Raleigh SCORE, NC

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Business Counseling Frequently Asked Questions (FAQ)

1. What should I bring to my business counseling appointment?
2. What should I expect to come away with at the end of each session?

What should I bring to my business counseling appointment?

This will depend on what you need to discuss during the visit.

Initial appointment

• Your notes, paper, pencil, description of your business, tentative schedule, partners, supporting documents and/or research, rough business plan, range for funding, etc.
• Review Start-Up Resource Guide: Starting a Business in North Carolina" (.pdf) and "How to Start a Business" prior to your appointment date.

Business plan and funding

• Draft business plan, funding sources considered, customer demographics, location, etc.

Marketing and/or Expanding your business

• Customer demographics, pricing, performance, position, and promotion, for your business, enhanced product and/or service offerings, advertising [media, internet, print], etc.

Insurance and Operations

• Business liabilities, insurers considered, staffing, benefits, bookkeeping, payroll, computers and technology, data-bases, etc.

Inventory and Supplier management

• Vendors and/or alternate sources, mix of products and/or services, computers and technology, data-bases, customer files, trend analysis, flexibility, etc.

Buying or selling your business

• Pricing, residuals, consulting, partnerships, franchising, insurance, staff, capital equipment, customer files, etc.

What should I expect to come away with at the end of each session?

Initial:

• Basic milestones in the process of starting a business
• Criteria for Business plan development
• Criteria for Business licensing
• Criteria for Financing
• Criteria for Marketing plan
• Criteria for Legal
• Criteria for Insurance
• Be prepared to depart with an action list and set additional appointments

Business Plan:

• Specific elements for Business plan
• Writing process
• Self help references
• Critique of existing Business plan
• Be prepared to depart with an action list and set additional appointments

Finance:

• Specific elements of a loan application
• Specific elements a lender looks for
• Institutions suited to small businesses
• Understanding of SBA and its programs
• Be prepared to depart with an action list and set additional appointments

Insurance:

• Specific elements in policy
• Institutions suited to small businesses
• When needed
• Liability, Health, Injury
• Federal and State requirements
• Be prepared to depart with an action list and set additional appointments

Cash Flow:

• Specific elements in a balance sheet
• Paper and Electronic tool to help
• Understanding ROI, EBITA and Profitability
• Earnings before interest, taxes, and amortization expense, [Brake even]
• Be prepared to depart with an action list and set additional appointments

Staffing:

• Criteria for staff W2 vs. 1099
• Taxes and Insurance burden
• When needed
• Be prepared to depart with an action list and set additional appointments

Real estate:

• Specific elements in a lease
• Terms and Conditions [Ts & Cs]
• Location - Location
• Demographics
• Be prepared to depart with an action list and set additional appointments