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.
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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.
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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%
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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
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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
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