Workshop explores options for starting a business

Published in the May 10, 2015 

Q: I want to get started in a small business, but I can't decide among buying an existing business, operating a franchise or starting from scratch. Can you suggest anything? 
A: There are a number of ways of getting into business, each with its pros and cons. Fortunately, there's a free workshop coming up that can help you sort through the alternatives. SCORE and Capital One Bank have partnered to present the "Business Alternatives for the Entrepreneur" workshop scheduled for 9 a.m. to noon Thursday at the Kingdom Builders' Center, 6011 W. Orem Drive. This is one of a series of workshops designed to help small businesses survive and thrive.

The workshop has three parts.

1. Diana Trondsen, FranNet Franchise Consultant, will show you how to search for and evaluate franchise alternatives. Trondsen has more than 15 years of experience in single- and multi-unit franchises.Trondsen will help you explore the franchise opportunities and options that can meet your budget for entry while maximizing your earnings. She will take you through the process of choosing a business that will fit you well and give you control over your finances and plans for retirement. Learn why it is so important to make the right choice upfront and how to go about finding the right fit for you.
   
2. Mike Fadden, SCORE mentor, will help you explore whether you should start a new business or buy an existing one. Fadden has been involved in the startup of three companies and has business acquisition experience. He will review the 10 most important factors you need to consider in evaluating acquisition options. Sample topics include: What management experience is required? Is funding one alternative easier than funding another? Will you control your own destiny? What are the business valuation metrics?
   
3. Neil Polansky, of the city of Houston's Business Solutions Center, will discuss specific business operating requirements including "doing business as" designations, state sales tax permits, federal taxpayer ID numbers, appraisal of business personal property (rendition), financing options, deed restrictions, the Texas Deceptive Trade Practices Act, city contracting basics, and the Hire Houston First and Liftoff Houston programs.

At the workshop you also will have the opportunity to meet one-on-one with a SCORE mentor to discuss your situation and network with other small-business operators who are facing similar challenges.