Education, Entrepreneurship, and Economic Impact


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Education, Entrepreneurship, and Economic Impact

  1. 1. Niagara County Community College Small Business Development Center Education, Entrepreneurship & Economic Impact
  2. 2. New York State Small Business Development Center: An Overview  Established in 1984  Counseling over 259,000 small business clients  Creating or saving 121,800 jobs  Adding $3.1 Billion in economic impact.  Administered through the State University of New York Provost’s Office  Hosted by 23 Colleges and Universities within the SUNY/CUNY System.
  3. 3. New York State Small Business Development Center: An Overview  New York State SBDC is funded through unique public-private partnerships consisting of the U.S. Small Business Administration, The SUNY Research Foundation, Private Corporations, and Host Educational Institutions and local communities.  SBDC Central Headquarters in Albany, New York, is staffed with four full-time business research librarians, and a state-of-the-art technology department, bringing national best-practices to each SBDC Center.  SBDC also administers the Office of Entrepreneurial Education (oe2), providing business education and training to young adults, high-school students and others, using web-based and other interactive tools to deliver substantive content to teachers and students.
  4. 4. NCCC Small Business Development Center: Performance and Excellence  Ranked 6 out of 23 in economic impact  In the top 10% statewide in Education, Training and Seminars.  Conducted and/or hosted 45 events in 2006-07, with over 1,000 small business attendees at conferences, courses, workshops and seminars.
  5. 5. NCCC Small Business Development Center Services  Start-up information  Business Plan Development  Financial Analysis  Women and Minority Owned Assistance  Business Certificates  Loan Sources  Recordkeeping  Marketing  Cash Flow Projection  Training Programs  Exporting  SBDC Research Network
  6. 6. NCCC Small Business Development Center Selected Trainings Summer Sizzlers Free Business Workshops designed especially for business owners and entrepreneurs Held At NCCC Corporate Training Center, Lockport, NY FINANCIAL SOURCES & BUSINESS PLAN DEVELOPMENT Thursday, June 26, 2008 - 1:30 pm to 3:30 pm BUSINESS ORGANIZATIONAL FORMS: DBA’s, Corporations & LLC’s Thursday, July 3, 2008 - 1:30 pm to 3:30 pm DEVELOPING A MARKETING PLAN Thursday, July 10, 2008 - 1:30 pm to 3:30 pm RECORDKEEPING FOR SMALL BUSINESS Thursday, July 17, 2008 - 1:30 pm to 3:30 pm
  7. 7. NCCC Small Business Development Center Selected Trainings QUICKBOOKS WORKSHOPS - HANDS-ON TRAINING Held at NCCC Corporate Training Facility, Lockport, NY Presented by David Kelchlin, Certified Quickbooks Instructor INTRODUCTION TO QUICKBOOKS Tuesday, May 20, 2008 8:30 am to 12:00 pm Small Business Development Center 50 Main Street Lockport, NY MASTERING QUICKBOOKS Thursday, May 22, 2008 8:30 am to 12:00 pm Small Business Development Center 50 Main Street Lockport, NY
  8. 8. NCCC Small Business Development Center Exclusive Seminars Internet & E-Commerce Marketing Seminar Wednesday, October 10, 2007 9am to 4pm Live and interactive, seminar topics will cover: • The uniqueness of Internet marketing -- the dual creative and technical elements • How the Internet has changed the buying process • What makes Internet marketing challenging • Expectations of today’s Internet user • Determining a business’ on-line marketing potential • How to promote a business through the Internet Additionally, more advanced concepts will be discussed, including: Search Engine Marketing & Optimization,,Pay-Per-Click Management, Social Internet Marketing, Website Design, & Development, Web Analytics & Website Testing Franchise Seminar and Trade Show Thursday, May 1, 2008 5:30pm – 9pm Live and interactive, seminar topics will cover: • What is Franchising? • The Benefits of Franchising • Selecting A Franchise that Fits You • Legal Aspects of Franchising • Financing Your Franchise Trade Show will feature National Branded Franchisors covering Service, Product and Restaurant Sectors!
