acc - the abcs of starting a business
TRANSCRIPT
WHAT YOU NEED TO WHAT YOU NEED TO THINK ABOUT WHEN THINK ABOUT WHEN
PLANNING TO START A PLANNING TO START A SMALL BUSINESS?SMALL BUSINESS?
CARLOS F. CAMARGO, PH.D.CARLOS F. CAMARGO, PH.D.17 FEBRUARY 200417 FEBRUARY 2004
More jobsMore incomeMore revenues
Implication: PERSONAL & Community Development Strategy
$$$ Economic Growth $$$
Starting A BusinessStarting A Business
ENTREPRENEURS ARE:• Founders and owners/operators of small businesses• Sole proprietors with a limited number of employees• Business owners with no employees• Part-time business persons• Founders of franchised operations• Inventors who have successfully marketed their
products• New venture creators
Starting A Business
• Persons operating business in/from their homes
Getting Off To A Good Start
BUSINESS VENTURES HAVE TO BE PLANNED
Starting A Business
TAKE A PERSONAL
I NVENT OR Y
Starting With You
Starting A Business
• Personal Characteristics• Family Support• Business Skills
Do you have what it takes???
Starting A Business
MARKETINGAWARENESS
Asking The Right Questions
Starting A Business
•Are the trends right?• Is the idea realistic?•Would it be worth it if the business succeeds?•Who is the customer?•Where is the market?•How big is the market?•How many people will actually purchase?•How many people will purchase product from you?
Starting A Business
PRICING FOR PROFIT
$$$ Setting the Right Price $$$
Starting A Business
““Underpricing is one of the Underpricing is one of the most common mistakes most common mistakes
businesses make.”businesses make.”
Starting A Business
Keeping It Legal
IT’S THE LAW
Starting A Business
• Sole Proprietorship• Partnership• Corporation• Limited Liability Company (LLC)
Forms of Business Ownership:
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•Federal
•State
•Local
Regulations, Licenses, & Permits:
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Special Licenses, Permits,and Other Regulations
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•Copyrights
•Trademarks
•Patents
Forms of Protection:
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FINANCING YOUR SMALL BUSINESS
Finding The Money
Starting A Business
•Family/Relatives•Friends•Commercial Banks•Savings and LoanAssociations•Credit Unions• Loan Companies• Planning and Development Districts• Insurance Companies• Business Brokers/Investors• SBA
Sources of Capital:
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THE FUNDAMENTALSOF RECORDKEEPING
It Has T o Be Done
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• IRS Publication 533 - Self-Employment Tax
• IRS Publication 334 - Tax Guide For Small Business
• IRS Publication 587 - Business Use of Your Home
• IRS Publication 535 - Business Expenses
Tax Information/Resources:
www.irs.gov
Starting A Business
• IRS Publication 583 - Starting a Business and Keeping Records
INSURANCENEEDS
Protecting The Future
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• Property• Liability• Business interruption• Motor vehicle• Health• Disability• Worker's compensation
Types of Insurance:
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ADVERTISEMENT
Spreading The Word
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• Newspaper• Magazine• Radio• T elevision• Direct mail• Outdoor• W ord-of-mouth• Internet
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COMPUTER TECHNOLOGY
Integrating Computers Into Your Business
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Information/Research Tool
Management Tool
Sales Tool
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THE RIGHTSUPPLIES FROM
THE RIGHT SUPPLIERS
Purchasing Wholesale
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• Trade Associations
• Periodicals/Publications
• Trade Shows
• Registers
• Networking
Sources of Supplies . . .
Starting A Business
LET'S GETORGANIZED
Establishing Policies & Procedures
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POLICIES . . .•Returns/refunds
•Quality control
•Sales
•Delivery
•Hours
•Contributions
•Discounts
•Credit
Starting A Business
Getting Off To A Good Start
BUSINESS VENTURES HAVE TO BE PLANNED
Starting A Business
THE BUSINESSPLAN
Planning For Success
Starting A Business
Partnering with Stakeholders
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RESOURCES
Chambers of CommerceSmall Business AdministrationSmall Business Development CentersSCORERegional CommissionPlanning and Development Agencies
Starting A Business
AnewAmerica Community CorporationOther Non-ProfitsEconomic/Community Developers City AgenciesLocal Businesses and IndustriesCommunity College Programs
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Starting A BusinessStarting A Business