From www.business.gov community By CaronBeesley
A new year brings with it new opportunities – not least of which occurs in the franchise industry. In fact, for every eight minutes of every business day a new franchise business opens – quite a statistic.
And it’s easy to see why – franchisors and franchise associations are very good at persuading would-be franchisees that franchising is generally a lower business risk, than independent business ownership. But is it? Ask any franchising expert or experienced franchisee and you might hear a different story.
Going Beyond the Hype
In “*The Truth About Franchising” business strategist coach, Mark Munday, discredits much of the reported “hype” surrounding entrepreneurial franchise success rates.
Munday points to research by Timothy Bates, a Wayne State University Economist, which concludes that
“… After four years, only 62% of franchised businesses had survived, while 68% of independent small businesses were still open for business.”
His report goes on to suggest three “harsh realities” as to why franchisees fail:
- Franchisees struggle to make a profit – especially after taking into account the initial purchase price of the franchise opportunity.
- The “hype” and marketing messages used to sell franchises are paid for by franchisors themselves and are therefore biased and subjective. This makes getting hold of the information you need to make a sound business decision difficult.
- Franchise agreements favor the franchisor.
Managing the Risk -Tips to Help You Assess Your Readiness to be a Franchise Owner and Find the Right Franchise for You!
Becoming a franchisee is just as risky as starting your own independent business, if not more. Getting started is going to require quite a bit of research, planning, and due diligence to get you beyond the hype and misleading claims of franchisor marketing.
With a picture of the “harsh realities” of franchise ownership in your back pocket, take the next step beyond the hype by building a picture your own readiness to become a franchisee. Assess potential franchise opportunities; and equip yourself with an understanding of what the law can do to ensure your interests are protected.
Here is a collection of expert advice (largely drawn from fellow Business.gov blogger *Joel Libava, otherwise known as “*The Franchise King“) to help you on your way:
- Are You Ready to be a Franchise Owner?
It takes a particular personality to be a successful franchise owner. More than just a risk-taker, you need a “franchise personality”, or as Joel Libava explains “…the type of personality that is OK with rules“. For example, not only must you follow the franchisor’s operations manual, but you’ll also have to pay a certain percentage of your gross sales revenues to the franchisor! Read more about the rules that you must follow, as well as those the franchisor has to follow in Joel’s article: “Do You Have That Special Personality Needed To Be A Franchise Owner?“.
- Understanding the Types of Franchise Opportunities Available
It’s fairly easy to search for franchise opportunities. For example the International Franchise Association offers a “*Find a Franchise” search tool allows you to search based on industry, location, financing, etc. Many would-be franchisees choose their franchise type based on marketing by the franchisors – many of whom market their franchises with a certain demographic in mind, to the exclusion of others. For example, some franchise concepts specifically target men, when in fact women would be just as skilled in executing the franchise strategy.
To get yourself thinking about the types of franchise opportunities available to you (advertised or not), read Joel Libava’s “The Franchise Business Model: Opportunities Galore for Women” (and just in case you feel excluded, Joel’s article does apply to men, too!)
- Finding the Right Franchise – Using a Little Detective Work and the Law!
How do you know when you’ve found the right franchise for you? Read more about the vital key indicators that will help you know when you’ve found the right franchise in my earlier article, “Investigating a Franchise Opportunity – How a Little Detective Work and the Law can Help“. You’ll also learn about what the law requires to help you make informed decisions about a particular franchise (including financial statements, contact information of other franchisees, and so on), in addition to steps that you can take to assess a franchise opportunity.
- How Much Should You Invest in a Franchise?
Read more about assessing your net worth; the factors that determine how much money you can actually make from a franchise; and a good rule of thumb for how much you should invest in a franchise opportunity in Joel Libava’s article: “Franchise Opportunity Exploration Starts at the Kitchen Table“. As Joel explains, “When you buy a franchise, *in every case except one, the amount you invest does not have a direct bearing on what your potential income will be. In other words, there is no automatic correlation between what you invest in a start-up franchise, and what type of profit you can expect.”
Additional Resources
- Small Business Franchise and Business Opportunities Guide - This guide from www.business.gov provides helpful advice on buying and evaluating a franchise and information on how to avoid common scams.
- *The Franchise King - Rich with franchise information, resources, products, and services. If you are a prospective franchise owner, you’ll find the resources you need to help you lower your risk. If you are a franchisor, you’ll find great resources to help your franchise system continue to flourish.
