CALL ON ➥8923113531 🔝Call Girls Adil Nagar Lucknow best Female service
How to Start a Graphic Design Business
1.
2. How to Start Your Own Business Kilobyte Kate’s Graphic Design Kate Leirer
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Editor's Notes
“ Entrepreneurs are risk takers, willing to roll the dice with their money or reputation on the line in support of an idea or enterprise. They willingly assume responsibility for the success or failure of a venture and are answerable for all its facets. ” - Victor Kiam
Hi my name is Kate Leirer and for my project I decided to figure out how to start your own business. I wanted to learn all that went into the process and how to write a successful business. For my project I researched, made a business plan and started a fictitious graphic design company.
For my research I found books, websites and interviews. In order to find my sources I spent a lot of time at the Doylestown library looking up and reading books. For this project I had to find 10 sources and I looked at each book for a specific section of information.
There was a lot of new knowledge that I gained throughout this process. Throughout the process I learned how to write a successful business plan, how to raise start up funds, how to get your business known, and how to keep your business running.
First I wanted to learn how to write a successful business plan so I went to the Small Business Administration web site. From this site I learned that every successful business plan should include something about each of the following: the executive summary, market analysis, the company description, organization and management, marketing and sales management, the service or product line, the funding request, financials, and the appendix. After I read this site I decided that I was going to create my own fictitious business to show you what I have learned. For my business I decided to start a graphic design studio called Kilobyte Kate’s Graphic Design and I based the fictitious business plan on my business.
According the Small Business Administration the executive summary is the most important part of the business plan. It provides an overview of the entire plan along with a history of your company. The Executive Summary tells the reader where the company is and where you want to take it. It is the first thing the readers see, however it is the last that you are going to write. Before you write this section you need to figure out the rest of the plan because this part is only a summary not as detailed as the rest of the business plan. However things that the executive summary should contain are: the mission statement, the date the business started, the names of the founders, the number of employees, the location of the business, description of the facilities, the products manufactured/ services rendered, banking relationships, summary of the company’s growth, and the summary of the management’s future plans. The Business Administration also tells you that since you are just starting out a business you will not have a lot of information to plug into these different areas. You should focus more on your experience and background as well as the decisions that led you to start this particular business.
The next section of your business plan should be your market analysis. This section should spell out your knowledge about the particular industry that your business is in. This section of the business plan should include: an industry description and outlook, target market information, market test results, lead times, and evaluation of your competition. The small business administration says that the industry description and outlook is an overview section that should include information on the description of the your primary industry, the current size of the industry and trends and characteristics related to the industry as a whole. For the next part of the market analysis which is identifying your target market you basically need to state the group of people that you wish your product or service to reach out to. The Market Tests include information about any market test that you have completed for your business plan. The Lead time is the amount of time between when a customer places an order and when the product or service is actually delivered. The last part of this section the SBA identifies is the competitive analysis. With the competitive analysis you need to identify your competition by product or service line as well as the market segment, you then need to assess their strengths and weaknesses, determine how important your target market is to your competitors and identifiy any barriers which may get in your way as you enter the market.
The company description that you write in your business plan should not go into detail but should include all the different elements of how your business fits together.
The next section, the organization and management section should include: the organizational structure, ownership information, management policies, and the board of directors' qualifications. The organizational structure part is a good way to lay out the structure of your business by creating an organizational chart with a description. The ownership information should include: the names of the owners, the percentage of ownership, extent of involvement with the business, forms of ownership, outstanding equity equivalents ,and common stock. The management policies section should include the information about the people that work for your business such as their name, position, education, unique experience and skills, prior employment, past track record, community involvement, number of years with the company and their compensation basis and levels. The next section is the board of directors’ qualifications. This section is only to be used if you have a board of directors. If you have a board the information you should include in this section is: their names, positions on the board, extent of involvement with the company, their background and historical and future contribution to the company’s success.
According to the SBA marketing is the process of creating customers, and customers are the income of a business. In this section the first thing you want to do is define you marketing strategy. Your overall marketing strategy should include: market penetration strategy, strategy for growing your business, channels of distribution strategy, and the communication strategy. Your overall sales strategy should include: a sales force strategy and your sales activities.
When I created my business plan as my results to show you what I learned I created a service business called Kilobyte Kate’s Graphic Design where I make web sites and promotional business documents for new startup businesses and business that need the help to keep on going. So for this section of the business plan you need to include a detailed description of your product or service. Information about the product or services life cycle and any copyright, patent, and trade secret information that may be relevent.
