Start a business
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Starting a Business STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 1 Tools and Resources
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Starting a Business
STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 1
Tools and Resources
Starting OutD
ecid
e
What is your business going to do?
Pla
n Create a plan, follow the steps
Res
ou
rces Where
can you access help?
STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 2
Which function will you hold?
STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 3
Three Key FunctionsThe Entrepreneur◦ Are you the person with all the ideas?
◦ Are you dreaming up the next big thing?
The Manager◦ Are you the person who makes sure the bills are paid?
◦ Are you following up on inventory or schedules?
The Technician◦ Are you diving into the projects to create or fix?
◦ Are you solving someone else’s problems?
STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 4
If you cannot do all three functions, hire someone to help you!
Create Your Plan
STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 5
What is your Business going to do?What is your vision/mission?
What is your –◦ Product
◦ Service
What is your unique selling proposition?
What is your competition and where do you fit?
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Sometimes we don’t have the luxury of figuring these items out in advance.
What is your Plan?Who is on your management team?
How will you market your product or service?
What are your company ◦ Strengths
◦ Weaknesses
◦ Opportunities
◦ Threats
What is your cash flow?
What are your revenue projections?
STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 7
S.W.O.T
What resources are available?
STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 8
ResourcesOrganizations that can help you establish your plan include:◦ Small Business Development Centers
◦ Small Business Administration
◦ Small Business Advocacy Council
◦ Women’s Business Development Center
◦ Veterans Business Outreach Centers
◦ Senior Corps of Retired Executives
Look for more resources at http://www2.illinoisworknet.com/startabusiness
STARTING A BUSINESS HTTP://WWW2.ILLINOISWORKNET.COM/SOCIALMEDIA 9
Other DecisionsIn addition to your business plan, there are logistical considerations◦ Business location
◦ Home based
◦ Commercial location
◦ Business Registration◦ Sole Proprietor, LLC, or S-Corp
◦ Tax Identification Number◦ Financing
◦ Bank Loans
◦ Small Business Loans
◦ Tax Credits
◦ Grants
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