For The Birds The penguin has landed, space savers, finding funding.

Since age 16, Eric Bennett has had a penchant for penguins. In1985, the then-recent college grad was working at a collectionagency, where, he jokes, "I sent myself threateningletters." He wanted to start his own business and, in pursuitof tuxedoed bird memorabilia, had run across many like-mindedpenguin lovers. But was there a market for an all-penguin specialtystore?

There was just one way to find out. That same year, Bennettopened Next Stop . . . South Pole, a pushcartin New York's South Street Seaport. His $4,000 of start-upcapital covered the cart, displays, two weeks' rent, and twoweeks' inventory. The business was so successful that thefollowing year, Bennett launched a mail order catalog, and withinthree years, he had opened retail stores in New York City andBaltimore. Though Bennett no longer has pushcarts, his retailstores, catalog and Web site help him move $350,000 in web-footedmerchandise every year.

Bennett, now 39, credits his success to four factors. First, hechose a location in a tourist area with plenty of foot traffic anda steady influx of customers. He's also been careful to expandcautiously: In 13 years, he's never taken out a loan. Third, heavoids jumping on big trends, such as Beanie Babies or Hello Kitty,where competition from major chains "can crush you," heexplains. Finally, Bennett hasn't diversified his stock withother marine animals, as that would eliminate what makes his storespecial and alienate his core bird-loving market.

For more smart ideas, see "Tale Of A Tub."

Share The Wealth

As a successful banker and entrepreneur for more than 20 years,Harold R. Lacy has lived and breathed the intricate ins and outs ofsmall-business financing. Now he's passing along his insidertips in Financing Your Business Dreams With Other People'sMoney: How and Where to Find Money for Start-Up and GrowingBusinesses ($15.95, Sage Creek Press). Lacy makes it clear:Don't put all your financial eggs in one basket. "Mostentrepreneurs make the mistake of focusing on only one source fortheir financing," he writes.

Forget about venture capital, at least in the early stages, Lacyadvises. Instead, look to the plentiful "angel" sourcessurrounding every would-be entrepreneur--lenders who provide morethan 85 percent of the funding for all start-up businesses. Butfinding them is only the first step; the right approach is alsoessential. In Chapter 1, Other People's Money explainsthe fine art of helping lenders understand what's in it forthem--and the six most common reasons investors reject deals.

Chapter 2 covers government funding and includes a thorough listof its advantages and disadvantages. Prepare to court your localbanker as you work your way through Chapter 3 and the revealing"5 Cs test" bankers use to analyze your loan request.Rounding out the detailed examination of traditional financing is avariety of alternative financing options such as factoring andlease financing.

Perhaps the place you'll shine most after your trek throughOther People's Money is in the mother of all financinghassles: the business plan. Here, Lacy's practical and seasonedadvice tempts entrepreneurs who've already written a businessplan to craft a new, better one under his creative guidance.

Even The SCORE

For three decades, countless business start-ups have gotten aleg up from the expert resources offered by the Service Corps ofRetired Executives (SCORE). Now, this business counseling arm ofthe SBA is redoubling its efforts to keep pace with the scores ofwomen going into business for themselves.

Because women now account for nearly half those seekingcounseling from SCORE, the organization has decided to increase itsnumber of women counselors and aims to help even more womenentrepreneurs, particularly via the Internet. "Women have[told us] they're very interested in networking, they'revery interested in technology, and they're very interested inpeer-to-peer mentoring," says SCORE's ChristineGoodeno.

Toward that end, more than 60 SBA-affiliated Women'sBusiness Centers recently collaborated to launch the OnlineWomen's Business Center (http://www.onlinewbc.org), a freeinteractive training site for both new and established womenbusiness owners. Designed as a one-stop resource, the Web siteoffers abundant assistance, including a monthly newsletter,interactive mentoring, topical forums (in marketing, management,finance and procurement), and a state-by-state list of professionalservices for women-owned start-ups.

Full Force

Full force: America's labor force is changing,featuring more women and minorities than ever before. By 2020,one-third of those joining the working ranks will be minorities,and the male-female ratio will be 50-50, predicts the KiplingerWashington Newsletter.

Help yourself: As home medical tests become moreuser-friendly and accurate--and traditional medical avenues morecostly and less accessible--annual sales of do-it-yourself kits,including blood glucose monitors and pregnancy, ovulation,cholesterol and HIV tests, are expected to skyrocket to more than$2 billion by 2001, up from $1.4 billion in 1996, according to thenewsletter Trend Letter.

Survey says: A recent survey by the Hobby IndustryAssociation shows consumer spending on craft and hobby products isup 37 percent. The overall craft/hobby industry is flying high atan annual $10 billion for the third consecutive year.

Open-And-Shut Case

Now you see it. Now you don't. Sauder Woodworking Co.'sversatile new Monarch Computer Workcenter may be the space-savingvirtual office you've been looking for. The Workcenter'stwo sets of doors open to reveal the makings of an entire homeoffice--housed neatly in the shell of a well-designed armoire.

Not only fashionable but functional, too, the Workcenter'sgentle overhead lighting graces your choice of four work-surfaceheights, while adjustable shelves hold an ample stash of books,tapes, files and disks. Thoughtful nods to practicality abound,from the built-in bulletin board to the hanging file storage unit,slide-out keyboard shelf and dedicated space for a tower CPU.

Ready to call it a day? Simply close the Workcenter's doorsto reclaim precious living space. Available in a variety of stylesand finishes, including country-style washed pine, rich cherry anda more contemporary version in warm, amber oak, the MonarchComputer Workcenter costs $500. Call (800) 4-SAUDER toorder.

Contact Source

Next Stop . . . South Pole, (877) PENGWIN, penguin@bway.net