Do you have a viable concept? – does the venture have potential to succeed 3. Is the reason you want to start a business consistent with your character and concept? – staring a new small business will require a lot of time and energy – if you’re not truly passionate about your venture it won’t be able to stand up to the stress of day-to-day business Steps to Starting a Business 1. Conduct Market research 2. Write your business plan 3. Fund your business 4. Pick your business location 5. Choose a business structure 6. Choose your business name 7. Register your business 8. Obtain federal and state tax IDs 9. Apply for state licenses and permits 10. Open a business bank account Creating your Business Plan 1. Executive Summary – brief summary of what you do (product or service) for whom (target market) and what will make you successful. Include mission statement, management and organizational structure highlights, intended location, scale of operation, and financing information if necessary 2. Company description – include a more detailed description of your company including the opportunity and your solution
3. Market Analysis – summarize your understanding of the economy, industry, your target market and related trends and developments 4. Organization & Management – describe your legal structure and introduce yourself and management teams or advisors 5. Service or Product Line – detail your offerings and any market differentiators such as copyrights or patents 6. Marketing & Sales – describe your plan to bring your product or service to the market 7. Funding request (if applicable) – detail funding requirements and the intended use of those funds over the next five years 8. Financial projections – include projections that cover a five-year period and include a financial outlook summary as well as forecasted income statements, balance sheets, cash flow statements and capital expenditure budgets 9. Appendix – used to provide supporting detail and provide any other relevant or requested documentation
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- Fall '16
- Hughes J
- Business, Entrepreneurship, business owner, Small Business Association