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WEEK Two: Creating your Business Plan

Learn how to create a solid business plan in 10 steps, from conducting market research to funding strategies. Find out how to choose the right business structure, register your business, and get essential licenses and permits. Discover tips on selecting a business location, naming your business, and opening a dedicated business bank account. Gain insights on market research and competitive analysis to give your business a competitive edge. Get valuable information on startup costs, funding options, including self-funding, venture capital, crowdfunding, and small business loans. Understand the importance of aligning with opportunities, adapting to change, optimizing performance, and monitoring results. Join upcoming workshops on project delivery systems, contract risk management, elevator pitch, public works networking, lead abatement, and selecting business partners like bankers, insurers, and accountants.

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WEEK Two: Creating your Business Plan

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  1. WEEK Two: Creating your Business Plan

  2. Go to 10 steps to start your business https://www.sba.gov/business-guide/10-steps-start-your-business/ • Conduct market research • Write your business plan • Fund your business Pick your business location Choose a business structure Choose your business name • Register your business • Get federal and state tax IDs • Apply for licenses and permits • Open a business bank account

  3. Market research helps you find customers for your business. Competitive analysis helps you make your business unique. Combine them to find a competitive advantage for your small business. Use market research to find customers Use competitive analysis to find a market advantage Free small business data and trends: See examples

  4. Your business plan is the foundation of your business. Learn how to write a business plan quickly and efficiently with a business plan template. Business plans help you run your business Pick a business plan format that works for you Traditional business plan format Lean startup format

  5. What is a Business Plan and why do I need one?

  6. So how do I create a plan for my business?

  7. Calculate your business startup costs before you launch Identify your startup expenses Estimate how much your expenses will cost Add up your expenses for a full financial picture Use your startup cost calculations to get startup funding How much money will it take to start your small business? Calculate the startup costs for your small business so you can request funding, attract investors, and estimate when you’ll turn a profit.

  8. Determine how much funding you'll need Fund your business yourself with self-funding Get venture capital from investors Use crowdfunding to fund your business Get a small business loan Use Lender Match to find lenders who offer SBA-guaranteed loans Small Business Administration investment programs It costs money to start a business. Funding your business is one of the first — and most important — financial choices most business owners make. How you choose to fund your business could affect how you structure and run your business.

  9. Know the difference between franchising and buying a business Consider 3 factors before franchising or buying a business Get ready to buy your franchise or business It can be hard to start a business from scratch. Starting a business from scratch can be challenging. The good news? You don’t have to start from scratch to have your own business. Consider franchising or buying an existing business.

  10. Access to Resources and Information for your Business Plan from the Center • Align with opportunities • Adapt to change • Optimize performance • Meet with a SCORE mentor • Discuss goals and objectives • Design a plan • Monitor and measure results

  11. Questions WEEK Three: Project Delivery Systems and Contract Risk Management

  12. Upcoming Events • Elevator pitch workshop TBD • Public Works Networking Event Feb 19 • Lead abatement training March 4 • Disparity Study Meeting March 20 • How to select your Business Banker Workshop • How to select your Insurance Partner Workshop • How to select your Business Accountant Workshop

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