Business Capital Startup: Business Start Up Capital

Business Start Up Capital - What is SCORE

By Business Editor

Here is an invaluable resource for small business owners looking to obtain startup capital for a new business venture ...

Individuals looking to obtain startup capital for a new business venture need to explore all the options and possibilities for sources of funds. The Service Corp of Retired Executives (also called SCORE) can be an invaluable resource. SCORE is formed of retired business owners who donate their time and experience free of charge to help small businesses through the entire life cycle.

Obtaining a counselor from SCORE is a pleasant experience that incorporates choice into the matter. You can contact the network when your company is in the very early stages of formation and, after answering a few questions, you'll be provided with a list of members having expertise that matches your business needs. You can read over the biographies of these volunteers and choose a counselor you feel most comfortable with. Relationships with SCORE volunteers tend to develop into close ones and are usually maintained throughout the life cycle of your business. Should your needs change over the course of time, you can always change counselors.

You SCORE counselor can advise you on the best organizational structure for your company, from a sole proprietorship to a corporation. He or she can assist you in writing your business plan, and even teach you to write targeted variations for different audiences. SCORE counselors are hand-picked from the very best in their respective industries, so all have industry connections that are top-notch. Your counselor can put you in touch with the key people in your industry, or help you find the perfect investor.

SCORE has amassed an impressive list of partnerships and alliances. Though SCORE does not lend money directly, many of their partners do. A recommendation from SCORE could be the edge you need to secure a loan or grant. Other partnerships provide learning materials and even free software to those seeking guidance from SCORE.

The Service Corps of Retired Executives exists solely to assist the next generation of entrepreneurs. Personal attention from your assigned counselor, combined with a vast array of tools, services, and partnerships, can provide your business with the best possible beginnings. Although SCORE serves small businesses at all points in their life cycle, it is generally best to contact them at or near the beginning of your company's life. Utilizing their expertise in such difficult matters as writing your business plan can help to ensure that your company starts out strong and remains that way.

It is important to remember that a SCORE counselor is a volunteer. While he or she will certainly bend over backwards to assist you in any way possible, he or she assists several clients. Do not expect your counselor to be at your beck and call, or to solve your problems. A SCORE counselor should be seen as a trusted advisor and mentor, who will expect you to work through your own difficulties. His job is to guide, not to do your job. Be respectful of your counselor's time and knowledge, and utilize his skills without taking advantage of him. In this way, you will build a relationship that can endure throughout the life of your business.

Next article: How To Secure Financing For Your New Business

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