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“If You Build It, They Won’t Necessarily Come” – Lesson from StripedShirt.com

June 15, 2015
By Keith D. Yurgosky

Business PlanHave you heard about Laura Beck of www.stripedshirt.com, the self-proclaimed “failed entrepreneur” whose kickstopper story has gone viral? At The University of Scranton Small Business Development Center part of what we do every day is help people understand that some planning and research up front can be the difference between a successful business and a failed idea. But it’s even better for you to hear it from someone who knows like Laura Beck.

I live in a house with four women, and work in an office with five women, in both cases I am the only male. So not only have I learned to put the toilet seat down, but I have also learned that women find wearing striped shirts unflattering. Somehow Mrs. Beck didn’t get this memo. If she had put together a small focus group of women before starting, I am certain this is something that would have come up. Pre-planning and some simple market research can save a lot of headaches down the road. In the case of Mrs. Beck, I am sure she had many sleepless nights trying to figure out how to unload the 21,000 striped shirts she had pre-ordered, or how to recoup the $210,000 investment she had made to start the business.

This is the same situation many entrepreneurs find themselves in on a daily basis and, when a loan is involved and the collateral is a person’s home, the dream of owning a business can quickly become a nightmare. The mistake admitted by Mrs. Beck was that she thought PR alone could sell the product. However, marketing isn’t only advertising, it’s finding the right product and being able to sell it at a price people are willing to pay for it.  (more…)

You’re 50. You’re Downsized. Now What?

June 12, 2015

FranNetAt FranNet, we believe franchising makes sense no matter what stage in life you find yourself. As you may have witnessed yourself, the job market no longer provides the long-term security it once offered. Previous generations grew accustomed to a certain career and the length of time they would be in that job — this is now less of a reality than ever before.

One of the things to consider in a life or career transition is that people are living a healthier lifestyle than ever before. This adds to longevity. People are living longer lives today and perhaps a little more willing to make changes in their lives. So with 50 being the new 40, 40 the new 30, and so on, how can you plan for the long-term?

Think about it—if you’re downsized around the age of 50 and expect to live just the national life expectancy, that’s nearly another 30 years of your life you’ll need to account for. Are there companies out there clamoring for a 50-something former corporate person? What will you do with yourself? Many are turning to small business ownership and franchising. And there’s even a term for it. It’s called your “Encore Career.”  (more…)

Bringing Desperately Needed Healthcare To Rural Missouri

June 10, 2015
Theodosia Family Medical Clinic - MO SBTDCSuccess Story: Missouri
  • Howell County, Missouri SBTDC
  • SBTDC Counselor: Willis Mushrush
  • Client: Theodosia Family Medical Clinic, LLC – SBTDC client since 2012

“Willis helped so much to meet our goal. He’s been really good.”- Lisa Schofield, owner, Theodosia Family Medical Clinic, LLC

Impact of working with Missouri SBTDC: To say there’s a shortage of healthcare providers in rural Ozark County is an understatement — There isn’t one resident physician in the entire county and only one ambulance. Mushrush helped Schofield through the arduous process of applying for formal federal rural health clinic certification, required to receive Medicare and Medicaid reimbursement. Schofield estimates 90 percent of the clinic’s income comes from Medicare and Medicaid. In just three years, Schofield has transformed an idea for a desperately needed service to a reality with revenues topping $400,000, employing seven people in a chronically economically depressed area.

Read the whole story, and learn more about the Missouri SBTDC.

Why Don’t Small Businesses Protect Their Intellectual Property?

June 8, 2015
By Mary Juetten

Intellectual PropertyIt’s a widely-held belief that small businesses are the main driver of the US economy. Small businesses have a greater ability to create new jobs than middle and large-sized companies. So what is keeping them from protecting their intellectual property? While the federal government has implemented a number of measures to assist aspiring entrepreneurs to start their own business, it hasn’t done enough to educate them on the importance of intellectual property (IP) protection or the value of intangible assets. Below are a few IP-related challenges that US small businesses face today.

Lack of emphasis

It wasn’t until recently that the federal government recognized the need to develop informational tools about IP protection for American companies. This move originated in part from an article written by Scott Baldwin stating that only 15% of US small businesses conducting business overseas were aware that US patents don’t protect them abroad. It would thus seem fair to conclude that US startups are at a disadvantage when it comes to IP protection compared to larger, global companies.  (more…)

How To Ensure A Good Fit For You In A Franchise

June 4, 2015

FranNetWhile inquiring about how to ensure a good fit for each candidate might seem obvious, there is a clear cut reason why some franchisees fail to achieve real success in the world of entrepreneurship. As a potential franchisee looking to join up with a successful brand and system, you know that you need to be the right fit for the right opportunity… but how can you ensure it? Today, we’ll explore a few pointers that you’ll want to take to heart.

We never fail to require our clients to do their due diligence. In doing so, we try to advocate careful consideration during our process in matching the right person to the right opportunity. However, while we act as the primary guide on your journey, it is the potential franchisee who must ultimately take responsibility for the choices and decisions which come during the process. Is it possible to over simplify the process? We certainly don’t think so.

The Crossroads of Passion and Opportunity (oh, and Roadblocks)

It may seem obvious that a potential franchisee is advised to get behind a product or service that drives a passion within them. You may love to eat sandwiches, but that may not mean that you’re cut out to dish out cold cuts on a daily basis.  (more…)