SlideShare a Scribd company logo
www.jacksonville.score.org
Achieve Your Business Dream
Jacksonville.score.org
AYBD’s Online Classroom
This online classroom is designed to allow people who attend the Achieve
Your Business Dream workshops to have access to the content provided
during the live session.
Since this is a private online classroom, here are the steps to access the
information
1. Visit https://learn.myjaxchamber.com/course/view.php?id=50
2. Click “Log in as a guest”
3. Use password AYBD2022 to access the classroom
4. Content becomes available weekly. You will have access to the content for a
month after the program is over.
5. For any questions contact Georgia Pinner at
georgia.pinner@myjaxchamber.com
Jacksonville.score.org
What is SCORE?
A nonprofit organization with the largest network of free
business experts in the United States.
• SCORE is dedicated to helping
small businesses get started, grow
and achieve their goals through
education and mentorship.
o Entrepreneurial skills
o Business formation
o Growth strategies.
• 11,000+ SCORE volunteers across
the U.S. (250 chapters).
• Hundreds of mentors/counselors
available throughout the (7)
Central / North Florida District
chapters. SCORE | Central / North Florida District
Jacksonville.score.org
SCORE’s Mission & Vision
Our Mission:
Foster vibrant small
business
communities through
mentoring and
education.
Our Vision:
Every person has the
support necessary to
thrive as a small
business owner.
We are here to support you!
Jacksonville.score.org
How SCORE Helps Entrepreneurs
• Mentoring: Face-to-face, phone & e-mail
mentoring – for as long as we’re needed!
• Workshops: Educational sessions on a
wide range of topics from starting a business
to online marketing, new product development,
sources of financing, crowdfunding, direct
sales techniques and much more.
• Online Resources: Wide collection of
articles, templates, assessments, blogs and
over 340 business webinars.
SCORE helps entrepreneurs three ways:
Jacksonville.score.org
Cost for SCORE Mentoring Services:
$0.00
FREE!
Jacksonville.score.org
Sign Up With a Mentor
Costs only
$99
Sign up for a mentor
Register for a workshop
Find Templates & Webinars
Jacksonville.score.org
Upcoming Workshops
Date Start Topic
Oct. 4 6:00 pm Achieve Your Business Dream – Pt 1 Business Basics, Legal and
Tax Entities, Build a Business Team, Mission & Vision Statements
Oct. 5 Noon The Top Social Media Platforms a Business Needs
Oct. 6 Noon Learn the Basics of Google Ads
Oct. 6 5:30 pm The 15 Best E-Commerce Platforms for Small Businesses
Oct. 7 5:30 pm Internet Marketing Pt. 5 of 5 – Email Marketing for 2023
Oct. 8 10:00 am How to Segment Your List to Get Better E-Mail Results
Oct. 11 10:00 am What It Takes to be a Successful Entrepreneur
Oct. 11 6:00 pm Achieve Your Business Dream – Pt 2 Marketing Basics and Social
Media
Oct. 12 Noon Social Media Trends: What’s In and Out
Oct. 12 5:30 pm Financial Series – Technology Tools to Support Your Back Office
Oct. 13 6:00 pm How to Start a Non-Profit
Oct. 18 10:30 am Sell Your Products Online with Google this Holiday Season
Jacksonville.score.org
Browse the Library - Online Resources
SCORE Templates, Tools & Webinars
• Over 1800 FREE templates & tools -
Articles, assessments, outlines, and
other resources
• LIVE webinars - One-hour
presentations by mentors and partners
• 100 English & Spanish online
workshops - Business training
modules
• SCORE blogs & newsletter - latest
business information, tips and
resources
Jacksonville.score.org
Section One
Introductions –
Who are we?
Jacksonville.score.org
Expectations for this Course
Over the next four weeks you will learn …
Week 1 – Business Foundations
• Should You be an Entrepreneur?
• Your Business Vision & Self Assessment
• Business Plan Overview
• Developing a Support Network
• Creating a Legal Entity
• Mission, Vision & Value Statements
Week 2 – Product & Marketing
• The Four P’s of Marketing
• Generating Product Concepts
• Selecting a Pricing Method
• Product Distribution Channels
• Product Promotion & Social Media
Week 3 – Accounting & Finances
• Accounting Basics
• Understanding Financial Statements
• Determining Financing Needs
• Industry, Competitor & Market Analysis
• Selecting a Name for Your Business
Week 4 – Funding & Business Plans
• Sources of Funding
• Writing Your Business Plan
• Financial Projections
Jacksonville.score.org
Section 2
Are You
Entrepreneurial Material?
Jacksonville.score.org
How do Entrepreneurs Think?
Entrepreneurs think differently than non-entrepreneurs.
• Seek Independence They want to be in control of their personal situation.
Independence is one of the most frequently stated reason for starting a
business.
• Internal Control Oriented They perceive that their likelihood of success is
controlled by their own actions, not by fate, luck or other people.
• Embrace Change Entrepreneurs enjoy major life changes and the
opportunities they bring.
• Competitive They desire to excel compared to others.
• Financially Motivated They desire financial well-being, but business profit is
often used as a measure of success more than for what it can buy.
• Ambition/Achievement Motivated They value the ability to reach personal
goals, regardless of comparisons to others.
• Calculated Risk Taker They mentally balance the workload and assumed
risk against the expected financial gain.
• Societal Contributor Many entrepreneurs want their actions to benefit
society as well as themselves.
Jacksonville.score.org
Success Traits of Entrepreneurs
Multiple studies have identified the following character
traits in successful entrepreneurs.
• Willing to take action This may be the most important trait for entrepreneurs.
All other traits are not important if you are afraid to take real action. Actions are
what lead entrepreneurs to success.
• Persistence/Tenacity Persistence is a refusal to give up, “If at first you don’t
succeed, try, try again”.
• Self-confidence Few become successful entrepreneurs if they don’t have
self-confidence in themselves.
• Passion Passion will see you through the difficult tasks to the part of your
business that ignites your spirit and heart.
• Positive Attitude Entrepreneurs are optimists at heart. This trait can be self-
reinforcing and carries over to those who can assist you.
• Entrepreneurial creativity You must be a creative person if you want to be
unique and have the power to continuously improve your business.
“Life is 10% what happens to you and 90% how you react to it.” - Charles R. Swindoll
Jacksonville.score.org
Business Success Factors
These business factors were cited by entrepreneurs as
contributing to their success.
• Planning Think ahead, analyze every business decision and constantly
compile data. Set goals, outlining how to achieve them.
• Discipline and Organization Your time is valuable – how will you spend it?
Track your time and duties. Invest your energy where it benefits your business
the most. Follow the 80-20 rule.
• Great Sales and Negotiation Skills You may need to negotiate with suppliers
and/or customers. Learn how to request the true value of your products and
services and always look for win-win deals. Learn to listen to customers.
• Money Management Control expenses and plan you cash flow well into the
future. When you are out of cash, you are out of business.
• Innovation Things don’t always have to be the way they are. Always look for a
new concept, envision it and execute it effectively. Always ask “why?”.
• Adaptability Business rarely goes according to plan. Things change and an
entrepreneur must be able to alter an idea or plan to fit the circumstances.
• Willing to seek help A different viewpoint or specific expertise can solve a
problem or provide an answer to a question. Don’t be afraid to ask for help.
Jacksonville.score.org
How Entrepreneurs Find Success
What factors were cited by entrepreneurs as contributing
to their success?
1. 58% say they successfully started a business because of their past
experiences.
2. 40% say they use past failures to fuel new successes.
3. 39% say they’ve learned from previous successes.
4. 25% had 15+ years of experience in their industry.
5. 25% cited having an adequate source of funding available.
6. 22% of entrepreneurs attribute luck or good fortune to their success.
7. 22% consider their professional network an essential to their success.
8. 20% of entrepreneurs see a college education as important.
Note that the top four success factors are all related to having
experience in the field they are entering.
What experience do you have?
Jacksonville.score.org
Habits of Successful Entrepreneurs
Wealthy and poor people have very different habits.
• The following table was derived from the book “The Daily Success
Habits of Wealthy Individuals” by Thomas C. Corley.
• How many of these habits do you have?
• How many do you not have that you will adopt?
Jacksonville.score.org
Personal Gap Evaluation
You need to assess your personal strengths and
weaknesses on factors most important to your business.
• Column 1 – List the personal traits or business factors that apply to your business.
• Column 2 – Rate the importance of each of these to your potential business.
• Column 3 – Rate your capability on each factor. (Note: It is reverse scored.)
• Column 4 – Multiply each importance score times the assessment score.
• Column 5 – A score of 9 indicates a weakness on an important factor. What steps will
you take to correct them?
Success Factor Importance Personal
Assessment
Score Personal
Action Plan
Planning 2 1 2
Discipline and Organization 2 3 6
Sales Skills 3 3 9 Take a sales course.
Negotiation Skills 1 2 2
Money Management 2 2 4
Innovation 3 1 3
Adaptability 3 1 3
Willing to seek help 3 3 9 Join two organizations.
Importance
1 = Not very important
2 = Average
3 = Very important
Assessment
1 = Strength
2 = Average
3 = Weakness
Jacksonville.score.org
Do You Really Want to do This?
Entrepreneurship can be like "The Apprentice," "Survivor,"
and "Fear Factor" (with a little “Simpsons”) rolled into one.
• Are you willing to take risk? It may require your life savings, your home
equity and borrowing from your family. (Can you say “bankruptcy”?)
• Are you willing to skip weekends and vacations? Customers don't care
about your work-life balance. They want your product and they want it now. If
you can't offer consistent service every day, you won’t make it.
• Are you willing to be ruthless? Ruthless, does not mean unethical or
criminal. It means doing what's best for your business, even if it means
making tough decisions that you, your friends and family may not like.
• Are you willing to lose sleep? The hours required when you own a
business is nothing like working a regular job. So, set the alarm clock early.
• Are you willing to be wrong? You may well find that your business model is
wrong. Will you be willing to admit it and rethink your business plan?
"I learned that courage was not the absence of fear, but the triumph over it. The brave
man is not he who does not feel afraid, but he who conquers that fear.“ – Nelson Mandella
Jacksonville.score.org
Section 3
Where to Start:
A Business Plan
Jacksonville.score.org
What is a Business Plan?
A Business Plan is …
• a document describing the nature of your business, the products and
services to be offered, the sales and marketing strategy to be used and
how it will operate.
• the financial projections that estimate revenue, cost, profit/loss and cash
flow resulting from your business activities as well as the capital required
to get started.
It is your roadmap
to success!
Jacksonville.score.org
Why You Need a Business Plan
Even if you aren’t using it to raise start-up capital, there are
many reasons to have a written plan.
• It forces you to review everything at once: your value proposition,
marketing assumptions, operations plan, financial plan, staffing plan, etc.
Does it all make sense when you put it together?
• The plan lays out targets in all major areas: sales, expense items, hiring
positions and financing goals. Once laid out, the targets become
performance goals.
• It gives you a good diagnostic tool. When actual results fall short of the
plan, it is an indication that something is wrong –either with the business
or the assumptions in your plan.
Jacksonville.score.org
The SCORE Business Plan Template
1. Go to the SCORE Jacksonville website https://jacksonville.score.org/
2. On the blue banner, go to, then click on “Browse the Library”.
3. Scroll down to and click on the “Business Planning & Financial Statements
Template Gallery”
4. Under “Business Plan Templates”, click on one of two options:
• Business Plan for a Start-up Business
• Business Plan for an Established Business
5. Click on “Download
Template” and save the file
to your PC.
6. The template outlines the
steps you need to
complete a business plan
and provides a series of
questions to consider.
Jacksonville.score.org
The SCORE Business Plan Template
Jacksonville.score.org
Jacksonville.score.org
Jacksonville.score.org
Jacksonville.score.org
Jacksonville.score.org
Sections of the SCORE Business Plan
The template has the following sections:
1. Executive Summary
2. General Company Description
3. Products and Services
4. Marketing Plan
5. Operational Plan
6. Management and Organization
7. Personal Financial Statement
8. Startup Expenses and Capitalization
9. Financial Plan
10. Appendices
11. Refining the Plan
• Not every business will need every section.
• Over the next four weeks, we will provide you with the skills and
knowledge to complete your own business plan.
Jacksonville.score.org
Section 4
Developing a
Support System
Jacksonville.score.org
No Man/Woman is an Island
As an entrepreneur, you will need to perform many
tasks you have never done and be able to address many
questions you don’t know the answers to.
• If you try to figure it all out on your own or just figure you will learn
from your mistakes, your business won’t last long.
• You will need to turn to various support groups, mentors, fellow
business owners and other organizations to get answers quickly.
“If you're trying to create a
company, it's like baking a
cake. You have to have all
the ingredients in the right
proportion.” -- Elon Musk
“Great things in business
are never done by one
person. They're done by a
team of people.”
– Steve Jobs
Jacksonville.score.org
Business Networking
Business networking develops mutually beneficial
relationships with other business people and potential
clients and/or customers.
– There are many reason why you should actively network.
• To help your business grow and expose your business to others.
• To stay current on industry and target market trends.
• To get advice from other entrepreneurs.
• To be part of the community or an industry.
• To start relationships.
• To find suppliers and solutions to your problems.
• To increase your visibility.
• To generate referrals.
• To find inspiration.
Jacksonville.score.org
Networking’s Impact on Success
Research has shown a strong link between entrepreneurial
success and social networks. One study showed …
• 80% of SB owners belong to at least one business or industry group.
• Two-thirds of these networks involve face-to-face meetings.
• These networking meetings typically involve …
– Soliciting feedback from other owners
– Sharing of recent achievements (typically to solidify self esteem)
Benefit Derived
Extremely
Valuable
Emotional support 61%
Peer feedback on business problems 54%
Fresh perspectives on new business ideas 53%
Connect socially with other owners 51%
Advice on making business more profitable 36%
