Entrepreneurship Presentation

1. What does it take to start a small business:

2. Step 1: Do Your Research: What competition are you faced with, how many like businesses in the area your planning your business, is the business you chose require large start up costs or advertising fees, is your business primarily online or will you be conducting business via a brick and mortar oriented building – research is key when it comes to narrowing down your plan.Step 2: Make a Plan: a business plan and research on the field of business you want to create. If your new business needs funding a business plan is essential to show investors a detailed plan of action, sales forecast and operational costs. Your business plan will help you figure out how much money you’ll need to start your business. If you don’t have that amount on hand, you’ll need to either raise or borrow the capital. Fortunately, there are more ways than ever to find the capital you need.

3. Step 3: Plan Your Finances: Chart or research how much the start up and first quarter’s operational costs will be – make sure to plan for any unexpected expenses or equipment costs.

4. Step 4: Choose a Business Structure: Your business location or structure is one of the most important decisions you’ll make. Whether you’re setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue.

5. Step 5: Pick and Register Your Business Name: It’s not easy to pick the perfect name. You’ll want one that reflects your brand and captures your spirit. You’ll also want to make sure your business name isn’t already being used by someone else – you can check domains as well – make sure your name and URL are available.

6. Step 6: Get Licenses and Permits: Once you’ve picked the perfect business name, it’s time to make it legal and protect your brand. If you’re doing business under a name different than your own, you’ll need to register with the federal government, and maybe your state government, too.

7. Step 7: Get Federal and State ID’s: You’ll use your employer identification number (EIN) for important steps to start and grow your business, like opening a bank account and paying taxes. It’s like a social security number for your business. Some — but not all — states require you to get a tax ID as well.

8. Step 8: Set Up Your Business Location and Bank account: A small business checking account can help you handle legal, tax, and day-to-day issues. The good news is it’s easy to set one up if you have the right registrations and paperwork ready.

P e t s 4 P e o p l e

2. How does one finance it? There’re are many opportunities to finance a business or non-profit entity – dependent on what kind of business your opening will dictate how and where the funding comes from.

Starting a service-oriented business is easy: First, you provide services, and then you collect funds. But a product-based business often requires significant up-front capital to get it up and running. If you’re in this situation, consider selling services to generate cash flow and to build up funds for a product-based business. The only real way to start generating revenue for your business is to roll up your sleeves and get to work. Despite what others may tell you, there is no easy shortcut to profit. But if you are confident you have a product or service that people want, you can propel your way to the top by pivoting, grinding it out, getting creative, and differentiating yourself. Get a credit line. It is not uncommon for most startup businesses to rely on a line of credit. Use an Incubator. Upon acceptance, these programs provide funding designed specifically to financially assist a startup company. Sometimes they offer office space or shared administrative services. Most incubation programs are sponsored by local or regional economic development organizations, and some are sponsored by colleges and universities. Find an Accelerator. These are much like incubators in that they are designed to provide funding. However, an accelerator expects a rapid response to its investment.  If you are prepared and ready to hit the market quickly, this is a great option. Crowdfund. Crowdfunding platforms are changing the face of capital, whether you’re growing a tech business, filming a movie, or selling jewelry. Kickstarter and other crowdfunding platforms allow the public to invest a small percentage of money in return for a future buy-in.

3. How does a person get an idea their business will succeed? Through good research and really collaborating with other business owners, one can get a good sense of the risk factor – I recommend attending marketing and meet up events to gain knowledge from professionals working in the industry

1. Have a written plan. 2. Don't marry your plan. 3. Keep your ego in check and listen to others. 4. Keep track of everything, and manage by the numbers. 5. Delegate to employees and avoid micromanaging them. 6. Use the Internet. 7. Reinvent your business. Above all, have fun. Being an entrepreneur is your choice, so make it work. It can be done. You can survive, emerge and succeed in any economy, if you follow the right path.

4. What upfront costs and studies should a person do before deciding to go into business for themselves? For a LLC

1. Equipment: $10,000 to $125,0002. Incorporation fees: Under $3003. Office space: $100-$1,000 per employee per month4. Inventory: 17-25% of total budget5. Marketing: 0-10% of total budget

6. Website: About $25 per month7. Office furniture and supplies: 10% of total budget8. Utilities: About $2 per square foot of office space9. Payroll: 25-50% of total budget10.Professional consultants: $1,000 to $5,000 per year11. Insurance: An average of $1,200 per year12.Taxes: Variable13.Travel: Variable14.Shipping: Variable

Starting a Non-Profit:

Step 1: Do Your Homework. Conduct a needs analysis Find out if organizations (nonprofit, for-profit, or government) are already doing the same or similar work in your community. It will be harder to get support if you are just duplicating existing services rather than improving or adding to them. Also find demographic or population data that shows a need for your services, and explain how that need is not being met.

Step 2: Build a Solid Foundation. Draft your mission statement Developing your mission statement is a critical first step. It communicates your nonprofit's purpose, what groups it serves, and how it will serve them. Every decision and action in your organization should support and further your mission.

Step 3: Incorporate Your Nonprofit Now that you have reached this step, it's time to find resources that are specific to your location Why should you incorporate?: Having a formal structure will give credibility to your programs and services. The corporate structure limits the liability of the organization's officers and directors. The IRS requires organizing documents and governance policies and procedures that are usually associated with corporations.

Step 4: File for 501(c)(3) Tax-Exempt Status Apply for exempt status with the Internal Revenue Service (IRS). Be aware, the user fee will be $275 or $600, depending on your application method. It also can take 3-12 months for the IRS to return its decision, depending on how many questions the IRS has about your application.

Step 5: Ongoing Compliance. Register with your state's agency: Each state has an office charged with the oversight of charitable organizations and charitable solicitations (usually the Attorney General). If you plan to solicit contributions in other states, you may need to register there, too.