how to really start your own business
Post on 11-Aug-2014
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How to Really Start
your Own Business
EVERYONE HAS A DREAM. It’s time to follow yours.
Presented by
Julie Brander
Steve Bloom
Moderated by
John Meyer
EVERYONE HAS A DREAM. It’s time to follow yours.
Julie Brander
SCORE Volunteer
Professor of
Entrepreneurship
Steve Bloom
SCORE Volunteer
Entrepreneur & Lecturer
at Emory University
3
Your Idea
Getting it Down on Paper
Effective mission statement
– Clear message
– Strong mental image
Elevator pitch
– 50 words or less
– Must be memorized--- you never know when the opportunity may come up to pitch your idea!
4
Do the Research
Market
Research
Competitive
Research
Industry
Research Pricing
Research
5
Write a Business Plan
An Essential Step
Sections
– Executive Summary
– The product or service
– The market and competition
– Marketing/Sales Strategy
– Management and Personnel
– Financial data and Investment
– Supporting documents
Must be
– Formal, professional, well written
– Clear and persuasive
– Long enough to give detail
– Short enough to keep interest
6
Set up your Company
Choose a structure
– Sole proprietorship
– Partnership
– Incorporation
C Status
S Status
– Limited Liability Corporation (LLC)
7
Set up your Company
Choose a structure
– Sole proprietorship
– Partnership
– Incorporation
C Status
S Status
– Limited Liability Corporation (LLC)
Personal asset
protection
Additional credibility
Name protection
Perpetual existence
Tax flexibility
Deductible expenses
8
Set up your Company
Choose a structure
– Sole proprietorship
– Partnership
– Incorporation
C Status
S Status
– Limited Liability Corporation (LLC)
Designate a registered agent
Lock in your location
9
Funding
How much?
Must invest own money
Explore all options
– Personal savings
– Borrow from friends and family
– Credit line
– Second mortgage
– Equipment and other assets
– Inventory
10
Build your Team
Employees, Vendors and Mentors
Assess your strengths and weaknesses, likes, dislikes
– Identify the qualities needed in your employees to fill gaps in your own abilities
Surround yourself with good people
– Write clear job descriptions
– Plan a budget for each position
– Consider alternate forms of compensation
Find mentors and/or business advisors
Use professionals
11
Evaluate and Adjust
Company must be grown conservatively and carefully monitored
– Have a handle on the cash flow and expenses
– Know where your profit comes from
– Some customers, products and services are more profitable than others
Solicit and listen to customer feedback
– Nurture relationships
– Exceed expectations
Employee feedback
– Always invest in your employees
Good Luck from Julie
Always remember that the passion and
enthusiasm you have for your business
will create success. Being creative is
essential as all products and services
solve problems. Simplify your business
so that it will always be enjoyable…when
it stops being fun it is time to get out.
www.wickedstart.com
Good Luck from Steve
To be successful, you must have
P.H.D.
Passion, Heart and Desire…
if you don’t have it don’t do it.
http://womensblog.score.org
About
SCORE
SCORE “Counselors to America’s Small Business” is America’s premier small biz advice service.
Free & confidential. SCORE mentors can guide you on a path to success.
SCORE helps create about 25,000 new firms each year and has assisted nearly 8.5 million clients.
14
1-800-634-0245
http://www.score.org
About
The Company Corporation
The Company Corporation has been a provider of online incorporation services for over 15 years.
Our organization has helped over a half million business owners get started and offers services nationwide.
Parent company (Corporation Service Company) has been in business for 110 years.
15
1-866-544-6804
http://www.incorporate.com/score
EVERYONE HAS A DREAM. It’s time to follow yours.
Questions & Answers To ask a question, please type your
inquiry into the Q&A panel
866-544-6804
www.incorporate.com/score
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