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RISBDC

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RISBDC Rhode Island Small Business Development Center The Business Plan Presented by Sixcia Devine Regional Director 401-263-5123 sdevine_at_jwu.edu www.risbdc.org – PowerPoint PPT presentation

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Title: RISBDC


1
RISBDC Rhode Island Small Business Development
Center
The Business Plan Presented by Sixcia
Devine Regional Director 401-263-5123 sdevine_at_jwu.
edu www.risbdc.org
2
Session Objective
  • TO PROVIDE YOU, THE ENTREPRENEUR, WITH
    INFORMATION ABOUT STARTING YOUR OWN BUSINESS AND
    GIVING RESOURCES THAT WILL ASSIST YOU IN THE
    DEVELOPMENT OF YOUR BUSINESS!

3
What is the RI SBDC?
  • A Private/Public Partnership
  • United States Small Business Administration
  • Rhode Island Economic Development Corporation
  • Johnson and Wales University

4
Regional Office Locations
  • Providence Metro
  • Taco Center, Larry Friedman International Center
    for Entrepreneurship
  • Sixcia Devine, Regional Director
  • Central Southern RI
  • Central RI Chamber of Commerce
  • Ardena Lee-Fleming, Regional Director
  • Newport/EastBay
  • Newport County Chamber of Commerce
  • Stacey Carter, Regional Director
  • Northern Rhode Island
  • Northern RI Chamber of Commerce
  • Douglas Jobling, Regional Director
  • Pawtucket Central Falls
  • 268 Main Street, Pawtucket

5
Small Business Facts
  • Over 20 million small businesses in the US
  • RI businesses report 16.9 increase in sales
    compared to unassisted companies
  • Small Business is the backbone of the American
    Economy
  • Two of every three new jobs result from the the
    small business sector nationwide
  • 39 of the US GNP is created by small business

6
The Partnership Structure an Inclusive Approach
  • The RI Small Business Development Center at
    Johnson Wales University is a public / private
    partnership providing management and technical
    assistance to small business owners and aspiring
    entrepreneurs.
  • Partnerships include
  • CWE
  • RICMI
  • SBA
  • Secretary of States Office
  • SCORE
  • RI EDC
  • Every Company Counts
  • Banks
  • Chambers of Commerce
  • Community Based Organizations

RISBDC connects you with the best fit resource
for your business
7
  • Why are we here?
  • Why start a business?
  • What are the steps to writing the plan?
  • Why do businesses fail?

8
Visioning Your Future
  • What does your business look like?
  • What is the time frame?
  • Create a collage.
  • Keep a mental picture in your head.
  • Good Read
  • The E-Myth Revisited by Michael Gerber

9
Where To Start
  • Consider advantages, disadvantages, risks and
    impact.
  • Advantages Be your own boss Independence
    Personal Satisfaction Sense of achievement
    Contribute to others.
  • Disadvantages Financial risks Long hours
    Impact on social life/family Responsibilities
    and commitments.

10
Characteristics
  • Consider these aspects of your personality.
  • Independence
  • Self-Discipline
  • Creativity
  • Drive Desire
  • Risk Taking
  • Confidence
  • Also, consider your strengths and weaknesses in
    these areas.
  • Sales Marketing Financial Planning Accounting
    Administration and Management.

11
  • The Business Plan
  • Overview

12
Part I - The Organization
  • Description of Business / Executive Summary
  • (Limit to one page.)
  • This portion of the Business Plan SHOULD BE
    WRITTEN LAST, even though it goes first in the
    plan.
  • Management and Personnel
  • (Who will be working for you?)
  • Advisors / Board of Directors
  • (Lawyer, accountant, insurance agent,
    consultants, resource partners, etc.)

