How to Start Your Own Business
My Own Business, Inc. is a nonprofit organization committed to helping people succeed in business.
The course is presented by successful business owners who point out the common, avoidable mistakes.
Over 15 million visitors have made use of this information.
According to the World Bank: "The high-quality interactive content from My Own Business has been
instrumental to the success of the SME Toolkit across five continents."
Getting Started With Our Course
Our course is geared toward the entrepreneur who wants to start his or her own business, and the
individual who has an established small business and would like to see that business grow and expand.
Most people fail in business because they make avoidable mistakes! This free course teaches you what
those mistakes are and how to avoid them.
Our 16 sessions cover the most important topics for anyone starting or operating a business
Course Topics
Session 1: Evaluating Business Potential
Session 2: The Business Plan
Session 3: Communication Tools (Update)
Session 4: Business Organization
Session 5: Licenses & Permits
Session 6: Business Insurance
Session 7: Location and Leasing
Session 8: Accounting and Cash Flow
Session 9: How to Finance Your Business
Session 10: E-Commerce Business
Session 11: Buying a Business or Franchise
Session 12: Opening and Marketing
Session 13: Expanding and Problems
Session 14: International Trade
Session 15: Managing Employees (New!)
Session 16: Home Based Business (New!)
Free on-line course at …
http://myownbusiness.org/
Basic Outline
Session 1 - Evaluating the Potential of Business
The most common serious mistake made in business is not picking the right one to begin with. This
session will provide you with important evaluation techniques.
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Characteristics of a Successful Entrepreneur
Step-by-Step Approach
o Decide if you really want to be in business
o Decide what business and where
o Decide whether to start full-time or moonlight
Selection Strategy
Things to Watch Out For
Required Activities
o Comparative Evaluation
o How to Evaluate a Specific Business you have in Mind
o "For" and "Against" List
o Get Completely Qualified
Session 2 - The Business Plan
This key ingredient for a successful business is too often skipped. This session will show you how to
create your own individualized business plan and provide the tools to make it easy.
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What is a Business Plan?
Why Prepare a Business Plan?
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What to avoid in your business plan
Business Plan Format
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Vision statement
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The people
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Business profile
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Economic assessment
Six Steps to a Great Business Plan
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Basic business concept
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Feasibility and specifics
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Focus and refine concept
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Outline the specifics of your business
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Put your plan into a compelling form
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Review sample plans
Business Plan's Necessary Factors
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Understanding your market
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Healthy, growing and stable industry
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Capable management
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Able financial control
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Consistent business focus
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Mindset to anticipate change
Session 3 - Communication Tools
Communication is key to any business success! Here we will review basic communication and
equipment aspects of business.
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Types of Communication
o External
o Internal
Basic Communication Tools
o Landline telephones
o Cell phones
o Smartphones
o Video and web conferencing
o Social networking sites
o Online chat tools
o Fax
Computers
o Desktop
o Laptop
o Notebooks/Netbooks
o Tablet
o Handheld
o Software
o Auxiliary Products
Internet
o Browsers
o Feasibility and specifics
o Internet service provider
o E-mail
Technology Planning
Top Ten Do's and Don'ts
Sound Byte Transcriptions
Session 3 – Business Plan
Session 4 – Business Organization
This session will clearly spell out your options for deciding the form of business that is right for you.
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Decisions that every entrepreneur must make:
o Whether to go into business alone or with a partner.
o What type of business organization to use for the business: proprietorship, partnership,
corporation or limited liability company.
o What professional advisors to select.
Should You Have a Partner
o Arguments For
o Arguments Against
What Type Of Business Organization Is Best For You?
o Sole proprietorship
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o General partnership
o Limited partnership
o Corporation
o "S" Corporation
o Limited liability company
Laws That May Affect You
o Income tax returns
o Franchise tax returns
o Employment tax returns
o The time for payment of withheld and employers share of employment taxes
o Unemployment tax returns and payment
o Sales tax reports and payments
How Can Your Professionals Help You?
o Attorney
o Accountant
o Payroll service providers
o Other Professionals
Suggested Activities
Session 5 – Licenses, Permits, Names
Choose a suitable name for your business and find out what licenses and permits you may require, and
how to get them.
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First Things First
Licenses & Permits
o Local Licenses and Permits
o State Licenses and Permits
o Federal Licenses and Permits
o Where do I go to get a licenese?
o How about if I am working from home?
