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Owning Your Own Business
 

Owning Your Own Business

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Options for owning your own business

Options for owning your own business

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Owning Your Own Business Owning Your Own Business Presentation Transcript

  • Owning Your Own Business www.on-target.com (800) 720-0131 For more information about our company, please visit our website @ Or call us at
  • Owning Your own business
    • Exploring Yours Options
    There are 3 popular ways to own your own business
    • 1st Option: Start your own business
    • 2nd Option: Buy an existing business
    • 3rd Option: Buy a Franchise
  • 1 st Option
    • Start Your Own Business
    • Should I or shouldn’t I?
    • Financial Issues
    • Do your homework
    • Talk to professionals
    • Setting up your own business
  • Start your own business
    • Should I or shouldn’t I?
    • What Skills Do I Need?
    • Business experience
    • Management skills
    • Sales skills
    • People skills
    • Ability to work independently
    • Work well under stress
    • Discipline
    • Tenacity
    • Optimism
    • Ability to work with people
    Start your own business
    • Should I or shouldn’t I?
    • What personal traits do I need?
    • Loss of money
    • Loss of your home
    • Unreliable income
    • Business could fail
    • Loss of your current job
    • Personal liability
    Start your own business
    • Should I or shouldn’t I?
    • What are the Risks?
    • Financial Independence
    • Freedom to come and go as you please
    • Implementing your own ideas
    • Can’t be fired or laid off
    • Personal satisfaction
    • You can sell the business or cash out
    • Being your own boss
    Start your own business
    • Should I or shouldn’t I?
    • What are the Rewards?
    • Security
    • Benefits
    • Regular hours
    • Less stress
    • Regular paycheck
    • Less responsibility
    Start your own business
    • Should I or shouldn’t I?
    • Am I Better Off Working a Job?
    • Cash
    • Insurance cash value
    • Home equity
    • Savings
    • 401 (k)
    • Saleable personal property
    • Friends and Family
    Start your own business
    • Financial Issues?
    • Determine How Much Capital You Have Available
      • Lease deposits
      • Insurance
      • Furniture & fixtures
      • Inventory
      • Office equipment
      • Supplies
      • Website
      • Licenses & permits
      • Working capital
      • Computers
    Start your own business
    • Financial Issues?
    • What Capital Do I need?
    • Identify several similar companies
    • Observe space elements
    • See how they advertise
    • Talk to sales staff and managers
    • Observe their sales methods
    • systems & procedures
    • Visit their websites
    • Go in as customer
    Start your own business
    • Do Your Homework
    • Visit Similar Businesses
    • Do local and national searches of specific companies
    • Google searches on the category of business
    • Obtain information from sites’ business opportunities or franchises
    • Obtain “Owning a Business” materials by web-search
    • Find out if they have “Brick and Click” strategies
    • Visit SBA Internet site - WWW.SBA.GOV
    • Obtain information on financing availabilities for starting a business.
    Start your own business
    • Do Your Homework
    • Search The Internet
    • Find out if it’s what you thought it would be
    • Learn the ideal layout
    • Learn how the business works
    • Learn the marketing and advertising
    • Learn the product technology
    • Learn the identity of vendors and suppliers
    Start your own business
    • Do Your Homework
    • Work for Someone in the same business
    • Identify how your business would be
    • similar and how you would differentiate
    • Work there part-time while you
    • continue to retain your present job
    • After working there, you may decide
    • you don’t like it
    • Understand the start-up cost
    Start your own business
    • Do Your Homework
    • Work for Someone in the same business
    • Do this prior to making the decision to own your own business
    • Read everything possible on business ownership
    • You need as much education on business as possible
    • Running a business incorporates
    • concept development, finance,
    • management, marketing, sales,
    • negotiating, legal; all important to success
    Start your own business
    • Do Your Homework
    • Attend business classes
    • Break even analysis
    • Create the roadmap
    • Identify your capital needs to start up
    • Lay out your plans
    • Bankers or investors will want to see it
    • Why you need it
    • Create a three (3) year cash flow analysis
    • What is a business plan?
    Start your own business
    • Do Your Homework
    • Create a Business plan
  • Start your own business
    • Do Your Homework
    • Do a Three (3) Year Cash Flow Analysis
