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Community Business
   The ABC’s of Starting A                                                    Partnership
   Business                                                       • Women’s Business Center of Northern VA
                                                                             703-778-9922 www.wbcnova.org
                                                                  •   Small Business Development Center
                                                                  •   Business Finance Center
              Lisa Y. Goodman, Director
                                                                  •   Business Incubation Center
        The Women’s Business Center of Northern Virginia
                  7001 Loisdale Road, Suite C                     •   Hispanic Entrepreneur Program
                      Springfield, Virginia
             703-778-
             703-778-9922 phone 703-768-0547 fax
                                   703-768-
                   http://www.wbcnova.org
                                                                  •   Financial Education Center for WE
                                                                            703-768-
                                                                            703-768-1440 www.cbponline.org




                   Your ABC’s
                                                                       Is Self Employment For You?
                             B
    A          Business Planning                       C              What are your main concerns ?
Accountability Banking                           Controls
Assessment     Breakeven                         Cash Flow
Access         Beating the Odds                  Considerations
                                                 Cost
                                                 Customers




                                                                                 Paths to
                                                                            Business Ownership
                                                                         Starting a direct sales business
Personal Assessment
                                                                         Buy an existing business
           Lifestyle Assessment
                                                                          Buy a franchise
                       Business Assessment
                                                                          Start from scratch




                                                                                                             1
Starting A Business Under A Corporate
      Umbrella (Intrapreneurship)
               (Intrapreneurship                              A few words of advice …
     Advantages
     •    Build in support                                    Honestly determine  your true motivations
     •    Established business plan                           Pre-determine your special market niche
     •    Cooperative Marketing                               Make sure your support system is in place
     •    Relatively Low start-up
                         start-
     •    Training and Management guidance/mentoring          Determine start up costs
                                                              Research the best companies
     Disadvantages
     •    Highly selective screening process
     •    Licenses required vary state to state
     •    Must bring your own market niche
     •    Must be highly self-motivated
                         self-




Starting a Direct Sales Business
 Advantages
 •       Build in support                                     A few words of advice …
 •       Established business plan
 •       Home based
 •       Low start-up
              start-
 •       Potential for large income in short amount of time      Be careful of new MLMs (they come and go)
                                                                 Don’t reinvent the wheel
 Disadvantages                                                   Take advantage of all training opportunities
 • Not always taken seriously
 • The stigma of MLMs                                            Be teachable and trainable
 • Bad experience of others may be haunting




Buying an Existing Business
                                                              A few words of advice …
Advantages
     •   Takes less time to get established
     •   Established track record                                  Seek  independent advice
     •   Customers and suppliers in place                          Insist on seeing past records
     •   Previous owner as “mentor”
                                                                   Is this a “bankable” deal?
Disadvantages                                                      Watch for warning flags
     •   Creativity is limited
     •   Usually more expensive                                    Be willing to walk away from the deal
     •   Structuring the deal may be difficult
     •   Buying the Bad along with the Good
     •   Discover too late the “real” reason they sold




                                                                                                                 2
Buying a Franchise
                                                 A few words of advice …
Advantages
   •   Shorter lead time to get started
   •   “Turn-
       “Turn-key” operation                         Review   the agreement with lawyer
   •   Lower risk                                   Are  other franchise owners happy?
   •   Brand recognition
                                                    Costs comparable to other franchises?
Disadvantages                                       Territory and competition?
   •   High start-up and ongoing costs
            start-
                                                    Is the Franchise sound?
   •   Limited flexibility
   •   Franchisor may not be reliable
   •   May be difficult to exit business




   Starting Your Own Business
                                                 A few words of advice …
Advantages
   •   Self Satisfaction
   •   Flexibility                                  Other   sources of income for living
   •   Control
                                                    Everything takes   longer than expected
Disadvantages
   •   No Guidelines                                Everything costs   more than expected
   •   Long time to get established
   •   Limited return during start-up
                             start-                 Don’t   be in such a hurry to get started
   •   Uncertain Income




        Your Rich Aunt Last Wish                       Business Planning
• Put the money in a savings account.
  Return = $ 5,000 per year

• Give it to Charity
  Return= Self- esteem, change the
               Self-

• Give it to me so I can start my own business
   Return = $ 11,000 per year
  (In monthly payments of $1,000)




                                                                                                 3
Why Write A Business Plan?                                Business Plan Outline
   Helps you maintain a “proactive” status
   Points everyone in the same direction
   Helps clarify opportunities
   Stimulates development of new
     opportunities
   Focuses attention on important questions
   Increase chances of success




