understand Finances Personnel www.score513.org Call 215 885 3027

29. Do You Have the Belly to be an Entrepreneur? Passion Energy Drive Leadership Commitment www.score513.org Call 215 885 3027

30. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 Think Through Your Business Model a well-thought-out concept or idea that will form the basis of the business a clear assessment of the size of the market for the product or service and a comprehensive study of existing or potential competitors Consider three big basics: www.score513.org Call 215 885 3027

31. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 IS THE REWARD WORTH THE RISK? ASK ALL THE IMPORTANT QUESTIONS 1) HOW MUCH CAN I EARN WORKING FOR SOMEONE ELSE? 2) WILL MY BUSINESS PAY ME MORE? 3) IS THE DIFFERENCE ENOUGH TO JUSTIFY THE REWARD TO BE IN BUSINESS FOR MYSELF? www.score513.org Call 215 885 3027

32. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 What Would You Do? FOR YOURSELF AN EMPLOYEE BUSINESS REVENUE$75000n/a BUSINESS COSTS (Expenses) $400000 ANNUAL SALARY / PROFIT $35000$30000 HOURS/WEEK6040 WEEKS/YEAR5250 HOURLY RATE$11/HOUR$15/HR (20% Pay Cut) www.score513.org Call 215 885 3027

33. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 CRITICAL CRITICAL Planning QUESTIONS IS YOUR IDEA FEASIBLE AS A BUSINESS? IS IDEA BASED ENTIRELY ON PRODUCT/SERVICE? WHO ARE YOUR CUSTOMERS - WHAT ARE THEIR NEEDS? WHO ARE YOUR COMPETITORS – WHAT DO THEY OFFER? HOW BIG IS YOUR MARKET? CAN YOU FIND A NICHE FOR SUCCESS? www.score513.org Call 215 885 3027

34. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 Build the Business Plan Three Major Questions What are the 3 to 5 things that are the Critical Success Factors ("Keys to Success") in your type of business? What are the major goals (objectives) you are going to achieve over the next 12 to 18 months? What are the strategies you are going to follow to achieve those goals? www.score513.org Call 215 885 3027

35. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 Why Most Businesses FAIL “THE 10 MOST COMMON MISTAKES” INADEQUATE EXPERIENCE, COMMITMENT, LEADERSHIP TOO LITTLE CAPITAL EXPENSE CONTROL FAILURE TO TEST CONCEPT - “No Market” UNDERESTIMATING TIME TO BUILD MARKET UNDERESTIMATING THE COMPETITION NOT EXPECTING THE UNEXPECTED PLANNING UNDERPRICING, EXTENDING CREDIT TOO FREELY POOR RECORD KEEPING ORGANIZATION NARROW TARGET MARKET, POOR LOCATION EXPANDING TOO RAPIDLY- EQUIPMENT, INVENTORY IGNORING THE INTERNET & BRANDING www.score513.org Call 215 885 3027

36. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 Seven Perils of Business Ownership 1. Time Mismanagement 2. Organizational Skills 3. Focus (or rather “Lack of”) 4. Fear of Failure 5. Lack of Marketing 6. Not Staying on Top of Your Game 7. Forgetting to Have Fun www.score513.org Call 215 885 3027

37. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 Business Ownership also means RISKS... 10% truly successful 40% operate marginally 50% fail 25% fail during the first year!!! www.score513.org Call 215 885 3027

38. On the Upside You get to be your own boss; to work at your time and pace All “Your Efforts Benefit You” rather than someone else Earnings Growth is limited ONLY by Your Desire and Ingenuity Running a business provides endless variety, challenge and opportunities to … “Learn” while “You Earn” www.score513.org Call 215 885 3027

39. Factors Factors That Contribute To Success A Focused Business Plan (road map) Hard Work (all areas) Make a Total Commitment Prepare Mentally Sell Yourself Quality Products and Services Dedication To Customer Service Be Single-Minded in Seeking Customers SEEK GOOD ADVICE www.score513.org Call 215 885 3027

40. Business Ownership Business Ownership Provides REWARDS... –Substantial Income –Financial Security –Independence –Recognition –Satisfaction www.score513.org Call 215 885 3027

41. Six Steps to Get “Slightly Famous” Targeting the Best Prospects Speaking Engagements Conferences Developing Unique Market Niche Positioning Your Business as Best Solution Provide training Maintaining Your Visibility Continuous message News release, press (your solutions current situation) Enhancing Your Credibility Industry expert Establishing Your Brand & Reputation –Branding & Brand identity –Strike emotional chord - “bring “soul” in Marketing –Personalize the business www.score513.org Call 215 885 3027

42. What’s Hot Latest Business Trends –Luxury Items –Home Improvement –Business geared towards Children –Security (business & personal) Hot Markets –Middle Aged Women Making more money Family Decisions & Shopping –Single Markets 40% adult population –Sleep Deprived –Food –Overweight Hot Businesses –Health Care Technology –Investment / Financial –Online Learning –Online Gaming –Pet Accessories –“Bankruptcy Doctors” Saving companies –Medi-spas www.score513.org www.score513.org Call 215 885 3027

43. WWW.SCORE.ORG Call 1-800/634-0245  Failure to have a formal business plan  Start a business with partners and associates with no formal written business agreements  Insufficient financial support  Failure to consider competition  Too much reliance on do-it-yourself legal, accounting and marketing. www.score513.org Call 215 885 3027 Business Start up Mistakes to Avoid

44. WWW.SCORE.ORG Call 1-800/634-0245  No Experience  False illusions as to effort required  Wrong location  Start a business where there is little demand  A dislike of Marketing/Sales www.score513.org Call 215 885 3027 Business Start up Mistakes to Avoid (cont.)

45. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 Remember… There is only a limited amount of money available for business transactions. So… for you to earn some of it, you will have to take it away from someone else. So… for you to earn some of it, you will have to take it away from someone else. That “someone else” is your competitor. www.score513.org Call 215 885 3027

46. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 The Bottom Line “Failing to Plan is Planning to Fail” Never, never… Forget The Competition The Competition www.score513.org Call 215 885 3027

47. Score Make Your First Source of BUSINESS ADVICE And… Your Best Business Decision “ There’s No Business Like Your Business” www.score513.org Call 215 885 3027

48. WWW.SCORE.ORG Call 1-800/634-0245 www.score513.org Call 215 885 3027 Thank you for listening www.score513.org Call 215 885 3027 Any Questions?