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Exploring the Possibilities of Starting a Small Business?

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Exploring the Possibilities of Starting a Small Business? Discover what it takes by charting your course with Small Business Basics Training – PowerPoint PPT presentation

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Title: Exploring the Possibilities of Starting a Small Business?


1
Exploring the Possibilities of Starting a Small
Business?
  • Discover what it takes by charting your course
    with
  • Small Business Basics Training

2
Session 1
  • Small Business Development Introduction

3
Small Business Development IntroductionGraduates
and Self-Employment
  • Around 5 of graduates report they are
    self-employed after graduation
  • This percentage is higher in subjects such as art
    and design (64.6), textile designers (34.6),
    and musicians (85.3)
  • A recent gallop poll indicated 67 of student
    strongly prefer to be self-employed

4
Small Business Development IntroductionGraduates
and Self-Employment
  • Being your own boss
  • Freedom from the 9-5 daily work routine
  • Doing what you want when you want to do it
  • Improving your standard of living
  • Boredom with your present job
  • Having a product or service for which your feel
    there is a demand

5
Small Business Development IntroductionSmall
Business Development Center Network
  • Nationwide 1000 Centers
  • Statewide 40 Centers
  • Terra State Community College
  • (Erie, Ottawa, Sandusky, Seneca Counties)

6
Small Business Development IntroductionSmall
Business Development Center Strategic Plan
  • Missionhelp people get into business, stay in
    business, and grow their business
  • Visionmake small businesses more successful
  • Servicestraining and counseling
  • SBDC Services are FREE of Charge

7
Small Business Development IntroductionSmall
Business Development Center Funding
  • Small Business Administration
  • Ohio Development Services Agency
  • Terra State Community College

8
Small Business Development IntroductionPresenter
s Background
  • Business Education
  • Small Business Ownership
  • Small Business Training Counseling

9
Small Business Development CenterPresenters
Contact Information
  • Bill Auxter, Director
  • Ohio SBDC at Terra State Community College
  • Building D, Suite D-201, Office C
  • 419-559-2210
  • bauxter_at_terra.edu

10
Session 2
  • Small Business Development
  • Guide

11
Small Business Development GuideBusiness Entities
  • Ohio Secretary of State, www.sos.state.oh.us
  • Sole Proprietorship
  • Partnership (General or Limited)
  • Corporation (C-Corp or S-Corp)
  • Limited Liability Company (Partnership)
  • Non-Profit Organization
  • www.terra.edu/ContinuingEducation/SmallBusinessDev
    elopment.html
  • Click on Business Basics Guide

12
Small Business Development GuideName Registration
  • Ohio Secretary of State, www.sos.state.oh.us
  • Doing business as a name other than your legal
    name, you must register it
  • Fictitious Name Registration
  • Trade Name Registration
  • Corporate Name Registration
  • www.terra.edu/ContinuingEducation/SmallBusinessDev
    elopment.html
  • Click on Business Basics Guide

13
Small Business Development GuideLicensing
Permits
  • First Stop Business Connection,
    www.business.ohio.gov/starting
  • Menu of Business Types Checklist of
  • Regulations Requirements
  • Starting Your Business in Ohio Publication
  • www.terra.edu/ContinuingEducation/SmallBusinessDev
    elopment.html
  • Click on Business Basics Guide

14
Small Business Development GuideVendors
License
  • Ohio Department of Taxation, www.tax.ohio.gov
  • Ohio Business Gateway
  • County Auditors Office
  • Regular Vendors License
  • Transient Vendors License
  • Certificate of Exemption
  • www.terra.edu/ContinuingEducation/SmallBusinessDev
    elopment.html
  • Click on Business Basics - Guide

15
Small Business Development GuideTax Requirements
  • Federal Taxes, www.irs.gov
  • Ohio Taxes, www.tax.ohio.gov
  • Local Taxes city, township, county, school
  • www.terra.edu/ContinuingEducation/SmallBusinessDev
    elopment.html
  • Click on Business Basics Guide

16
Small Business Development GuideEmployer
Requirements
  • Employer Identification Number (EIN), www.irs.gov
  • Immigration Law, www.immigration.gov
  • New Hire Reporting, www.oh-newhire.com
  • Wages and Hour, www.com.state.oh.us
  • Unemployment, www.state.oh.us/odjfs
  • Workers Compensation, www.ohiobwc.com
  • Employee Rights, www.stat.oh.us/crc
  • www.terra.edu/ContinuingEducation/SmallBusinessDev
    elopment.html
  • Click on Business Basics Guide

17
Small Business Development GuideProfessional
Advisors
  • Accountant
  • Attorney
  • Insurance Agent
  • Bankers/Lenders
  • Financial Advisors
  • Other Service Providers
  • Mentors

18
Small Business Development GuideSources of
Assistance
  • Ohio SBDC at Terra State, www.terra.edu/Continuing
    Education/SmallBusinessDevelopment.html
  • Small Business Development Centers of Ohio,
    www.entrepreneurohio.org
  • Ohio Development Services Agency,
    www.development.ohio.gov

19
Small Business Development GuideSources of
Assistance
  • Association of Small Business Development
    Centers, www.asbdc-us.org
  • Small Business Administration, www.sba.gov
  • Service Corps of Retired Executives (SCORE)
    Toledo, www.scoretoledo.org
  • Local Chambers of Commerce
  • Local Economic Development Organizations

20
Session 3
  • Small Business Development
  • Planning

21
Small Business Development PlanningBusiness Plan
Functions
  • Acts as a Feasibility Study
  • Tool for Obtaining Financing
  • Serves as a Management Tool

22
Small Business Development PlanningBusiness Plan
Narrative
  • Statement of Purpose
  • Description of Business
  • Marketing Plan
  • Competition
  • Location
  • Organization Plan (Management and Personnel)
  • www.terra.edu/ContinuingEducation/SmallBusinessDev
    elopment.html
  • Click on Business Basics Bus. Plan Narrative

23
Small Business Development PlanningBusiness Plan
Financial Pro Forma
  • Financial Requirements
  • Amortization Schedule
  • Pro Forma Income Statement
  • Pro Forma Cash Flow Analysis
  • Pro Forma Balance Sheet
  • Industry Standard Income Data
  • www.terra.edu/ContinuingEducation/SmallBusinessDev
    elopment.html
  • Click on Business Basics Bus. Plan Pro Forma

24
Small Business Development PlanningSmall
Business Funding
  • Private Funding
  • Public Funding
  • Hybrid Funding

25
Small Business Development PlanningChecklist
1st Things 1st
  • Register with the Ohio Secretary of State
    (www.ohiosecretaryofstate.gov)
  • Obtain your EIN from IRS (www.irs.gov)
  • Open a bank account
  • Contact the Ohio Department of Taxation
    (www.tax.ohio.gov)
  • Report hired employees (www.oh-newhire.com)

26
Small Business Development PlanningCheck-list
1st Things 1st
  • Contact the Ohio Bureau of Workers Compensation
    (www.bwc.ohio.gov)
  • Contact the Ohio Department of Job Family
    Services (www.jfs.ohio.gov)
  • Obtain the proper licenses and permits
    (www.business.ohio.gov/starting) and
    www.tax.ohio.gov

27
Exploring the Possibilitiesof Starting a Small
Business?
  • Questions and Answers
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