           I. Executive Summary                         II. Mission, Goals & Objectives

     Opening Arguments                                  Mission Statement
     Condensed Version of Business Plan                 Goals & Objectives
     Highlight Key Segments                             General Description of the Business
                                                           Stage of development
     Three “Cs”
                                                           General growth plan description
        Clear
        Concise
        Convincing




    III. Background Information                              IV. The Marketing Plan
A. The Industry
     Background Industry                                A. The Products/Services
      information
                                                            Products/Services Description
     Current/future
      industry trends (size,                                Features/Benefits
      growth)                                               Life Cycles/Seasonality
                                                            Growth Description
B. Your FIT in the
  Industry                                                        (Future Products/Services)
     Small Businesses
     Niche Segments

 http://www.census.gov/epcd/ec97/industry/E333313.HTM




                                                                                                4
B. The Market Analysis                                        C. Marketing Strategies
   Customer Analysis                                           Product Features vs. Benefits
   Competitive Analysis                                        Place: Location/Distribution
   Market Potential                                            Price/Quality Relationship
       Current Trade Area Description
                                                                Promotional Strategies
                                                                   Packaging
       Market Size & Trends
                                                                   Public Relations
       Sales Volume Potential (Current & Growth)
                                                                   Advertising




    V. Organizational Matters                                       VI. The Financial Plan
A. Business Structure,
  Management &                                                 A. Financial Worksheets
  Personnel                                                      – Growth (or Start-up) Expenses
                                                                               Start-
    Business Structure
                                                                 – Advertising Budget
    Management
                                                                 – Sales Forecasts
    Personnel
    Outside                                                   B. Cash Flow Projections
     Services/Advisors                                           – Break Even Analysis
    Risk Management                                             – Monthly Cash Flow Projections w/Assumptions
                                                               C. Financial Statements
B. Operating Controls                                            – Income Statement
    Record Keeping
     Functions                                                   – Balance Sheet
    Other Operating
     Controls




    Choosing a Business Entity                                        Factors to Consider
• Sole Proprietorship                                                Legal Restrictions
• Partnership
   – General                                                         Potential Risk/Liabilities
   – Limited
• Corporation                                                        Earnings Distribution
   – C-Corporation
   – S-Corporation                                                   Capital Needs
• Limited Liability                                                  Tax Advantages/Disadvantages
  Company
                                                                     Duration of Business Operation
            Formation Assistant: http://www.bizfilings.com
                                 http://www.bizfilings.com/




                                                                                                                 5
Sole Proprietorship                                                  Partnerships
 Advantages
      •   Easiest, least expensive form to start             Advantages
      •   Fewer reporting requirements                         •       Few Formalities
      •   No double taxation                                   •       Combination of resources and talents
      •   Owner’s personal income taxes offset by business     •       Same as Sole Proprietorship
          losses
                                                             Disadvantages
 Disadvantages                                                 •       Unlimited liability for all partners’ actions
      •   Unlimited personal liability                         •       Distribution of power of each partner
      •   Potential dissolution at owner’s death               •       Dissolution upon death of partner
      •   No tax benefits                                      •       “Pass-
                                                                       “Pass-through” of income to partners
      •   Owner is personally responsible for taxes on         •       No income splitting
          business income                                      •       No tax-free fringe benefits
                                                                          tax-
      •   Limited ability to raise capital




      Limited Liability Company                                                   C-Corporation
                                                             Advantages
Advantages                                                         •    Limited liability of shareholders
  •   Limited liability for members without limits                 •    Perpetual existence
                                                                   •    Increased ability to raise outside capital
      on management participation                                  •    Ownership transfer through sale or gift of stock
  •   Flexible ownership and capital structure                     •    Only ones that can fully deduct health insurance
  •   Avoids double taxation                                            and have more options regarding pension plans
  •   Flexible allocation of profits among members                 •    Favorable tax treatment for employee benefits

Disadvantages                                                Disadvantages
  •   Cost/Complexity of establishing and manage                   •    Time consuming and expensive to establish (+ $500)
                                                                   •    Time consuming and expensive to manage
  •   Poor tax treatment of fringe benefits                        •    Annual reporting requirements
  •   Laws are still evolving                                      •    Double taxation




                  S-Corporation
Advantages                                                   Request:
  •   Taxed at individual shareholder level
      (“pass through”)
  •   Same as for C Corporation
  •    Favorable tax treatment for employee health             Business Registration Guide
      insurance
                                                               804-371-
                                                               804-371-9733
Disadvantages
  •   Except for tax consequences, Same as C-Corp
                                           C-
  •   Shareholder limitations (100)                          Or go on line:
  •   Shareholders must be individuals                        http://scc.virginia.gov/division/clk/brg.htm
  •   Limited to one class of stock
  •   Must be citizens or permanent residents




