STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 1

Starting a BusinessTools and Resources

What’sYourPlan?

STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 2

Starting OutD

ecid

e What is your business going to do?

Plan Create a

plan, follow the steps

Reso

urce

s

Where can you access help?

STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 3

Which function will you hold?

STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 4

Three Key Functions The Entrepreneur

◦ Are you the person with all the ideas?◦ Are you dreaming up the next big thing?

The Manager◦ Are you the person who makes sure the bills are paid?◦ Are you following up on inventory or schedules?

The Technician◦ Are you diving into the projects to create or fix?◦ Are you solving someone else’s problems?

If you cannot do all three functions, hire someone to help you!

STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 5

Create Your Plan

Business Plan1. Name – 2. Vision – 3. Product -

STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 6

What is your Business going to do?

What is your vision/mission? What is your –

◦ Product◦ Service

What is your unique selling proposition? What is your competition and where do you fit?

Sometimes we don’t have the luxury of figuring these items out in advance.

STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 7

What is your Plan? Who is on your management team?

How will you market your product or service?

What are your company ◦ Strengths◦ Weaknesses◦ Opportunities◦ Threats

What is your cash flow?

What are your revenue projections?

S.W.O.T

STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 8

What resources are available?

STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 9

Resources Organizations that can help you establish your plan include:

◦ Small Business Development Centers◦ Small Business Administration◦ Small Business Advocacy Council◦ Women’s Business Development Center◦ Veterans Business Outreach Centers◦ Senior Corps of Retired Executives

Look for more resources at http://www2.illinoisworknet.com/startabusiness

STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 10

Other Decisions In addition to your business plan, there are logistical considerations

◦ Business location◦ Home based ◦ Commercial location

◦ Business Registration◦ Sole Proprietor, LLC, or S-Corp

◦ Tax Identification Number◦ Financing

◦ Bank Loans◦ Small Business Loans◦ Tax Credits◦ Grants

Start-up

fund

STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 11

Follow us!

Facebook – https://www.facebook.com/illinois.worknet

Google+ - http://www.plus.google.com/+illinoisworknet

LinkedIn - https://www.linkedin.com/company/illinois-worknet

LinkedIn group - http://www.linkedin.com/groups/Illinois-Virtual-Job-Club-Network-4794123

Pinterest - http://www.pinterest.com/illinoisworknet/

Twitter - http://twitter.com/ILworknet

YouTube - http://www.youtube.com/user/illinoisworknet http://illinoisworknet.com Email: info@illinoisworknet.com

Subscribe to our newsfeed: