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THINKING ABOUT STARTING YOUR OWN BUSINESS?

THINKING ABOUT STARTING YOUR OWN BUSINESS?. Presented by: Laura Gannon, CPA SULLIVAN AND GANNON, LLC 22 Central Square Chelmsford, MA 01824. www.sullivangannoncpas.com. The reality. Pros Being the boss Setting your own hours If you work hard, the reward is yours Cons Being the boss

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THINKING ABOUT STARTING YOUR OWN BUSINESS?

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  1. THINKING ABOUT STARTING YOUR OWN BUSINESS? Presented by: Laura Gannon, CPA SULLIVAN AND GANNON, LLC 22 Central Square Chelmsford, MA 01824 www.sullivangannoncpas.com

  2. The reality • Pros • Being the boss • Setting your own hours • If you work hard, the reward is yours • Cons • Being the boss • All roles: computer guy, bookkeeper, secretary, salesperson, operations function, human resources • Long hours • Businesses don’t always make money for the first few years or the owner can’t take a salary • Work and home life blurred • Need to be disciplined, organized and a self starter

  3. BUSINESS PLAN • Executive Summary • Marketing Analysis • Competitive Analysis • Strategy • Product/Service • Marketing and Sales • Operations • If needed, your funding request • Financials Great resource is the SBA @ http://www.sba.gov

  4. Choice of entity • Consideration should be given to the legal, functional, cost and tax effect • Sole Proprietorship • LLC – (single LLC) • Partnership • Corporation – C or S

  5. FINANCING • Mortgage • Business Loan • Family Loan • Credit Cards • SBA • V • Online Prosper • http://www.prosper.com/ Virgin Money (formerly Circle Lending) • http://uk.virginmoney.com/virgin/ Zopa • http://uk.zopa.com/zopaweb/public/borrowing/borrowing-at-zopa.html

  6. KEEPING BOOKS AND RECORDS • Keep separate bank account • Pick a great local bank that is accustomed to grooming new businesses • Open separate credit card • Establish credit for the business • Invest in Quicken or QuickBooks • Keep receipts and travel log • Obtain a federal EIN at www.irs.gov

  7. Marketing • Who are you selling to? • Where are they? • Develop your elevator speech • What makes you unique? • Services • Personality • Industry Groups • Networking Groups • Must have internet presence • Must have a website • Social Media • Facebook • Twitter • LinkedIn • Blogs • Email marketing

  8. miscellaneous NAME OF BUSINESS • Descriptive of what you do • But not limited to what you may do • Registration with town and possibly the state OTHER MATTERS: • Insurance • Legal papers • Location • Office • Home • Share space

  9. RESOURCES • Your library • The internet – wealth of information and free training, free tips and recommendations: • http://www.toolkit.com/ • http://www.openforum.com/ • http://www.sbtv.com/ • http://www.sba.gov/category/navigation-structure/starting-managing-business • http://www.tannedfeet.com/ • http://www.irs.gov/businesses/small/index.html • http://www.fortune.com • http://www.tax.gov/virtualworkshop/ • http://www.irs.gov • http://www.sec.state.ma.us/ • http://www.inc.com • http://score.org • Publications: • Fortune • Money • Inc. • Entrepreneur • Trade Publications • Accountant • Lawyer • Bank • Payroll Company

  10. Who is your Most Trusted Advisor? Sullivan and Gannon, LLC 22 Central Square Chelmsford, MA 01824 www.sullivangannoncpas.com

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