Number of
Associations Joined
Percent of SB
Owners
None 20%
One 21%
Two 19%
Three 18%
Four 11%
Five or more 11%
80%
Jacksonville.score.org
Building a Dream Team
As a start-up or small business, it is unlikely you will
have all the expertise you need on your staff.
• Mentors – SCORE, WBN, UNF, etc.
• Accountant
• Business Insurance Agent
• Attorney
• Banker
• Human Resources
• Other Trusted Advisors
Jacksonville.score.org
jacksonville.score.org
Sign up for a mentor
Register for a workshop
Find templates
Jacksonville.score.org
JAX Chamber of Commerce
The JAX Chamber is a not-for-profit organization in
Northeast Florida, helping members to make
connections, grow their businesses and prosper.
– Connect Members make local and national connections at
hundreds of events designed to build business relationships and
keep you informed.
– Grow Through educational programs and services, the Chamber
works to grow new and existing businesses.
– Prosper The JAX Chamber promotes economic development by
attracting and retaining companies, creating jobs and fostering a
skilled workforce.
Explore their website at: myjaxchamber.com/
Jacksonville.score.org
Upcoming Programs
Financial Matters
Connect with accountants and financial
experts in a workshop learning intensive
on the financial aspects of business
ownership
Program Calendar
Find our other upcoming programs by
scanning this QR code or visiting our
website jaxwbc.com
Jacksonville.score.org
Small Business Administration
The U.S. Small Business Administration (SBA) aids,
counsels, and assists Americans as they start,
operate, and expand their businesses.
– Increases federal procurement/contracting opportunities.
– Facilitates access to capital with multiple loan programs.
– Provide counseling and training.
– Provide disaster assistance.
Explore their website at: www.sba.gov/fl/north
Jacksonville.score.org
Small Business Resource Network
The SBRN is a not-for-profit organization helping members
make connections, grow their businesses and prosper.
– The SBRN website answers basic small business questions and
streamlines the process of finding qualified small business support
professionals.
– These participating, qualified professionals are experts in banking, law,
accounting, insurance, commercial real estate, human resources,
marketing, buying and selling a business, computers/technology, and a
wide variety of other management issues relevant to small businesses.
– The professionals in the SBRN are screened for their licensing,
professional experience and customer satisfaction.
Explore their website at: SBRN.org/
An alternative source for legal help is the
Jacksonville Bar Association at: JAXBAR.org/
Jacksonville.score.org
Florida SBDC
The Florida SBDC (Small Business Development Center)
The SBDC has access to robust databases, business research resources,
and knowledgeable experts who can help you successfully navigate the
obstacles that come with the stages of the business life cycle.
Explore their website at: http://floridasbdc.org/
Jacksonville.score.org
Procurement Technical Assistance Center
The Florida PTAC assists entrepreneurs who want to sell
to federal, state or local government agencies.
– One-on-One Consulting: Works with government contractors new to the
procurement process to identify and prioritize action steps.
– Marketing and Business Development: Consultants help you develop
marketing collateral, networking and relationship strategy.
– Research Support: Help clients develop research strategies using public
and PTAC-specific research tools.
– Professional Development: Offers a training calendar
designed to help owners better understand key aspects
of government contracting.
Explore their website at: FPTAC.org/
Jacksonville.score.org
• Build a network – find people, be found by people.
• Connect to more people than you know.
• Find people by name, company, job title and get
introduced, direct contact.
• Find information about competitors, suppliers and
customers
• Hire employees
• Join groups or people with similar interests
• Get publicity
• Create a company business page
Explore their website at: www.linkedin.com
Linkedin is a business social network of over 740M people
+ 55 Million Registered Companies…
Jacksonville.score.org
Where to Find Lists of Groups
Here are a few of the places to find group lists.
Business section of newspaper – calendar of events
Newspaper & website lists of civic groups
Small Business Development Center for list of groups
https://www.sba.gov/tools/local-assistance/sbdc
Organizations for female entrepreneurs –
• NationalAssoc. of Women’s Business Owners www.nawbo.org/
• Forum for Women Entrepreneurs www.fwe.ca/about/
Websites of trade organizations
www.directoryofassociations.com/
www.planningshop.com/associations/
Chamber of Commerce directory www.uschamber.com/
For a Jacksonville listing of networks, consider
www.meetup.com
Jacksonville.score.org
Section 5
What Are Your
Expectations?
Jacksonville.score.org
What is Your Business Vision?
1. What do you want your business to be when you start?
_________________________________________________
2. What industry will you be in? (NAIC code)?
3. Define what success will look like to you five years
from now. Be specific! Include …
• Annual Sales/Revenue:
• Number of Locations:
• Number of Employees:
• Geographic Reach:
• Number of Hours Worked by You per Week:
• Will you continue to grow the business or maintain a stable business?
“If I had six hours to chop down a tree, I’d spend the first four hours sharpening the axe.”
– Abraham Lincoln
Jacksonville.score.org
What is Your Earnings Vision?
Your potential “earnings” may consist of two parts.
1. The amount due to the owner(s) for their occupation.
- If you own a bakery and are acting as a baker, how much would you have
to pay someone to replace your baking activities?
- You should know how much the business “owes” you as an employee.
- When your bakery gets big enough to afford to hire someone to replace
you as a baker, then you are no longer entitled to the baker’s salary.
2. The amount due to the owner(s) as the “entrepreneur’s reward”.
- This is your reward for running the business and should at least be
equivalent to the average earned by other owners in your industry.
- Include any bonus, distribution or dividend paid out in cash to the owners.
 Net profit of the business (sales X net profit margin)
 Salary /wages paid to the owner by the business.
 Dividends/distribution paid to owners/stockholders.
- This should be over and above the salary as a baker (in #1 above).
Jacksonville.score.org
Calculating Owners’ Profit
How to find the information.
• Research what you would have to pay someone to replace your non-
managerial tasks.
- According to the Occupational Outlook Handbook, the median earnings for a
baker in 2019 was $27,700.
- This is the amount due for the owner’s occupation.
- Another source is www.salary.com
• Research what the net profit margin for a business in your industry
would typically earn.
- This average profit generated by businesses down to six digit NAIC codes is
available from the RMA Annual Statement Studies at the third floor reference
desk at the downtown branch of the JPL.
- For example, the average net profit margin for retail bakeries (NAIC code 311811)
is 4.3% of revenue (up to $1MM in revenues)
- Being optimists, assume the owner is capable of generating a profit margin 20%
higher than the industry average, or 5.2%.
- Realize that salaries paid to the owners are expenses that lower the net profit.
Jacksonville.score.org
Accessing RMA Books
How to Access RMA Books
• Normally you can access these books at the Small Business
Resource Center on the 3rd floor, but it is currently closed.
• To get access to the RMA books, follow these steps:
1. Go to the Business Reference Desk on the third floor of the Main branch
[303 N. Laura St.].
2. Ask for the RMA Annual Statement Studies books {Call Number
338.0973 RMA 2018-2019] from the SB Resource Center.
3. They will retrieve the books or direct you to them.
4. Using the NAIC number(s) for the industry you plan to enter, find the right
pages in the RMA.
5. While you can copy down key information, I suggest you photocopy (or
use your phone’s camera) the pages for your NAIC.
Jacksonville.score.org
RMA Statement for Bakeries
INCOME DATA 0-1MM This column is for bakeries up to
$1 million in sales
Net Sales 100.0 Net sales are set to 100%
Gross Profit 62.7 Variable costs = 100 – 62.7% = 37.3%
Operating Expenses 59.0 Fixed costs = 59% of total sales.
Operating Profit 3.6 100% – 37.3% - 59.0% = 3.6% (rnd.)
All Other Expenses
(net)
-0.7 Miscellaneous, not material
Profit Before Taxes 4.3 For each dollar of sales, NIBT = 4.3
cents.
How to read the table for NAIC code = 311811.
• Total Assets, Total Liabilities & Net Worth and Profit Before Taxes are
all set to 100%.
- All other categories are expressed as a percentage of the 100% total.
- These are often called “common-size statements”.
Jacksonville.score.org
What is Your Profit Rewards Vision?
• What do you want your business to be in five years?
I want to own a bakery with three locations in Jacksonville, with each location
having its own baker/manager.
• What profit should I expect five years from now?
Year 1 Year 5
Occupation (Baker) Income $27,700 $0
Net Profit Margin 4.3% 5.2%
Average sales per location $300,000 $450,000*
Number of Locations 1 3
Net Owner’s Profit $12,900 $70,200
Total Expected Income $40,600 $70,200
* SOURCE: What Is the Average Revenue for a Bakery? by Devra Gartenstein; Updated March 01,
2019.
https://smallbusiness.chron.com/average-revenue-bakery-81113.html
Jacksonville.score.org
Is Your Vision Realistic?
The Plan: Own a chain of three ”sit down” restaurants,
making net income of $100,000 per location by year five.
GOAL: $100,000 GOAL: $100,000 GOAL: $100,000
: Restaurants “with $15 to $24.99 checks
boast the highest profit margin at 3.5%”.
: “Average sales for sit down restaurants
(“if all things work well), average $3,100 per night”.
Need 3x’s “the Average” to
hit your goal???
$100,000 Net $ profit
÷ 0.035 Net Profit margin (%)
= $2,857,000 Sales required annually
$3,100 x 6 nights = $18,600/week
x 52 weeks
$967,200 Sales
Jacksonville.score.org
Homework Assignment #1
• Give a brief description of the business you are planning.
• Provide the NAIC code for the industry you will be entering.
• What do you want your business to be five years from now?
• What are your profit expectations for five years from now?
Year 1 Year 5
Occupation Income $ ??? $ ???
Net Profit Margin ??? % ??? %
Average sales per location $ ??? $ ???
Number of Locations ? ?
Net Owner’s Profit $ ??? $ ???
Total Expected Income $ ??? $ ???
Submit homework to craig.linsky@scorevolunteer.org for
feedback.
Jacksonville.score.org
www.jacksonville.score.org
Break – 5 Minutes
Jacksonville.score.org
Section 6
Creating a Legal
Business Entity
Jacksonville.score.org
Types of Legal Structures
A business must choose a legal designation under
which it will operate. Each has its advantages and
disadvantages.
• Sole Proprietorship
• Partnership
• Limited Liability Co (LLC)
• “S” Corporation
• “C” Corporation
• Benefit Corporation
Jacksonville.score.org
Sole Proprietorship
Naming
If your last name is in the business name,
you do not need to file it with the state.
Joe Dewy Cleaners
If your last name is not in the business
name, you need to register the “fictitious
name” with the state and advertise it at least
once in a local newspaper.
Joe Dewy d/b/a XYZ Cleaners
Advantages
– Simple and easy to start.
– Low cost to register and maintain.
– Owner is sole manager.
– Profits not shared with others.
Filing
If your last name is not in the business
name, you need to file a “fictitious business
name” with the state of Florida.
http://form.sunbiz.org/fic_form.html
There is a $50 filing fee.
The filing is good for five years.
Disadvantages
– Owner needs many skills.
– Start up money difficult to raise.
– Unlimited financial and negligence liability
for owner.
– Business dissolves when owner dies.
– Any business debt incurred in the owner’s
name is still valid even if the business ends.
Jacksonville.score.org
General Partnership
Naming
If your last names are in the business name,
you do not need to file it with the state.
Dewy, Cheatum & Howe Cleaners
If your last names are not in the business
name, you need to register the “fictitious
name” with the state and advertise it at least
once in a local newspaper.
Joe Dewy, Al Cheatum & Liz Howe d/b/a DCH Cleaners
Advantages
– Low cost to register and maintain.
– Partners share management.
– Skills can complement one another.
– Partners may bring in capital, expertise and
customers.
Filing
If your last names are not in the business
name, you need to file a “fictitious business
name” with the state of Florida.
http://form.sunbiz.org/fic_form.html
There is a $50 filing fee.
The filing is good for five years.
Disadvantages
– Need to find ‘right’ partner.
– Need extensive partnership agreement.
– How to settle partner disagreements.
– Unlimited financial and negligence liability
for owners.
– Any debt incurred in the owners’ names is
still valid even if the business ends.
Jacksonville.score.org
Limited Liability Company (LLC)
Naming
Last names are not needed in the business
name, but the LLC or L.L.C. designation
must be at the end. (Or LLP for medical
practices.)
Dewy Cheatum & Howe Cleaners, LLC
DCH Cleaners L.L.C.
Advantages
– Limits business financial and negligence
liability for owners.
– Income can be distributed among partners
in any way they agree to.
– Can elect to be file federal income tax as a
“S” or “C” corporation. (File form 8832.)
– Fewer rules, restrictions for owners
compared to “S” Corp.
Filing
LLCs must file an Annual Report each year.
The first report is due in the year following
formation even if there is no activity.
http://form.sunbiz.org/cor_llc.html
The initial filing fee is $125.
The annual report filing fee $138.75.
Disadvantages
– Filing fees significantly higher than for sole
proprietorship or partnership.
– Must file annually, keep current with Florida.
– LLC owners are self-employed, not
employees.
– LLC owners owe self-employment tax
(Social Security and Medicare taxes) based
on business net income.
Jacksonville.score.org
“S” Corporation
Naming
The name of the corporation must include a
corporate suffix such as Corporation,
Corp., Incorporated, Inc., Company, or Co.
Dewy Cheatum & Howe Corp.
A Professional Association must contain the
word “chartered” or “P.A.”.
Advantages
– Limited liability for shareholders (owners).
– Income passed to owners’ tax returns
based on percent share ownership.
– Owners are not self-employed.
– Social Security and Medicare taxes apply to
salary/wages owners receive, but not to
distributions they receive.
Filing
“S” Corps must file an Annual Report each
year. The first report is due in the year of
formation, even if there is no activity.
http://form.sunbiz.org/cor_form.html
The initial filing fee is $70.
The annual report filing fee $150 each year.
Disadvantages
– Limited to 100 U.S. shareholders.
– Shareholders must be individuals only.
– Only have one class of common shares
(but can be voting and non-voting).
– Must file separate tax return (form 1120-S).
– Must file IRS form 2553 each year to
maintain “S” corporation tax status.
– Owners can be personally liable if they do
not fulfill “fiduciary duty”.
Jacksonville.score.org
“C” Corporation
Naming
The name of the corporation must include a
corporate suffix such as Corporation,
Corp., Incorporated, Inc., Company, or Co.
