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Dr. Lonnie Sharpe, Dr. Ruthie Reynolds and Mr. Aditya Tella

Start Your Own Business-2008 “Catch the Entrepreneurial Spirit Seminar” Presented by TENNESSEE STATE UNIVERSITY AND DYER COUNTY EXTENSION Sponsored by USDA Business and Cooperative Programs Rural Development. Dr. Lonnie Sharpe, Dr. Ruthie Reynolds and Mr. Aditya Tella

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Dr. Lonnie Sharpe, Dr. Ruthie Reynolds and Mr. Aditya Tella

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  1. Start Your Own Business-2008“Catch the Entrepreneurial Spirit Seminar”Presented byTENNESSEE STATE UNIVERSITYANDDYER COUNTY EXTENSIONSponsored by USDA Business and Cooperative Programs Rural Development Dr. Lonnie Sharpe, Dr. Ruthie Reynolds and Mr. Aditya Tella Samuel Massie Chair of Excellence -Tennessee State University Nashville, Tennessee Mr. William Taylor Dyer Country Extension OfficeDyersburg, Tennessee Monday, June 30, 2008

  2. INTRODUCTION Goal: to provide information to assist in starting your own business • Steps in Starting a Business • Importance of a Business Plan • Business Filing Requirements

  3. Steps in Starting Business • Starting a business is a process • Check list categories • General – for example, does your family support your desire to become a business owner? • Personal Characteristics – for example, are you a risk taker? • Skills, Experiences, and Training – for example, do you have a business plan?

  4. Executive Summary Vision Market Analysis Competitive Analysis Strategy Products/Services Marketing and Sales Operations Financials BUSINESS PLAN SECTIONS

  5. IMPORTANCE OF BUSINESS PLAN • Defined: a document that sets forth by business’ course of action • Purposes: • To guide you in starting or growing your business • To provide a basis for seeking financing

  6. SECTIONS - DETAILS • Executive Summary – Short synopsis of the plan • Vision – Goals, objectives, milestones • Competitive Analysis – competition in industry • Strategy – competitive capabilities and weaknesses • Product/Services – descriptions of products/services • Marketing and Sales – advertising, publicity • Operation – customer service, facilities • Financials – financial statements : balance sheet, income statement, statement of cash flow

  7. BUSINESS STRUCTURES • Sole Proprietorship – one owner; unlimited liability • Partnership – two or more owners; unlimited liability • Corporation – separate legal entity; limited liability • S Corporation – relate only to federal income tax. A structure set up to limit tax on shareholders • Limited Liability Company (LLC) – separate legal entity; limited liability. Taxed as a sole proprietor (if one owner) or partnership (if two or more owners).

  8. FILING REQUIRMENTS • Choosing business structure is not enough • State of Tennessee Registrations • Charter • Register assume name • Register with appropriate agencies • Sales and Use Tax • Franchise and Excise Tax • Resale certificate • Department of Labor

  9. FILING REQUIRMENTS, Continued • Federal Registrations • Employer Identification Number • Election for Small Business Status (S Corp) • Section 1244 Election • City and County Registrations • Business licenses • City Business taxes • Register charter or LLC registration with Register of Deeds

  10. HOT FRANCHISES • Franchise Business Review –www.fbr50.com/?gclid=CLLQnP7Mm5QCFQKNxwodKBPrtw • Top 50 Franchises - Under 50 Units • 1. FocalPoint CoachingCategory: Business ServicesTotal Inv: $38,500 - $49,000 • 2. Synergy HomeCareCategory: Senior CareTotal Inv: $49,240 - $99,540 • 3. Central Bark Category: Pet ServicesTotal Inv: $133,050 - $230,380 • 4. TeamLogic IT Category: TechnologyTotal Inv: $70,000 - $120,000 • 5. Home Cleaning Centers of America Category: Cleaning & MaintenanceTotal Inv: $30,000 - $40,000

  11. OTHER HOT BUSINESSES • MSNBC - www.msnbc.msn.com/id/5649896/ • Elder care • Personal improvement (yoga, Pilates) • Other • Cleaning • Editing • Resumes • Sales

  12. SUMMARY This may be the right time for you to “Start your own business!” --------------------------------------------------- Questions??? --------------------------------------------------- Thank You!

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