How to Really Start your Own Business

Transcription

1 EVERYONE HAS A DREAM. It s time to follow yours. How to Really Start your Own Business Moderated by John Meyer Presented by Julie Brander Steve Bloom

2 EVERYONE HAS A DREAM. It s time to follow yours. Julie Brander SCORE Volunteer Professor of Entrepreneurship Steve Bloom SCORE Volunteer Entrepreneur & Lecturer at Emory University

3 Your Idea Getting it Down on Paper Effective mission statement Clear message Strong mental image Elevator pitch 50 words or less Must be memorized--- you never know when the opportunity may come up to pitch your idea! 3

4 Do the Research Market Research Competitive Research Industry Research Pricing Research 4

5 Write a Business Plan An Essential Step Sections Executive Summary The product or service The market and competition Marketing/Sales Strategy Management and Personnel Financial data and Investment Supporting documents Must be Formal, professional, well written Clear and persuasive Long enough to give detail Short enough to keep interest 5

6 Set up your Company Choose a structure Sole proprietorship Partnership Incorporation C Status S Status Limited Liability Corporation (LLC) 6

7 Set up your Company Choose a structure Sole proprietorship Partnership Incorporation C Status S Status Limited Liability Corporation (LLC) Personal asset protection Additional credibility Name protection Perpetual existence Tax flexibility Deductible expenses 7

8 Set up your Company Choose a structure Sole proprietorship Partnership Incorporation C Status S Status Limited Liability Corporation (LLC) Designate a registered agent Lock in your location 8

9 Funding How much? Must invest own money Explore all options Personal savings Borrow from friends and family Credit line Second mortgage Equipment and other assets Inventory 9

10 Build your Team Employees, Vendors and Mentors Assess your strengths and weaknesses, likes, dislikes Identify the qualities needed in your employees to fill gaps in your own abilities Surround yourself with good people Write clear job descriptions Plan a budget for each position Consider alternate forms of compensation Find mentors and/or business advisors Use professionals 10

11 Evaluate and Adjust Company must be grown conservatively and carefully monitored Have a handle on the cash flow and expenses Know where your profit comes from Some customers, products and services are more profitable than others Solicit and listen to customer feedback Nurture relationships Exceed expectations Employee feedback Always invest in your employees 11

12 Good Luck from Julie Always remember that the passion and enthusiasm you have for your business will create success. Being creative is essential as all products and services solve problems. Simplify your business so that it will always be enjoyable when it stops being fun it is time to get out.

13 Good Luck from Steve To be successful, you must have P.H.D. Passion, Heart and Desire if you don t have it don t do it.

14 About SCORE SCORE Counselors to America s Small Business is America s premier small biz advice service. Free & confidential. SCORE mentors can guide you on a path to success. SCORE helps create about 25,000 new firms each year and has assisted nearly 8.5 million clients

15 About The Company Corporation The Company Corporation has been a provider of online incorporation services for over 15 years. Our organization has helped over a half million business owners get started and offers services nationwide. Parent company (Corporation Service Company) has been in business for 110 years

16 EVERYONE HAS A DREAM. It s time to follow yours. Questions & Answers To ask a question, please type your inquiry into the Q&A panel