Dewy Cheatum & Howe Corp.
A Professional Association must contain the
word “chartered” or “P.A.”.
Advantages
– Limited liability for shareholders (owners).
– Few limits on number and types of
shareholders.
– Can have multiple classes of stock.
– Costs of fringe benefits for employees are
deductible as business expenses.
– Social Security and Medicare taxes apply to
salary/wages owners receive, but not to
distributions (dividends) they receive.
Filing
“C” Corps must file an Annual Report each
year. The first report is due in the year of
formation, even if there is no activity.
http://form.sunbiz.org/cor_form.html
The initial filing fee is $70.
The annual report filing fee $150 each year.
Disadvantages
– Not a “pass-through” entity.
– Profits distributed to shareholders (as
dividends) are subject to double taxation.
– Must file separate tax return (form 1120).
– Cannot take home office tax deduction.
– Owners can be personally liable if they do
not fulfill “fiduciary duty”.
Jacksonville.score.org
Benefit (“B”) Corporation
Naming
The name of the corporation must include a
corporate suffix such as Corporation,
Corp., Incorporated, Inc., Company, or Co.
Dewy Cheatum & Howe Corp.
A Professional Association must contain the
word “chartered” or “P.A.”.
Advantages
– The B corporation’s stated purpose is to
pursue a “general public benefit,” defined as
“a material, positive effect on society.”
– Appealing if you want to include a social
mission as a core goal of your company.
– Elect taxation as a “S” or “C” corp.
– Limited liability for shareholders (owners).
– A Certified B Corp may have a marketing
advantage, allowing higher profit margins.
Filing
“B” Corps must file an Annual Report each
year. The first report is due in the year of
formation even if there is no activity.
http://form.sunbiz.org/pdf/Inhs75.pdf
The initial filing fee is $70.
The annual report filing fee $150 each year.
Disadvantages
– Legally required to prioritize a positive social
impact.
– Accountable to shareholders. employees,
the community and the environment.
– Annual report must be made public.
– Annual report must include reporting on
social and environmental performance.
Jacksonville.score.org
”B” Corporation Certification
“B” Corp certification is a private certification issued to
for-profit companies by B Lab.
– B Lab is a global non-profit organization.
– To be granted and to preserve certification, companies must …
• Receive a minimum score on an online assessment for "social and
environmental performance",
• Satisfy the requirement that the company integrate B Lab
commitments to stakeholders into company governing documents.
• pay an annual fee ranging from $500 to $50,000.
– However, like the “Good Housekeeping Seal of Approval”, a
“B” Corp certification has no legal or tax status.
– “B” Corporations must register as Benefit Corps within two years
of getting “B” certification if they aren’t already.
.
To learn more, visit their website at: www.bcorporation.net
Jacksonville.score.org
Business Structure Comparison Chart
Sole Prop or
Partnership
LLC “S” Corp. “C” Corp. Benefit Corp.
Start Up Easiest Moderate Moderate Hard Hardest
Filing Cost $50/ 5 yrs. $125 initial.
$138.75 / yr.
$70 initial.
$150 / yr.
$70 initial.
$150 / yr.
$70 initial.
$150 / yr.
Control Owner(s) has
control.
Determined in
Operating
Agreement
Shareholders
have
proportional
control via
B.O.D.
Shareholders
have
proportional
control via
B.O.D.
Shareholders
and other
stakeholders.
Liability
Exposure
Owner(s)
responsible for
business debts,
judgements.
Owners have
limited liability
(2+ owners)
Shareholders
not liable for
business debts,
judgements.
Shareholders not
liable for
business debts,
judgements.
Shareholders not
liable for
business debts,
judgements.
Federal
Taxation
Taxed as
personal
income.
Profit passed
to owners per
Oper. Agree.
Profit passed
proportionally to
shareholders.**
Profit taxed at
corporate level.
Depends on IRS
filing status.
IRS Filing
Status
Individual. May choose
any status.
Elect to be taxed
as S or C corp.
Taxed as C corp. Elect to be taxed
as S or C corp..
Termination Ends at owner’s
death.
Specified in
Operating
Agreement
Share ownership
can transfer.
Share ownership
can transfer.
Share ownership
can transfer.
** Unless electing to file as a “C”
Corp.
Jacksonville.score.org
IRS Business Taxation
File as a Sole Proprietorship or Partnership
– IRS taxes unincorporated business and owner income at the same rates.
– Business income is passed to the owner, then taxed as personal income
(37% top rate).
– Business owners must pay both employer and employee portions of self-
employment taxes (12.6% for SS, 2.9% for Medicare).
– They are eligible for the 20% pass through deduction**
• 20% of up to $170,050 of qualified business income for single filer (for 2022)
• 20% of up to $340,100 of qualified business income for married/joint filers (for
2022).
LLCs do not have an IRS filing status and must select
another status for tax filing purposes.
– Owners may select any tax filing status.
• By default, one person LLCs are given sole proprietor filing status.
• By default, multiple person LLCs are given partnership filing status.
• Owners have the option to file as “S” or “C” Corp.
– Business owners must pay both employer and employee portions of self-
employment taxes (12.6% for SS, 2.9% for Medicare).
** The 20% pass-through deduction has many qualifiers. Check with a tax account or attorney.
Jacksonville.score.org
IRS Business Taxation
File as an “S” Corporation
– An “S” corporation shareholder can receive profits in two forms:
• A salary -- subject to self-employment tax.
• A distribution – not subject to self-employment tax.
– Shareholders active in running the business must receive a salary
commensurate with their peers in the same occupation.
– Active shareholders must pay 50% of the self-employment tax and the
business pays the other 50%, based on their salaries.
– “S” corps are eligible for the 20% pass through deduction**
• Remember that the salaries paid are expenses to the “S” corp.
• This reduces the income subject to the 20% deduction.
File as a “C” Corporation
– “C” corps are the only “non-pass through” business tax entity.
– Active shareholders are not eligible for the 20% deduction, but the top “C”
corporation tax rate is now only 21% (versus 34% last year).
– Dividends subject to double taxation. They are paid from after-tax profit,
then personal income tax is paid on the dividends (at 0%,15% or 20%).
– The same rates are paid to Social Security and Medicare, 50% by the
owner/employees based on salary and 50% by the “C” corp.
Jacksonville.score.org
Business Status – Florida vs. IRS
Sole
Proprietor
General
Partnership
“S” Corp. “C” Corp.
Sole Proprietor Always X X X
General
Partnership
X Always X X
LLC
By Default
(if one owner)
By Default
(if 2+ owners)
Optional Optional
“S”, “C” or
Benefit
Corporation
X X Optional By Default
IRS Tax Filing Status
Florida
Legal
Entity
The legal entity of your business is not always the same
as the IRS tax filing status.
– The IRS does not recognize LLCs as a tax filing status.
– In some cases, you have the option to choose an IRS filing status
different from the legal status.
Jacksonville.score.org
Section 7
Mission, Vision
and Value Statements
Jacksonville.score.org
Mission, Value and Vision Statements
These three statements are used to define what your
business is, will become and its beliefs system.
- The mission statement (about today) should …
• Describe what the business is, what it does and what it’s priorities are.
• Explain what makes the business different from its competitors.
• Tell owners and employees why the business exists and where it is going.
• Let customers and the public know what the organization stands for.
- The vision statement (about the future) should …
• Describe concisely what the business should be in the (successful) long term.
• Describe what will the world will look like if your company is successful.
- The values statement (about beliefs) should …
• Describe what the business believes in and how it will act towards all the
parties with which it interacts.
• Describe what you business will strive to always do (or never do).
Jacksonville.score.org
The Mission Statement
The mission statement can cover any of the following
topics.
• What is the organization's core purpose and focus that normally remains
unchanged over time?
• What is your cause – what do you want to accomplish?
• What are the primary products or services offered?
• What differentiates it from competitors?
• What is the desired public image you want to project?
• Who are the primary stakeholders?
• What is the target customer segment?
"When you discover your mission, you will feel its demand. It will fill you with enthusiasm
and a burning desire to get to work on it." - W. Clement Stone
Jacksonville.score.org
Mission Statements Examples
“Foster vibrant small business communities through mentoring
and education” – SCORE
“Google's mission is to organize the world's information and make
it universally accessible and useful.” – Google
"Our mission is to feed America’s hungry through a nationwide
network of member food banks and engage our country in the
fight to end hunger.” – Feeding America
"To give unlimited opportunity to women.“ – Mary Kay Cosmetics
"To make people happy.” – Walt Disney
“To inspire and nurture the human spirit— one person, one cup,
and one neighborhood at a time.” – Starbuck’s Coffee
“"To accelerate the world’s transition to sustainable energy.“– Telsa
Jacksonville.score.org
Vision Statement Examples
The vision statement should …
• Describe what the business should be in the (successful) long term.
• What problem are we seeking to solve?
• Where are we headed?
• Describe what will the world will look like if your company is successful.
“To establish Starbucks as the premier purveyor of the finest coffee in the world while
maintaining our uncompromising principles while we grow.” -- Starbucks
“A world where everyone has a decent place to live.” -- Habitat for Humanity
“To be the safest, most progressive North American railroad, relentless in the pursuit of
customer and employee excellence.” – CSX
“Our vision is to create a better every-day life for many people.” – IKEA
Every guest who chooses Culver's leaves happy – no matter
what it takes.” – Culvers
“Every person has the support necessary to thrive as a
small business owner.” – SCORE
Jacksonville.score.org
Value Statement Examples
Value statements should …
• List the core principles that guide and direct the organization and its culture.
• Describe what the business believes in and how it will act towards all the parties
with which it interacts.
• Create a moral compass that guides decision-making and actions of the
business.
““We do the right thing. Period.” – Uber
“Treat your customers like human beings…” – L.L Bean
“We must be good citizens…” – Johnson & Johnson
“Openness, honesty, integrity, courage, respect, diversity and
balance…” – Disney
“I will never leave a fallen comrade to fall into the hands of the
enemy.“ – U.S. Army Rangers
“No fine print…” – Affirm
“We strive to minimize our negative impact on the environment.“
-- Ben and Jerry’s Ice-Cream
Jacksonville.score.org
Starbucks’ Mission and Values
Mission Statement: “To inspire and nurture the human spirit— one
person, one cup, and one neighborhood at a time.”
Here are the principles (i.e. values) of how we live that every day:
Our Coffee -- It has always been, and will always be, about quality. We’re passionate about
ethically sourcing the finest coffee beans and improving the lives of people who grow them.
Our Partners -- We’re called partners, because it’s not just a job, it’s our passion. Together, we
embrace diversity to create a place where each of us can be ourselves. We always treat each
other with respect and dignity. And we hold each other to that standard.
Our Customers -- When we are fully engaged, we connect with, laugh with, and uplift the lives of
our customers— even if just for a few moments. It’s really about human connection.
Our Stores -- When our customers feel this sense of belonging, our stores become a haven, a
break from the worries outside, a place where you can meet with friends. It’s about enjoyment at
the speed of life—sometimes slow and savored, sometimes faster. Always full of humanity.
Our Neighborhood -- Every store is part of a community, and we take our responsibility to be
good neighbors seriously. We can be a force for positive action.
Our Shareholders -- We know that as we deliver in each of these areas, we enjoy the kind of
success that rewards our shareholders.
Jacksonville.score.org
Homework Assignment #2
1. What is the Mission Statement for your business?
• Describe what the business is, what it does and what it’s priorities are.
• Let customers and the public know what the organization stands for.
• Explain what makes the business different from its competitors.
• Tell owners and employees why the business exists.
2. What is the Vision Statement for your business?
• Describe what your business (or the world) should be if successful long term.
• Be inspirational and aspirational to customers, owners and employees.
3. What is the Value Statement for your business?
• Describe what the business believes in and how it will act towards all the
parties with which it interacts.
• What will your business always do or never do?
• Create a moral compass that guides you and your employees in decision-
making and actions.
Submit assignment #2 to craig.linsky@scorevolunteer.org.
Jacksonville.score.org www.jacksonville.score.org
What’s Next?
In week two, you will learn …
Week 1 – Business Foundations
• Should You be an Entrepreneur?
• Your Business Vision & Self Assessment
• Business Plan Overview
• Developing a Support Network
• Creating a Legal Entity
• Mission, Vision & Value Statements
Week 2 – Product & Marketing
• The Four P’s of Marketing
• Generating Product Concepts
• Selecting a Pricing Method
• Product Distribution Channels
• Product Promotion & Social Media
Week 3 – Accounting & Finances
• Accounting Basics
• Understanding Financial Statements
• Determining Financing Needs
• Industry, Competitor & Market Analysis
• Selecting a Name for Your Business
Week 4 – Funding & Business Plans
• Sources of Funding
• Writing Your Business Plan
• Financial Projections
Jacksonville.score.org
Remember to complete your homework assignments!
Send to … craig.linsky@scorevolunteer.org
Jacksonville.score.org
This presentation was developed by Craig Linsky for the Jacksonville, Florida chapter of
SCORE. Any commercial or other use of this presentation by anyone other than SCORE
members requires permission from Craig Linsky or the Chairman of the Jacksonville
Chapter of SCORE.
If you have suggestions on additional details or other material that should be included,
ways to improve this presentation or have any follow up questions, please contact us at
craig.linsky@scorevolunteer.org.
The material in this presentation is a partial description only, offered for educational
purposes, and is not intended as legal advice or tax advice. You should consult with a
qualified, licensed Florida attorney for legal advice customized to your particular
situation, and a tax preparer or accountant for taxation advice.
Jacksonville.score.org
Funded in part through a cooperative
agreement with the U.S. Small Business
Administration.
All opinions, conclusions, and/or
recommendations expressed herein are
those of the author(s) and do not
necessarily reflect the
views of the SBA.

