encore entrepreneur day 2015. eric thompson broward score 954-356-7263...

Encore Entrepreneur Day2015

Eric Thompson Broward SCORE

954-356-7263eric.thompsom@scorevolunteer.org

Agenda

• 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 55,65510 - 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

• Workshops • Expositions• On Line Resources• Radio

• Mentoring• Face-to-Face• E-Mail• Telephone

Provide Knowledge

Individually

Group Settings

Key Entrepreneurial Program

• 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

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 Listen to Past Shows

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. 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.

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

Desktops & laptops – www.broward.score.org Smart Phones & Tablets - browardscore.mobi E-mail – mail@browardscore.org Phone – (954)356-7263 Mentoring locations: Downtown Ft.

Lauderdale, Plantation, Sunrise, Hollywood, Miramar

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• 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

• 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

• Self-starter• Resourceful• Responsible• Organized• Hard worker• Persistent• Decisive• Healthy• Supportive family

Some Hard facts• 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

• Founders' increased the use of personal savings to start their businesses:– 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

• 35% of the new business owners were female•

What does it take?

• Let’s talk to people who have been there, done that:– Paul Bosley Financial Services

Entrepreneur– Michael Bush Franchise Industry

Entrepreneur– Russ Thompson Legal Services Entrepreneur– Angela Stofsky Accounting Services

Entrepreneur

Paul BosleyHealthclubexperts.com dba Business

Finance Depot1-561-702-5505

Paul@businessfinancedepot.com

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 BushTransworld Business Advisors

954-224-3178mbush@tworld.com

Russell ThompsonLaw Offices of Russell M. Thompson

954 316-8988mrthompson@rmtlawfirm.com

Angela StofskyAVS TAX AND ACCOUNTING, LLC

954-204-3260angela@avstaxcpa.com

Financing a Business

Financing Channels

Start up 1-2 yrs. +3 yrs.

- Savings- Personal Loans- Friends & Family- Micro Loans- A few banks- Finance Companies- Grants- Crowd Funding- Peer-To-Peer Loans

- Angel Investors- Venture Capitalists- Community based

financial entities- Ethnic oriented

funding sources - Finance Companies- Some Banks

- Most Banks- Financial lending

institutions

Note: Sourcing Capital for Your Business 3 hr. workshop – Sept. 23rd