Exploring the Possibilities of Starting a Small Business? Discover what it takes by charting your...
Transcript of Exploring the Possibilities of Starting a Small Business? Discover what it takes by charting your...
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Exploring the Possibilities of Starting a Small Business?
Discover what it takes by charting your course with…
Small Business Basics Training
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Session 1
Small Business Development Introduction
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Small Business Development IntroductionGraduates and Self-Employment
• Around 5% of graduates report they are self-employed after graduation
• This percentage is higher in subjects such as art and design (64.6%), textile designers (34.6%), and musicians (85.3%)
• A recent gallop poll indicated 67% of student strongly prefer to be self-employed
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Small Business Development IntroductionGraduates and Self-Employment
• Being your own boss• Freedom from the 9-5 daily work routine• Doing what you want when you want to do it• Improving your standard of living• Boredom with your present job• Having a product or service for which your
feel there is a demand
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Small Business Development IntroductionSmall Business Development Center Network
• Nationwide – 1000 Centers• Statewide – 40 Centers• Terra State Community College (Erie, Ottawa, Sandusky, & Seneca Counties)
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Small Business Development IntroductionSmall Business Development Center Strategic Plan
• Mission…help people get into business, stay in business, and grow their business
• Vision…make small businesses more successful
• Services…training and counseling
SBDC Services are FREE of Charge
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Small Business Development IntroductionSmall Business Development Center Funding
• Small Business Administration• Ohio Development Services Agency• Terra State Community College
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Small Business Development IntroductionPresenter’s Background
• Business Education • Small Business Ownership • Small Business Training & Counseling
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Small Business Development CenterPresenter’s Contact Information
• Bill Auxter, Director Ohio SBDC at Terra State Community College Building D, Suite D-201, Office C 419-559-2210 [email protected]
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Session 2
Small Business Development Guide
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Small Business Development GuideBusiness Entities
• Ohio Secretary of State, www.sos.state.oh.us • Sole Proprietorship• Partnership (General or Limited)• Corporation (C-Corp or S-Corp)• Limited Liability Company (Partnership)• Non-Profit Organization
www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.htmlClick on “Business Basics – Guide”
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Small Business Development GuideName Registration
• Ohio Secretary of State, www.sos.state.oh.us• Doing business as a name other than your
legal name, you must register it• Fictitious Name Registration• Trade Name Registration• Corporate Name Registration
www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.htmlClick on “Business Basics – Guide”
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Small Business Development GuideLicensing & Permits
• First Stop Business Connection, www.business.ohio.gov/starting
• Menu of Business Types – Checklist of Regulations & Requirements• “Starting Your Business in Ohio” Publication
www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html Click on “Business Basics – Guide”
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Small Business Development GuideVendor’s License
• Ohio Department of Taxation, www.tax.ohio.gov• Ohio Business Gateway• County Auditor’s Office• Regular Vendor’s License• Transient Vendor’s License• Certificate of Exemption
www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.htmlClick on “Business Basics - Guide
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Small Business Development GuideTax Requirements
• Federal Taxes, www.irs.gov • Ohio Taxes, www.tax.ohio.gov • Local Taxes – city, township, county, & school
www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.htmlClick on “Business Basics – Guide”
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Small Business Development GuideEmployer Requirements
• Employer Identification Number (EIN), www.irs.gov
• Immigration Law, www.immigration.gov • New Hire Reporting, www.oh-newhire.com• Wages and Hour, www.com.state.oh.us• Unemployment, www.state.oh.us/odjfs• Worker’s Compensation, www.ohiobwc.com• Employee Rights, www.stat.oh.us/crc
www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.htmlClick on “Business Basics – Guide”
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Small Business Development GuideProfessional Advisors
• Accountant• Attorney• Insurance Agent• Bankers/Lenders• Financial Advisors• Other Service Providers• Mentors
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Small Business Development GuideSources of Assistance
• Ohio SBDC at Terra State, www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html
• Small Business Development Centers of Ohio, www.entrepreneurohio.org
• Ohio Development Services Agency, www.development.ohio.gov
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Small Business Development GuideSources of Assistance
• Association of Small Business Development Centers, www.asbdc-us.org
• Small Business Administration, www.sba.gov• Service Corps of Retired Executives (SCORE) –
Toledo, www.scoretoledo.org• Local Chambers of Commerce• Local Economic Development Organizations
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Session 3
Small Business DevelopmentPlanning
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Small Business Development PlanningBusiness Plan Functions
• Acts as a Feasibility Study• Tool for Obtaining Financing• Serves as a Management Tool
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Small Business Development PlanningBusiness Plan Narrative
• Statement of Purpose• Description of Business• Marketing Plan• Competition• Location• Organization Plan (Management and
Personnel)www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html Click on “Business Basics – Bus. Plan Narrative”
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Small Business Development PlanningBusiness Plan Financial Pro Forma
• Financial Requirements• Amortization Schedule• Pro Forma Income Statement• Pro Forma Cash Flow Analysis• Pro Forma Balance Sheet• Industry Standard Income Data
www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html Click on “Business Basics – Bus. Plan Pro Forma”
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Small Business Development PlanningSmall Business Funding
• Private Funding• Public Funding• Hybrid Funding
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Small Business Development PlanningChecklist – 1st Things 1st
• Register with the Ohio Secretary of State (www.ohiosecretaryofstate.gov)
• Obtain your EIN from IRS (www.irs.gov) • Open a bank account• Contact the Ohio Department of Taxation
(www.tax.ohio.gov) • Report hired employees (www.oh-
newhire.com)
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Small Business Development PlanningCheck-list – 1st Things 1st
• Contact the Ohio Bureau of Workers’ Compensation (www.bwc.ohio.gov)
• Contact the Ohio Department of Job & Family Services (www.jfs.ohio.gov)
• Obtain the proper licenses and permits (www.business.ohio.gov/starting) and www.tax.ohio.gov
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Exploring the Possibilitiesof Starting a Small Business?
• Questions and Answers