    • Estimate operating costs
    • Determine return on investment
    • Determine amount of loss to “break even”
    • Estimate Labor Cost
    • Estimate monthly profit or losses
    • Estimate cost of goods
    • Estimate Sales
    • Legal issues
    • Review leases and contracts
    • Trademark protection
    • Licenses and permits
    • Form a corporation
    Start your own business
    • Talk To Professionals
    • Lawyer
    • Set up accounting system
    • Review monthly sales tax
    • Monthly financial statements
    • Annual financial statements
    • Advise on payroll services
    Start your own business
    • Talk To Professionals
    • Accountant
    • Advise on payroll services
    • Payroll taxes
    • Tax returns
    • Financial advice
    • Set up bank accounts
    • Obtain line of credit
    • Set up credit card process
    • Financial advice
    Start your own business
    • Talk To Professionals
    • Banker
    • Expertise in the business
    • Assist in negotiations
    • Recommend supplies, vendors
    • Assist in start-up
    • Assist in overall analysis
    Start your own business
    • Talk To Professionals
    • Consultant
    • Someone who owns a business, any business
    • Someone who owns a business in that field
    • An entrepreneur
    • Someone who owns and operates
    • a franchise
    • A business broker
    Start your own business
    • Talk To Professionals
    • Someone in Business
    • Start-up
    • Working capital
    Start your own business Talk To Professionals
    • Equity investor
    • Cash, plus borrow the rest
    • Borrow all needed capital
    • None, use only your own cash
    Determine How Much Capital Will Be Needed Determine How Much Capital You’ll Need to Borrow
    • Vehicle Loans
    • SBA www.SBA.gov
    • Family
    • Equipment Financing
    • Real Estate
    • Private Lender
    • Friends
    • Bank Loan
    Start your own business
    • Talk To Professionals
    • Exploring Financing Sources
    • Co-investor
    • Compliments your skills
    • More motivated than employee
    • Assumes part of risk
    • Shares workload and hours
    • Splits responsibilities
    Advantages Start your own business
    • Talk To Professionals
    • Determine IF You Want or Need An Investor or Partner
    • Someone you have to answer to
    • Financial and personal goals often differ
    Disadvantages
    • One often works harder
    • Partners often disagree
    Start your own business
    • Talk To Professionals
    • Determine IF You Want or Need An Investor or Partner
  • Play Golf At their Country Club ! Start your own business Talk To Professionals
  • Check www.uspto.gov to determine that name is not already federally registered
    • Select a name that you like that is descriptive but not limiting
    Start your own business
    • Setting Up Your Own Business
    • Name Protection
    • Check with your state to determine that name is not already registered in your state.
    • Retain a patent trademark or Intellectual Property lawyer
    Start your own business
    • Setting Up Your Own Business
    • Name Protection
    New Company Name Signature
  • Obtain an Employer Identification Number (EIN)
    • You will need this to obtain vendors
    • You will need this if you have employees
    • You will need this for just about anything!
    Start your own business
    • Setting Up Your Own Business
    • Tax ID Number
    • State
    • Federal
    • Local
    • Municipal
    • Professional
    • Special
    Start your own business
    • Setting Up Your Own Business
    • Permits and Licenses
    • Public liability
    • Vehicle
    • Inventory
    • Health and Medical
    • Errors and Omissions
    • Building and Contents
    • Comprehensive fire and theft
    • Worker’s Compensation
    • Insurance
    Start your own business Setting Up Your Own Business
    • Location, location, location
    • Demographics
    • Lease or buy
    • Home-based
    • Zoning
    • Parking and accessibility
    Start your own business
    • Setting Up Your Own Business
    • Location
    • Do detailed layout
    • Analyze applicability
    • Analyze interim traffic patterns
    • Solicit bids
    • Access available utilities
    • Draw schematic
    • Acquire necessary permits
    Start your own business
    • Setting Up Your Own Business
    • Leasehold Improvements
    • Select an accountant
    • Set up accounting system
    • Receive and review monthly statements
    • Keep all records up-to-date
    • Meet with accountant regularly
    • Store all records
    Start your own business
    • Setting Up Your Own Business
    • Accounting
    • Select a lawyer
    • Define legal issues
    • Utilize lawyers in negotiations
    • Discuss your proposed business
    • Don’t sign anything without your lawyer
    Start your own business
    • Setting Up Your Own Business
    • Legal
    • Identify needs
    • Install expandable equipment
    • Shop around, systems, price
    • Internet sales consultants
