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Business Start-Up Fundamentals Entrepreneurial Workshop I

Business Start-Up Fundamentals Entrepreneurial Workshop I . AGENDA. The Planning Process. Assessing personal and business needs The importance of a business plan Understanding business plan components. The Reality of Obtaining Financing .

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Business Start-Up Fundamentals Entrepreneurial Workshop I

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  1. Business Start-Up FundamentalsEntrepreneurial Workshop I

  2. AGENDA The Planning Process • Assessing personal and business needs • The importance of a business plan • Understanding business plan components

  3. The Reality of Obtaining Financing • What banks look for when assessing a loan request • How to complete a loan application

  4. What Banks Look For What Banks Look For • Cash Flow • Credit • Collateral • Contribution (or capacity) • Character (industry / references) • Condition

  5. Lifestyle Assessment 1.Do you have children? 2. Do you have savings? 3. Is your spouse employed? 4. What do you do with your free time? 5. Are you accustomed to working long hours? 6. Are you a morning or night person?

  6. Business Assistance Areas • Marketing • Advertising • Sales • Tax Knowledge • Insurance

  7. Business Assistance Areas (con’t.) • Business Finances • Presentation Skills • Communication Skills • Legal Aspects • Banking Services

  8. Other Considerations • Selecting a Business Name • Business Identification Numbers • Licenses and Permits • Taxes • Accounting System

  9. Structural Forms of Business • Sole Proprietorship • Partnership • S Corporation • C Corporation • LLC – Limited Liability Co

  10. Useful Web Sites

  11. Why Write a Business Plan? • A plan gives you a path to follow • Planning forces you to examine all aspects of your business • Planning is ESSENTIAL to raising capital • Your plan is a management tool • Your plan is a communications tool

  12. Business Plan Format • Neatness Counts! • Use Simple Language • Keep Your Points Concise • Make Use of Tables and/or Graphs

  13. Business Plan Format (con’t.) Effective Formatting includes: • Headings • Paragraphs • Bold/Italics/Underline • Bullets

  14. Business Plan Outline • Mission Statement/Statement • of Purpose • Table of Contents / Cover Page • Business Description • Marketing Plan • Financial Plan

  15. Statement of Purpose This is the doorway to your plan. Keep it short, but illustrate the main points. Main Points: • State purpose/structure of your business • State purpose/amount of financing sought • State any key operational expectations

  16. Business Description • Type/Industry • Status (e.g. start-up, existing) • Form (e.g. proprietorship, corporation) • Location/Hours of operation • Market description • Description of competition • Management/Personnel

  17. Marketing vs. Sales MARKETING Generates interest and leads. SALES Generates orders and accounts receivable and/or cash receipts.

  18. MARKETING PLAN Your Customer are the Market! • Describe Your Customers • Industry Trends and Characteristics • List and Description of Your Competition • Description of Your Niche and Competitive Plan • Market Segmentation

  19. Marketing Mix • Product – good or service • Pricing – mark-up and break-even analysis • Promotion – advertising • Place – channels of distribution

  20. Management and Personnel • How many employees needed? • What kind of skills required? • Experienced or trainable? • Management/People skills?

  21. Financial Plan • Balance Sheet • Projected Income Statement – • 2 years • Sources and Uses of Funds • Projected Cash Flow by Month – • 1st year

  22. Financial Plan (con’t.) • Historical Financial Statements of Business – 3 Years • Personal Financial Statement • IRS tax returns(personal & business) – 3 Years

  23. Reminders for Completing Loan Application • The more the person reviewing your request can know about you AND your business, the better. • Neatness and conciseness count • Be honest.

  24. Loan Application (con’t.) • Emphasize your strengths and state your weaknesses. • Let the loan officer know that YOU recognize areas for improvement. • If you have questions, CALL! • Don’t submit an incomplete application.

  25. Services Offered by SEED • Business Assistance • Business Support Center • Loan Programs: • Micro Loan/Mini Micro Loan • Revolving Loan Fund (RLF) • SBA 7A Packaging • SBA 504

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