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How to start a business 2021 hcc
- 1. HOW TO START A SMALL BUSINESS Presented by Russ Seagle
- 2. CONSULTANT / SPEAKER Over 20 years helping businesses start & grow Professional speaker since 2000 CEO Leads an organization that provides small business loans & training Specialties are turnarounds & crisis recovery Russ Seagle
- 3. TODAY'S DISCUSSION Topics We'll Cover Start SMART Elements of a Business Plan Finding Customers Choosing a Location Choosing a Legal Structure Building a Support Network Getting "Legit" How Much Money Will You Need? Insurance Issues Knowing Your Numbers Choosing a Name Avoiding Common Mistakes Creating Systems to Work Smarter (not harder)
- 5. Starting with SMART Goals SEE IT. PLAN IT. DO IT. S M A R T
- 6. Starting with SMART Goals SEE IT. PLAN IT. DO IT. Specific M A R T
- 7. Starting with SMART Goals SEE IT. PLAN IT. DO IT. Specific Measurable A R T
- 8. Starting with SMART Goals SEE IT. PLAN IT. DO IT. Specific Measurable Achievable R T
- 9. Starting with SMART Goals SEE IT. PLAN IT. DO IT. Specific Measurable Achievable Relevant T
- 10. Starting with SMART Goals SEE IT. PLAN IT. DO IT. Specific Measurable Achievable Relevant Time-Constrained
- 11. Hobby vs. Business Idea vs. Opportunity IS THIS REALLY A BUSINESS?
- 14. What makes you DISTINCT?. You sell the same 2 things as everyone else!
- 16. MOTIVATIONAL TRIGGERS Prestige Durability Timelessness Familiarity New/Shiny Ease of Use Comfort Uniqueness Usefulness Lowest Price Risk Aversion Habit First to Have Safety
- 17. 2 Things to Do 4 Things to Avoid . FINDING A LOCATION
- 18. SOLE PROPRIETORSHIP One person engaged in commerce attempting to make a profit. PARTNERSHIP Two or more people engaged in commerce attempting to make a profit. CORPORATION (C/S) OR LIMITED LIABILITY COMPANY (LLC) Separate from the owners. Also taxed separately. LEGAL STRUCTURE
- 19. Your Support Network TECHNICAL ASSISTANCE PROVIDERS SBC SBTDC SCORE WWBC YOUR TEAM OF PROFESSIONALS Accountant / CPA Attorney Insurance Agent Suppliers Industry-specific consultants FAMILY & FRIENDS Confidants Emotional support Hobbies & activities Personal interests Relaxation & escape YOU CAN DO ANYTHING BUT YOU CAN'T DO EVERYTHING!
- 20. Federal irs.gov/EIN State 800-228-8443 County Register of Deeds M a k i n g I t O f f i c i a l
- 21. Calculating Your Breakeven Point Breakeven Analysis Cash Flow Projection Personal Financial Statement Get your financial house in order. Item 1 Item 2 Item 3 Item 4 Item 5 40 30 20 10 0 DETERMINING HOW MUCH $$ YOU NEED
- 23. Identify and Assess Risks Go back to your SWOT analysis Don't discount anything Rank risks so you won't needlessly worry Engage in Active Protection Legal Structure Company policy Employee Handbook Insurance
- 24. General liability Professional liability Product liability Property & casualty Loss of Income Glass breakage & sign damage Cash loss Key Man Coverage Refrigeration loss Errors & Omissions Directors & Officers Data loss & cyber crime Flood Riot & Civil Commotion Workers Compensation Disability Health Life Industry-specific coverages PROTECTING AGAINST RISK
- 25. KNOWING YOUR NUMBERS Key Performance Indicators (KPI) Critical Numbers Industry-Wide Metrics Your "Dashboard"
- 26. Easy to Say...Spell...Remember Descriptive, but not RESTRICTive Protectable, but not otherwise protected Web-friendly Common misspellings Use caution with your own name Fits easily into a simple logo or style 1. 2. 3. 4. 5. 6. 7. Choosing a Name for Your Business
- 27. Trying to be all things to all people Trying to do everything yourself Overoptimism about your market Failing to use your plan Following your plan too rigidly Failure to heed good advice Using your business like a piggybank Allowing your business to control you and the killer.... Avoiding common mistakes
- 28. Trying to be all things to all people Trying to do everything yourself Overoptimism about your market Failing to use your plan Following your plan too rigidly Failure to heed good advice Using your business like a piggybank Allowing your business to control you and the killer.... Inability to make tough decisions Avoiding common mistakes
- 29. Finding the Money You Need #MINDFULNESSATWORK TRADITIONAL BANKS NON-BANK LENDING INSTITUTIONS BANK OF FFA PERSONAL SOURCES, OTHER
- 30. DECIDE WHAT YOU CAN AND CAN'T DO YOURSELF WRITE DOWN ALL THE STEPS IN THE RECIPE SYSTEMS FOR GETTING STUFF DONE TEACH OTHERS & DELEGATE USE TECHNOLOGY TO ASSIST YOU HAVE A DAILY PLAN AND CONTROL ACCESS TO YOUR TIME
- 31. YOUR BUSINESS PLAN It's the Story of Your Business Executive Summary Concept Overview Product/Service Description Market Desciption/Customer Profile Market Outlook Competitive Landscape Management Qualifications Business Structure Risk Analysis Location Analysis Financial Projections