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Exploring the Possibilities of Starting a Small Business?

Exploring the Possibilities of Starting a Small Business?. Discover what it takes by charting your course with… Small Business Basics Training. Session 1. Small Business Development Introduction. Small Business Development Introduction Graduates and Self-Employment.

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Exploring the Possibilities of Starting a Small Business?

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  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

  4. 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)

  6. Small Business Development IntroductionSmall Business Development Center Strategic Plan • Mission…help people get into business, stay in business, and grow their business • Vision…make small businesses more successful • Services…training 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 CenterPresenter’s Contact Information • Bill Auxter, Director Ohio SBDC at Terra State Community College Building D, Suite D-201, Office C 419-559-2210 bauxter@terra.edu

  10. Session 2 Small Business Development Guide

  11. 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/SmallBusinessDevelopment.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/SmallBusinessDevelopment.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/SmallBusinessDevelopment.html Click on “Business Basics – Guide”

  14. Small Business Development GuideVendor’s License • Ohio Department of Taxation,www.tax.ohio.gov • Ohio Business Gateway • County Auditor’s Office • Regular Vendor’s License • Transient Vendor’s License • Certificate of Exemption www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.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/SmallBusinessDevelopment.html Click on “Business Basics – Guide”

  16. 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 • Worker’s Compensation, www.ohiobwc.com • Employee Rights, www.stat.oh.us/crc www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html Click on “Business Basics – Guide”

  17. Small Business Development GuideProfessional Advisors • Accountant • Attorney • Insurance Agent • Bankers/Lenders • Financial Advisors • Other Service Providers • Mentors

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

  19. 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

  20. Session 3 Small Business Development Planning

  21. 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/SmallBusinessDevelopment.html Click on “Business Basics – Bus. Plan Narrative”

  23. 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/SmallBusinessDevelopment.html Click on “Business Basics – Bus. Plan Pro Forma”

  24. Small Business Development PlanningSmall Business Funding • Private Funding • Public Funding • Hybrid Funding

  25. 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)

  26. 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

  27. Exploring the Possibilitiesof Starting a Small Business? • Questions and Answers

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