                                                                                                                             6
Licenses & Registration                                         Insurance
 State (www.virginia.gov)
 • Is your name available?
 • Register (if applicable) with State Corporation   • Liability (General, Product, Professional)
   Commission
                                                     • Property
 • Do you Need a Special Business License?
 • Tax Registration (form R-1)
                           R-                        • Umbrella (house, car)
 Federal (www.irs.gov)
                                                     • Worker’s Comp (3 or more employees)
 • Obtain an EIN number (form SS-4)
                              SS-
 Local (county/city)                                 • Unemployment Insurance (1 or more
 • Home Occupation Permit                              employees)
 • BPOL License
 • Trade Name Registration




           Tax Obligations                                        RESOURCES
• Federal
   – Estimated Quarterly Taxes
   – Payroll Taxes
   – Self-Employment
     Self-
• State (Income, Sales & Use, Litter,
  Tire, etc.)
• Local (Personal Property, Real Estate,
  etc.)




Small Business Administration                                     SBA Programs

                                                      • Hub zone
•   SBDCs
                                                      • 8(a) Certification
•   Women’s Business Centers
                                                      • Pro-Net
                                                        Pro-
•   Business Information Centers                          (now Central Contractor Registration or CCR)
•   Loan Guarantee Programs                           • SBIC
•   Micro-
    Micro-Loan Programs                               • SBIR
•   SCORE
               www.sba.gov/dc




                                                                                                         7
Lower The Risks of a
                     Start-
                     Start-Up
   Don’t sell what you want -- sell what your
    customers want                                                                                 Next Steps …
   Marketing -- even on a shoestring-- is essential!
                            shoestring--
   Learn to manage your finances (personal and
    business) - cash flow, price, savings…
   Be prepared to become tired & discouraged
   Research - use facts to substantiate insights &
    hunches
   Follow your strengths & interests

             Plan, Plan, Plan!




                             My Work Plan
Activities                           Month   1   2   3   4   5   6   7   8   9   10 11 12                      Small Business Toolkit Series
Define your ideas
Decide what business to start                                                                     Class 1 - Business Planning and Financing for Growth
Assess the impact on your life and family                                                    Develop a comprehensive business plan, complete with financial data.
Locate Sources of Business Advice/Support
Obtain necessary skills                                                                                    Class 2 – Tax Planning & Bookkeeping
Define business objectives
Pick a name and a logo for your business                                                      Set up a business accounting system and plan for annual tax reporting
Do some market feasibility research
Search for different locations                                                                          Class 3 - Marketing, Legal & Risk Planning
Begin writing your Business Plan                                                                 Find your customer and get their attention on a budget that works!
Choose legal form for your business
Setup a recordkeeping system
                                                                                            Learn how business entity and insurance choices help effectively manage risk.
Establish relationship with a banker
Open business checking account                                                                              First Friday’s Networking Breakfast
Prepare cash flow projections
Define amount of investment you'll need                                                     Network with other women and hear a professional guest speaker.
Prepare financial statements
Obtain license, insurance, permits…                                                                              Accounting Software Classes
Secure Financing
Prepare your operative plan                                                                                            QuickBooks Pro
Set up office and operational space
Purchase busines cards, office supplies                                                                                Special Series
Hire staff                                                                                               Check out the Calendar for the latest series!
Cut the ribbon !!!




      Questions?
  Contact Information:
            Women’s Business Center of Northern Virginia
            7001 Loisdale Road – Suite C
            703-778-
            703-778-9922
            www.wbcnova.org
            info@wbcnova.org