- *Buying a Franchise: A Strategic 101 (Allbusiness.com) – Four things you can do to ensure the investment you make is in a credible, proven franchise model and that there are no hidden pitfalls.
- *International Franchising Association – IFA represents all aspects of the franchise community and works to protect, enhance and promote franchising.
- Restaurant Franchise – Your Essential Checklist – This article sifts through some of the best articles, resources and tools to provide an A-Z checklist about how to start a restaurant franchise and make it a success.
*Note: Hyperlink directs reader to non-government Web site.
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Not long ago, the idea of running a small business with colleagues and clients dispersed around the country—indeed, around the world—seemed impossible. But thanks to the evolution of Internet-based “virtual businesses,” some of the nation’s fastest growing enterprises exist entirely in cyberspace. It’s ‘market space,’ not just ‘market place.’
With the virtual model, business owners outsource nearly everything—including people and partners who may be anywhere—to create their companies. The technologies and Web-based services to tie it all together are becoming more sophisticated and less expensive all the time, helping fuel the move to virtual existence.
While the absence of a traditional office might change how you manage your business and the people who work for you, it doesn’t eliminate the need for doing so effectively. Staying connected and working in unison is vital to virtual success. Cell phones, email, social media and shared workspaces on the Web can keep it all running smoothly.
With people interacting electronically from remote locations, and little if any face-to-face contact, you need extra effort to foster trust and bonding among individuals involved. Talk by phone, use Web conferencing/meetings, and meet in person on occasion.
Leverage the strengths that a virtual business affords, including flexibility, such as offer short turnaround, low overhead to keep costs lower than the competition; and competence by touting the credentials of your virtual partners.
The Microsoft Small Business Center at www.microsoft.com/smallbusiness is a portal site that offers nearly everything you’ll need to get up and running. This site, previously known as bCentral, has been reinvented as a suite of small business tools and services such as Web marketing, payment processing, online catalog creation, shopping cart, list building, banner ads and search engine submission.
Yahoo Small Business at http://smallbusiness-host.com/yahoo and Hostway at http://www.hostway.com/ can assist virtual small businesses with securing domain names, Web hosting, marketing and site design, and other needs. To keep your internal collaboration processes up to speed, WebOffice at http://www.weboffice.com/ and HotOffice.com both specialize in services for sharing calendars, document exchange and tracking, and multi-location online conferencing.
Whether you operate a conventional or virtual business, the small business experts at Lancaster SCORE, “Counselors to America’s Small Business” can help. SCORE is a nonprofit organization of more than 50 volunteer business mentors who provide free, confidential business counseling and training workshops to emerging and existing small businesses. Call us at 717-397-3092 or find us online at http://www.scorelancaster.org/.
SCORE Volunteer Jim Martin
Salesperson. Manager. Executive. Consultant. When a SCORE Lancaster client needs a mentor who’s “been there, done that,” Jim Martin is there to help.
This Lancaster, Pennsylvania native got his start selling trucks, parts, and services for his family’s business, where he eventually earned the position of company president. After selling the business, Jim was a loan officer for a mortgage company and, later, became a licensed real estate agent. He’s also worked as a small business consultant. The result is a mentor who knows the challenges of running a business and has the people skills to help clients successfully navigate those challenges.
One of the newer members of SCORE’s team, Jim uses his expertise to assist entrepreneurs who are just starting out. “When people come to see us, most need basic help…how to make a business plan, how to go through the whole process,” he says.
Jim’s clients aren’t the only ones who benefit from their time with him. He says, “[Counseling] is a two-way street entirely. I get as much out of them as they get out of me.” The most rewarding part is “seeing someone come in with an idea or dream, and you help them make it happen.”
To request Jim – or any of the fifty SCORE Lancaster volunteers – to help your business, contact us at www.scorelancaster.org or at 717-397-3092, or visit us at Suite 231 Liberty Place, Lancaster, weekdays between 10:00 AM and 2:00 PM.
By Jim O’Brien, member of SCORE “Ask the Experts” panel
So you’re ready to start that business plan you’ve been procrastinating over for the past year.
Reality has set in: no business plan, no bank loan, no business plan, no investment, no business plan, no business.
But where to start? Marketing strategy? Sales programs? Financial plan? Customer research? …the choices seem endless.
Here is a suggestion…start at the beginning.
Answer these two basic questions:
1) What do I want my company to look like in the future?
2) What will my company do for my customers?
The answers will define the vision and mission of you company. It sounds simple, but it’s not easy. Developing your vision and mission statements will take creativity, soul searching, self knowledge, and most of all it will take a lot of work. So let’s get started!
