THINKING ABOUT STARTING YOUR OWN BUSINESS?  <br />Presented by:  Laura Gannon, CPA<br />SULLIVAN AND GANNON, LLC<br />22 C...
The reality<br /><ul><li>Pros
Being the boss
Setting your own hours
Challenging
Financially rewarding
Cons
Being the boss
All roles:  computer guy, bookkeeper, secretary, salesperson, operations function, human resources
Long hours
Businesses don’t always make money for the first few years or the owner can’t take a salary
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Thinking about Starting Your Own Business

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  • Loose or StructuredExecutive Summary –mission statement –what makes you different –what experience you bring to the business Marketing Analysis-who to market to and howCompetitive Analysis-what is going on in your industry and with your competitors; strengths and weaknessesStrategy-how to excute the planProduct/Service detail(include limits)Marketing and Sales-costs and potential revenueOperation-management-employees-structureFinancials-project the costs and the potential revenue
  • costs
  • Corporations/llc’s and llp’s need to be registered with the corporations divisions with sec of state
  • Thinking about Starting Your Own Business

    1. 1. THINKING ABOUT STARTING YOUR OWN BUSINESS? <br />Presented by: Laura Gannon, CPA<br />SULLIVAN AND GANNON, LLC<br />22 Central Square<br />Chelmsford, MA 01824<br />www.sullivangannoncpas.com<br />
    2. 2. The reality<br /><ul><li>Pros
    3. 3. Being the boss
    4. 4. Setting your own hours
    5. 5. Challenging
    6. 6. Financially rewarding
    7. 7. Cons
    8. 8. Being the boss
    9. 9. All roles: computer guy, bookkeeper, secretary, salesperson, operations function, human resources
    10. 10. Long hours
    11. 11. Businesses don’t always make money for the first few years or the owner can’t take a salary
    12. 12. Work and home life blurred
    13. 13. Need to be disciplined, organized and a self starter</li></li></ul><li>CONSIDERATIONS<br /><ul><li>What kind of business do I want?
    14. 14. Do I have the right personality to be an entrepreneur?
    15. 15. What products/services will I provide?
    16. 16. What products/services do I not want to provide?
    17. 17. Why am I starting a business?
    18. 18. Where am I going to get the money?
    19. 19. How much money do I need?
    20. 20. Do I have the expertise?
    21. 21. Should I partner up with someone?
    22. 22. What is unique about me, my business and my product/service?
    23. 23. Is there a need in my community for this?
    24. 24. Who is my target market?
    25. 25. Who is my competition? And why am I different?</li></li></ul><li>BUSINESS PLAN<br /><ul><li>Executive Summary
    26. 26. Marketing Analysis
    27. 27. Competitive Analysis
    28. 28. Strategy
    29. 29. Product/Service
    30. 30. Marketing and Sales
    31. 31. Operations
    32. 32. If needed, your funding request
    33. 33. Financials</li></ul>Great resource is the SBA @<br />http://www.sba.gov<br />
    34. 34. Choice of entity<br /><ul><li>Consideration should be given to the legal, functional, cost and tax effect
    35. 35. Sole Proprietorship
    36. 36. LLC – (single LLC)
    37. 37. Partnership
    38. 38. Corporation – C or S</li></li></ul><li>FINANCING<br /><ul><li>Mortgage
    39. 39. Business Loan
    40. 40. Family Loan
    41. 41. Credit Cards
    42. 42. SBA
    43. 43. Venture Capital
    44. 44. Online</li></ul>Prosper<br />http://www.prosper.com/<br />Virgin Money (formerly Circle Lending)<br />http://uk.virginmoney.com/virgin/<br />Zopa<br />http://uk.zopa.com/zopaweb/public/borrowing/borrowing-at-zopa.html<br />
    45. 45. KEEPING BOOKS AND RECORDS<br /><ul><li>Keep separate bank account
    46. 46. Pick a great local bank that is accustomed to grooming new businesses
    47. 47. Open separate credit card
    48. 48. Establish credit for the business
    49. 49. Invest in Quicken or QuickBooks
    50. 50. Keep receipts and travel log
    51. 51. Obtain a federal EIN at www.irs.gov</li></li></ul><li>Marketing<br /><ul><li>Who are you selling to?
    52. 52. Where are they?
    53. 53. Develop your elevator speech
    54. 54. What makes you unique?
    55. 55. Services
    56. 56. Personality
    57. 57. Industry Groups
    58. 58. Networking Groups
    59. 59. Must have internet presence
    60. 60. Must have a website
    61. 61. Social Media
    62. 62. Facebook
    63. 63. Twitter
    64. 64. LinkedIn
    65. 65. Blogs
    66. 66. Email marketing</li></li></ul><li>miscellaneous<br />NAME OF BUSINESS<br /><ul><li>Descriptive of what you do
    67. 67. But not limited to what you may do
    68. 68. Registration with town and possibly the state</li></ul>OTHER MATTERS: <br /><ul><li>Insurance
    69. 69. Legal papers
    70. 70. Location
    71. 71. Office
    72. 72. Home
    73. 73. Share space</li></li></ul><li> RESOURCES<br /><ul><li>Your library
    74. 74. The internet – wealth of information and free training, free tips and recommendations:
    75. 75. http://www.toolkit.com/
    76. 76. http://www.openforum.com/
    77. 77. http://www.sbtv.com/
    78. 78. http://www.sba.gov/category/navigation-structure/starting-managing-business
    79. 79. http://www.tannedfeet.com/
    80. 80. http://www.irs.gov/businesses/small/index.html
    81. 81. http://www.fortune.com
    82. 82. http://www.tax.gov/virtualworkshop/
    83. 83. http://www.irs.gov
    84. 84. http://www.sec.state.ma.us/
    85. 85. http://www.inc.com
    86. 86. http://score.org
    87. 87. Publications:
    88. 88. Fortune
    89. 89. Money
    90. 90. Inc.
    91. 91. Entrepreneur
    92. 92. Trade Publications
    93. 93. Accountant
    94. 94. Lawyer
    95. 95. Bank
    96. 96. Payroll Company</li></li></ul><li>Who is your Most Trusted Advisor?<br />Sullivan and Gannon, LLC<br />22 Central Square<br />Chelmsford, MA 01824<br />www.sullivangannoncpas.com<br />

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