Starting a business r indrelle 031009

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This workshop will provide participants with information on how to position yourself for a smoother transition when starting your business. This workshop will be instructed by Rick Indrelie, SBDC Consultant and a certified Economic Development Finance Professional. Mr. Indrelie has over 25 years of experience in the accounting and finance field. Topics covered in this workshop will include: Do you need a business plan to start your business? Should you start your business as a sole proprietor? Is it a good idea to have business insurance? Will you need to borrow money to start your business? Should you take on a partner?

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Starting a business r indrelle 031009

  1. 1. MNPTAC Starting a Business
  2. 2. Starting a Business Contact information Rick Indrelie – Small Business Development Center (SBDC) rick.indrelie@rctc.edu 507-280-5503 www.rochestersbdc.com
  3. 3. Starting a Business Quick Test – Is your idea reasonable? If yes, then you need a Business Plan. If no, you either need to change or plan or end your plan.
  4. 4. Starting a Business What is a Business Plan? A written document that tells the reader the plan of action that the company is going to take to be successful. It should also contain some background data about the business/management team and should have some specific/measurable goals.
  5. 5. Starting a Business Why does the small business owner need a Business Plan? 1. The plan will serve as a tool to help the business grow and prosper. 2. The business plan is a required document to getting financing.
  6. 6. Starting a Business There are two main sections of a business plan. 1. Narrative Section 2. Financial Section
  7. 7. Starting a Business What type of business entity will your business be? 1. Sole Proprietor 2. Partnerships 3. LLC 4. S-Corp 5. C-Corp
  8. 8. Starting a Business Do you need business insurance for your business? Can you run your business transactions from your personal checking account?
  9. 9. Starting a Business Do you need financing to start your business? If so, will the bank loan you 100% of the funding that you need?
  10. 10. Starting a Business Common Types of Financing 1. Conventional Loans 2. Owners Equity 3. Private Investors 4. Angel Investors 5. Venture Capital (VC’s) 6. Crowd Funding
  11. 11. Starting a Business Should you take on a business partner?
  12. 12. Starting a Business Once you have the financing secure, now it is time to implement your business plan.
  13. 13. Starting a Business Once you have started your business, you need to monitor everything including your cash position. Remember, Cash is King.
  14. 14. Starting a Business Resources for starting a business 1. www.rochestersbdc.com 2. www.SBA.gov 3. www.score.org 4. www.bplans.com

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