Your “Vision Statement” should paint a picture of what your business will look like at specific point in the future. We all have different time horizons so pick a point in the future that’s comfortable for you: one, three, five years. Include what you want to look like internally: sales, profits, employees, culture, physical environment, etc. Also include what kind of a relationship you have with your community, your industry, your nation, etc. The Vision Statement can be modified as the facts and environment change. Here’s an example of a vision statement from a consulting firm I’ve worked with:
“Within five years ABC Consulting will be nationally recognized as the best profit improvement consulting firm in the country. We will develop a unique process that will provide small and mid-sized companies with specific, actionable profit improvement programs within 30 days of beginning the engagement. We will have revenue of $5 million, and a pretax profit of 20% by December 31, 2015. Our consultants will not be freshly minted MBAs, but experienced business people. Our company will be an active participant in the community’s homeless programs, contributing 10% of pretax profits to reduce homelessness.”
Your “Mission Statement” on the other hand does not look inward at all. It focuses exclusively on what your firm will do for its customerss. It should be able to withstand the test of time. That is not to say it can never be changed. As you proceed developing the business plan you should return to the Mission Statement to clarify and improve it. Here’s an example of a Mission Statement from the consulting firm mentioned above:
“ABC Consulting is dedicated to increasing the profitability of our clients in a manner consistent with their values and goals.”
With the Vision and Mission Statements completed we know who our customers are, what we’re doing for them, what kind of employees we need. We can now proceed to complete a business plan that’s consistent with what we want for our company, and our clients.
For expert help and advice on business planning for your Lancaster, PA business, contact SCORE Lancaster at (717) 397-3092.
Or you can click here to directly request free face to face counseling or mentoring.
As an operator of your own business, it is essential that you understand self-employment taxes.
What is Self-Employment Tax?
Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from the pay of most wage earners.
You figure SE tax yourself using Schedule SE (Form 1040). Social security and Medicare taxes of employee wage earners are figured by their employers. Also you can deduct half of your SE tax in figuring your adjusted gross income. Wage earners cannot deduct social security and Medicare taxes.
SE tax rate. The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
Maximum earnings subject to SE tax. Only the first $106,800 of your combined wages, tips, and net earnings in 2009 is subject to any combination of the 12.4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax.
All your combined wages, tips, and net earnings in 2009 are subject to any combination of the 2.9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax.
Fiscal year filer. If you use a tax year other than the calendar year, you must use the tax rate and maximum earnings limit in effect at the beginning of your tax year. Even if the tax rate or maximum earnings limit changes during your tax year, continue to use the same rate and limit throughout your tax year.
Self-employment tax deduction. You can deduct half of your SE tax in figuring your adjusted gross income. This deduction only affects your income tax. It does not affect either your net earnings from self-employment or your SE tax.
How to Pay Self-Employment Tax
To pay SE tax, you must have a social security number (SSN) or an individual taxpayer identification number (ITIN). This section explains how to:
- Obtain an SSN or ITIN
- Pay your SE tax using estimated tax.
Obtaining a Social Security Number. If you never had an SSN, apply for one using Form SS-5, Application for a Social Security Card. You can get this form at any Social Security office or by calling (800) 772-1213. Download the form from the Social Security Online Web site.
Obtaining an Individual Taxpayer Identification Number. The IRS will issue you an ITIN if you are a nonresident or resident alien and you do not have and are not eligible to get an SSN. To apply for an ITIN , file Form W-7, Application for IRS Individual Taxpayer Identification Number.
Estimated Taxes
Federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. You generally have to make estimated tax payments if you expect to owe tax, including SE tax, of $1,000 or more when you file your return. There are two ways to pay as you go: withholding and estimated taxes. If you are a self-employed individual and do not have income tax withheld, you must make estimated tax payments.
Who Must Pay Self-Employment Tax?
You must pay SE tax and file Schedule SE (Form 1040) if either of the following applies.
- Your net earnings from self-employment (excluding church employee income ) were $400 or more.
- You had church employee income of $108.28 or more.
Your net earnings from self-employment are based on your earnings subject to SE tax. Most earnings from self-employment are subject to SE tax. Some earnings from employment (certain earnings that are not subject to social security and Medicare taxes) are subject to SE tax.
If you have earnings subject to SE tax, use Schedule SE to figure your net earnings form self-employment . Before you figure your net earnings, you generally need to figure your total earnings subject to SE tax.