            Lisa Y. Goodman




                                                                                                                                                                            8

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ABCs Presentation

  • 1. Community Business The ABC’s of Starting A Partnership Business • Women’s Business Center of Northern VA 703-778-9922 www.wbcnova.org • Small Business Development Center • Business Finance Center Lisa Y. Goodman, Director • Business Incubation Center The Women’s Business Center of Northern Virginia 7001 Loisdale Road, Suite C • Hispanic Entrepreneur Program Springfield, Virginia 703-778- 703-778-9922 phone 703-768-0547 fax 703-768- http://www.wbcnova.org • Financial Education Center for WE 703-768- 703-768-1440 www.cbponline.org Your ABC’s Is Self Employment For You? B A Business Planning C What are your main concerns ? Accountability Banking Controls Assessment Breakeven Cash Flow Access Beating the Odds Considerations Cost Customers Paths to Business Ownership Starting a direct sales business Personal Assessment Buy an existing business Lifestyle Assessment  Buy a franchise Business Assessment  Start from scratch 1
  • 2. Starting A Business Under A Corporate Umbrella (Intrapreneurship) (Intrapreneurship A few words of advice … Advantages • Build in support Honestly determine your true motivations • Established business plan Pre-determine your special market niche • Cooperative Marketing Make sure your support system is in place • Relatively Low start-up start- • Training and Management guidance/mentoring Determine start up costs Research the best companies Disadvantages • Highly selective screening process • Licenses required vary state to state • Must bring your own market niche • Must be highly self-motivated self- Starting a Direct Sales Business Advantages • Build in support A few words of advice … • Established business plan • Home based • Low start-up start- • Potential for large income in short amount of time  Be careful of new MLMs (they come and go)  Don’t reinvent the wheel Disadvantages  Take advantage of all training opportunities • Not always taken seriously • The stigma of MLMs  Be teachable and trainable • Bad experience of others may be haunting Buying an Existing Business A few words of advice … Advantages • Takes less time to get established • Established track record  Seek independent advice • Customers and suppliers in place  Insist on seeing past records • Previous owner as “mentor”  Is this a “bankable” deal? Disadvantages  Watch for warning flags • Creativity is limited • Usually more expensive  Be willing to walk away from the deal • Structuring the deal may be difficult • Buying the Bad along with the Good • Discover too late the “real” reason they sold 2
  • 3. Buying a Franchise A few words of advice … Advantages • Shorter lead time to get started • “Turn- “Turn-key” operation  Review the agreement with lawyer • Lower risk  Are other franchise owners happy? • Brand recognition  Costs comparable to other franchises? Disadvantages  Territory and competition? • High start-up and ongoing costs start-  Is the Franchise sound? • Limited flexibility • Franchisor may not be reliable • May be difficult to exit business Starting Your Own Business A few words of advice … Advantages • Self Satisfaction • Flexibility  Other sources of income for living • Control  Everything takes longer than expected Disadvantages • No Guidelines  Everything costs more than expected • Long time to get established • Limited return during start-up start-  Don’t be in such a hurry to get started • Uncertain Income Your Rich Aunt Last Wish Business Planning • Put the money in a savings account. Return = $ 5,000 per year • Give it to Charity Return= Self- esteem, change the Self- • Give it to me so I can start my own business Return = $ 11,000 per year (In monthly payments of $1,000) 3
  • 4. Why Write A Business Plan? Business Plan Outline  Helps you maintain a “proactive” status  Points everyone in the same direction  Helps clarify opportunities  Stimulates development of new opportunities  Focuses attention on important questions  Increase chances of success I. Executive Summary II. Mission, Goals & Objectives  Opening Arguments  Mission Statement  Condensed Version of Business Plan  Goals & Objectives  Highlight Key Segments  General Description of the Business Stage of development  Three “Cs” General growth plan description  Clear  Concise  Convincing III. Background Information IV. The Marketing Plan A. The Industry  Background Industry A. The Products/Services information Products/Services Description  Current/future industry trends (size, Features/Benefits growth) Life Cycles/Seasonality Growth Description B. Your FIT in the Industry (Future Products/Services)  Small Businesses  Niche Segments http://www.census.gov/epcd/ec97/industry/E333313.HTM 4
  • 5. B. The Market Analysis C. Marketing Strategies Customer Analysis Product Features vs. Benefits Competitive Analysis Place: Location/Distribution Market Potential Price/Quality Relationship Current Trade Area Description Promotional Strategies Packaging Market Size & Trends Public Relations Sales Volume Potential (Current & Growth) Advertising V. Organizational Matters VI. The Financial Plan A. Business Structure, Management & A. Financial Worksheets Personnel – Growth (or Start-up) Expenses Start-  Business Structure – Advertising Budget  Management – Sales Forecasts  Personnel  Outside B. Cash Flow Projections Services/Advisors – Break Even Analysis  Risk Management – Monthly Cash Flow Projections w/Assumptions C. Financial Statements B. Operating Controls – Income Statement  Record Keeping Functions – Balance Sheet  Other Operating Controls Choosing a Business Entity Factors to Consider • Sole Proprietorship  Legal Restrictions • Partnership – General  Potential Risk/Liabilities – Limited • Corporation  Earnings Distribution – C-Corporation – S-Corporation  Capital Needs • Limited Liability  Tax Advantages/Disadvantages Company  Duration of Business Operation Formation Assistant: http://www.bizfilings.com http://www.bizfilings.com/ 5
