Thinking about Starting Your Own Business
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Laura Gannon from Sullivan and Gannon, LLC presented on considerations for starting your own business. There are pros like being the boss and setting your own schedule, but also cons such as long hours and taking on all roles alone. Key steps include deciding on a business structure, developing a business plan with financial projections, and obtaining financing. Resources for assistance include the Small Business Administration, accountants, lawyers, and business networking groups.
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Thinking about Starting Your Own Business
- 1. THINKING ABOUT STARTING YOUR OWN BUSINESS? Presented by: Laura Gannon, CPASULLIVAN AND GANNON, LLC22 Central SquareChelmsford, MA 01824www.sullivangannoncpas.com
- 4. Setting your own hours
- 5. Challenging
- 7. Cons
- 9. All roles: computer guy, bookkeeper, secretary, salesperson, operations function, human resources
- 10. Long hours
- 11. Businesses don’t always make money for the first few years or the owner can’t take a salary
- 12. Work and home life blurred
- 13. Need to be disciplined, organized and a self starterCONSIDERATIONSWhat kind of business do I want?
- 14. Do I have the right personality to be an entrepreneur?
- 15. What products/services will I provide?
- 16. What products/services do I not want to provide?
- 17. Why am I starting a business?
- 18. Where am I going to get the money?
- 19. How much money do I need?
- 20. Do I have the expertise?
- 21. Should I partner up with someone?
- 22. What is unique about me, my business and my product/service?
- 23. Is there a need in my community for this?
- 24. Who is my target market?
- 25. Who is my competition? And why am I different?BUSINESS PLANExecutive Summary
- 28. Strategy
- 29. Product/Service
- 31. Operations
- 32. If needed, your funding request
- 33. FinancialsGreat resource is the SBA @http://www.sba.gov
- 34. Choice of entityConsideration should be given to the legal, functional, cost and tax effect
- 36. LLC – (single LLC)
- 37. Partnership
- 38. Corporation – C or SFINANCINGMortgage
- 39. Business Loan
- 40. Family Loan
- 41. Credit Cards
- 42. SBA
- 43. Venture Capital
- 44. OnlineProsperhttp://www.prosper.com/Virgin Money (formerly Circle Lending)http://uk.virginmoney.com/virgin/Zopahttp://uk.zopa.com/zopaweb/public/borrowing/borrowing-at-zopa.html
- 45. KEEPING BOOKS AND RECORDSKeep separate bank account
- 46. Pick a great local bank that is accustomed to grooming new businesses
- 47. Open separate credit card
- 48. Establish credit for the business
- 49. Invest in Quicken or QuickBooks
- 50. Keep receipts and travel log
- 51. Obtain a federal EIN at www.irs.govMarketingWho are you selling to?
- 52. Where are they?
- 53. Develop your elevator speech
- 54. What makes you unique?
- 55. Services
- 56. Personality
- 57. Industry Groups
- 59. Must have internet presence
- 60. Must have a website
- 61. Social Media
- 62. Facebook
- 63. Twitter
- 64. LinkedIn
- 65. Blogs
- 66. Email marketingmiscellaneousNAME OF BUSINESSDescriptive of what you do
- 67. But not limited to what you may do
- 68. Registration with town and possibly the stateOTHER MATTERS: Insurance
- 69. Legal papers
- 70. Location
- 71. Office
- 72. Home
- 73. Share space RESOURCESYour library
- 74. The internet – wealth of information and free training, free tips and recommendations:
- 86. http://score.org
- 87. Publications:
- 88. Fortune
- 89. Money
- 90. Inc.
- 91. Entrepreneur
- 93. Accountant
- 94. Lawyer
- 95. Bank
- 96. Payroll CompanyWho is your Most Trusted Advisor?Sullivan and Gannon, LLC22 Central SquareChelmsford, MA 01824www.sullivangannoncpas.com
Editor's Notes
- Loose or StructuredExecutive Summary –mission statement –what makes you different –what experience you bring to the business Marketing Analysis-who to market to and howCompetitive Analysis-what is going on in your industry and with your competitors; strengths and weaknessesStrategy-how to excute the planProduct/Service detail(include limits)Marketing and Sales-costs and potential revenueOperation-management-employees-structureFinancials-project the costs and the potential revenue
- costs
- Corporations/llc’s and llp’s need to be registered with the corporations divisions with sec of state