Category Archives: Business Planning

The Impact of COVID-19 on Startups – April 2020

Infographic: The Impact of COVID-19 on Startups - April 2020

SCORE surveyed pre-startups and startups in early April 2020 about how they think how coronavirus could affect their business, and this infographic highlights the findings.

Data from a SCORE survey conducted from April 3-16, 2020. 492 business owners responded with 125 respondents identified as thinking of starting a business or in their first year of business ownership.

  • 65% of those surveyed are solopreneurs
  • 28% have 2 to 5 employees
  • 5% have 6 to 10 employees
  • 2% have 11 to 20 employees
  • 2% have 21+ employees

The respondents owned businesses in the industries below:

Continue reading

The SCORE Startup Roadmap: Your Guide to Successfully Starting a Business

Take the SCORE Startup Roadmap

Are You Ready to Start Your Business?

The path to business ownership is an exciting journey. As you embark on your journey, you need a few things to successfully reach your destination. First and foremost, you need a good roadmap or GPS to successfully navigate your way.

The SCORE Startup Roadmap, sponsored by FedEx, guides your journey, from your business idea through opening your doors to customers.

Whatever startup route lies ahead of you, the Startup Roadmap provides direction along the way. It will help you chart a course to success, minimizing detours and dead ends so you can get to your goal faster. This Roadmap will take you from the initial step of defining your business idea through your ultimate destination: launching your business. In each chapter, we’ll teach you what you need to do and give you the resources and expertise you need to get it done. Continue reading

Is an SBA loan right for you?

SBA loan

If you’re starting or growing your small business, you should learn about loans guaranteed by the U.S. Small Business Administration (SBA) as a funding option.

If you apply for an SBA loan, your loan won’t be from the SBA, and you won’t make your payments to the agency. Instead, the SBA approves lenders to provide loans to small businesses under their loan programs. Continue reading

Where is the best place for your business?

“A library patron who wants to buy vacant land made a one-on-one research appointment to investigate mobile home parks in Kitsap, Mason, Jefferson, and Pierce County.  The lack of affordable housing in the area weighed on her and she wanted to use her resources to provide housing for families who are burdened by a high rents or long commutes.  We were able to identify all the mobile home parks in Kitsap and its neighboring counties, who their owners are, what their annual sales volume is, and build a geographic heat map that showed their locations relative to one another.  She left with handle on potential gaps in the market and a more focused sense of where it makes sense to look for land.” — Carina Wood, Kitsap Regional Library, Silverdale Branch 

KRL - BUSINESS RESEARCH

Myths and Facts About Grants for “For-Profit” Business

“How can I get grant money to start a for-profit business?”

This is the number one funding related question that Small Business Administration, other government agencies and financial institutions encounter from potential entrepreneurs seeking money to start a business.

The infomercials on late night television selling books or offering free seminars appear to be very convincing. I have spent hours investigating myths and facts about grants. Here are the findings:

Myths about Grants for “For-Profit” Business:

As part of the research on grants, I attended a few different seminars that were held by privately owned organizations at some of the major hotels. Continue reading

Business Help for Veterans from Facebook and SCORE.

Welcome Veterans!

We are proud to partner with Facebook to help veterans, military members and their families start and grow their own small businesses. Learn more, and find your mentor today.

How Can SCORE Help Veteran Entrepreneurs?

SCORE is the nation’s largest network of volunteer, expert business mentors. Our 10,000 mentors can meet with you face-to-face in over 300 chapters, through video chat or via email. Continue reading

Sole Proprietor vs. Single-member LLC

man in front of a startup sign

New entrepreneurs have a long list of to-dos when starting their businesses. Among the tasks to check off that list is deciding their business structure. For small businesses with a sole owner and no (or very few) employees, the two most popular options are:

  • Sole proprietorship
  • Single-member LLC (Limited Liability Company)

So, which one might be the best choice for your business?

I advise you to consider talking with an attorney and accountant to dig into the advantages and disadvantages of each for your specific situation.

In the meantime, let’s take a look at some of the basic characteristics of each so that you’ll have some fundamental information as you start your research. Continue reading

It’s Time to Budget for 2020

by Kelly Deis of SoundPoint Consulting

Most businesses are on a fiscal year which coincides with the calendar year. Now is a good time to look back and reflect on 2019 as well as look forward and create a new budget for 2020.

A budget is a roadmap. Based on where you have been, it can help guide you to the desired final destination for year-end.

If you stay on the current course – where will you end up? Alternatively, if you change the route – where will you be at the end of the year? It is up to you to decide which path is the most profitable and most likely to be achieved.

Here are a few things to think about as you prepare your budget. Continue reading