Saving & Transacting =
EMPOWERMENT!
Ready? Set…..GO!
Alternatives Biz Path
VISION WITHOUT
ACTION IS A
DAYDREAM. ACTION
WITHOUT VISION IS A
NIGHTMARE!
~JAPANESE PROVERB~
A DREAM DOES NOT
BECOME A REALITY
THROUGH MAGIC; IT TAKES
SWEAT, DETERMINATION
AND HARD WORK.
~COLIN POWELL~
Dream into Reality?
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Pros & Cons
Empowerment
Organizing
Goal Setting
ASK: What are things small
business owners need to
know?
KNOW: Everything costs more
and takes longer than
expected.
REALIZE: REALITY.
Alternatives services include:
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Money Wise
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Intro to Entrepreneurship
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Financial Counseling
http://www.youtube.com/watch?v=NT_3HUp3ZlU
“Your Focus Needs More Focus”
What can I do to make this work?
Research the functional areas of business:
Marketing – What, who, when, why, where, how
Finance – Personal finance, building credit
Management – Legal structure, insurance, licensing, etc.
Operations – Your trade, service, good, etc.
Alternatives can help you:
•
Getting Down to Business 9-week course
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Business Consulting & Coaching
“Take it Off”
http://www.youtube.com/watch?
v=LbSua-YQEIs
FIRST DETERMINE:
• Legal Structure – Sole proprietor, partnership, LLC., S Corp., etc.
http://www.sba.gov/category/navigation-structure/starting-managing-business/startingbusiness/choose-your-business-stru
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Marketing – Can you answer the central marketing questions about your biz idea?
Management – What kinds of insurance/licenses/etc. do you need?
Business Plan – Do you want to organize for yourself, or do you need a biz plan?
Consulting – Do you need additional guidance getting started?
Finance – What kind of financing do you need to begin? ID sources…
Leslie’s Laws:
• Everything will take longer and cost more than
you expect.
• Your sales will be lower than you anticipate.
• You will underestimate how essential and how
challenging marketing is.
• It is NEVER true that you have “no competition.”
• “Everyone” is NOT your market.
• “Word of mouth” is NOT a marketing strategy.
Open that Business Account - you will need:
• DBA Paperwork – County Clerk’s Office
• EIN #/ www.irs-ein-number.com.
• Corporate Documents (if filed as a corporation)
BEGIN NOW to establish: The “5 c’s of Credit”
Capital is the money you personally have invested in the business and is an
indication of how much you have at risk should the business fail.
Character is the general impression you make on the prospective lender or investor.
Capacity the ability to repay.
Collateral, or guarantees, are additional forms of security you can provide.
Conditions describe the intended purpose for funding.
If you need it, go get that loan for a start-up (or business expansion) - Be
prepared and ready for your lender or investor!
YOU WILL NEED:
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Business Plan
Business Tax Returns 3 years
Personal Tax Returns 3 years
Business Balance Sheet
YTD Income Statement
Current Balance Sheet
Profit & Loss Projections
Detailed list of Collateral
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Personal Financial Statement
Signed Leases
Corporate Authorization to Borrow
Corporate Organizational
Documents
Partnership Agreements
Signed 4506 T if needed
3 Months Business Bank Statements
3 Months Merchant Service
Statements
“Everything is Kungfu
http://www.youtube.com/watch?v
=T10ycFr770g