Launch A New Business
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Transcript of Launch A New Business
1
Launching a New Small Business
Michelle L. Long, CPA, MBA
Author of: Successful QuickBooks Consulting
Advanced Certified QuickBooks ProAdvisor
Certified FastTrac Facilitator
M. Long Consulting, LLC
Objectives
Discuss starting a new business given the current economic problems.
Discover why a business plan is important.
Learn the basic components of a business plan and what should be included. Product/Service Plan Marketing Plan Management & Organization Financial Plan
Discover resources available to help you launch your new small business.
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Starting a Business Now???
Opportunities exist
Cheaper rent
Used equipment, furniture & fixtures
Good, talented employees
Companies outsourcing functions
Challenges remain
Obtaining financing
Minimizing risks
Getting customers/clients
Starting your own business ALWAYS involves some risk as well as rewards.
Why do I need a Business Plan?
Helps provide direction and focus
Reduce the risks
Clarify your vision
Ensures you consider all facets of the business
Helps to communicate your vision with others
Required if you plan to seek financing from others
The primary benefit is the knowledge you gain from writing a business plan.
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Primary Pieces of a Business Plan
Management &Organization
Marketing
Financials
Product/Service
Product/Service
Purpose of Product/Service Does it solve a problem or address an
opportunity?
Features and BenefitsWhat is unique or different?What benefits does the customer receive?What problem is solved for the customer?
Stage of Development
Product/Service Limitations & Liabilities
Production
Facilities
Suppliers
Related Product/Services and Spin-Offs
Trademarks, Patents, Copyrights, Licenses, Royalties
Government Approvals
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Marketing Plan
Industry Profile Current size and growth potential Industry Trends Other characteristics & distribution
channels
Competitive Analysis Direct competition Indirect competition Future competition Substitutes
Market Analysis Target market profile Customer profile Future markets
Pricing Pricing strategy Price list Pricing policies
Marketing Plan
Market penetrationCompany imageCustomer serviceLocationSales force/representativesAdvertising and promotionPublicityDirect mail/telemarketing InternetMarket penetration
effectiveness
Effective Marketing courseCovers websites, blogs, social
media and moreFree, Online, Self-paced,
No-CPE sectionAccountant.intuit.com/training
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Management & Organization
Legal form of business Sole Proprietor, LLC, S-Corp, C Corp Get an EIN – www.irs.gov www.mycorporation.com
Management Team
Board of Directors or Advisory board
Recruitment/selection of employees
Compensation & ownership
Employee reward & incentive plan
Communication
Infrastructure – attorney, CPA, banker, insurance agent
Financial Plan
Project 3 years Income Statement – sales and expenses Balance Sheet – inventory, assets, loans Statement of Cash Flows – Most important!
Document assumptions
Research expenses www.bizstats.com
Sources of funding Personal savings – 81% Bank loan – 18% Credit card – 15% Friends/Family – 15% Home equity loan – 8% SBA Loan – 3% Revolving credit – 3% Venture capital –2%
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Resources Available
FastTrac LaunchPad and New Venture – www.fasttrac.org
Small Business Development Centers – www.sba.gov
SCORE – www.score.org
Women’s Business Centers
Online communities / forums
Other small business owners
Reach out for help – there are a lot of
resources available!
Useful Resources & Websites
www.entrepreneurship.org
Databases from public libraries: ReferenceUSA – database to identify competitors, contact list for
marketing to customers – details next ProQuest, ABI/Inform Business & Company Resource Center
www.bizstats.com
www.startupnation.com
www.smallbusinessunited.com
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ReferenceUSA
Residential Businesses
Download up to 50 per search to a CSV file – can print labels or mail merge into Word
Thanks for Attending!
Michelle L. Long, CPA, MBA
Author of: Successful QuickBooks Consulting
Advanced Certified QuickBooks ProAdvisor
Certified FastTrac Facilitator
M. Long Consulting, LLC