    • Setting Up Your Own Business
    • Computers / Phones / Faxes
    Start your own business
    • Network and connect all
    • communications equipment
    • Internet capability
    • Analyze applicability
    • Develop website
    • E-commerce
    • Internet service provider
    • On-line marketing
    • Setting Up Your Own Business
    • Computers / Phones / Faxes
    Start your own business
    • Negotiate rates
    • Arrange for online credit
    • card processing
    • Establish credit card
    • company relationships
    • Setting Up Your Own Business
    • Credit Card Processing
    Start your own business
    • Establish goals
    • Develop budget
    • Establish products,
    • services and pricing
    • Develop collateral materials
    • Setting Up Your Own Business
    • Advertising and Marketing
    Start your own business
    • You are the trainer
    • Train, train, train
    • Set and maintain high
    • performance standards
    • Minimal staffing
    Start your own business
    • Setting Up Your Own Business
    • Hire and Train Staff
  • 2 nd Option
    • Buying an Existing Business
    • Getting the details
    • Hands on experience
  • Buying an existing business Get the details
    • Get audited financials for
    • last three (3) years
    • Review bank records
    • Reconcile invoices with
    • sales
    • Do search for litigation
    • Non-compete Agreement..
    • Talk to employees…
    • Review lease……
    • Verify what you are getting....
    • Get seller to finance….
    Buying an existing business Get the details
    • Is the price worth it?
    • Is the business name
    Buying an existing business Get the details
    • Do a three (3) year cash
    www.ispto.gov Yes or No: flow with debt services protected?
    • Talk to customers
    • Training by seller
    • Work there first
    • Can you do it?
    • Would you be better
    • off starting your own?
    Buying an existing business Hands on experience
  • 3 rd Option
    • Buy a Franchise
    • What are the first steps after buying a franchise?
    • Top 10 Reasons for buying a Franchise
    • Frequently Asked Questions
    • Franchise Financing Sources
    • Advantages from A to Z
    Reason # 1 Step 1 Step 2 Step 3
  • Buy a Franchise Business
    • Top reasons for buying a franchise
    • Training Programs
    • Ongoing Operational Support
    • Marketing Assistance
    • Strong Brand
    • Track Record of Success
    Success Success Success Success Reason # 1
  • Buy a Franchise Business
    • Top reasons for buying a franchise
    • Real Estate Assistance
    • Construction Assistance
    • Purchasing Power
    • Risk Avoidance
    Reason # 1
  • Buy a Franchise Business
    • How long will it take my new franchise to
    • reach break even?
    • How much of my total investment (including capital reserves) do I need to have in cash?
    • What are the ranges in financial performance of the existing franchisees?
    • How much is needed in operating capital reserves to cover loses after opening the franchise until the break even point?
    Frequently Asked Questions
  • Buy a Franchise Business
    • How financially strong is the franchise company
    • What standard and alternative financing options exist for me?
    • How much total investment will this franchise require?
    • How much money can I make in this franchise?
    Frequently Asked Questions
  • a. Proven system of operation b. Brand identity c. Training d. Assistance in obtaining location e. Advertising – national and local f. Own boss g. Turnkey business Advantages Buy a Franchise From A-Z
  • h. Collective buying power i. Operating manual j. Planning and forecasting assistance k. Better prices on equipment m. Resale ability n. Financial and accounting systems From A-Z Advantages Buy a Franchise l. Better prices on inventory
  • p. New ideas q. New products r. Sources of products s. Complete business system t. Financing u. Lower risk From A-Z Advantages Buy a Franchise o. Ongoing support and consulting
  • w. Sales and marketing techniques x. Start the business with less capital y. No previous experience necessary z. We don’t succeed unless you do From A-Z Advantages Buy a Franchise v. Assistance in site selection
  • Franchise Financing Sources Buy a Franchise Franchise Funding Specialists Veteran Programs Investors 401k Cash is King Next Franchisee exit... Funding
    • What are the first steps after
    • buying a franchise?
    Buy a Franchise
    • Secure the location
    • Sell, Sell, Sell!
    • Training
    • Marketing
    Step 1 Step 2 Step 3 To Do:
  • FINALLY … Do I Have What It Takes?
    • Am I comfortable with the risk?
    • Do I have sufficient capital?
    • Can I sell?
    • Do I need a partner?
    • Do I have the ability to manage?
    • Is my family behind me?
    • Do I have the necessary skills?
    • Can I work well independently?
  •  
  • Thank you for your time www.on-target.com (800) 720-0131 For more information about our company, please visit our website @ Or call us at