Ignite project


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Ignite project

  1. 1. Starting the business of your Dreams <ul><li>Read further to learn the basics of beginning a business. </li></ul>
  2. 2. Starting your business <ul><li>Business Plan </li></ul><ul><li>Find financing </li></ul><ul><li>Decide to buy a franchise, existing business or open a new one </li></ul><ul><li>Choose a name and </li></ul><ul><li>location </li></ul><ul><li>Get all licenses and </li></ul><ul><li>Permits </li></ul><ul><li>Hire employees </li></ul>
  3. 3. <ul><li>This is the most important step in beginning your business. A thorough plan can make the difference between success and failure. </li></ul>
  4. 4. Financial Management <ul><li>Explain your source and amount of initial equity capital </li></ul><ul><ul><li>Are you going to borrow money </li></ul></ul><ul><ul><li>Are you going to use your savings </li></ul></ul><ul><ul><li>Are you having a silent partner </li></ul></ul><ul><ul><li>Where is your money coming from </li></ul></ul><ul><li>Develop a monthly operating budget </li></ul><ul><ul><li>What bills are you going to have </li></ul></ul><ul><ul><li>Do you have fixed or changing expenses </li></ul></ul><ul><ul><li>How much do you save each month for yearly expenses </li></ul></ul>
  5. 5. <ul><li>Develop an expected return on investment </li></ul><ul><ul><li>How do you plan to make your money back </li></ul></ul><ul><ul><li>What particular item will bring the most return on you investment </li></ul></ul><ul><li>Discuss Break Even Point </li></ul><ul><ul><li>How much of each product must you produce to break even each month </li></ul></ul><ul><ul><li>How did you figure this amount </li></ul></ul>
  6. 6. Who will maintain your records Do you hire an accountant Are you keeping your own records
  7. 8. Do you know what type of Business you want to own? <ul><li>Look at the following slides and think about your liability and obligation for each. </li></ul><ul><ul><li>Do you want to be completely responsible for the success or failure? </li></ul></ul><ul><ul><li>Do you want to make all the money? Pay all the debts? </li></ul></ul><ul><ul><li>Do you want backing from other people to help your dream come true? </li></ul></ul>
  8. 9. Types of Businesses <ul><li>Proprietorship - Individually owned </li></ul><ul><li>Full responsibility falls on the owner </li></ul><ul><li>Examples are hair salons, general stores, corner markets, body shops. </li></ul>
  9. 10. <ul><li>Partnership – Two or more owners </li></ul><ul><li>Each partner has unlimited liability for all debts and business decisions </li></ul><ul><li>Examples are law firms, father and son businesses, Doctor offices </li></ul>Types of Businesses
  10. 11. <ul><li>Corporation – Organization of people legally bound by a charter, members are not responsible for debts of company </li></ul><ul><li>Privately or government owned </li></ul><ul><li>Shareholder own company </li></ul>Types of Businesses
  11. 12. Operations <ul><li>How will the business be managed </li></ul><ul><ul><li>Are you going to be a hands on manager </li></ul></ul><ul><ul><li>Will you hire a boss </li></ul></ul><ul><li>Procedures for hiring personnel </li></ul><ul><ul><li>Do you have an application for future employees </li></ul></ul><ul><ul><li>Are you hiring friends or relatives </li></ul></ul><ul><ul><li>Do you know what you are looking for in employees </li></ul></ul>
  12. 13. <ul><li>What are insurance, lease or other issues </li></ul><ul><ul><li>Do you need special insurances </li></ul></ul><ul><ul><li>Is there any lease restrictions or agreements </li></ul></ul><ul><ul><li>What other issues could come up </li></ul></ul><ul><li>What equipment is needed </li></ul><ul><ul><li>Are you buying the equipment </li></ul></ul><ul><ul><li>Will you lease equipment </li></ul></ul><ul><ul><li>What will you need to start your production </li></ul></ul>
  13. 14. <ul><li>How will production occur </li></ul><ul><ul><li>What is your production schedule </li></ul></ul><ul><ul><li>Do you know the ins and outs of your product </li></ul></ul><ul><li>How will product be delivered </li></ul><ul><ul><li>Are you having delivery personnel </li></ul></ul><ul><ul><li>Will you be using UPS or FedEx </li></ul></ul>
  14. 15. Marketing <ul><li>Discuss products offered </li></ul><ul><li>Find your target consumer </li></ul><ul><li>Identify your market </li></ul><ul><li>Explain your product, advertising & marketing </li></ul>
  15. 16. Thoughts on marketing <ul><li>Do all kids know what toys they want or do they want what they see on tv? </li></ul><ul><li>How did the world live without a microwave for hundreds of years and now we cannot? </li></ul><ul><li>Is Disney World really the happiest place on Earth? </li></ul><ul><li>Does subway subs really make you loose weight? </li></ul>
  16. 17. Now that you are thinking <ul><li>Do athletes really perform better because they drink Gatorade? </li></ul><ul><li>Are you really Loving It when you eat at McDonalds? </li></ul><ul><li>Are there campaigns that stick in your head? Have you bought something strictly because of the marketing? </li></ul>
  17. 18. Important Terms <ul><li>Non disturbance clause </li></ul><ul><li>Exclusivity Provision </li></ul><ul><li>Anchor tenant </li></ul><ul><li>Assign Lease </li></ul><ul><li>Sublet </li></ul><ul><li>Percentage Lease </li></ul><ul><li>Triple Net Lease </li></ul><ul><li>Right of First Refusal </li></ul>
  18. 19. www.business4wv.com All your information for a business in West Virginia
  19. 20. The world needs new businesses <ul><li>How will you stack up when it comes to your competition? </li></ul>