More Related Content

Similar to AYBD Workshop 1.pptx

Approaches for Commercialization of Post Harvest Technologies
Approaches for Commercialization of Post Harvest TechnologiesApproaches for Commercialization of Post Harvest Technologies
Approaches for Commercialization of Post Harvest Technologies
Ramabhau Patil
 
Lesson 1 Personal Entrepreneurial Characteristics
Lesson 1 Personal Entrepreneurial CharacteristicsLesson 1 Personal Entrepreneurial Characteristics
Lesson 1 Personal Entrepreneurial Characteristics
stephie_04
 
ppt
pptppt
Ideation Slides - BWBN (1).pptx
Ideation Slides - BWBN (1).pptxIdeation Slides - BWBN (1).pptx
Ideation Slides - BWBN (1).pptx
ChikaOgelle
 
Starting and Nurturing Your Business
Starting and Nurturing Your BusinessStarting and Nurturing Your Business
Starting and Nurturing Your Business
SCORE Greater Cincinnati
 
Chapter 2ppt Entrepreneurship freshman course.pptx
Chapter 2ppt Entrepreneurship freshman course.pptxChapter 2ppt Entrepreneurship freshman course.pptx
Chapter 2ppt Entrepreneurship freshman course.pptx
tekalignpawulose09
 
Guide to-starting-and-operating-a-small-business-final-june-2012
Guide to-starting-and-operating-a-small-business-final-june-2012Guide to-starting-and-operating-a-small-business-final-june-2012
Guide to-starting-and-operating-a-small-business-final-june-2012
SAGWADI MALULEKE
 
Starting Your Own Business The Dream Giver
Starting Your Own Business   The Dream GiverStarting Your Own Business   The Dream Giver
Starting Your Own Business The Dream Giver
Jim Shankle
 
Achieve Your Business Dreams - Session 2
Achieve Your Business Dreams - Session 2Achieve Your Business Dreams - Session 2
Achieve Your Business Dreams - Session 2
Anamaria Contreras
 
1st chapter entrepreneurship developement
1st chapter entrepreneurship developement1st chapter entrepreneurship developement
1st chapter entrepreneurship developement
Venky Yadav n
 
Title Layout.pptx
Title Layout.pptxTitle Layout.pptx
Title Layout.pptx
SonuSingh113171
 
Career and wealth advancement 20130911 f (1)
Career and wealth advancement 20130911 f (1)Career and wealth advancement 20130911 f (1)
Career and wealth advancement 20130911 f (1)
Recours Four Kenya Consultants Ltd
 
Business planning topeka
Business planning topekaBusiness planning topeka
Business planning topeka
Jessika Mayer
 
Sales Managerleadtraining
Sales ManagerleadtrainingSales Managerleadtraining
Sales Managerleadtraining
LLoyd Lofton L.U.T.C.
 
Entrepreneurship.ppt
Entrepreneurship.pptEntrepreneurship.ppt
Entrepreneurship.ppt
MaGinaBunda1
 
Entrepreneurship (2).ppt
Entrepreneurship (2).pptEntrepreneurship (2).ppt
Entrepreneurship (2).ppt
gayathri venkataramani
 
Salesmanagerleadtraining 12698753627422-phpapp01
Salesmanagerleadtraining 12698753627422-phpapp01Salesmanagerleadtraining 12698753627422-phpapp01
Salesmanagerleadtraining 12698753627422-phpapp01
LLoyd Lofton L.U.T.C.
 
Counseling tips
Counseling tipsCounseling tips
Counseling tips
Kashyap Joshi
 
The Value of Developing Relationships in Selling
The Value of Developing Relationships in SellingThe Value of Developing Relationships in Selling
The Value of Developing Relationships in Selling
James Muir
 
HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf
HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdfHOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf
HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf
46adnanshahzad
 

Similar to AYBD Workshop 1.pptx (20)

Approaches for Commercialization of Post Harvest Technologies
Approaches for Commercialization of Post Harvest TechnologiesApproaches for Commercialization of Post Harvest Technologies
Approaches for Commercialization of Post Harvest Technologies
 
Lesson 1 Personal Entrepreneurial Characteristics
Lesson 1 Personal Entrepreneurial CharacteristicsLesson 1 Personal Entrepreneurial Characteristics
Lesson 1 Personal Entrepreneurial Characteristics
 
ppt
pptppt
ppt
 
Ideation Slides - BWBN (1).pptx
Ideation Slides - BWBN (1).pptxIdeation Slides - BWBN (1).pptx
Ideation Slides - BWBN (1).pptx
 
Starting and Nurturing Your Business
Starting and Nurturing Your BusinessStarting and Nurturing Your Business
Starting and Nurturing Your Business
 
Chapter 2ppt Entrepreneurship freshman course.pptx
Chapter 2ppt Entrepreneurship freshman course.pptxChapter 2ppt Entrepreneurship freshman course.pptx
Chapter 2ppt Entrepreneurship freshman course.pptx
 
Guide to-starting-and-operating-a-small-business-final-june-2012
Guide to-starting-and-operating-a-small-business-final-june-2012Guide to-starting-and-operating-a-small-business-final-june-2012
Guide to-starting-and-operating-a-small-business-final-june-2012
 
Starting Your Own Business The Dream Giver
Starting Your Own Business   The Dream GiverStarting Your Own Business   The Dream Giver
Starting Your Own Business The Dream Giver
 
Achieve Your Business Dreams - Session 2
Achieve Your Business Dreams - Session 2Achieve Your Business Dreams - Session 2
Achieve Your Business Dreams - Session 2
 
1st chapter entrepreneurship developement
1st chapter entrepreneurship developement1st chapter entrepreneurship developement
1st chapter entrepreneurship developement
 
Title Layout.pptx
Title Layout.pptxTitle Layout.pptx
Title Layout.pptx
 
Career and wealth advancement 20130911 f (1)
Career and wealth advancement 20130911 f (1)Career and wealth advancement 20130911 f (1)
Career and wealth advancement 20130911 f (1)
 
Business planning topeka
Business planning topekaBusiness planning topeka
Business planning topeka
 
Sales Managerleadtraining
Sales ManagerleadtrainingSales Managerleadtraining
Sales Managerleadtraining
 
Entrepreneurship.ppt
Entrepreneurship.pptEntrepreneurship.ppt
Entrepreneurship.ppt
 
Entrepreneurship (2).ppt
Entrepreneurship (2).pptEntrepreneurship (2).ppt
Entrepreneurship (2).ppt
 
Salesmanagerleadtraining 12698753627422-phpapp01
Salesmanagerleadtraining 12698753627422-phpapp01Salesmanagerleadtraining 12698753627422-phpapp01
Salesmanagerleadtraining 12698753627422-phpapp01
 
Counseling tips
Counseling tipsCounseling tips
Counseling tips
 
The Value of Developing Relationships in Selling
The Value of Developing Relationships in SellingThe Value of Developing Relationships in Selling
The Value of Developing Relationships in Selling
 
HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf
HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdfHOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf
HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf
 

More from Anamaria Contreras

Traction part 2 - EOS Model JAX Bridges.
Traction part 2 - EOS Model JAX Bridges.Traction part 2 - EOS Model JAX Bridges.
Traction part 2 - EOS Model JAX Bridges.
Anamaria Contreras
 
Session 6 - Cost Structure Presentation.
Session 6 - Cost Structure Presentation.Session 6 - Cost Structure Presentation.
Session 6 - Cost Structure Presentation.
Anamaria Contreras
 
Session 5 - Business Model 2 & Verticals
Session 5 - Business Model 2 & VerticalsSession 5 - Business Model 2 & Verticals
Session 5 - Business Model 2 & Verticals
Anamaria Contreras
 
PSCC - Capability Statement Presentation
PSCC - Capability Statement PresentationPSCC - Capability Statement Presentation
PSCC - Capability Statement Presentation
Anamaria Contreras
 
Customer Discovery session 1 Presentation
Customer Discovery session 1 PresentationCustomer Discovery session 1 Presentation
Customer Discovery session 1 Presentation
Anamaria Contreras
 
Customer Discovery Session 2 - Resources
Customer Discovery Session 2 - ResourcesCustomer Discovery Session 2 - Resources
Customer Discovery Session 2 - Resources
Anamaria Contreras
 
Session 2 - Value Proposition 1 JAX Bridges
Session 2 - Value Proposition 1 JAX BridgesSession 2 - Value Proposition 1 JAX Bridges
Session 2 - Value Proposition 1 JAX Bridges
Anamaria Contreras
 
Session 1 Intro & InoVet it - JAX Bridges
Session 1 Intro & InoVet it - JAX BridgesSession 1 Intro & InoVet it - JAX Bridges
Session 1 Intro & InoVet it - JAX Bridges
Anamaria Contreras
 
PSCC 2023 CS Presentation .pptx
PSCC  2023 CS Presentation  .pptxPSCC  2023 CS Presentation  .pptx
PSCC 2023 CS Presentation .pptx
Anamaria Contreras
 
