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Starting a Business

Starting a Business. Do you have enough money of your own to start? Even using some of your own money shows investors your faith in your business Do you need to borrow money or get investors ?. Deciding What You Need. Financial documents will be needed Estimate start up costs

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Starting a Business

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  1. Starting a Business • Do you have enough money of your own to start? • Even using some of your own money shows investors your faith in your business • Do you need to borrow money or get investors ?

  2. Deciding What You Need • Financial documents will be needed • Estimate start up costs • Create a personal financial statement

  3. Startup Costs • Equipment and supplies • Furniture and fixtures • Vehicles • Remodeling expenses • Legal fees • Licensing fees

  4. Personal Financial Statement • Used to determine if you have the resources you need • Assesses your NET WORTH • Difference in what you own (assets) and what you owe (liabilities) • Net worth is also known as equity

  5. ENTREPRENEURSHIPFinancial Project

  6. PURPOSE OF PROJECT • To develop an understanding of how a business operates financially • To apply time management skills • To learn to apply job skills effectively

  7. HOW IT WORKS • Problems and situations are created for your company to handle and come up with solutions • Your group will complete a notebook that will include assignments in which you will show your creativity and skills • Grades will be daily and major throughout the simulation

  8. SELECTION PROCESS • You choose your partner - groups of 2 • Decide who will be President and Vice President • Decide what skills will best be utilized by each partner – (make sure one of you knows how to use Excel spreadsheets) • Choose your product or service

  9. POTENTIAL PROBLEMS • You choose your own partner which guarantees less excuses: • “My partner doesn’t work, therefore, doesn’t get their part done and I have to do their share.” • “They are absent all the time.” • “They will not come in on their own time (outside of class) to work as needed to meet deadlines.” • “We do not get along.”

  10. POTENTIAL PROBLEMS Cont. • Time is wasted in class by students not working the minute they come into class. Or a student makes no effort. Each minute in class is important. • Corrections must be made as you find them, so you don’t compound the issues and have more points deducted.

  11. THINGS YOU NEED TO KNOW BEFORE YOU GET STARTED • Definition of Logo • A graphic element, symbol, or icon of a trademark or brand and together with its logotype, which is a unique typeface or arranged in a particular way. A typical logo is designed to cause immediate recognition by the viewer. The logo is one aspect of the brand of a company or economic entity, and the shapes, colors, fonts, and images are usually different from others in similar market.

  12. SAMPLES OF LOGOS • Here are some samples of Logos • Reebok • American Idol • Old Navy • Petco • Academy Awards - Oscars

  13. Monogramming Store Sews initials on items like luggage, towels, baseball caps, etc.

  14. Hair Salon Service is mainly haircuts

  15. Print Shop Creates items like business cards and binds documents for customers

  16. Financial Notebook Part 1:Startup • Choose officers • President • Vice President • Decide which company • Monogramming Store • Hair Salon • Print Shop • Decide company name • Design logo and theme of notebook

  17. Word Document: Title Page • Your names and titles • Your business (one of the three) • Your business name • Your logo (including typeface and color scheme) • Print on one page in color

  18. Completed Inventory

  19. Capital • Equity Capital-money invested in exchange for share in the profits of a business • Venture capitalists- make a living investing in start up companies • Debt Capital-money loaned to a business with understanding that money will be paid back

  20. Commercial Loans • Secured- loans backed by collateral (property borrower gives up if does not pay loan) • Line of credit – whenever needed • Long term loan – over a year • Accounts receivable – charge merchandise pay later • Inventory financing – inventory is collateral • Unsecured- loan not guaranteed, must be creditworthy

  21. You might not get a loan because: • The business is a start up (no history, no records) • Lack of a solid business plan • Lack of adequate experience • Lack of confidence in the buyer • Inadequate investment in the business • Unreasonable amount requested

  22. Loan Application/Startup Expense

  23. The bank is now open! • Make sure you followed directions on Jobs 3 and 4 • Present your loan application and financial document to the banker (read Job 3 and 4 again if you do not know what this is) • Once approved, continue with Job 5

  24. General Journal

  25. Payroll Register

  26. Check Samples Company checks

  27. Parts of a Check USE BLUE OR BLACK INK! • Your company name • Your company’s complete address • Check number • Date • Payee • Amount-numeric • Amount-written out • Signature • Your company’s bank • Memo

  28. Grade Sheet for first notebook – any corrections would be indicated under comments and all corrections would have to be made before 2nd Notebook assignment is given.

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