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Launch A New Business
1. Launching a New Small Business
Michelle L. Long, CPA, MBA
Author of: Successful QuickBooks Consulting
Advanced Certified QuickBooks ProAdvisor
Certified FastTrac Facilitator
M. Long Consulting, LLC
mlong@mlongconsulting.com
Objectives
Discuss starting a new business
given the current economic
problems.
Discover why a business plan is
important.
Learn the basic components of a
business plan and what should
be included.
Product/Service Plan
Marketing Plan
Management & Organization
Financial Plan
Discover resources available to
help you launch your new small
business.
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2. Starting a Business Now???
Opportunities exist
Cheaper rent
Used equipment, furniture & fixtures
Good, talented employees
Companies outsourcing functions
Challenges remain
Obtaining financing
Minimizing risks
Getting customers/clients
Starting your own business ALWAYS involves
some risk as well as rewards.
Why do I need a Business Plan?
Helps provide direction and focus
Reduce the risks
Clarify your vision
Ensures you consider all facets of the
business
Helps to communicate your vision with
others
Required if you plan to seek financing
from others
The primary benefit is the knowledge you gain
from writing a business plan.
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3. Primary Pieces of a Business Plan
Marketing
Product/Service
Financials
Management &
Organization
Product/Service
Purpose of Product/Service
Does it solve a problem or address an
opportunity?
Features and Benefits
What is unique or different?
What benefits does the customer receive?
What problem is solved for the customer?
Stage of Development
Product/Service Limitations & Liabilities
Production
Facilities
Suppliers
Related Product/Services and Spin-Offs
Trademarks, Patents, Copyrights,
Licenses, Royalties
Government Approvals
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4. Marketing Plan
Industry Profile
Current size and growth potential
Industry Trends
Other characteristics & distribution
channels
Competitive Analysis
Direct competition
Indirect competition
Future competition
Substitutes
Market Analysis
Target market profile
Customer profile
Future markets
Pricing
Pricing strategy
Price list
Pricing policies
Marketing Plan
Market penetration Effective Marketing
course
Company image
Customer service Covers websites, blogs, social
Location media and more
Sales force/representatives Free, Online, Self-paced,
Advertising and promotion No-CPE section
Publicity Accountant.intuit.com/training
Direct mail/telemarketing
Internet
Market penetration
effectiveness
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5. Management & Organization
Legal form of business
Sole Proprietor, LLC, S-Corp, C Corp
Get an EIN – www.irs.gov
www.mycorporation.com
Management Team
Board of Directors or Advisory
board
Recruitment/selection of
employees
Compensation & ownership
Employee reward & incentive
plan
Communication
Infrastructure – attorney,
CPA, banker, insurance agent
Financial Plan
Project 3 years
Income Statement – sales and expenses
Balance Sheet – inventory, assets, loans
Statement of Cash Flows – Most important!
Document assumptions
Research expenses
www.bizstats.com
Sources of funding
Personal savings – 81%
Bank loan – 18%
Credit card – 15%
Friends/Family – 15%
Home equity loan – 8%
SBA Loan – 3%
Revolving credit – 3%
Venture capital –2%
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6. Resources Available
FastTrac LaunchPad and
New Venture – www.fasttrac.org
Small Business Development
Centers – www.sba.gov
SCORE – www.score.org
Women’s Business Centers
Online communities / forums
Other small business owners
Reach out for help – there are a lot of
resources available!
Useful Resources & Websites
www.entrepreneurship.org
Databases from public libraries:
ReferenceUSA – database to identify competitors, contact list for
marketing to customers – details next
ProQuest, ABI/Inform
Business & Company Resource Center
www.bizstats.com
www.startupnation.com
www.smallbusinessunited.com
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7. ReferenceUSA
Residential Businesses
Download up to 50 per search
to a CSV file – can print labels or
mail merge into Word
Thanks for Attending!
Michelle L. Long, CPA, MBA
Author of: Successful QuickBooks Consulting
Advanced Certified QuickBooks ProAdvisor
Certified FastTrac Facilitator
M. Long Consulting, LLC
mlong@mlongconsulting.com
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