Transcript Encore Entrepreneur Day Eric Thompson Broward SCORE 954-356-7263 [email protected] Agenda • • • • • • Introduction Getting support starting a business Some Encore Entrepreneurs’ Experiences Methods to finance a new business Support industries Q&A.

Encore Entrepreneur Day
2015
Eric Thompson
Broward SCORE
954-356-7263
[email protected]
Agenda
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Introduction
Getting support starting a business
Some Encore Entrepreneurs’ Experiences
Methods to finance a new business
Support industries
Q&A
STARTING A BUSINESS IS NOT
REALLY THAT HARD
IT’S STAYING IN BUSINESS
THAT IS THE CHALLENGE!
Start Up Success Rates
2 Year Success Rate
5 Year Success Rate
Be on the Right Side of the Ratios
• Take advantage of the resources that can
help you beat the odds:
SCORE
About SCORE
Nonprofit, all volunteer, 325 chapters,
11,000 volunteers
Florida Is An Entrepreneur’s State!!
• 400,000 small businesses
• Most employ 0 -10
employees
• Small business make up
75% of State GDP
• Favorable regulations &
business taxes
• No personal income tax
• Available labor pool
Employees
Companies
0-4
278,363
5-9
55,655
10 - 19
32,785
20 - 99
23,856
100 - 490
5,856
Total
396,515
Great Entrepreneurial Environment
• Florida ranks as a top state for entrepreneurship – 11th of
50 states*
• It’s 3rd in highest entrepreneurship growth*
• Miami-Ft Lauderdale-Pompano Beach metro area
places 3rd of 938 metro areas in the number of small
businesses with 170,762**
• Pembroke Pines area is one of the strongest areas in
Hispanic entrepreneurship growth ion the nation
• We are in very fertile ground for starting a business
* Kaufman Foundation for Economic Research
** SBDC data
Start Ups Are Us
Broward SCORE
• Established 51 years ago
• Very strong chapter with
continuous business
community involvement
• Cadre of 70 volunteers
• 1,800 face-to-face
mentoring sessions each
year
• 3,000South Florida
entrepreneurs per year
attend our workshops
Broward SCORE Mission
• Our mission is to help entrepreneurs and business men
and women start , develop and grow small businesses in
Southeast Florida
– Growing business will have a multiplier effect on the total
community
– To use a well worn mantra….we teach people to fish, rather than
give them fish
Volunteers’ Backgrounds
• People committed to
helping our area’s small
business community
• Working and retired
managers and business
owners
• Many experienced highs &
lows of business cycles
• From a variety of
businesses & business
disciplines
"What's even better than dreams, is making a
dream come true. Volunteer your expertise,
you've got it- share it!" - Tom Patty, SCORE
Mentor
What We Do
Provide Knowledge
Group Settings
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Workshops
Expositions
On Line Resources
Radio
Individually
• Mentoring
• Face-to-Face
• E-Mail
• Telephone
Key Entrepreneurial Program
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Five Workshops:
1st Start-up Basics
2nd Business Concept
3rd Marketing Plan
4th Financial Projections
5th Funding Sources
15 hour investment of your time
gets you a real understanding of
what you know, what you don’t
know & what you should know
Next series starts October 3rd
Request a meeting – www.broward.score.org
On Line Resources
Our Impact
Learn the Latest in Mobile Marketing
Wednesday on SCORE
11 a.m. on 880 AM The Biz
Guest
Steve Fleisch, president, SMF Services and mobile
marketing expert.
Learn more at LocalMarketingSouthFlorida.com or
LocalMarketingSouthFlorida.mobi.
When: 11 - 11:30 a.m. every
Wednesday
Where: 880 AM The Biz From Miami to south Palm
Beach County
Listen Live:
www.880TheBiz.com
Mr. Fleisch provides insight into mobile marketing trends
that small businesses shouldn't overlook.
Listen to Past Shows
The SCORE Radio Show is sponsored by The
Entrepreneur's Source - your source for a new career
path. Call Don Gross at 954-590-0828.
