Launch A New Business
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Launch A New Business

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Launch A New Business Launch A New Business Document Transcript

  • Launching a New Small Business Michelle L. Long, CPA, MBA Author of: Successful QuickBooks Consulting Advanced Certified QuickBooks ProAdvisor Certified FastTrac Facilitator M. Long Consulting, LLC mlong@mlongconsulting.com Objectives  Discuss starting a new business given the current economic problems.  Discover why a business plan is important.  Learn the basic components of a business plan and what should be included.  Product/Service Plan  Marketing Plan  Management & Organization  Financial Plan  Discover resources available to help you launch your new small business. 1
  • Starting a Business Now???  Opportunities exist  Cheaper rent  Used equipment, furniture & fixtures  Good, talented employees  Companies outsourcing functions  Challenges remain  Obtaining financing  Minimizing risks  Getting customers/clients Starting your own business ALWAYS involves some risk as well as rewards. Why do I need a Business Plan?  Helps provide direction and focus  Reduce the risks  Clarify your vision  Ensures you consider all facets of the business  Helps to communicate your vision with others  Required if you plan to seek financing from others The primary benefit is the knowledge you gain from writing a business plan. 2
  • Primary Pieces of a Business Plan Marketing Product/Service Financials Management & Organization Product/Service  Purpose of Product/Service  Does it solve a problem or address an opportunity?  Features and Benefits  What is unique or different?  What benefits does the customer receive?  What problem is solved for the customer?  Stage of Development  Product/Service Limitations & Liabilities  Production  Facilities  Suppliers  Related Product/Services and Spin-Offs  Trademarks, Patents, Copyrights, Licenses, Royalties  Government Approvals 3
  • Marketing Plan  Industry Profile  Current size and growth potential  Industry Trends  Other characteristics & distribution channels  Competitive Analysis  Direct competition  Indirect competition  Future competition  Substitutes  Market Analysis  Target market profile  Customer profile  Future markets  Pricing  Pricing strategy  Price list  Pricing policies Marketing Plan  Market penetration  Effective Marketing course  Company image  Customer service  Covers websites, blogs, social  Location media and more  Sales force/representatives  Free, Online, Self-paced,  Advertising and promotion No-CPE section  Publicity  Accountant.intuit.com/training  Direct mail/telemarketing  Internet  Market penetration effectiveness 4
  • Management & Organization  Legal form of business  Sole Proprietor, LLC, S-Corp, C Corp  Get an EIN – www.irs.gov  www.mycorporation.com  Management Team  Board of Directors or Advisory board  Recruitment/selection of employees  Compensation & ownership  Employee reward & incentive plan  Communication  Infrastructure – attorney, CPA, banker, insurance agent Financial Plan  Project 3 years  Income Statement – sales and expenses  Balance Sheet – inventory, assets, loans  Statement of Cash Flows – Most important!  Document assumptions  Research expenses  www.bizstats.com  Sources of funding  Personal savings – 81%  Bank loan – 18%  Credit card – 15%  Friends/Family – 15%  Home equity loan – 8%  SBA Loan – 3%  Revolving credit – 3%  Venture capital –2% 5
  • Resources Available  FastTrac LaunchPad and New Venture – www.fasttrac.org  Small Business Development Centers – www.sba.gov SCORE – www.score.org  Women’s Business Centers  Online communities / forums  Other small business owners  Reach out for help – there are a lot of resources available! Useful Resources & Websites  www.entrepreneurship.org  Databases from public libraries:  ReferenceUSA – database to identify competitors, contact list for marketing to customers – details next  ProQuest, ABI/Inform  Business & Company Resource Center  www.bizstats.com  www.startupnation.com  www.smallbusinessunited.com 6
  • ReferenceUSA Residential Businesses  Download up to 50 per search to a CSV file – can print labels or mail merge into Word Thanks for Attending! Michelle L. Long, CPA, MBA Author of: Successful QuickBooks Consulting Advanced Certified QuickBooks ProAdvisor Certified FastTrac Facilitator M. Long Consulting, LLC mlong@mlongconsulting.com 7