Business Name or DBA (Doing Business As)
o Do I need to have a DBA?
o What are the benefits to establishing a DBA?
o What is the process of getting a DBA?
o Banking Under Your Business Name
o Should I Trademark My Business Name?
Seller's Permit
o What is a seller's permit?
o Where do I get a seller's permit?
Employer Identification Number (EIN)
o What is the importance of EIN?
o Do I need an EIN?
o An EIN is required if:
o How do I apply for an EIN?
o Useful Links
Business License and Permits Checklist
Suggested Activities
Session 6 – Business Insurance
This session will explain in simple terms the various forms of insurance you will need and explain the
importance of each of them.
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Insurance Coverage For Small Businesses
o Business Property Insurance
o Liability Insurance
o Worker's Compensation Insurance
o Other Insurance Coverage
o Excess Liability Coverage
o Employment Practices Liability Coverage
o Life Insurance
Suggested Activities
Session 7 – Location and Leasing
A wonderful business can be crippled by a poor location or a poorly negotiated lease. You will learn
how to create your own site model and the important aspects of a lease agreement.
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Location, Location, Location
o Zoning Categories
o Criteria for Home Based Business
o Criteria for a Manufacturing, Warehousing or Industrial Business
o Criteria for a Retail Business
Leasing Do's and Don'ts
o Do's and Don'ts
o Points to Consider Before Signing a Lease or Purchasing Property
o Lease Check-Off List
o To Rent or to Buy Considerations
Do Your Homework
Site Location Criteria
o Evaluation Table
Session 8 – Accounting and Cashflow
Before you start your business, you will need to learn how to keep score (basic accounting) and how to
maintain cash in your bank account (cash flow control). This session explains both in simple terms.
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Step One: Gain the knowledge
Step Two: Select an accountant
o Methods of Accounting
 Cash Basis Method
 Accrual Method
o Tax Liability Issues
 Income taxes
 Payroll taxes
o Financial and Technical Assistance
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Internal Controls
Quarterly Returns
Bank Account Reconciliation
Employee Benefits Policy
Step Three: Do your own bookkeeping!
o The Three Major Financial Statements
 The Balance Sheet
 The Income Statement
 Cash Flow Control
o Accounting and Cash Flow Punch List
Session 9 – Learn How to Finance Your Business
You will learn how to locate, negotiate and maintain sources of money to get you started and help you
expand your business.
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First Things First
How Much Money Do You Need?
o What do you need it for?
o Unsecured Loans
o Secured Loans
o Collateral
Loans vs. Investment
Where to Get the Money
o Types of Funding Sources
o Lender Comparison Table
The Art of Getting the Money
o Business Loans
o Repayment Plan
o Other Quick Tips
After You Get the Money
Activities
Session 10 – E-Commerce Business
E-Commerce is the fastest growing segment of our economy. It allows even the smallest business to
reach a global audience with its product or message with minimal cost.
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E-Commerce Overview
o What is E-Commerce?
o Is an E-Commerce website right for your business?
o Money transactions
Setting Up a Website
o Registering your domain name
o Hosting your website
o Building your website
o Hiring a professional website developer
o Designing your own website
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Tips For Developing a Successful Site
o Make your site easy to use
o Provide useful content
o Encourage customer feedback
o Develop a mailing list
Online Marketing and Promotion
o Search engines - your primary marketing tool
o How does your website rank?
o What are people searching for?
o How to manage search engine placement
o Key components to successful search engine marketing for a website
o Search Engines and Resources
o Targeted E-Mail
eBay
o How to get started
o Listing basics
o Fees
o Get the most from your eBay experience
o Don'ts of eBay
Session 11 – Buying a Business
You will learn how to make objective decisions when considering the purchase of a business or a
franchise--and how to evaluate how much you should pay.
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How Should I Go About Buying A Business?
o Opportunities
o Financial ability
o Evaluating a Business
o Verify revenue information
o Buying an existing or new business
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Pro's and Con's of Buying a Franchise
o Pro's and con's of buying a franchise
o What I should know about a prospective franchiser
o Becoming a franchiser
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Suggested Activities
o Visit different operations
o Attend trade shows
o Understand your intended business
o Analyze any appropriate existing business
o Analyze a franchised operation
Session 12 – Opening and Marketing
You are furnished with check-off lists to maximize your marketing results and avoid the most common
mistakes made in opening a business.