Listen to Past Shows
Radio Sponsorships Available
SCORE airs at 11 a.m. every week on 880 AM in Miami-Dade,
Broward and south Palm Beach counties. Sponsorships are
available for $250. For details, contact Patricia Maldonado.
Contact Us
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Desktops & laptops – www.broward.score.org
Smart Phones & Tablets - browardscore.mobi
E-mail – [email protected]
Phone – (954)356-7263
Mentoring locations: Downtown Ft. Lauderdale,
Plantation, Sunrise, Hollywood, Miramar
TIP: This page is left blank. Use it
for full page photos, etc.
• Is a nonprofit, nonpartisan membership
organization for people age 50 and over ...
dedicated to enhancing quality of life for all
as we age
• It provides a wide range of unique benefits,
special products, and services for its
members.
Resources
What Does it take?
Critical Success Factors
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Good choice of time and location
Adequate capital
Ability to manage and multi-task
Education/experience in field
Strong work ethic
Effective time management
Willingness to ask for input from
others
Entrepreneur Characteristics
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Self-starter
Resourceful
Responsible
Organized
Hard worker
Persistent
Decisive
Healthy
Supportive family
Some Hard facts
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37% of new business owners said they had encountered no difficulties in forming
or running their companies.
– However, of those who did cite difficulties:
– 36% listed unpredictability
– 28% named lack of access to credit
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Founders' increased the use of personal savings to start their businesses:
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Personal savings to fund the startup jumped to 86% in 2013.
Credit cards at 16%
Retirement savings at 8.5%
Bank or home equity loans at 6.5 %
Survey findings also showed that:
– Businesses with 1 to 4 employees increased to 26.5% in 2013.
– 12% of the respondents had revenues above $100,000
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35% of the new business owners were female
What does it take?
• Let’s talk to people who have been there,
done that:
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Paul Bosley
Michael Bush
Russ Thompson
Angela Stofsky
Financial Services Entrepreneur
Franchise Industry Entrepreneur
Legal Services Entrepreneur
Accounting Services Entrepreneur
Paul Bosley
Healthclubexperts.com dba Business Finance
Depot
1-561-702-5505
[email protected]
A Career in the Fitness Industry
1. Earned BS in Health Science & Recreation in 1974
2. Worked 25 years as an fitness center owner operator.
Grew from 1 location to 44 located in 5 states. (Sold my
stock to partner)
3. Consulted nationwide as grand opening expert until
9/11/01 when travel changed (outside influence forced this
change)
4. Business provides financing to fitness centers & now also
franchises so 2/15 launched dba Business Finance Depot.
5. Launching crowdfunding campaign for a youth fitness
concept
Reinventing Myself
• Invested my savings & earnings every step of the way
• Pursued Higher Education to learn new required skills
– Enrolled in Broward College in 2008 to pursue a 2nd Degree
in Accounting
– Matriculated to Florida Atlantic University in 2012 & am
enrolled in Masters of Accounting Program
• Attend all fitness industry trade shows every year
– Built large industry database over time & use Constant
Contact to create & distribute monthly E-newsletters
– Applied to speak & speak at 3 industry trade shows
– Offered to write & write articles for 2 industry publications
• Market on a consistent basis in 2 industry publications
Michael Bush
Transworld Business Advisors
954-224-3178
[email protected]
Russell Thompson
Law Offices of Russell M. Thompson
954 316-8988
[email protected]
Angela Stofsky
AVS TAX AND ACCOUNTING, LLC
954-204-3260
[email protected]
Financing a Business
Financing Channels
Start up
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Savings
Personal Loans
Friends & Family
Micro Loans
A few banks
Finance Companies
Grants
Crowd Funding
Peer-To-Peer Loans
1-2 yrs.
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Angel Investors
Venture Capitalists
Community based
financial entities
Ethnic oriented
funding sources
Finance Companies
Some Banks
+3 yrs.
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Most Banks
Financial lending
institutions
Note: Sourcing Capital for Your Business 3 hr. workshop – Sept. 23rd