Thinking about Starting Your Own Business

THINKING ABOUT STARTING YOUR OWN BUSINESS?
Presented by: Laura Gannon, CPA
SULLIVAN AND GANNON, LLC
22 Central Square
Chelmsford, MA 01824
www.sullivangannoncpas.com

The reality
Pros
Being the boss
Setting your own hours
Challenging
Financially rewarding
Cons
Being the boss
All roles: computer guy, bookkeeper, secretary, salesperson, operations function, human resources
Long hours
Businesses don’t always make money for the first few years or the owner can’t take a salary
Work and home life blurred
Need to be disciplined, organized and a self starter

CONSIDERATIONS
What kind of business do I want?
Do I have the right personality to be an entrepreneur?
What products/services will I provide?
What products/services do I not want to provide?
Why am I starting a business?
Where am I going to get the money?
How much money do I need?
Do I have the expertise?
Should I partner up with someone?
What is unique about me, my business and my product/service?
Is there a need in my community for this?
Who is my target market?
Who is my competition? And why am I different?

BUSINESS PLAN
Executive Summary
Marketing Analysis
Competitive Analysis
Strategy
Product/Service
Marketing and Sales
Operations
If needed, your funding request
Financials
Great resource is the SBA @
http://www.sba.gov

Choice of entity
Consideration should be given to the legal, functional, cost and tax effect
Sole Proprietorship
LLC – (single LLC)
Partnership
Corporation – C or S

FINANCING
Mortgage
Business Loan
Family Loan
Credit Cards
SBA
Venture Capital
Online
Prosper
http://www.prosper.com/
Virgin Money (formerly Circle Lending)
http://uk.virginmoney.com/virgin/
Zopa
http://uk.zopa.com/zopaweb/public/borrowing/borrowing-at-zopa.html

KEEPING BOOKS AND RECORDS
Keep separate bank account
Pick a great local bank that is accustomed to grooming new businesses
Open separate credit card
Establish credit for the business
Invest in Quicken or QuickBooks
Keep receipts and travel log
Obtain a federal EIN at www.irs.gov

Marketing
Who are you selling to?
Where are they?
Develop your elevator speech
What makes you unique?
Services
Personality
Industry Groups
Networking Groups
Must have internet presence
Must have a website
Social Media
Facebook
Twitter
LinkedIn
Blogs
Email marketing

miscellaneous
NAME OF BUSINESS
Descriptive of what you do
But not limited to what you may do
Registration with town and possibly the state
OTHER MATTERS:
Insurance
Legal papers
Location
Office
Home
Share space

RESOURCES
Your library
The internet – wealth of information and free training, free tips and recommendations:
http://www.toolkit.com/
http://www.openforum.com/
http://www.sbtv.com/
http://www.sba.gov/category/navigation-structure/starting-managing-business
http://www.tannedfeet.com/
http://www.irs.gov/businesses/small/index.html
http://www.fortune.com
http://www.tax.gov/virtualworkshop/
http://www.irs.gov
http://www.sec.state.ma.us/
http://www.inc.com
http://score.org
Publications:
Fortune
Money
Inc.
Entrepreneur
Trade Publications
Accountant
Lawyer
Bank
Payroll Company

Who is your Most Trusted Advisor?
Sullivan and Gannon, LLC
22 Central Square
Chelmsford, MA 01824
www.sullivangannoncpas.com

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Thinking about Starting Your Own Business

by Sullivan and Gannon, LLC on Sep 07, 2011

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