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Opening for Business
o Before you start checklist
Marketing
o Pinpoint your customers
o Recruit the "good" employees
o Train your employees thoroughly in marketing skills
o Check list for hiring and training of your marketing team
o What and how to buy
o How to buy checklist
o Marketing tools
o E-commerce
o Promotion and advertising
o Mailing lists
Most Common Mistakes
o Checklist to avoid pitfalls
Suggested Activities
Session 13 - Expanding and Handling Problems
A growing business needs to have appropriate expansion policies in place, plans to motivate key
employees and know-how in handling common business problems. Here's the advice from been-theredone-that experts.
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Rules to Follow Before Expanding
Starting with a Pilot Operation First
Problems in Expanded Business not Present in a Start-up
o Delegation of responsibility and authority
o Monetary incentive plans
Ways to Motivate Key Employees
o Leveraged profit sharing plan
o Unleveraged profit sharing plan
o Commission plan
Key Elements for Profit Centers
o Overall considerations
o Long-range financial planning
Common Business Problems
o Uncontrolled cash flow
o Drop in sales or insufficient sales
o Higher costs
o New competition
o Business recessions
o Incompetent managers or employees
o Dishonesty, theft
o Basic rules for handling serious business problems
Suggested Activities
Session 14 – International Trade
Finding overseas markets or suppliers and dealing with shipping complexities are only two of the
challenges facing small firms seeking to participate in international trade. Entrepreneurs should be
cautioned that international trade involves many complexities above and beyond the basic disciplines
necessary for operating a domestic business.
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Warning Label
What is International Trade?
o Exporting
o Importing
o Hollow corporations
Is International Trade Appropriate for Small Business?
Advantages and Disadvantages of International Trade
Online Resources
Common Mistakes Made in International Trade
Importance of a Business Plan
Suggested Activites
Session 15 – Managing Employees
IT IS NOT POSSIBLE IN THIS SESSION TO INCLUDE ALL THE COMPLEXITIES AND LEGAL
RULES PERTAINING TO EMPLOYEES. SINCE EMPLOYEES PLAY SUCH A LARGE ROLE IN
ACHIEVING SUCCESS, WE RECOMMEND YOU MAINTAIN ONGOING ACCESS TO A LABOR
LAWYER TO KEEP YOU CURRENT ON LABOR MATTERS INCLUDING HIRING AND FIRING
EMPLOYEES. IT IS FAR BETTER TO AVOID MISTAKES BY SECURING LEGAL ADVICE BEFORE
LABOR ISSUES OR CLAIMS ARE RAISED THAN TO DEAL WITH EXPENSIVE CONSEQUENCES
LATER.
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Step One: Before You Start
o Are you hiring an employee or independent contractor?
o Retain a payroll service provider or a professional employer organization
o Have job descriptions in place
o Have a benefits package in place
o Determine overall costs of new employees
o Create an employee handbook
Step Two: Hiring Employees
o Attracting applicants
o Interviewing practices
o Drug screening
o Americans with Disabilities Act
o Understanding workplace harassment
o Prevention of workplace violence
o Employment eligibility verification
o Selecting outstanding employees
o Legal considerations
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Step Three: Create Training Disciplines
o Indoctrination
o Growing employee skills
Keeping Good Employees
o Importance of retention
o How to retain good employees
Discharging an Employee
Top Ten Do's and Don'ts
Session 15 Business Plan
Session 16 – Home Based Business
This session will review the do's and don'ts of operating a home based business and will also state the
case for not quitting your job at all. But keep in mind that operating at home will still require business
skills just like any other business. And it will be important to gain understanding in all the other
sessions contained in the My Own Business course as well.
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What have you got to Lose Gain?
What are the Special Benefits of a Home Based Business?
o Minimum investment
o Maximize communication technologies
o Start small and grow by compounding
o A built-in organizational structure: all in the family
o Open to all ages and walks of life
o A productive activity for the out-of-work
Approaches to a Home Based Business
o Moonlight business (part-time)
o Full-time home business
Picking the Right Business is Crucial
o Specialization works best
o One that will not conflict with your employment
o Appropriate for "all in the family" participation?
Common Pitfalls
o Failure to compartmentalize
o Failure to limit financial risks
o Disregard for zoning requirements
o Physical limitations
o Work at home schemes
o Disregard for allowable business deductions
Additional Resources
Top Ten Do's and Don'ts
Session 16 Quiz
Session 16 Business Plan