  • 6. Sole Proprietorship Partnerships Advantages • Easiest, least expensive form to start Advantages • Fewer reporting requirements • Few Formalities • No double taxation • Combination of resources and talents • Owner’s personal income taxes offset by business • Same as Sole Proprietorship losses Disadvantages Disadvantages • Unlimited liability for all partners’ actions • Unlimited personal liability • Distribution of power of each partner • Potential dissolution at owner’s death • Dissolution upon death of partner • No tax benefits • “Pass- “Pass-through” of income to partners • Owner is personally responsible for taxes on • No income splitting business income • No tax-free fringe benefits tax- • Limited ability to raise capital Limited Liability Company C-Corporation Advantages Advantages • Limited liability of shareholders • Limited liability for members without limits • Perpetual existence • Increased ability to raise outside capital on management participation • Ownership transfer through sale or gift of stock • Flexible ownership and capital structure • Only ones that can fully deduct health insurance • Avoids double taxation and have more options regarding pension plans • Flexible allocation of profits among members • Favorable tax treatment for employee benefits Disadvantages Disadvantages • Cost/Complexity of establishing and manage • Time consuming and expensive to establish (+ $500) • Time consuming and expensive to manage • Poor tax treatment of fringe benefits • Annual reporting requirements • Laws are still evolving • Double taxation S-Corporation Advantages Request: • Taxed at individual shareholder level (“pass through”) • Same as for C Corporation • Favorable tax treatment for employee health Business Registration Guide insurance 804-371- 804-371-9733 Disadvantages • Except for tax consequences, Same as C-Corp C- • Shareholder limitations (100) Or go on line: • Shareholders must be individuals http://scc.virginia.gov/division/clk/brg.htm • Limited to one class of stock • Must be citizens or permanent residents 6
  • 7. Licenses & Registration Insurance State (www.virginia.gov) • Is your name available? • Register (if applicable) with State Corporation • Liability (General, Product, Professional) Commission • Property • Do you Need a Special Business License? • Tax Registration (form R-1) R- • Umbrella (house, car) Federal (www.irs.gov) • Worker’s Comp (3 or more employees) • Obtain an EIN number (form SS-4) SS- Local (county/city) • Unemployment Insurance (1 or more • Home Occupation Permit employees) • BPOL License • Trade Name Registration Tax Obligations RESOURCES • Federal – Estimated Quarterly Taxes – Payroll Taxes – Self-Employment Self- • State (Income, Sales & Use, Litter, Tire, etc.) • Local (Personal Property, Real Estate, etc.) Small Business Administration SBA Programs • Hub zone • SBDCs • 8(a) Certification • Women’s Business Centers • Pro-Net Pro- • Business Information Centers (now Central Contractor Registration or CCR) • Loan Guarantee Programs • SBIC • Micro- Micro-Loan Programs • SBIR • SCORE www.sba.gov/dc 7
  • 8. Lower The Risks of a Start- Start-Up  Don’t sell what you want -- sell what your customers want Next Steps …  Marketing -- even on a shoestring-- is essential! shoestring--  Learn to manage your finances (personal and business) - cash flow, price, savings…  Be prepared to become tired & discouraged  Research - use facts to substantiate insights & hunches  Follow your strengths & interests  Plan, Plan, Plan! My Work Plan Activities Month 1 2 3 4 5 6 7 8 9 10 11 12 Small Business Toolkit Series Define your ideas Decide what business to start Class 1 - Business Planning and Financing for Growth Assess the impact on your life and family Develop a comprehensive business plan, complete with financial data. Locate Sources of Business Advice/Support Obtain necessary skills Class 2 – Tax Planning & Bookkeeping Define business objectives Pick a name and a logo for your business Set up a business accounting system and plan for annual tax reporting Do some market feasibility research Search for different locations Class 3 - Marketing, Legal & Risk Planning Begin writing your Business Plan Find your customer and get their attention on a budget that works! Choose legal form for your business Setup a recordkeeping system Learn how business entity and insurance choices help effectively manage risk. Establish relationship with a banker Open business checking account First Friday’s Networking Breakfast Prepare cash flow projections Define amount of investment you'll need Network with other women and hear a professional guest speaker. Prepare financial statements Obtain license, insurance, permits… Accounting Software Classes Secure Financing Prepare your operative plan QuickBooks Pro Set up office and operational space Purchase busines cards, office supplies Special Series Hire staff Check out the Calendar for the latest series! Cut the ribbon !!! Questions? Contact Information: Women’s Business Center of Northern Virginia 7001 Loisdale Road – Suite C 703-778- 703-778-9922 www.wbcnova.org info@wbcnova.org Lisa Y. Goodman 8