Revenue Streams & Cost Structure.pptx
Revenue Streams & Cost Structure.pptxRevenue Streams & Cost Structure.pptx
Revenue Streams & Cost Structure.pptx
Anamaria Contreras
 
Revenue Streams & Cost Structure.pptx
Revenue Streams & Cost Structure.pptxRevenue Streams & Cost Structure.pptx
Revenue Streams & Cost Structure.pptx
Anamaria Contreras
 
Session 6 BM2 & Verticals.pptx
Session 6 BM2 & Verticals.pptxSession 6 BM2 & Verticals.pptx
Session 6 BM2 & Verticals.pptx
Anamaria Contreras
 
Achieve Your Business Dreams
Achieve Your Business DreamsAchieve Your Business Dreams
Achieve Your Business Dreams
Anamaria Contreras
 
Achieve Your Business Dreams Session 3
Achieve Your Business Dreams Session 3Achieve Your Business Dreams Session 3
Achieve Your Business Dreams Session 3
Anamaria Contreras
 
PSCC JB CS Presentation 2022.pptx
PSCC JB CS Presentation  2022.pptxPSCC JB CS Presentation  2022.pptx
PSCC JB CS Presentation 2022.pptx
Anamaria Contreras
 
Traction part 2.pptx
Traction part 2.pptxTraction part 2.pptx
Traction part 2.pptx
Anamaria Contreras
 
Traction 1.pptx
Traction 1.pptxTraction 1.pptx
Traction 1.pptx
Anamaria Contreras
 
Vertical Markets.pptx
Vertical Markets.pptxVertical Markets.pptx
Vertical Markets.pptx
Anamaria Contreras
 
Jax bridges session 4 bmc 1
Jax bridges session 4 bmc 1 Jax bridges session 4 bmc 1
Jax bridges session 4 bmc 1
Anamaria Contreras
 
Jax bridges session 5 bmc 2
Jax bridges session 5 bmc 2Jax bridges session 5 bmc 2
Jax bridges session 5 bmc 2
Anamaria Contreras
 

More from Anamaria Contreras (20)

Traction part 2 - EOS Model JAX Bridges.
Traction part 2 - EOS Model JAX Bridges.Traction part 2 - EOS Model JAX Bridges.
Traction part 2 - EOS Model JAX Bridges.
 
Session 6 - Cost Structure Presentation.
Session 6 - Cost Structure Presentation.Session 6 - Cost Structure Presentation.
Session 6 - Cost Structure Presentation.
 
Session 5 - Business Model 2 & Verticals
Session 5 - Business Model 2 & VerticalsSession 5 - Business Model 2 & Verticals
Session 5 - Business Model 2 & Verticals
 
PSCC - Capability Statement Presentation
PSCC - Capability Statement PresentationPSCC - Capability Statement Presentation
PSCC - Capability Statement Presentation
 
Customer Discovery session 1 Presentation
Customer Discovery session 1 PresentationCustomer Discovery session 1 Presentation
Customer Discovery session 1 Presentation
 
Customer Discovery Session 2 - Resources
Customer Discovery Session 2 - ResourcesCustomer Discovery Session 2 - Resources
Customer Discovery Session 2 - Resources
 
Session 2 - Value Proposition 1 JAX Bridges
Session 2 - Value Proposition 1 JAX BridgesSession 2 - Value Proposition 1 JAX Bridges
Session 2 - Value Proposition 1 JAX Bridges
 
Session 1 Intro & InoVet it - JAX Bridges
Session 1 Intro & InoVet it - JAX BridgesSession 1 Intro & InoVet it - JAX Bridges
Session 1 Intro & InoVet it - JAX Bridges
 
PSCC 2023 CS Presentation .pptx
PSCC  2023 CS Presentation  .pptxPSCC  2023 CS Presentation  .pptx
PSCC 2023 CS Presentation .pptx
 
Revenue Streams & Cost Structure.pptx
Revenue Streams & Cost Structure.pptxRevenue Streams & Cost Structure.pptx
Revenue Streams & Cost Structure.pptx
 
Revenue Streams & Cost Structure.pptx
Revenue Streams & Cost Structure.pptxRevenue Streams & Cost Structure.pptx
Revenue Streams & Cost Structure.pptx
 
Session 6 BM2 & Verticals.pptx
Session 6 BM2 & Verticals.pptxSession 6 BM2 & Verticals.pptx
Session 6 BM2 & Verticals.pptx
 
Achieve Your Business Dreams
Achieve Your Business DreamsAchieve Your Business Dreams
Achieve Your Business Dreams
 
Achieve Your Business Dreams Session 3
Achieve Your Business Dreams Session 3Achieve Your Business Dreams Session 3
Achieve Your Business Dreams Session 3
 
PSCC JB CS Presentation 2022.pptx
PSCC JB CS Presentation  2022.pptxPSCC JB CS Presentation  2022.pptx
PSCC JB CS Presentation 2022.pptx
 
Traction part 2.pptx
Traction part 2.pptxTraction part 2.pptx
Traction part 2.pptx
 
Traction 1.pptx
Traction 1.pptxTraction 1.pptx
Traction 1.pptx
 
Vertical Markets.pptx
Vertical Markets.pptxVertical Markets.pptx
Vertical Markets.pptx
 
Jax bridges session 4 bmc 1
Jax bridges session 4 bmc 1 Jax bridges session 4 bmc 1
Jax bridges session 4 bmc 1
 
Jax bridges session 5 bmc 2
Jax bridges session 5 bmc 2Jax bridges session 5 bmc 2
Jax bridges session 5 bmc 2
 

Recently uploaded

Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...
Niswey
 
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
Ksquare Energy Pvt. Ltd.
 
Pro Tips for Effortless Contract Management
Pro Tips for Effortless Contract ManagementPro Tips for Effortless Contract Management
Pro Tips for Effortless Contract Management
Eternity Paralegal Services
 
Kirill Klip GEM Royalty TNR Gold Copper Presentation
Kirill Klip GEM Royalty TNR Gold Copper PresentationKirill Klip GEM Royalty TNR Gold Copper Presentation
Kirill Klip GEM Royalty TNR Gold Copper Presentation
Kirill Klip
 
Efficient PHP Development Solutions for Dynamic Web Applications
Efficient PHP Development Solutions for Dynamic Web ApplicationsEfficient PHP Development Solutions for Dynamic Web Applications
Efficient PHP Development Solutions for Dynamic Web Applications
Harwinder Singh
 
AI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your BusinessAI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your Business
Arijit Dutta
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
 
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...
➒➌➎➏➑➐➋➑➐➐Dpboss Matka Guessing Satta Matka Kalyan Chart Indian Matka
 
Prescriptive analytics BA4206 Anna University PPT
Prescriptive analytics BA4206 Anna University PPTPrescriptive analytics BA4206 Anna University PPT
Prescriptive analytics BA4206 Anna University PPT
Freelance
 
DearbornMusic-KatherineJasperFullSailUni
DearbornMusic-KatherineJasperFullSailUniDearbornMusic-KatherineJasperFullSailUni
DearbornMusic-KatherineJasperFullSailUni
katiejasper96
 
Call 8867766396 Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian M...
Call 8867766396 Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian M...Call 8867766396 Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian M...
Call 8867766396 Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian M...
dpbossdpboss69
 
Discover the Beauty and Functionality of The Expert Remodeling Service
Discover the Beauty and Functionality of The Expert Remodeling ServiceDiscover the Beauty and Functionality of The Expert Remodeling Service
Discover the Beauty and Functionality of The Expert Remodeling Service
obriengroupinc04
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
 
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...
BBPMedia1
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
 
The Most Inspiring Entrepreneurs to Follow in 2024.pdf
The Most Inspiring Entrepreneurs to Follow in 2024.pdfThe Most Inspiring Entrepreneurs to Follow in 2024.pdf
The Most Inspiring Entrepreneurs to Follow in 2024.pdf
thesiliconleaders
 
Science Around Us Module 2 Matter Around Us
Science Around Us Module 2 Matter Around UsScience Around Us Module 2 Matter Around Us
Science Around Us Module 2 Matter Around Us
PennapaKeavsiri
 
list of states and organizations .pdf
list of  states  and  organizations .pdflist of  states  and  organizations .pdf
list of states and organizations .pdf
Rbc Rbcua
 
欧洲杯赌球-欧洲杯赌球买球官方官网-欧洲杯赌球比赛投注官网|【​网址​🎉ac55.net🎉​】
欧洲杯赌球-欧洲杯赌球买球官方官网-欧洲杯赌球比赛投注官网|【​网址​🎉ac55.net🎉​】欧洲杯赌球-欧洲杯赌球买球官方官网-欧洲杯赌球比赛投注官网|【​网址​🎉ac55.net🎉​】
欧洲杯赌球-欧洲杯赌球买球官方官网-欧洲杯赌球比赛投注官网|【​网址​🎉ac55.net🎉​】
valvereliz227
 

Recently uploaded (20)

Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...
 
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
 
Pro Tips for Effortless Contract Management
Pro Tips for Effortless Contract ManagementPro Tips for Effortless Contract Management
Pro Tips for Effortless Contract Management
 
Kirill Klip GEM Royalty TNR Gold Copper Presentation
Kirill Klip GEM Royalty TNR Gold Copper PresentationKirill Klip GEM Royalty TNR Gold Copper Presentation
Kirill Klip GEM Royalty TNR Gold Copper Presentation
 
Efficient PHP Development Solutions for Dynamic Web Applications
Efficient PHP Development Solutions for Dynamic Web ApplicationsEfficient PHP Development Solutions for Dynamic Web Applications
Efficient PHP Development Solutions for Dynamic Web Applications
 
AI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your BusinessAI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your Business
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
 
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...
 
Prescriptive analytics BA4206 Anna University PPT
Prescriptive analytics BA4206 Anna University PPTPrescriptive analytics BA4206 Anna University PPT
Prescriptive analytics BA4206 Anna University PPT
 
DearbornMusic-KatherineJasperFullSailUni
DearbornMusic-KatherineJasperFullSailUniDearbornMusic-KatherineJasperFullSailUni
DearbornMusic-KatherineJasperFullSailUni
 
Call 8867766396 Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian M...
Call 8867766396 Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian M...Call 8867766396 Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian M...
Call 8867766396 Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian M...
 
Discover the Beauty and Functionality of The Expert Remodeling Service
Discover the Beauty and Functionality of The Expert Remodeling ServiceDiscover the Beauty and Functionality of The Expert Remodeling Service
Discover the Beauty and Functionality of The Expert Remodeling Service
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
 
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
 
The Most Inspiring Entrepreneurs to Follow in 2024.pdf
The Most Inspiring Entrepreneurs to Follow in 2024.pdfThe Most Inspiring Entrepreneurs to Follow in 2024.pdf
The Most Inspiring Entrepreneurs to Follow in 2024.pdf
 
Science Around Us Module 2 Matter Around Us
Science Around Us Module 2 Matter Around UsScience Around Us Module 2 Matter Around Us
Science Around Us Module 2 Matter Around Us
 
list of states and organizations .pdf
list of  states  and  organizations .pdflist of  states  and  organizations .pdf
list of states and organizations .pdf
 
欧洲杯赌球-欧洲杯赌球买球官方官网-欧洲杯赌球比赛投注官网|【​网址​🎉ac55.net🎉​】
欧洲杯赌球-欧洲杯赌球买球官方官网-欧洲杯赌球比赛投注官网|【​网址​🎉ac55.net🎉​】欧洲杯赌球-欧洲杯赌球买球官方官网-欧洲杯赌球比赛投注官网|【​网址​🎉ac55.net🎉​】
欧洲杯赌球-欧洲杯赌球买球官方官网-欧洲杯赌球比赛投注官网|【​网址​🎉ac55.net🎉​】
 

