So you want to start a business?

1. So you want to start a business Wray Rives, CPA www.rives-cpa.com © Copyright 2010 Wray Rives, CPA

2. So you want to start a business? Are you MAD? Starting a new business requires Motivation Ability Dollars © Copyright 2010 Wray Rives, CPA

3. Motivation Lots of great ideas are out there, but it takes the desire to invest in those ideas to make them happen entrepreneurial projects are not small endeavors with spectacular results a business takes a significant investment of the entrepreneurs’ time and must yield sufficient payoff in exchange for that investment, even if the work is self-rewarding Profits are what enable the entrepreneur to continue investing themselves in newer, bigger projects © Copyright 2010 Wray Rives, CPA

4. Ability Having the physical and mental capacity to implement a vision in ways required to succeed in your planned goals being adept at organizing the resources available to you in effective ways not having all of the answers from the beginning and being ok with that specialized knowledge Entrepreneurs tend to constantly adjust their course as they proceed, in contrast to large organizations which chart their course years before taking their first step © Copyright 2010 Wray Rives, CPA

5. Dollars Capital. Access to resources. angel funding self funding political capital ability to harness labor or some combination of the above It generally takes something (usually, but not always money) to make something else. © Copyright 2010 Wray Rives, CPA

6. Worker or Business Owner? © Copyright 2010 Wray Rives, CPA

7. Good News/Bad News You have probably heard that 50% of new businesses fail in the first year and 95% fail in the first 5 years WRONG-66% of new businesses survive 2 years and 44% survive at least 4 years* *Small Business Administration Office of Advocacy © Copyright 2010 Wray Rives, CPA

8. Good News/Good News It has never been easier to start a new business thanks to the internet Online stores: Amazon, Yahoo, Etsy, Ebay Web Presence: Google Sites, Network Solutions, Blogs (blogger or wordpress) Business Presence: Google Local Business, Merchant Circle, Yahoo Local Freelance work: oDesk, eLance, Guru, Rentacoder, Craigslist Social Media 1.0: LinkedIn, Facebook, Twitter Social Media 2.0: Yelp, FourSquare, Amplify, Twitter © Copyright 2010 Wray Rives, CPA

9. Resources Outright.com Free online bookkeeping Freshbooks.com Online invoicing Shoeboxed.com Effortless receipts MailChimp.com Email newsletters Unintentionalentreprenuer.com Resources for folks like yourself Brazencareerist.com Resources for folks like yourself who are under 40 Smallbiztrends.com Trends affecting small businesses © Copyright 2010 Wray Rives, CPA

10. Stay informed/Stay Relevant Continuing Education TSCPA.org (CPE) PassOnline.com Engage with people, Don’t just sell to them Networking and Marketing both have their place But don’t confuse the two Don’t forget to network in the real world Define a niche and find a need Become the “goto” person in that niche Write: examiner.com, blog, answers.business.com DO NOT try to be everything for everybody © Copyright 2010 Wray Rives, CPA

11. Wray Rives, CPA www.rives-cpa.com www.NeedaCFO.com wray.rives@gmail.com “You can have everything in life you want if you help enough other people get what they want” ZigZiglar © Copyright 2010 Wray Rives, CPA