finances and exit strategy
DESCRIPTION
Finances and Exit Strategy. Moderated by: Chris. Hosted by: Westbank Community Library. Announcements. Parts of Westbank will be open in the summer 1 class left Starting a Business page will be up by the weekend 2 Episodes left of Cosmos - PowerPoint PPT PresentationTRANSCRIPT
Finances and Exit Strategy
Moderated by:Chris
Hosted by:Westbank Community Library
Announcements
• Parts of Westbank will be open in the summer• 1 class left• Starting a Business page will be up by the weekend• 2 Episodes left of Cosmos• The Men Who Built America DVD 10 dollars on Amazon (plus
S&H)• Join a TechShop or HackerSpace this summer (info on website)• Teen program starts in two weeks• Alec in Wilderness August 23, check out his youtube channel• Possible extension of this program later in the summer
Money
• Consumers use it to purchase goods or services• Can be used as a leveraging tool• Used to buy out smaller, less known brands or
companies• Bargaining Tool• Most common form people enjoy – physical contact
How often do you touch physical money
today?
Our smartphones are becoming our wallets
Americans are still behind with the trend
compared to other countries
How do you plan, as an
entrepreneur, approach this
issue?
As an entrepreneur you
must meet the needs of your
customers
Managing Digital FinancesPros and Cons
• Pros• All finances managing through digital records• No Cash Handling*• Ease of use for both parties• Most can sync with quickbooks or download to excel• Setup with any bank• Some can use the camera to capture a check
• Cons• % attached to each transaction depending on type• Funds not immediately available• Very little human support available• Customer might be using a different digital wallet from
what you offer
Meeting your Customers’ Needs
When deciding whether to implement this model consider• Do I need such a system in order to take payment?• How mobile will my business be?• Is this only for up and coming startups?• If I use this payment option how will this affect my
prices?• Which is the most popular version?• What if the customer doesn’t use my payment, what is
the cost for accepting money?• How easy is it to fix a problem?
What methods are available?
LoopSquare
PayPal HereIntuit GoPayment
PayAnywhere
Link
And then there is this guy
Byndl
• They are a cashless app that lets users upload money to their app and redeem at vending machines
• Users can add other users such as children for a family to redeem using the app
• Users are rewarded through the app allowing them to make free purchases anytime they are near a vending machine that partners with them
• Many vending machines offer credit cards as a payment option and many more are coming connected to the internet via wireless connection.
• They GAMIFIED the experience of purchasing items
• Link to Story
Mobile Spending
• US is still behind in implementation but has the greatest number of options available
• The push for users to spend money with their phones comes from rewards
• Rewards programs are popular with credit card or bank users and the same can be applied to mobile money apps.
• You have to decide how you can apply this to your business model
• Eventually everyone will be paying with their phones so its not a matter of if you will use it; it’s a matter of when
Exiting Your Company
Companies are People
• Like any person, they all must come to an end at some point
• You must decide how you want to exit your company• Sell to Investors• Close Shop• Reinvent Brand• Restructure Company• Start Over• Bankruptcy
Your Business Plan• Reasons they say to write a business plan is so you
understand the full life of your business from start to finish
• Investors want to see how you plan to exit if it goes under
• What capital did you accumulate and how do you plan to get rid of it?
• What do the investors get out of it? Customers? Etc
Steps to Take• You must submit within your county and state to
withdraw from their system of registered companies• Complete all IRS tax forms right away• Address any employee compensation issues• If Brick and Mortar, figure out exit plan for breaking
lease.• If online company, write up statement on website
explaining what is happen and if any pending orders will still be allowed.
End of Presentation
But wait, there are still movies and
books to talk about and a possible clip
to watch
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