Note: The SE tax rules apply no matter how old you are and even if you are already receiving social Security or Medicare.
Are You Self-Employed?
You are self-employed if any of the following apply to you.
- You carry on a trade or business as a sole proprietor or an independent contractor.
- You are a member of a partnership that carries on a trade or business.
- You are otherwise in business for yourself.
Trade or business. A trade or business is generally an activity carried on for a livelihood or in good faith to make a profit. The facts and circumstances of each case determine whether or not an activity is a trade or business. The regularity of activities and transactions and the production of income are important elements. You do not need to actually make a profit to be in a trade or business as long as you have a profit motive. You do need, however, to make ongoing efforts to further the interests of your business.
Part-time business. You do not have to carry on regular full-time business activities to be self-employed. Having a part-time business in addition to your regular job or business also may be self-employment.
Example. You are employed full time as an engineer at the local plant. You fix televisions and radios during the weekends. You have your own shop, equipment, and tools. You get your customers from advertising and word-of-mouth. You are self-employed as the owner of a part-time repair shop.
Sole proprietor. You are a sole proprietor if you own an unincorporated business by yourself, in most cases. However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation. For more information on this election and the tax treatment of a foreign LLC, see Form 8832, Entity Classification Election.
Independent contractor. People such as doctors, dentists, veterinarians, lawyers, accountants, contractors, subcontractors, public stenographers, or auctioneers who are in an independent trade, business, or profession in which they offer their services to the general public are generally independent contractors. However, whether these people are independent contractors or employees depends on the facts in each case. The general rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done. The earnings of a person who is working as an independent contractor are subject to SE tax.
You are not an independent contractor if you perform services that can be controlled by an employer (what will be done and how it will be done). This applies even if you are given freedom of action. What matters is that the employer has the legal right to control the details of how the services are performed.
If an employer-employee relationship exists (regardless of what the relationship is called), you are not an independent contractor and your earnings are generally not subject to SE tax. However, your earnings as an employee may be subject to SE tax under other rules discussed in this section.
For more information on determining whether you are an independent contractor or an employee, refer to the section on Independent Contractors vs. Employees
Earned Income Tax Credit
If you file a Form 1040 Schedule C, you may be eligible to claim the Earned Income Tax Credit (EITC). Learn more about EITC, or use the EITC Assistant to find out if you are eligible.
References/Related Topics
Here is a list of links to some more detailed IRS explanations:
- What is Self-Employment Tax?
- How to Pay Self-Employment Tax
- Estimated Taxes
- Who Must Pay Self-Employment Tax?
- Are You Self-Employed?
- Earned Income Tax Credit
- Employment Taxes for Businesses
- Distinguishing Between Self-Employed Individuals and Independent Contractors
Tax Calendar for Small Businesses and Self-Employed
One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. Below, note some issues to consider when operating a husband and wife business.
How spouses earn Social Security benefits
A spouse is considered an employee if there is an employer/employee type of relationship, i.e., the first spouse substantially controls the business in terms of management decisions and the second spouse is under the direction and control of the first spouse. If such a relationship exists, then the second spouse is an employee subject to income tax and FICA (Social Security and Medicare) withholding. However, if the second spouse has an equal say in the affairs of the business, provides substantially equal services to the business, and contributes capital to the business, then a partnership type of relationship exists and the business’s income should be reported on Form 1065, U.S. Return of Partnership Income (PDF).
Both spouses carrying on the trade or business
On May 25, 2007 the Small Business and Work Opportunity Tax Act of 2007 was signed into law and affect changes to the treatment of qualified joint ventures of married couples not treated as partnerships. The provision is effective for taxable years beginning after December 31, 2006.
The provision generally permits a qualified joint venture whose only members are a husband and wife filing a joint return not to be treated as a partnership for Federal tax purposes. A qualified joint venture is a joint venture involving the conduct of a trade or business, if
(1) the only members of the joint venture are a husband and wife,
(2) both spouses materially participate in the trade or business, and (3) both spouses elect to have the provision apply.
Under the provision, a qualified joint venture conducted by a husband and wife who file a joint return is not treated as a partnership for Federal tax purposes. All items of income, gain, loss, deduction and credit are divided between the spouses in accordance with their respective interests in the venture. Each spouse takes into account his or her respective share of these items as a sole proprietor. Thus, it is anticipated that each spouse would account for his or her respective share on the appropriate form, such as Schedule C. For purposes of determining net earnings from self-employment, each spouse’s share of income or loss from a qualified joint venture is taken into account just as it is for Federal income tax purposes under the provision (i.e., in accordance with their respective interests in the venture).
