North Central Region Community Development Core Competencies Course

1
Wisconsin Basic Economic Development Course
Small Business Entrepreneurship e
2
What Constitutes a Small Business? Where is the
Support?

• Federal Definition
• Local Definition
• Importance to Local Economy
• Elements of Support
• Technical Assistance
• Physical Space
• Financial Assistance

3
Role of Economic Development Organizations

• What to Provide
• Territory
• Local Business History
• Business Climate
• How to Market
• When to Quit

4
Elements of a Business Plan

• Executive Summary
• Provides a concise summary of the business or
  business idea
• Identifies skills/experience, products or assets
  that can make the business successful
• Organization and Management
• Identifies business owners
• Identifies legal structure of business
• Identifies business set-up (location, home-based,
  etc.)
• Defines management roles and responsibilities
• Details owners/managers skills and expertise

5
Elements of a Business Plan

• Industry Analysis
• Identifies business primary industry
• Identifies size of primary industry
• Summarizes current situation and outlook for
  industry
• Target Markets
• Identifies markets for business
• Identifies characteristics of target market(s)
• Identifies size of target market(s)
• Competitive Analysis
• Lists principal competitors with their strengths
  and weaknesses
• Explains competitive positioning

6
Elements of a Business Plan

• Marketing Plan
• Defines marketing objectives
• Indentifies promotional plan (e.g. advertising,
  direct sales, etc.)
• Lists assumptions used in sales forecasts (e.g.
  market share, etc.)
• Financial Information
• Includes projected monthly cash flow statements
  for one year
• Includes projected balance sheets at the
  beginning and end of one year
• Includes projected annual income statements for
  three years
• Identifies the source of all equity and loans
  that are included
• Business Risks
• Identifies barriers and potential problems and
  contingency plans

7
Access to Technical Resources

• Wisconsin Entrepreneurs Network
• http//www.wenportal.org/connector/
• Business AnswerLine
• 1-800-940-7232 or http//www.wisconsinsbdc.net/bus
  answer/

8
Access to Technical Resources
9
Access to Technical Resources
10
Assistance through the SBDC
11
Assistance through the SBDC

• One to One Business Advising
• Business Programs
• Entrepreneurial Training Program

12
Where to Find the

• Grants
• Early Planning Grant
• Entrepreneurial Training Program Grant
• Technology Assistance Grant
• SBIR

13
Where to Find the

• Loans/Alternative Funding Sources
• Traditional Debt Financing
• Small Business Administration
• USDA
• Revolving Loan Programs
• Angels (Wisconsin Angel Network)
• Venture Capital

14
Role of Incubators
Provide space and resources Legal
arrangements Management structure Funding
Sources Examples around the State of WI
15
Small Business Financial Management

• What do the numbers mean?

• Cash Flow
• Balance Sheet
• Income Statement

16
Contact Info

• Barb Fleisner, Exec. Director
• Centergy, Inc.
• 500 1st Street, Suite 15
• Wausau, WI 54403
• www.centergy.net
• bfleisner_at_centergy.net
• [phone]

• Christina Trombley, Director
• SBDC UWGB
• 2701 Larsen Road
• Green Bay, WI 54403
• www.uwgb.edu
• tromblec_at_uwgb.edu
• [phone]