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SVSCORE Q1 What is the Silicon Valley SCORE Association? Counselors to America’s small businesses. Staffed by experienced and working business owners and executives that have many years of experience with some of the issues you face. Silicon Valley SCORE is one of approximately 400 chapters in the National SCORE Association. Q2 What kind of counseling does Silicon Valley SCORE provide? General advice from how to write a business plan to cash flow management and to expanding your existing business. Assistance is provided via face-to-face counseling, on-line counseling and workshops. Q3 What qualifies Silicon Valley SCORE volunteers to give business advice? The key qualification Silicon Valley SCORE counselors bring to the table is real–world experience. Silicon Valley SCORE volunteers have specific industry and general business expertise. They may be experienced business owners, business executives or operations managers. Q4 How much does it cost? There is no cost for individual counseling. Some workshops or seminars have a nominal fee to cover the cost of materials and other related expenses. Q5 Am I entitled to only one individual session? You can come back for as many sessions as you wish. Each session will be approximately one hour, and your Silicon Valley SCORE counselor will remain interested in you and your business for as long as you and the counselor feel progress is being made. Q6 Are my business secrets safe with Silicon Valley SCORE? Yes, all Silicon Valley SCORE counselors honor the client’s right to proprietary and confidential information. Each year counselors reaffirm their commitment to protecting the client’s information by signing the association’s Code of Ethics. Q7 What do I need to know about starting a business? Aspiring entrepreneurs need to have a clear understanding of the markets they intend to service as well as the size and accessibility of those markets. They also need to know the risks and opportunities of their business within their industry as well as a thorough understanding of the competition within their marketplace. The source and application of funding to support their new business including its required capital base is also critical to the success of the business. We strongly recommend that new entrepreneurs begin this process of opening a new business by attending our all day Small Business Workshop. Q8 Where can I secure the funding to start or grow my business? To obtain financing for a start-up business, lenders will require a complete business plan which describes in some detail your business idea, potential, experience, management marketing plans and financial outlook. It is always a good idea to talk with several banks about your specific funding needs. There are a limited number of financial institutions which may be in a position to provide micro-loans from $1,000 to $75,000 to selected companies with superior business plans coupled with strong management expertise. Q9 Does the SBA provide business loans? The SBA has a number of loan guarantee programs to assist business start-ups and existing businesses. The loans are obtained through preferred and lenders approved by the SBA. It is recommended you vist the SBA website for more information on specific loan programs at www.sba.gov. Q10 How do I go about getting a franchise business? A franchiser gives the franchisee the right to sell, distribute or market the franchiser’s product or service under the franchiser’s name, reputation and selling techniques. Some franchisers agree to give the franchisee the exclusive right to sell or otherwise represent the franchiser in a specific area. In return for the franchisee agrees to pay a franchise fee. There are numerous sources of information about franchisees including internet sites, advertisements and general information from bankers, business brokers and industry trade shows. Because a franchise cost money, it is very important for you to thoroughly investigate and evaluate the opportunity before you invest. Q11 What do I need to know about purchasing an existing business? Before investing in an existing business, please consider some of the following issues: how long the business has existed, who founded it, how many owners does it currently have, why are the current owners getting out of the business. Review the profitability of the business and take note of whether or not the profits are increasing or decreasing over recent years. Consider the condition of the inventory and capital equipment as well as how long the current lease has to run. Are there dependable sources of supply and is the personnel situation satisfactory. Compare similar businesses and absolutely seek due diligence counseling from both an attorney and CPA. Q12 Does it matter if I never have paid either business or personal taxes prior to my opening this new business? It is a problem if you have owed taxes, but have not paid those taxes. Before opening the business, clear up you tax situation with the IRS. Q13 Do I have what it takes to own and manage a small business? You will be your most important asset so an objective appraisal of your particular strengths and weaknesses is an essential element in starting a business. To determine if you have what takes to succeed, ask your self some of the following questions and be brutally honest with your answers. Am I a self –starter? How good am I at making decisions? How well do I plan and organize? Are my attitudes and drive strong enough to maintain motivation? How will the business affect my family. There are essentially four basic desires needed for success: sound management practices, industry experience, technical support and planning ability. Few people have all of the above pre-requisites, but honestly assess whether you have enough of the above skill sets to take the step of owning a small business.
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