The funding request section is the part of the business plan where you ask for the amount of funding that you will need to get your business up and running. You will want to include in this section: your current funding requirement, your future funding requirements over the next five years, how you will use the finds you receive, and any long term financial strategies that you are planning that would have any type of impact on your funding request. When you are outlining your current and future requirements you have to be sure to include the amount you want now and the amount you want in the future.
According to the SBA the financials should be developed after you have analyzed the market and set clear objectives. The two things that you need to include with your financials are the historical financial data and the prospective financial data. The historical financial data is if you own an established business. Most creditors request the data for the last three to five years. Depending on how long you have been in business. The prospective financial data is for all business whether you are a startup or growing. For the data the creditors will want to see what you expect your company to be able to do with in the next five years. You need to make sure with this section that your projections match your funding request, creditors will be on the look out for this. Finally with this section you should include an analysis of your financial information. Include a ratio and trend analysis for all your financial statements.
The SBA says that the last part of the business plan is the appendix. This section is provided to the readers on an as needed basis. This means that this section should not be included with the main body of the business plan. Parts that the appendix should include are: your credit history, resumes of key managers, product pictures, letters of reference, details of market studies, relevant magazine articles or book references, licenses, permits, or patents, legal documents, copies of leases, building permits, contracts, and your list of business consultants. The copies of your business plan should be controlled, so you should keep a record of the people that you give it out to. this gives you the opportunity to update the plan as you need to in the future.
When talking about the business plan I mentioned that you put a request for funds in funding request section. According to the book Mancuso’s Small Business Guide besides writing the request for funds section in your business plan other ways to gain capitol are getting a line of credit, asking for a bank loan and asking for an SBA loan. When it comes to loans, Mancuso’s Small Business Guide Says that bankers are looking for answers to a series of questions that fall under five different categories.
When it comes to loans, Mancuso’s Small Business Guide Says that bankers are looking for answers to a series of questions that fall under five different categories: character, capital, capacity, collateral and guarantees, and conditions. With character they want to know who you are, how long you have lived where you have lived, and how long you have been in business. They also want to know if you live up to your obligations and have you always repaid your obligations. For capital they want to know are your assets sound, does your business have a positive net worth, and if you have sound personal financial statements. For Capacity they want to know what your ability is to repay your loan, how you are going to use the loan, and how will it be repaid. The answers to these questions will come from the review of your financial statement and profit and loss statement. When it comes to Collateral and Guarantees they questions bankers are going to ask are: how can you be sure of your ability to repay your loan, and what can you offer the bank as an alternative source of repayment. The answers to these questions will come from your projected cash flow statements and your lists of assets. The last C of Credit they will ask about is conditions. They will ask such questions as what is the state of the economy, and are there environmental issues to be concerned about.
One other way to get startup money is to see if you are eligible for the SBA assistance loan. To be eligible for the loan your business must operate for profit and qualify as a small business under the SBA criteria. If you qualify the size of your loan depends on the average size of employees for the proceeding twelve months or on your sales volume over three years.
Lastly, after learning how to write a successful business plan and raise the money that you need to get the business going, I learned how to get your name heard in the world. According to the book The boss of you the way to get your business out there is to make a website that all people can see that would catch their attention and make them say wow that looks like a company I would like to get involved with. Since my fictitious business is a graphic design company making a web site would be a great way to let people see exactly what I can do you for their companies when they look at my own. They also say to makes signs. You should make the signs if you business relies on foot traffic and is in a place where cars will drive by it and see it. If not you can make a small sign to advertise and ask to put it up in the bulletin board at some advertising agencies and stores. The boss of you says that another great way to get your name heard is to make goodies such as stickers buttons and magnets. These goodies can be used in so many places and they will have your company name on them and when just by people seeing them, where ever they put them will get them thinking about your company.
In conclusion for my project I wanted to learn how to start my own business, how to write a successful business plan and how to get my company to last. I did research in the different topics, and wrote my own business plan for a Fictitious company that I created. Thank you for you time.
![[object Object],[object Object]](https://image.slidesharecdn.com/howtostartyourownbusinesspp-091006131737-phpapp02/85/How-To-Start-Your-Own-Business-Pp-1-320.jpg)
