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

Exploring the Possibilities of Starting a Small Business?

Discover what it takes by charting your course with…

Small Business Basics Training

Session 1

Small Business Development Introduction

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

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

Small Business Development IntroductionSmall Business Development Center Network

• Nationwide – 1000 Centers• Statewide – 40 Centers• Terra State Community College (Erie, Ottawa, Sandusky, & Seneca Counties)

Small Business Development IntroductionSmall Business Development Center Strategic Plan

• Mission…help people get into business, stay in business, and grow their business

• Vision…make small businesses more successful

• Services…training and counseling

SBDC Services are FREE of Charge

Small Business Development IntroductionSmall Business Development Center Funding

• Small Business Administration• Ohio Development Services Agency• Terra State Community College

Small Business Development IntroductionPresenter’s Background

• Business Education • Small Business Ownership • Small Business Training & Counseling

Small Business Development CenterPresenter’s Contact Information

• Bill Auxter, Director Ohio SBDC at Terra State Community College Building D, Suite D-201, Office C 419-559-2210 [email protected]

Session 2

Small Business Development Guide

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/SmallBusinessDevelopment.htmlClick on “Business Basics – Guide”

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/SmallBusinessDevelopment.htmlClick on “Business Basics – Guide”

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/SmallBusinessDevelopment.html Click on “Business Basics – Guide”

Small Business Development GuideVendor’s License

• Ohio Department of Taxation, www.tax.ohio.gov• Ohio Business Gateway• County Auditor’s Office• Regular Vendor’s License• Transient Vendor’s License• Certificate of Exemption

www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.htmlClick on “Business Basics - Guide

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/SmallBusinessDevelopment.htmlClick on “Business Basics – Guide”

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• Worker’s Compensation, www.ohiobwc.com• Employee Rights, www.stat.oh.us/crc

www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.htmlClick on “Business Basics – Guide”

Small Business Development GuideProfessional Advisors

• Accountant• Attorney• Insurance Agent• Bankers/Lenders• Financial Advisors• Other Service Providers• Mentors

Small Business Development GuideSources of Assistance

• Ohio SBDC at Terra State, www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html

• Small Business Development Centers of Ohio, www.entrepreneurohio.org

• Ohio Development Services Agency, www.development.ohio.gov

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

Session 3

Small Business DevelopmentPlanning

Small Business Development PlanningBusiness Plan Functions

• Acts as a Feasibility Study• Tool for Obtaining Financing• Serves as a Management Tool

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/SmallBusinessDevelopment.html Click on “Business Basics – Bus. Plan Narrative”

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/SmallBusinessDevelopment.html Click on “Business Basics – Bus. Plan Pro Forma”

Small Business Development PlanningSmall Business Funding

• Private Funding• Public Funding• Hybrid Funding

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)

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

Exploring the Possibilitiesof Starting a Small Business?

• Questions and Answers