This generally does not increase the total tax on the return, but it does give each spouse credit for social security earnings on which retirement benefits are based. However, this may not be true if either spouse exceeds the social security tax limitation. Refer to Publication 553, Highlights of 2009 Tax Changes for further information about self-employment taxes. For more information on qualified joint ventures, refer to Election for Husband and Wife Unincorporated Businesses.
One spouse employed by another
If your spouse is your employee, not your partner, you must pay Social Security and Medicare taxes for him or her. The wages for the services of an individual who works for his or her spouse in a trade or business are subject to income tax withholding and Social Security and Medicare taxes, but not to FUTA tax. For more information, refer to Publication 15, Circular E, Employer Tax Guide.
For more information about small business taxes visit www.irs.gov.
Sign up now for SCORE’s basic entrepreneur workshop called “Fundamentals of Small Business”
The 2010 series is being offered beginning on Saturday February 27, 2010.
This entry level workshop will address basic steps critical to starting and managing a business.
For a person planning to start a new business for the first time, reviewing these processes is a reality check – a no-nonsense look at the requirements and challenges of starting a business. “Small Business Fundamentals” is a valuable learning experience for new business entrepreneurs.
Who should attend?
Anyone who is newly considering starting or buying a business.
What you will learn:
·Ten essential factors that determine success of a business
· Starting a business (naming and registering the business)
· Legal structures (sole proprietorship, partnership, limited liability companies, S-Corporations, etc.)
· Marketing products or services, including positioning the product or service, defining target customer wants and needs, and evaluating competition
· The essential parts of a business plan
· How to interpret Cash Flow, Balance Sheet and Profit and Loss statements
· Funding alternatives
· What you need to know to start a business, and where to find answers
For more information and to sign up now use this registration link:
Score Fundamentals of Small Business
Other available dates:
- March 24
- April 10
- May 1
- May 19
- June 23
- July 14
- August 21
- September 15
- October 23
- November 10
- December 11,2010
Source: www. business.gov community -
By CaronBeesley
The online social media revolution that has bought us Facebook and Twitter actually started back in the late 90’s when the term “blog”, short for “weblog”, entered the lexicon.
Since then the activity of blogging has exploded and it was in May 2005 that BusinessWeek proclaimed that *Blogs Will Change Your Business. They certainly have.
Why are blogs important for your business?
Blogs provide business owners with unprecedented ways of reaching and engaging with large audiences in a way that the traditional one-way information push of a company Web site could never do.
Not only this, but blogs can help put a human face to your business while showcasing your knowledge and passion for your chosen field. For example, restaurant owners can share recipe secrets. Just about anyone from a landscaping business to an IT security company can share tips of the trade that connect them with their customer base.
And unlike the static content of a business Web site, blogs are collaborative and invite comment – a great way to engage with and solicit feedback from your customers!
Blogs can even be lead generating. I read and monitor blogs religiously and have nurtured leads and networked with businesses that I would not have known existed, had it not been for the viral marketing effect generated by their blogs.
Of course, if you are thinking of starting a blog you need to have an underlying strategy in place to ensure it is a success. Here are four things to consider before you enter the blogosphere:
1. Identify a Purpose, Goal and Intention for your Blog
While you obviously want to promote your business, don’t be over-promotional in your blog content strategy. Decide early on what you want to accomplish with your blog – and this should drive your content.
Most blogs are typically centered on positioning businesses or business owners as thought leaders in their space or for sharing information and tips that readers find useful. For other ideas on how to shape your blog strategy, including the use of case studies and interviews, take a look at this article – “* Five Winning Post Ideas for Your Small Business Blog” – from OPENForum.com.
Once you have defined your goal, be sure to adhere to it. Consider publishing your blog objective on your blog home page.
For example, the objective of a hypothetical company – JJ’s Landscaping Services – might be to provide tips that help consumers maintain a thriving garden in all seasons, which could be summarized and published as:
“The Better Garden Blog”
“Tips and Tools from our team of experts to keep your garden looking its best year round!”
2. Getting Started – Blog Software
Once you have decided to start blogging, you will need to consider the software options available for hosting your blog.
Some social media consultants advise businesses to be wary of free blog tools available, since their basic features sometimes don’t offer integration with existing business Web domains or allow for brand customization.