  9. 9. Whom do we serve?  Existing small businesses: Up to 500 employees and $15 million in annual revenue  New business ventures  Spin-offs, mergers and acquisitions  Unique technology driven start-ups with innovative business models  Inventors with patent, trademark and start-up questions
  10. 10. NCCC Small Business Development Center Statistics October 1, 2006 - September 30, 2007 Total New Clients: 441 Total Counseling Hours: 3,242 Total Investment Impact: $15,997,400 Total Numbers of Jobs Created: 148 Total Number of Jobs Saved: 137 Total Training Events: 45 Total Training Hours: 121 Total Training Attendees: 1,083
  11. 11. Our Local Partners  SBA  Niagara County Industrial Development Agency  Microenterprise Program  Chambers of Commerce  City of Niagara Falls, Lockport Community Development Corporation, Greater Lockport Development Corporation  Local Business and Professionals Organizations  Area Banks  Corporations (AT&T, Intuit)  Various other Economic Development Agencies
  12. 12. Developing Your Business Plan
  13. 13. Developing Your Business Plan: 1. Funding Request Spells out how much funding you need and what you will be using it for. Cash Sources: Where will it come from (Owner’s Equity, Loan, Etc.). Cash Uses: How will the funds be spent (Equipment, Working Capital, Etc.).
  14. 14. Developing Your Business Plan: 2. Business Description  History (If an existing business)  When it has or will start  Location  Legal structure of ownership  Number of Employees  Products and/or services  Where they’re coming from and going to  Hours of operation
  15. 15. Developing Your Business Plan: 3. Backgrounds on those involved Management Structure/Resumes of Key People or Your Personal History  What expertise do these people have to make this business succeed?  Include:  Education,  Technical training  Employment history  Business experience.  State what their responsibilities will be.  Include the organizational structure for the business.
  16. 16. Developing Your Business Plan: 4. Debts and Obligations for the Business  To whom is it payable  Original amount  Original date  Present balance  Interest rate  Maturity date  Monthly payments  How it’s secured  Whether it’s current
  17. 17. Developing Your Business Plan: 5. Accounts Receivable and Accounts Payable Include a complete list of all of accounts payable and receivable. Include aging. If your business is new, include what terms you will offer your customers and what terms your suppliers will offer you.
  18. 18. Developing Your Business Plan: 6. Purchase Offer/Lease Agreement If an agreement has been made regarding the lease or purchase or equipment or property, include this signed agreement.
  19. 19. Developing Your Business Plan: 7. Collateral Include what you will be using as security for the loan and an estimate of its present market value.
  20. 20. Developing Your Business Plan: 8. List of Technical Advisors • Include the name and contact information for any professions that are involved in your business. May include attorney, accountant, banker, commercial insurance agent.
  21. 21. Developing Your Business Plan: 9. Labor Schedule Include a list of current job positions and those that you will be creating. For each, list…  how many employees do you have for each position.  what are their approximate wages.  how many hours do they work each week. The lender wants to know that you are being realistic when it comes to the number of employees you will need and can afford.
  22. 22. Developing Your Business Plan: 10. Marketing Plan  Target market and demographics  Geographic  Gender  Age  Income  Competitive Position  Who are your competitors?  What is going to make your business different  Promotion Strategies  How will you reach your customers?  Word of mouth  Print or media advertising  Special promotions or events
  23. 23. Developing Your Business Plan: 11. Financial Statements  If the business is existing, include balance sheets, cash flow statements, and income statements for the current year and the three previous years.  Include a Personal financial statement (SBA form 413)
  24. 24. Developing Your Business Plan: 12. Income Tax Returns Copies of your personal and the business’s Federal Income Tax Returns for the past 3 years.
  25. 25. Developing Your Business Plan: 13. Earnings Projections  Include detailed projections of what your earnings and expensed will be for your first 3 years in business.  The first year will be shown monthly. Years 2 and 3 will be annual.  Include: Cash Flow Statement, Income Statement, Balance Sheet.  This will show your ability to repay the debt and allow you to make any necessary changes in your earnings or expenses.  Try to be conservative.
  26. 26. Niagara County Community College Small Business Development Center Specializing in Assisting Entrepreneurs Maureen A. Goodlander, Assistant Director 50 Main Street Lockport, NY 14094 (716) 434-3815, Ext. 28 Fax: (716) 433-5155 E-mail: A Partnership Program with the U.S Small Business Administration