Small Business Basics Presentation for Students

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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 Introduction
Graduates and Self-Employment
• Around 5% of graduates report they are selfemployed 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 Introduction
Graduates and Self-Employment
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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 Introduction
Small Business Development Center Network
• Nationwide – 1000 Centers
• Statewide – 40 Centers
• Terra State Community College
(Erie, Ottawa, Sandusky, & Seneca Counties)
Small Business Development Introduction
Small 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 Introduction
Small Business Development Center Funding
• Small Business Administration
• Ohio Development Services Agency
• Terra State Community College
Small Business Development Introduction
Presenter’s Background
• Business Education
• Small Business Ownership
• Small Business Training & Counseling
Small Business Development Center
Presenter’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 Guide
Business Entities
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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.html
Click on “Business Basics – Guide”
Small Business Development Guide
Name 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.html
Click on “Business Basics – Guide”
Small Business Development Guide
Licensing & 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 Guide
Vendor’s License
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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.html
Click on “Business Basics - Guide
Small Business Development Guide
Tax Requirements
• Federal Taxes, www.irs.gov
• Ohio Taxes, www.tax.ohio.gov
• Local Taxes – city, township, county, & school
www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html
Click on “Business Basics – Guide”
Small Business Development Guide
Employer 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.html
Click on “Business Basics – Guide”
Small Business Development Guide
Professional Advisors
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Accountant
Attorney
Insurance Agent
Bankers/Lenders
Financial Advisors
Other Service Providers
Mentors
Small Business Development Guide
Sources of Assistance
• Ohio SBDC at Terra State,
www.terra.edu/ContinuingEducation/SmallBu
sinessDevelopment.html
• Small Business Development Centers of Ohio,
www.entrepreneurohio.org
• Ohio Development Services Agency,
www.development.ohio.gov
Small Business Development Guide
Sources 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 Development
Planning
Small Business Development Planning
Business Plan Functions
• Acts as a Feasibility Study
• Tool for Obtaining Financing
• Serves as a Management Tool
Small Business Development Planning
Business Plan Narrative
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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 Planning
Business Plan Financial Pro Forma
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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 Planning
Small Business Funding
• Private Funding
• Public Funding
• Hybrid Funding
Small Business Development Planning
Checklist – 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.ohnewhire.com)
Small Business Development Planning
Check-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 Possibilities
of Starting a Small Business?
• Questions and Answers
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