Exploring the Possibilities of Starting a Small Business?

1
Exploring the Possibilities of Starting a Small
Business?

• Discover what it takes by charting your course
  with
• Small Business Basics Training

2
Session 1

• Small Business Development Introduction

3
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

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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

5
Small Business Development IntroductionSmall
Business Development Center Network

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

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Small Business Development IntroductionSmall
Business Development Center Strategic Plan

• Missionhelp people get into business, stay in
  business, and grow their business
• Visionmake small businesses more successful
• Servicestraining and counseling
• SBDC Services are FREE of Charge

7
Small Business Development IntroductionSmall
Business Development Center Funding

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

8
Small Business Development IntroductionPresenter
s Background

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

9
Small Business Development CenterPresenters
Contact Information

• Bill Auxter, Director
• Ohio SBDC at Terra State Community College
• Building D, Suite D-201, Office C
• 419-559-2210
• bauxter_at_terra.edu

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Session 2

• Small Business Development
• Guide

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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/SmallBusinessDev
  elopment.html
• Click on Business Basics Guide

12
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/SmallBusinessDev
  elopment.html
• Click on Business Basics Guide

13
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/SmallBusinessDev
  elopment.html
• Click on Business Basics Guide

14
Small Business Development GuideVendors
License

• Ohio Department of Taxation, www.tax.ohio.gov
• Ohio Business Gateway
• County Auditors Office
• Regular Vendors License
• Transient Vendors License
• Certificate of Exemption
• www.terra.edu/ContinuingEducation/SmallBusinessDev
  elopment.html
• Click on Business Basics - Guide

15
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/SmallBusinessDev
  elopment.html
• Click on Business Basics Guide

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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
• Workers Compensation, www.ohiobwc.com
• Employee Rights, www.stat.oh.us/crc
• www.terra.edu/ContinuingEducation/SmallBusinessDev
  elopment.html
• Click on Business Basics Guide

17
Small Business Development GuideProfessional
Advisors

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

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Small Business Development GuideSources of
Assistance

• Ohio SBDC at Terra State, www.terra.edu/Continuing
  Education/SmallBusinessDevelopment.html
• Small Business Development Centers of Ohio,
  www.entrepreneurohio.org
• Ohio Development Services Agency,
  www.development.ohio.gov

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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

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Session 3

• Small Business Development
• Planning

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Small Business Development PlanningBusiness Plan
Functions

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

22
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/SmallBusinessDev
  elopment.html
• Click on Business Basics Bus. Plan Narrative

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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/SmallBusinessDev
  elopment.html
• Click on Business Basics Bus. Plan Pro Forma

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Small Business Development PlanningSmall
Business Funding

• Private Funding
• Public Funding
• Hybrid Funding

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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)

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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

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Exploring the Possibilitiesof Starting a Small
Business?

• Questions and Answers