AYBD Workshop 1.pptx

  • 2. Jacksonville.score.org AYBD’s Online Classroom This online classroom is designed to allow people who attend the Achieve Your Business Dream workshops to have access to the content provided during the live session. Since this is a private online classroom, here are the steps to access the information 1. Visit https://learn.myjaxchamber.com/course/view.php?id=50 2. Click “Log in as a guest” 3. Use password AYBD2022 to access the classroom 4. Content becomes available weekly. You will have access to the content for a month after the program is over. 5. For any questions contact Georgia Pinner at georgia.pinner@myjaxchamber.com
  • 3. Jacksonville.score.org What is SCORE? A nonprofit organization with the largest network of free business experts in the United States. • SCORE is dedicated to helping small businesses get started, grow and achieve their goals through education and mentorship. o Entrepreneurial skills o Business formation o Growth strategies. • 11,000+ SCORE volunteers across the U.S. (250 chapters). • Hundreds of mentors/counselors available throughout the (7) Central / North Florida District chapters. SCORE | Central / North Florida District
  • 4. Jacksonville.score.org SCORE’s Mission & Vision Our Mission: Foster vibrant small business communities through mentoring and education. Our Vision: Every person has the support necessary to thrive as a small business owner. We are here to support you!
  • 5. Jacksonville.score.org How SCORE Helps Entrepreneurs • Mentoring: Face-to-face, phone & e-mail mentoring – for as long as we’re needed! • Workshops: Educational sessions on a wide range of topics from starting a business to online marketing, new product development, sources of financing, crowdfunding, direct sales techniques and much more. • Online Resources: Wide collection of articles, templates, assessments, blogs and over 340 business webinars. SCORE helps entrepreneurs three ways:
  • 6. Jacksonville.score.org Cost for SCORE Mentoring Services: $0.00 FREE!
  • 7. Jacksonville.score.org Sign Up With a Mentor Costs only $99 Sign up for a mentor Register for a workshop Find Templates & Webinars
  • 8. Jacksonville.score.org Upcoming Workshops Date Start Topic Oct. 4 6:00 pm Achieve Your Business Dream – Pt 1 Business Basics, Legal and Tax Entities, Build a Business Team, Mission & Vision Statements Oct. 5 Noon The Top Social Media Platforms a Business Needs Oct. 6 Noon Learn the Basics of Google Ads Oct. 6 5:30 pm The 15 Best E-Commerce Platforms for Small Businesses Oct. 7 5:30 pm Internet Marketing Pt. 5 of 5 – Email Marketing for 2023 Oct. 8 10:00 am How to Segment Your List to Get Better E-Mail Results Oct. 11 10:00 am What It Takes to be a Successful Entrepreneur Oct. 11 6:00 pm Achieve Your Business Dream – Pt 2 Marketing Basics and Social Media Oct. 12 Noon Social Media Trends: What’s In and Out Oct. 12 5:30 pm Financial Series – Technology Tools to Support Your Back Office Oct. 13 6:00 pm How to Start a Non-Profit Oct. 18 10:30 am Sell Your Products Online with Google this Holiday Season
  • 9. Jacksonville.score.org Browse the Library - Online Resources SCORE Templates, Tools & Webinars • Over 1800 FREE templates & tools - Articles, assessments, outlines, and other resources • LIVE webinars - One-hour presentations by mentors and partners • 100 English & Spanish online workshops - Business training modules • SCORE blogs & newsletter - latest business information, tips and resources
  • 11. Jacksonville.score.org Expectations for this Course Over the next four weeks you will learn … Week 1 – Business Foundations • Should You be an Entrepreneur? • Your Business Vision & Self Assessment • Business Plan Overview • Developing a Support Network • Creating a Legal Entity • Mission, Vision & Value Statements Week 2 – Product & Marketing • The Four P’s of Marketing • Generating Product Concepts • Selecting a Pricing Method • Product Distribution Channels • Product Promotion & Social Media Week 3 – Accounting & Finances • Accounting Basics • Understanding Financial Statements • Determining Financing Needs • Industry, Competitor & Market Analysis • Selecting a Name for Your Business Week 4 – Funding & Business Plans • Sources of Funding • Writing Your Business Plan • Financial Projections
  • 13. Jacksonville.score.org How do Entrepreneurs Think? Entrepreneurs think differently than non-entrepreneurs. • Seek Independence They want to be in control of their personal situation. Independence is one of the most frequently stated reason for starting a business. • Internal Control Oriented They perceive that their likelihood of success is controlled by their own actions, not by fate, luck or other people. • Embrace Change Entrepreneurs enjoy major life changes and the opportunities they bring. • Competitive They desire to excel compared to others. • Financially Motivated They desire financial well-being, but business profit is often used as a measure of success more than for what it can buy. • Ambition/Achievement Motivated They value the ability to reach personal goals, regardless of comparisons to others. • Calculated Risk Taker They mentally balance the workload and assumed risk against the expected financial gain. • Societal Contributor Many entrepreneurs want their actions to benefit society as well as themselves.
  • 14. Jacksonville.score.org Success Traits of Entrepreneurs Multiple studies have identified the following character traits in successful entrepreneurs. • Willing to take action This may be the most important trait for entrepreneurs. All other traits are not important if you are afraid to take real action. Actions are what lead entrepreneurs to success. • Persistence/Tenacity Persistence is a refusal to give up, “If at first you don’t succeed, try, try again”. • Self-confidence Few become successful entrepreneurs if they don’t have self-confidence in themselves. • Passion Passion will see you through the difficult tasks to the part of your business that ignites your spirit and heart. • Positive Attitude Entrepreneurs are optimists at heart. This trait can be self- reinforcing and carries over to those who can assist you. • Entrepreneurial creativity You must be a creative person if you want to be unique and have the power to continuously improve your business. “Life is 10% what happens to you and 90% how you react to it.” - Charles R. Swindoll
  • 15. Jacksonville.score.org Business Success Factors These business factors were cited by entrepreneurs as contributing to their success. • Planning Think ahead, analyze every business decision and constantly compile data. Set goals, outlining how to achieve them. • Discipline and Organization Your time is valuable – how will you spend it? Track your time and duties. Invest your energy where it benefits your business the most. Follow the 80-20 rule. • Great Sales and Negotiation Skills You may need to negotiate with suppliers and/or customers. Learn how to request the true value of your products and services and always look for win-win deals. Learn to listen to customers. • Money Management Control expenses and plan you cash flow well into the future. When you are out of cash, you are out of business. • Innovation Things don’t always have to be the way they are. Always look for a new concept, envision it and execute it effectively. Always ask “why?”. • Adaptability Business rarely goes according to plan. Things change and an entrepreneur must be able to alter an idea or plan to fit the circumstances. • Willing to seek help A different viewpoint or specific expertise can solve a problem or provide an answer to a question. Don’t be afraid to ask for help.
  • 16. Jacksonville.score.org How Entrepreneurs Find Success What factors were cited by entrepreneurs as contributing to their success? 1. 58% say they successfully started a business because of their past experiences. 2. 40% say they use past failures to fuel new successes. 3. 39% say they’ve learned from previous successes. 4. 25% had 15+ years of experience in their industry. 5. 25% cited having an adequate source of funding available. 6. 22% of entrepreneurs attribute luck or good fortune to their success. 7. 22% consider their professional network an essential to their success. 8. 20% of entrepreneurs see a college education as important. Note that the top four success factors are all related to having experience in the field they are entering. What experience do you have?
  • 17. Jacksonville.score.org Habits of Successful Entrepreneurs Wealthy and poor people have very different habits. • The following table was derived from the book “The Daily Success Habits of Wealthy Individuals” by Thomas C. Corley. • How many of these habits do you have? • How many do you not have that you will adopt?
  • 18. Jacksonville.score.org Personal Gap Evaluation You need to assess your personal strengths and weaknesses on factors most important to your business. • Column 1 – List the personal traits or business factors that apply to your business. • Column 2 – Rate the importance of each of these to your potential business. • Column 3 – Rate your capability on each factor. (Note: It is reverse scored.) • Column 4 – Multiply each importance score times the assessment score. • Column 5 – A score of 9 indicates a weakness on an important factor. What steps will you take to correct them? Success Factor Importance Personal Assessment Score Personal Action Plan Planning 2 1 2 Discipline and Organization 2 3 6 Sales Skills 3 3 9 Take a sales course. Negotiation Skills 1 2 2 Money Management 2 2 4 Innovation 3 1 3 Adaptability 3 1 3 Willing to seek help 3 3 9 Join two organizations. Importance 1 = Not very important 2 = Average 3 = Very important Assessment 1 = Strength 2 = Average 3 = Weakness
  • 19. Jacksonville.score.org Do You Really Want to do This? Entrepreneurship can be like "The Apprentice," "Survivor," and "Fear Factor" (with a little “Simpsons”) rolled into one. • Are you willing to take risk? It may require your life savings, your home equity and borrowing from your family. (Can you say “bankruptcy”?) • Are you willing to skip weekends and vacations? Customers don't care about your work-life balance. They want your product and they want it now. If you can't offer consistent service every day, you won’t make it. • Are you willing to be ruthless? Ruthless, does not mean unethical or criminal. It means doing what's best for your business, even if it means making tough decisions that you, your friends and family may not like. • Are you willing to lose sleep? The hours required when you own a business is nothing like working a regular job. So, set the alarm clock early. • Are you willing to be wrong? You may well find that your business model is wrong. Will you be willing to admit it and rethink your business plan? "I learned that courage was not the absence of fear, but the triumph over it. The brave man is not he who does not feel afraid, but he who conquers that fear.“ – Nelson Mandella
  • 21. Jacksonville.score.org What is a Business Plan? A Business Plan is … • a document describing the nature of your business, the products and services to be offered, the sales and marketing strategy to be used and how it will operate. • the financial projections that estimate revenue, cost, profit/loss and cash flow resulting from your business activities as well as the capital required to get started. It is your roadmap to success!
  • 22. Jacksonville.score.org Why You Need a Business Plan Even if you aren’t using it to raise start-up capital, there are many reasons to have a written plan. • It forces you to review everything at once: your value proposition, marketing assumptions, operations plan, financial plan, staffing plan, etc. Does it all make sense when you put it together? • The plan lays out targets in all major areas: sales, expense items, hiring positions and financing goals. Once laid out, the targets become performance goals. • It gives you a good diagnostic tool. When actual results fall short of the plan, it is an indication that something is wrong –either with the business or the assumptions in your plan.
  • 23. Jacksonville.score.org The SCORE Business Plan Template 1. Go to the SCORE Jacksonville website https://jacksonville.score.org/ 2. On the blue banner, go to, then click on “Browse the Library”. 3. Scroll down to and click on the “Business Planning & Financial Statements Template Gallery” 4. Under “Business Plan Templates”, click on one of two options: • Business Plan for a Start-up Business • Business Plan for an Established Business 5. Click on “Download Template” and save the file to your PC. 6. The template outlines the steps you need to complete a business plan and provides a series of questions to consider.
  • 29. Jacksonville.score.org Sections of the SCORE Business Plan The template has the following sections: 1. Executive Summary 2. General Company Description 3. Products and Services 4. Marketing Plan 5. Operational Plan 6. Management and Organization 7. Personal Financial Statement 8. Startup Expenses and Capitalization 9. Financial Plan 10. Appendices 11. Refining the Plan • Not every business will need every section. • Over the next four weeks, we will provide you with the skills and knowledge to complete your own business plan.
  • 31. Jacksonville.score.org No Man/Woman is an Island As an entrepreneur, you will need to perform many tasks you have never done and be able to address many questions you don’t know the answers to. • If you try to figure it all out on your own or just figure you will learn from your mistakes, your business won’t last long. • You will need to turn to various support groups, mentors, fellow business owners and other organizations to get answers quickly. “If you're trying to create a company, it's like baking a cake. You have to have all the ingredients in the right proportion.” -- Elon Musk “Great things in business are never done by one person. They're done by a team of people.” – Steve Jobs
  • 32. Jacksonville.score.org Business Networking Business networking develops mutually beneficial relationships with other business people and potential clients and/or customers. – There are many reason why you should actively network. • To help your business grow and expose your business to others. • To stay current on industry and target market trends. • To get advice from other entrepreneurs. • To be part of the community or an industry. • To start relationships. • To find suppliers and solutions to your problems. • To increase your visibility. • To generate referrals. • To find inspiration.
  • 33. Jacksonville.score.org Networking’s Impact on Success Research has shown a strong link between entrepreneurial success and social networks. One study showed … • 80% of SB owners belong to at least one business or industry group. • Two-thirds of these networks involve face-to-face meetings. • These networking meetings typically involve … – Soliciting feedback from other owners – Sharing of recent achievements (typically to solidify self esteem) Benefit Derived Extremely Valuable Emotional support 61% Peer feedback on business problems 54% Fresh perspectives on new business ideas 53% Connect socially with other owners 51% Advice on making business more profitable 36% Number of Associations Joined Percent of SB Owners None 20% One 21% Two 19% Three 18% Four 11% Five or more 11% 80%
