Thinking about Starting Your Own Business
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Thinking about Starting Your Own Business
- 1. THINKING ABOUT STARTING YOUR OWN BUSINESS? Presented by: Laura Gannon, CPA SULLIVAN AND GANNON, LLC 22 Central Square Chelmsford, MA 01824 www.sullivangannoncpas.com
- 4. Setting your own hours
- 5. Challenging
- 7. Cons
- 9. All roles: computer guy, bookkeeper, secretary, salesperson, operations function, human resources
- 10. Long hours
- 11. Businesses don’t always make money for the first few years or the owner can’t take a salary
- 12. Work and home life blurred
- 14. Do I have the right personality to be an entrepreneur?
- 15. What products/services will I provide?
- 16. What products/services do I not want to provide?
- 17. Why am I starting a business?
- 18. Where am I going to get the money?
- 19. How much money do I need?
- 20. Do I have the expertise?
- 21. Should I partner up with someone?
- 22. What is unique about me, my business and my product/service?
- 23. Is there a need in my community for this?
- 24. Who is my target market?
- 28. Strategy
- 29. Product/Service
- 31. Operations
- 32. If needed, your funding request
- 33. FinancialsGreat resource is the SBA @ http://www.sba.gov
- 36. LLC – (single LLC)
- 37. Partnership
- 39. Business Loan
- 40. Family Loan
- 41. Credit Cards
- 42. SBA
- 43. Venture Capital
- 44. OnlineProsper 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
- 46. Pick a great local bank that is accustomed to grooming new businesses
- 47. Open separate credit card
- 48. Establish credit for the business
- 49. Invest in Quicken or QuickBooks
- 50. Keep receipts and travel log
- 52. Where are they?
- 53. Develop your elevator speech
- 54. What makes you unique?
- 55. Services
- 56. Personality
- 57. Industry Groups
- 59. Must have internet presence
- 60. Must have a website
- 61. Social Media
- 62. Facebook
- 63. Twitter
- 64. LinkedIn
- 65. Blogs
- 67. But not limited to what you may do
- 69. Legal papers
- 70. Location
- 71. Office
- 72. Home
- 74. The internet – wealth of information and free training, free tips and recommendations:
- 86. http://score.org
- 87. Publications:
- 88. Fortune
- 89. Money
- 90. Inc.
- 91. Entrepreneur
- 93. Accountant
- 94. Lawyer
- 95. Bank
Editor's Notes
- Loose or StructuredExecutive Summary –mission statement –what makes you different –what experience you bring to the business Marketing Analysis-who to market to and howCompetitive Analysis-what is going on in your industry and with your competitors; strengths and weaknessesStrategy-how to excute the planProduct/Service detail(include limits)Marketing and Sales-costs and potential revenueOperation-management-employees-structureFinancials-project the costs and the potential revenue
- costs
- Corporations/llc’s and llp’s need to be registered with the corporations divisions with sec of state