Truth be told, however, if you are just getting started with a blog, free blogging software is a cost-effective and easy solution for many small businesses. Both WordPress.com and Blogger.com will provide you with a solid blogging platform for free. If your blog does take off down the road, you can then consider migrating to blog software that is installed on your domain and integrated with your Web site. And don’t forget to devise a communication plan to let your readers know that you are moving hosts!
3. Commit to Blogging Regularly and with Relevance
There are two tell tale signs that a blog has lost its way – no posts for two weeks or more, and content that has veered off course. Neither will give a favorable impression of your company.
If you can’t commit to posting at least 2-3 times a week, then blogging is not going to work for your business. And this is something to consider before you even start your blog. A good way to keep posts regular is to share duties with others. This also adds a diversity of voices.
Having an editorial calendar can also keep you on track. Written in advance (for the coming month or quarter), an editorial calendar should include not just the working title of upcoming posts, but a summary of the objective of each post too. Also include hyperlinks to other resources that can help you craft your post quickly and efficiently when it comes time to write.
Don’t forget to include placeholders for topical posts that spring up at the last minute. For example, in the case of our hypothetical company – JJ’s Landscaping Services – topical posts that address current issues such as protracted weather conditions can keep your blog relevant and compelling.
4. Develop a Plan to Generate Traffic to your Blog
Last, but by no means least, generating traffic to your blog is critical. The trouble is, many bloggers either do nothing to leverage the tactics available to them, or they go overboard and saturate their blog pages with links and social media icons to drive inbound traffic.
There are many traditional and non-traditional ways to drive traffic to your blog – from ensuring you have RSS feeds built in to adding a link to your blog from other customer touch points such as your email signature and main business Web site.
This article from Louis Gray – “*10 Pointers for Generating Traffic to Your Blog” – is essential reading to get any blogger started in thinking about ways to promote their blog content and drive inbound traffic.
Happy blogging!
Additional Resources
Are you thinking about starting a business blog? Do you already have a blog? Share your experiences with other small business owners on the Business.gov Community topic of “How to Start a Blog?“
- *http://wordpress.com/
- *http://www.blogger.com/
- *Should your Non-Profit Launch a Blog? (*www.nancyschwartz.com)
- *Blogging’s 11 Big Pay Offs (www.inc.com)
- Small Business Marketing Guide from Business.gov – Tips, tools and lots of information to help you market your start-up or small business.
*denotes: Hyperlink directs reader to a non-government Website.
| Lancaster, PA – Gerard Glenn, the President of the Lancaster Chapter of SCORE announced its sponsorship of the First Step FastTrac class for this Spring. First Step is a twelve week course which teaches budding entrepreneurs how to start their own small businesses. The series, co-sponsored by SCORE and ASSETS Lancaster, is the second one to be held in Lancaster. ”Our first course last Fall was so successful, we decided to hold it again,” Glenn said. “We graduated 19 students who are looking to open businesses ranging from restaurants and remodeling contractors to accounting and veterinarian services. Their response to the program was simply outstanding.” The comprehensive course – developed by the prestigious Ewing Marion Kauffman Foundation in Kansas – teaches students the basics of starting their own businesses including in-depth sessions on how to conduct a feasibility study, how to market your business, pricing your product, how to prepare accurate budgets and financial projections, how to write a business plan and how to find funding for your start-up. Each course is taught by successful businessmen and women from the Lancaster area and includes lectures, hands-on entrepreneurial experiences and individual and group coaching and mentoring. ”The sessions included all necessary aspects you need to know when you plan to start a business. They were clear and easy to follow step by step. The entrepreneur’s handbook, the extra information, the email message follow-ups to all sessions were fabulous!”, according to Nilda Vega, a Fall graduate. ”We’ve taken the suggestions of our first group of graduates and made the course even better,” said Lou Davenport, the FastTrac instructor. “We’ve added more time with the individual coaches; increased the amount of hands-on time students have in our computer lab with the financial templates; and will tailor the business examples we use to meet the specific needs of the local businesses students want to start up.” The First Step FastTrac course takes place every Tuesday night, beginning March 2, 2010 and runs from 6 to 9 PM. It is held at the Earl B. Hess Training Center, located in the ASSETS building at 237 North Prince Street in Lancaster. Tuition for the course ranges from $75 to $575 and is based on household income. Some tuition reimbursable scholarships are available thanks to a grant from Lancaster County Housing and Redevelopment Authority. For more information on the upcoming courses, please contact: SCORE at (717) 397-3092 or Maria Iniesta at (717) 393-6089 or visit: www.scorelancaster.org |