  • 34. Jacksonville.score.org Building a Dream Team As a start-up or small business, it is unlikely you will have all the expertise you need on your staff. • Mentors – SCORE, WBN, UNF, etc. • Accountant • Business Insurance Agent • Attorney • Banker • Human Resources • Other Trusted Advisors
  • 35. Jacksonville.score.org jacksonville.score.org Sign up for a mentor Register for a workshop Find templates
  • 36. Jacksonville.score.org JAX Chamber of Commerce The JAX Chamber is a not-for-profit organization in Northeast Florida, helping members to make connections, grow their businesses and prosper. – Connect Members make local and national connections at hundreds of events designed to build business relationships and keep you informed. – Grow Through educational programs and services, the Chamber works to grow new and existing businesses. – Prosper The JAX Chamber promotes economic development by attracting and retaining companies, creating jobs and fostering a skilled workforce. Explore their website at: myjaxchamber.com/
  • 37. Jacksonville.score.org Upcoming Programs Financial Matters Connect with accountants and financial experts in a workshop learning intensive on the financial aspects of business ownership Program Calendar Find our other upcoming programs by scanning this QR code or visiting our website jaxwbc.com
  • 38. Jacksonville.score.org Small Business Administration The U.S. Small Business Administration (SBA) aids, counsels, and assists Americans as they start, operate, and expand their businesses. – Increases federal procurement/contracting opportunities. – Facilitates access to capital with multiple loan programs. – Provide counseling and training. – Provide disaster assistance. Explore their website at: www.sba.gov/fl/north
  • 39. Jacksonville.score.org Small Business Resource Network The SBRN is a not-for-profit organization helping members make connections, grow their businesses and prosper. – The SBRN website answers basic small business questions and streamlines the process of finding qualified small business support professionals. – These participating, qualified professionals are experts in banking, law, accounting, insurance, commercial real estate, human resources, marketing, buying and selling a business, computers/technology, and a wide variety of other management issues relevant to small businesses. – The professionals in the SBRN are screened for their licensing, professional experience and customer satisfaction. Explore their website at: SBRN.org/ An alternative source for legal help is the Jacksonville Bar Association at: JAXBAR.org/
  • 40. Jacksonville.score.org Florida SBDC The Florida SBDC (Small Business Development Center) The SBDC has access to robust databases, business research resources, and knowledgeable experts who can help you successfully navigate the obstacles that come with the stages of the business life cycle. Explore their website at: http://floridasbdc.org/
  • 41. Jacksonville.score.org Procurement Technical Assistance Center The Florida PTAC assists entrepreneurs who want to sell to federal, state or local government agencies. – One-on-One Consulting: Works with government contractors new to the procurement process to identify and prioritize action steps. – Marketing and Business Development: Consultants help you develop marketing collateral, networking and relationship strategy. – Research Support: Help clients develop research strategies using public and PTAC-specific research tools. – Professional Development: Offers a training calendar designed to help owners better understand key aspects of government contracting. Explore their website at: FPTAC.org/
  • 42. Jacksonville.score.org • Build a network – find people, be found by people. • Connect to more people than you know. • Find people by name, company, job title and get introduced, direct contact. • Find information about competitors, suppliers and customers • Hire employees • Join groups or people with similar interests • Get publicity • Create a company business page Explore their website at: www.linkedin.com Linkedin is a business social network of over 740M people + 55 Million Registered Companies…
  • 43. Jacksonville.score.org Where to Find Lists of Groups Here are a few of the places to find group lists. Business section of newspaper – calendar of events Newspaper & website lists of civic groups Small Business Development Center for list of groups https://www.sba.gov/tools/local-assistance/sbdc Organizations for female entrepreneurs – • NationalAssoc. of Women’s Business Owners www.nawbo.org/ • Forum for Women Entrepreneurs www.fwe.ca/about/ Websites of trade organizations www.directoryofassociations.com/ www.planningshop.com/associations/ Chamber of Commerce directory www.uschamber.com/ For a Jacksonville listing of networks, consider www.meetup.com
  • 45. Jacksonville.score.org What is Your Business Vision? 1. What do you want your business to be when you start? _________________________________________________ 2. What industry will you be in? (NAIC code)? 3. Define what success will look like to you five years from now. Be specific! Include … • Annual Sales/Revenue: • Number of Locations: • Number of Employees: • Geographic Reach: • Number of Hours Worked by You per Week: • Will you continue to grow the business or maintain a stable business? “If I had six hours to chop down a tree, I’d spend the first four hours sharpening the axe.” – Abraham Lincoln
  • 46. Jacksonville.score.org What is Your Earnings Vision? Your potential “earnings” may consist of two parts. 1. The amount due to the owner(s) for their occupation. - If you own a bakery and are acting as a baker, how much would you have to pay someone to replace your baking activities? - You should know how much the business “owes” you as an employee. - When your bakery gets big enough to afford to hire someone to replace you as a baker, then you are no longer entitled to the baker’s salary. 2. The amount due to the owner(s) as the “entrepreneur’s reward”. - This is your reward for running the business and should at least be equivalent to the average earned by other owners in your industry. - Include any bonus, distribution or dividend paid out in cash to the owners.  Net profit of the business (sales X net profit margin)  Salary /wages paid to the owner by the business.  Dividends/distribution paid to owners/stockholders. - This should be over and above the salary as a baker (in #1 above).
  • 47. Jacksonville.score.org Calculating Owners’ Profit How to find the information. • Research what you would have to pay someone to replace your non- managerial tasks. - According to the Occupational Outlook Handbook, the median earnings for a baker in 2019 was $27,700. - This is the amount due for the owner’s occupation. - Another source is www.salary.com • Research what the net profit margin for a business in your industry would typically earn. - This average profit generated by businesses down to six digit NAIC codes is available from the RMA Annual Statement Studies at the third floor reference desk at the downtown branch of the JPL. - For example, the average net profit margin for retail bakeries (NAIC code 311811) is 4.3% of revenue (up to $1MM in revenues) - Being optimists, assume the owner is capable of generating a profit margin 20% higher than the industry average, or 5.2%. - Realize that salaries paid to the owners are expenses that lower the net profit.
  • 48. Jacksonville.score.org Accessing RMA Books How to Access RMA Books • Normally you can access these books at the Small Business Resource Center on the 3rd floor, but it is currently closed. • To get access to the RMA books, follow these steps: 1. Go to the Business Reference Desk on the third floor of the Main branch [303 N. Laura St.]. 2. Ask for the RMA Annual Statement Studies books {Call Number 338.0973 RMA 2018-2019] from the SB Resource Center. 3. They will retrieve the books or direct you to them. 4. Using the NAIC number(s) for the industry you plan to enter, find the right pages in the RMA. 5. While you can copy down key information, I suggest you photocopy (or use your phone’s camera) the pages for your NAIC.
  • 49. Jacksonville.score.org RMA Statement for Bakeries INCOME DATA 0-1MM This column is for bakeries up to $1 million in sales Net Sales 100.0 Net sales are set to 100% Gross Profit 62.7 Variable costs = 100 – 62.7% = 37.3% Operating Expenses 59.0 Fixed costs = 59% of total sales. Operating Profit 3.6 100% – 37.3% - 59.0% = 3.6% (rnd.) All Other Expenses (net) -0.7 Miscellaneous, not material Profit Before Taxes 4.3 For each dollar of sales, NIBT = 4.3 cents. How to read the table for NAIC code = 311811. • Total Assets, Total Liabilities & Net Worth and Profit Before Taxes are all set to 100%. - All other categories are expressed as a percentage of the 100% total. - These are often called “common-size statements”.
  • 50. Jacksonville.score.org What is Your Profit Rewards Vision? • What do you want your business to be in five years? I want to own a bakery with three locations in Jacksonville, with each location having its own baker/manager. • What profit should I expect five years from now? Year 1 Year 5 Occupation (Baker) Income $27,700 $0 Net Profit Margin 4.3% 5.2% Average sales per location $300,000 $450,000* Number of Locations 1 3 Net Owner’s Profit $12,900 $70,200 Total Expected Income $40,600 $70,200 * SOURCE: What Is the Average Revenue for a Bakery? by Devra Gartenstein; Updated March 01, 2019. https://smallbusiness.chron.com/average-revenue-bakery-81113.html
  • 51. Jacksonville.score.org Is Your Vision Realistic? The Plan: Own a chain of three ”sit down” restaurants, making net income of $100,000 per location by year five. GOAL: $100,000 GOAL: $100,000 GOAL: $100,000 : Restaurants “with $15 to $24.99 checks boast the highest profit margin at 3.5%”. : “Average sales for sit down restaurants (“if all things work well), average $3,100 per night”. Need 3x’s “the Average” to hit your goal??? $100,000 Net $ profit ÷ 0.035 Net Profit margin (%) = $2,857,000 Sales required annually $3,100 x 6 nights = $18,600/week x 52 weeks $967,200 Sales
  • 52. Jacksonville.score.org Homework Assignment #1 • Give a brief description of the business you are planning. • Provide the NAIC code for the industry you will be entering. • What do you want your business to be five years from now? • What are your profit expectations for five years from now? Year 1 Year 5 Occupation Income $ ??? $ ??? Net Profit Margin ??? % ??? % Average sales per location $ ??? $ ??? Number of Locations ? ? Net Owner’s Profit $ ??? $ ??? Total Expected Income $ ??? $ ??? Submit homework to craig.linsky@scorevolunteer.org for feedback.
  • 55. Jacksonville.score.org Types of Legal Structures A business must choose a legal designation under which it will operate. Each has its advantages and disadvantages. • Sole Proprietorship • Partnership • Limited Liability Co (LLC) • “S” Corporation • “C” Corporation • Benefit Corporation
  • 56. Jacksonville.score.org Sole Proprietorship Naming If your last name is in the business name, you do not need to file it with the state. Joe Dewy Cleaners If your last name is not in the business name, you need to register the “fictitious name” with the state and advertise it at least once in a local newspaper. Joe Dewy d/b/a XYZ Cleaners Advantages – Simple and easy to start. – Low cost to register and maintain. – Owner is sole manager. – Profits not shared with others. Filing If your last name is not in the business name, you need to file a “fictitious business name” with the state of Florida. http://form.sunbiz.org/fic_form.html There is a $50 filing fee. The filing is good for five years. Disadvantages – Owner needs many skills. – Start up money difficult to raise. – Unlimited financial and negligence liability for owner. – Business dissolves when owner dies. – Any business debt incurred in the owner’s name is still valid even if the business ends.
  • 57. Jacksonville.score.org General Partnership Naming If your last names are in the business name, you do not need to file it with the state. Dewy, Cheatum & Howe Cleaners If your last names are not in the business name, you need to register the “fictitious name” with the state and advertise it at least once in a local newspaper. Joe Dewy, Al Cheatum & Liz Howe d/b/a DCH Cleaners Advantages – Low cost to register and maintain. – Partners share management. – Skills can complement one another. – Partners may bring in capital, expertise and customers. Filing If your last names are not in the business name, you need to file a “fictitious business name” with the state of Florida. http://form.sunbiz.org/fic_form.html There is a $50 filing fee. The filing is good for five years. Disadvantages – Need to find ‘right’ partner. – Need extensive partnership agreement. – How to settle partner disagreements. – Unlimited financial and negligence liability for owners. – Any debt incurred in the owners’ names is still valid even if the business ends.
  • 58. Jacksonville.score.org Limited Liability Company (LLC) Naming Last names are not needed in the business name, but the LLC or L.L.C. designation must be at the end. (Or LLP for medical practices.) Dewy Cheatum & Howe Cleaners, LLC DCH Cleaners L.L.C. Advantages – Limits business financial and negligence liability for owners. – Income can be distributed among partners in any way they agree to. – Can elect to be file federal income tax as a “S” or “C” corporation. (File form 8832.) – Fewer rules, restrictions for owners compared to “S” Corp. Filing LLCs must file an Annual Report each year. The first report is due in the year following formation even if there is no activity. http://form.sunbiz.org/cor_llc.html The initial filing fee is $125. The annual report filing fee $138.75. Disadvantages – Filing fees significantly higher than for sole proprietorship or partnership. – Must file annually, keep current with Florida. – LLC owners are self-employed, not employees. – LLC owners owe self-employment tax (Social Security and Medicare taxes) based on business net income.
  • 59. Jacksonville.score.org “S” Corporation Naming The name of the corporation must include a corporate suffix such as Corporation, Corp., Incorporated, Inc., Company, or Co. Dewy Cheatum & Howe Corp. A Professional Association must contain the word “chartered” or “P.A.”. Advantages – Limited liability for shareholders (owners). – Income passed to owners’ tax returns based on percent share ownership. – Owners are not self-employed. – Social Security and Medicare taxes apply to salary/wages owners receive, but not to distributions they receive. Filing “S” Corps must file an Annual Report each year. The first report is due in the year of formation, even if there is no activity. http://form.sunbiz.org/cor_form.html The initial filing fee is $70. The annual report filing fee $150 each year. Disadvantages – Limited to 100 U.S. shareholders. – Shareholders must be individuals only. – Only have one class of common shares (but can be voting and non-voting). – Must file separate tax return (form 1120-S). – Must file IRS form 2553 each year to maintain “S” corporation tax status. – Owners can be personally liable if they do not fulfill “fiduciary duty”.