13
Forms of Business
  • Sole Proprietorship easy to organize owner has
    complete control and receives all income owner
    has unlimited liability benefits are not
    business deductions.
  • Partnership easy to organize, but needs
    agreement partners receive all income and have
    unlimited liability partners may disagree life
    of business may be limited.
  • Corporation shareholders have limited liability
    can raise funds thru sale of stock Life of
    business is unlimited incorporating takes time
    and money may result in higher taxes overall.
  • Limited Liability Company (LLC) provides the
    limited liability features of a corporation and
    tax efficiencies and operational flexibility of a
    partnership formation is more complex and formal
    than that of a general partnership.

14
  • Location
  • Method of Record-keeping
  • Insurance

15
  • Security
  • Products and Services
  • Procurement and Operations
  • Equipment and Inventory
  • Exit Strategy

16
Part Two Marketing
  • Marketing
  • http//www.bizminer.com/free.asp1
  • http//www.entrepreneur.com
  • (go to free forms)
  • Trends
  • Target Market
  • Competition
  • (Everyone has competition?)

17
  • Promotion and Branding
  • Location
  • Method of Distribution
  • E-commerce

18
  • Sales and Marketing Strategy
  • Product Design and Packaging
  • Timing of Market Entry
  • (When do you plan to open and why?)
  • Pricing
  • Sales Forecast
  • Pro-forma (month to month)
  • 3 years projections

19
Legal Requirements
  • Registration
  • IRS (Form SS-4), Department of Labor Training,
    RI Division of Taxation, Town Clerk, Secretary of
    State
  • Licenses / Permits
  • Workers Comp / Other Insurance
  • Collection Agencies Legal Action
  • Determine Business Status
  • Taxes
  • Leases

20
Financial Management
  • Software / Manual
  • QuickBooks / Quicken Peachtree Excel
    Spreadsheets
  • Accountant / Bookkeeper / Payroll Service
  • Cash / Checks / Credit Cards
  • Bank Accounts
  • Insurance
  • Bank Loan

21
6 Cs of Credit
  • Banks are in the business to make (not lose)
    money!
  • To maximize the possibility of getting paid
    back, banks look at
  • Capacity - Your ability to repay the loan, cash
    flow.
  • Capital - How much money the owner has personally
    invested in the business.
  • Collateral - Security guarantees.
  • Conditions - Intended purpose of the loan.
  • Character - Impression you make on the lender or
    investor.
  • Credit - Your history (paid bills on time,
    bankruptcies).

22
Credit Reports Resources
  • Order your free credit reports from
    www.annualcreditreport.com
  • Credit Bureaus
  • TransUnion Equifax Experian
  • (800) 888-4213 (800) 525-6285 (888) 397-3742
  • PO Box 1000 PO Box 740241 PO Box 9595
  • Chester, PA 19022 Atlanta, GA 30374-0241 Allen,
    TX 75013
  • www.transunion.com www.equifax.com www.experian.
    com
  • Credit Resources
  • The Fair Credit Reporting Act
  • www.ftc.gov/os/statutes/fcra.htm
  • Credit Central
  • www.truecredit.com/central
  • Identity Theft Information

23
Challenges
  • Lack of staff training
  • Lack of product knowledge
  • Loss in sales
  • Competition
  • Failure to anticipate market trends
  • Insufficient working capital / cash flow
  • Poor budgeting
  • Ignoring financial position of company
  • Extending too much credit
  • Over-borrowing or using too much credit
  • Poor control over receivables

23
RI SBDC
24
Free Tutorials and Articles
Starting/Marketing http//www.mainesbdc.org/trai
n_login.cfm The Power of A Good Business Plan
http//www.allbusiness.com/2976170-1.html Ten
Painless Steps to Start and Finish Your Business
Plan http//www.bizplanit.com/free/articles/ten_pa
inless_steps.html Getting Started
http//www.myownbusiness.org/course.html From
Idea to IPO http//www.startupventuretoolbox.com
/ For more planning information
visit http//www.sba.gov/tools/resourcelibrary/pu
blications/serv_pub_mplan.html
25
RI Small Business Development CenterJohnson
Wales UniversityHeadquarters
  • 270 Weybosset Street, Richmond Bldg
  • Providence, RI 02903
  • (401)-598-2702
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