How SCORE Helps Business Startups

Since 1973, SCORE has been helping business startups to turn their ideas into industry. SCORE is a nonprofit resource partner of the US Small Business Administration, and its staffers are primarily volunteers. The organization holds a monthly “How to Start a New Business” workshop which has inspired many new entrepreneurs over the years. To help them act on that inspiration, SCORE also offers practical classes on financial record keeping and many other essential small business skills.

What is most impressive about the SCORE workshops is that they are taught by experienced business owners and managers who have a wealth of experience to share. The classes are geared towards novices, which makes new business owners feel at ease. The heart of the organization is focused on providing mentors who offer free consultation, advice and follow-up.

SCORE Steps For Business Startups

SCORE offers many online resources for business startups as well, including a new business compliance checklist. The type of business, its location, and whether or not there will be employees determines the steps that must be taken in terms of compliance.

In general, the first step that every new business must take is to decide on the legal structure and file the necessary paperwork. Cities and counties may also require local business licenses and permits that must be obtained before the business can begin operation. Those planning to operate a business in their home or from a business location must check to make sure they are not in violation of local zoning ordinances. In regards to taxes, sole proprietors, Subchapter “S” corporations and LLCs report business income and expenses to the IRS as part of their personal income tax and file estimated tax payments with the IRS.

SCORE Advice For Franchise Startups

SCORE offers advice tailored to many different kinds of business startups, including franchises. Franchises can be a good option for those who do not have a strong business knowledge background. Franchising is a method of business where an entrepreneur buys into a system, and in return for paying a franchise fee and ongoing royalties they get the right to open their own franchise following the systems and process of the franchisor.

Franchising is a way of being in business “for yourself, but not by yourself.” Franchisees get the benefit of the franchisor’s proven methods of doing business along with training, ongoing assistance and the branding benefit of the franchisor’s name. Typically franchisor support includes purchasing power, help finding and opening a location, marketing and advertising programs and m ore. The annual AllBusiness AllStar Franchises ranking highlights the top 300 franchise opportunities and is a great resource for those considering this type of business.

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