  • 60. Jacksonville.score.org “C” Corporation Naming The name of the corporation must include a corporate suffix such as Corporation, Corp., Incorporated, Inc., Company, or Co. Dewy Cheatum & Howe Corp. A Professional Association must contain the word “chartered” or “P.A.”. Advantages – Limited liability for shareholders (owners). – Few limits on number and types of shareholders. – Can have multiple classes of stock. – Costs of fringe benefits for employees are deductible as business expenses. – Social Security and Medicare taxes apply to salary/wages owners receive, but not to distributions (dividends) they receive. Filing “C” Corps must file an Annual Report each year. The first report is due in the year of formation, even if there is no activity. http://form.sunbiz.org/cor_form.html The initial filing fee is $70. The annual report filing fee $150 each year. Disadvantages – Not a “pass-through” entity. – Profits distributed to shareholders (as dividends) are subject to double taxation. – Must file separate tax return (form 1120). – Cannot take home office tax deduction. – Owners can be personally liable if they do not fulfill “fiduciary duty”.
  • 61. Jacksonville.score.org Benefit (“B”) Corporation Naming The name of the corporation must include a corporate suffix such as Corporation, Corp., Incorporated, Inc., Company, or Co. Dewy Cheatum & Howe Corp. A Professional Association must contain the word “chartered” or “P.A.”. Advantages – The B corporation’s stated purpose is to pursue a “general public benefit,” defined as “a material, positive effect on society.” – Appealing if you want to include a social mission as a core goal of your company. – Elect taxation as a “S” or “C” corp. – Limited liability for shareholders (owners). – A Certified B Corp may have a marketing advantage, allowing higher profit margins. Filing “B” Corps must file an Annual Report each year. The first report is due in the year of formation even if there is no activity. http://form.sunbiz.org/pdf/Inhs75.pdf The initial filing fee is $70. The annual report filing fee $150 each year. Disadvantages – Legally required to prioritize a positive social impact. – Accountable to shareholders. employees, the community and the environment. – Annual report must be made public. – Annual report must include reporting on social and environmental performance.
  • 62. Jacksonville.score.org ”B” Corporation Certification “B” Corp certification is a private certification issued to for-profit companies by B Lab. – B Lab is a global non-profit organization. – To be granted and to preserve certification, companies must … • Receive a minimum score on an online assessment for "social and environmental performance", • Satisfy the requirement that the company integrate B Lab commitments to stakeholders into company governing documents. • pay an annual fee ranging from $500 to $50,000. – However, like the “Good Housekeeping Seal of Approval”, a “B” Corp certification has no legal or tax status. – “B” Corporations must register as Benefit Corps within two years of getting “B” certification if they aren’t already. . To learn more, visit their website at: www.bcorporation.net
  • 63. Jacksonville.score.org Business Structure Comparison Chart Sole Prop or Partnership LLC “S” Corp. “C” Corp. Benefit Corp. Start Up Easiest Moderate Moderate Hard Hardest Filing Cost $50/ 5 yrs. $125 initial. $138.75 / yr. $70 initial. $150 / yr. $70 initial. $150 / yr. $70 initial. $150 / yr. Control Owner(s) has control. Determined in Operating Agreement Shareholders have proportional control via B.O.D. Shareholders have proportional control via B.O.D. Shareholders and other stakeholders. Liability Exposure Owner(s) responsible for business debts, judgements. Owners have limited liability (2+ owners) Shareholders not liable for business debts, judgements. Shareholders not liable for business debts, judgements. Shareholders not liable for business debts, judgements. Federal Taxation Taxed as personal income. Profit passed to owners per Oper. Agree. Profit passed proportionally to shareholders.** Profit taxed at corporate level. Depends on IRS filing status. IRS Filing Status Individual. May choose any status. Elect to be taxed as S or C corp. Taxed as C corp. Elect to be taxed as S or C corp.. Termination Ends at owner’s death. Specified in Operating Agreement Share ownership can transfer. Share ownership can transfer. Share ownership can transfer. ** Unless electing to file as a “C” Corp.
  • 64. Jacksonville.score.org IRS Business Taxation File as a Sole Proprietorship or Partnership – IRS taxes unincorporated business and owner income at the same rates. – Business income is passed to the owner, then taxed as personal income (37% top rate). – Business owners must pay both employer and employee portions of self- employment taxes (12.6% for SS, 2.9% for Medicare). – They are eligible for the 20% pass through deduction** • 20% of up to $170,050 of qualified business income for single filer (for 2022) • 20% of up to $340,100 of qualified business income for married/joint filers (for 2022). LLCs do not have an IRS filing status and must select another status for tax filing purposes. – Owners may select any tax filing status. • By default, one person LLCs are given sole proprietor filing status. • By default, multiple person LLCs are given partnership filing status. • Owners have the option to file as “S” or “C” Corp. – Business owners must pay both employer and employee portions of self- employment taxes (12.6% for SS, 2.9% for Medicare). ** The 20% pass-through deduction has many qualifiers. Check with a tax account or attorney.
  • 65. Jacksonville.score.org IRS Business Taxation File as an “S” Corporation – An “S” corporation shareholder can receive profits in two forms: • A salary -- subject to self-employment tax. • A distribution – not subject to self-employment tax. – Shareholders active in running the business must receive a salary commensurate with their peers in the same occupation. – Active shareholders must pay 50% of the self-employment tax and the business pays the other 50%, based on their salaries. – “S” corps are eligible for the 20% pass through deduction** • Remember that the salaries paid are expenses to the “S” corp. • This reduces the income subject to the 20% deduction. File as a “C” Corporation – “C” corps are the only “non-pass through” business tax entity. – Active shareholders are not eligible for the 20% deduction, but the top “C” corporation tax rate is now only 21% (versus 34% last year). – Dividends subject to double taxation. They are paid from after-tax profit, then personal income tax is paid on the dividends (at 0%,15% or 20%). – The same rates are paid to Social Security and Medicare, 50% by the owner/employees based on salary and 50% by the “C” corp.
  • 66. Jacksonville.score.org Business Status – Florida vs. IRS Sole Proprietor General Partnership “S” Corp. “C” Corp. Sole Proprietor Always X X X General Partnership X Always X X LLC By Default (if one owner) By Default (if 2+ owners) Optional Optional “S”, “C” or Benefit Corporation X X Optional By Default IRS Tax Filing Status Florida Legal Entity The legal entity of your business is not always the same as the IRS tax filing status. – The IRS does not recognize LLCs as a tax filing status. – In some cases, you have the option to choose an IRS filing status different from the legal status.
  • 68. Jacksonville.score.org Mission, Value and Vision Statements These three statements are used to define what your business is, will become and its beliefs system. - The mission statement (about today) should … • Describe what the business is, what it does and what it’s priorities are. • Explain what makes the business different from its competitors. • Tell owners and employees why the business exists and where it is going. • Let customers and the public know what the organization stands for. - The vision statement (about the future) should … • Describe concisely what the business should be in the (successful) long term. • Describe what will the world will look like if your company is successful. - The values statement (about beliefs) should … • Describe what the business believes in and how it will act towards all the parties with which it interacts. • Describe what you business will strive to always do (or never do).
  • 69. Jacksonville.score.org The Mission Statement The mission statement can cover any of the following topics. • What is the organization's core purpose and focus that normally remains unchanged over time? • What is your cause – what do you want to accomplish? • What are the primary products or services offered? • What differentiates it from competitors? • What is the desired public image you want to project? • Who are the primary stakeholders? • What is the target customer segment? "When you discover your mission, you will feel its demand. It will fill you with enthusiasm and a burning desire to get to work on it." - W. Clement Stone
  • 70. Jacksonville.score.org Mission Statements Examples “Foster vibrant small business communities through mentoring and education” – SCORE “Google's mission is to organize the world's information and make it universally accessible and useful.” – Google "Our mission is to feed America’s hungry through a nationwide network of member food banks and engage our country in the fight to end hunger.” – Feeding America "To give unlimited opportunity to women.“ – Mary Kay Cosmetics "To make people happy.” – Walt Disney “To inspire and nurture the human spirit— one person, one cup, and one neighborhood at a time.” – Starbuck’s Coffee “"To accelerate the world’s transition to sustainable energy.“– Telsa
  • 71. Jacksonville.score.org Vision Statement Examples The vision statement should … • Describe what the business should be in the (successful) long term. • What problem are we seeking to solve? • Where are we headed? • Describe what will the world will look like if your company is successful. “To establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles while we grow.” -- Starbucks “A world where everyone has a decent place to live.” -- Habitat for Humanity “To be the safest, most progressive North American railroad, relentless in the pursuit of customer and employee excellence.” – CSX “Our vision is to create a better every-day life for many people.” – IKEA Every guest who chooses Culver's leaves happy – no matter what it takes.” – Culvers “Every person has the support necessary to thrive as a small business owner.” – SCORE
  • 72. Jacksonville.score.org Value Statement Examples Value statements should … • List the core principles that guide and direct the organization and its culture. • Describe what the business believes in and how it will act towards all the parties with which it interacts. • Create a moral compass that guides decision-making and actions of the business. ““We do the right thing. Period.” – Uber “Treat your customers like human beings…” – L.L Bean “We must be good citizens…” – Johnson & Johnson “Openness, honesty, integrity, courage, respect, diversity and balance…” – Disney “I will never leave a fallen comrade to fall into the hands of the enemy.“ – U.S. Army Rangers “No fine print…” – Affirm “We strive to minimize our negative impact on the environment.“ -- Ben and Jerry’s Ice-Cream
  • 73. Jacksonville.score.org Starbucks’ Mission and Values Mission Statement: “To inspire and nurture the human spirit— one person, one cup, and one neighborhood at a time.” Here are the principles (i.e. values) of how we live that every day: Our Coffee -- It has always been, and will always be, about quality. We’re passionate about ethically sourcing the finest coffee beans and improving the lives of people who grow them. Our Partners -- We’re called partners, because it’s not just a job, it’s our passion. Together, we embrace diversity to create a place where each of us can be ourselves. We always treat each other with respect and dignity. And we hold each other to that standard. Our Customers -- When we are fully engaged, we connect with, laugh with, and uplift the lives of our customers— even if just for a few moments. It’s really about human connection. Our Stores -- When our customers feel this sense of belonging, our stores become a haven, a break from the worries outside, a place where you can meet with friends. It’s about enjoyment at the speed of life—sometimes slow and savored, sometimes faster. Always full of humanity. Our Neighborhood -- Every store is part of a community, and we take our responsibility to be good neighbors seriously. We can be a force for positive action. Our Shareholders -- We know that as we deliver in each of these areas, we enjoy the kind of success that rewards our shareholders.
  • 74. Jacksonville.score.org Homework Assignment #2 1. What is the Mission Statement for your business? • Describe what the business is, what it does and what it’s priorities are. • Let customers and the public know what the organization stands for. • Explain what makes the business different from its competitors. • Tell owners and employees why the business exists. 2. What is the Vision Statement for your business? • Describe what your business (or the world) should be if successful long term. • Be inspirational and aspirational to customers, owners and employees. 3. What is the Value Statement for your business? • Describe what the business believes in and how it will act towards all the parties with which it interacts. • What will your business always do or never do? • Create a moral compass that guides you and your employees in decision- making and actions. Submit assignment #2 to craig.linsky@scorevolunteer.org.
  • 75. Jacksonville.score.org www.jacksonville.score.org What’s Next? In week two, you will learn … Week 1 – Business Foundations • Should You be an Entrepreneur? • Your Business Vision & Self Assessment • Business Plan Overview • Developing a Support Network • Creating a Legal Entity • Mission, Vision & Value Statements Week 2 – Product & Marketing • The Four P’s of Marketing • Generating Product Concepts • Selecting a Pricing Method • Product Distribution Channels • Product Promotion & Social Media Week 3 – Accounting & Finances • Accounting Basics • Understanding Financial Statements • Determining Financing Needs • Industry, Competitor & Market Analysis • Selecting a Name for Your Business Week 4 – Funding & Business Plans • Sources of Funding • Writing Your Business Plan • Financial Projections
  • 76. Jacksonville.score.org Remember to complete your homework assignments! Send to … craig.linsky@scorevolunteer.org
  • 77. Jacksonville.score.org This presentation was developed by Craig Linsky for the Jacksonville, Florida chapter of SCORE. Any commercial or other use of this presentation by anyone other than SCORE members requires permission from Craig Linsky or the Chairman of the Jacksonville Chapter of SCORE. If you have suggestions on additional details or other material that should be included, ways to improve this presentation or have any follow up questions, please contact us at craig.linsky@scorevolunteer.org. The material in this presentation is a partial description only, offered for educational purposes, and is not intended as legal advice or tax advice. You should consult with a qualified, licensed Florida attorney for legal advice customized to your particular situation, and a tax preparer or accountant for taxation advice.
  • 78. Jacksonville.score.org Funded in part through a cooperative agreement with the U.S. Small Business Administration. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.