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- 1. Starting the business of your Dreams
- Read further to learn the basics of beginning a business.
2. Starting your business
- Decide to buy a franchise, existing business or open a new one
- This is the most important step in beginning your business.A thorough plan can make the difference between success and failure.
4. Financial Management
- Explain your source and amount of initial equity capital
- Are you going to borrow money
- Are you going to use your savings
- Are you having a silent partner
- Where is your money coming from
- Develop a monthly operating budget
- What bills are you going to have
- Do you have fixed or changing expenses
- How much do you save each month for yearly expenses
- Develop an expected return on investment
- How do you plan to make your money back
- What particular item will bring the most return on you investment
- How much of each product must you produce to break even each month
- How did you figure this amount
6. Who will maintain your records Do you hire an accountant Are you keeping your own records 7. 8. Do you know what type of Business you want to own?
- Look at the following slides and think about your liability and obligation for each.
- Do you want to be completely responsible for the success or failure?
- Do you want to make all the money? Pay all the debts?
- Do you want backing from other people to help your dream come true?
9. Types of Businesses
- Proprietorship - Individually owned
- Full responsibility falls on the owner
- Examples are hair salons, general stores, corner markets, body shops.
- Partnership Two or more owners
- Each partner has unlimited liability for all debts and business decisions
- Examples are law firms, father and son businesses, Doctor offices
Types of Businesses 11.
- Corporation Organization of people legally bound by a charter, members are not responsible for debts of company
- Privately or government owned
Types of Businesses 12. Operations
- How will the business be managed
- Are you going to be a hands on manager
- Procedures for hiring personnel
- Do you have an application for future employees
- Are you hiring friends or relatives
- Do you know what you are looking for in employees
- What are insurance, lease or other issues
- Do you need special insurances
- Is there any lease restrictions or agreements
- What other issues could come up
- Are you buying the equipment
- What will you need to start your production
- How will production occur
- What is your production schedule
- Do you know the ins and outs of your product
- How will product be delivered
- Are you having delivery personnel
- Will you be using UPS or FedEx
- Find your target consumer
- Explain your product, advertising & marketing
16. Thoughts on marketing
- Do all kids know what toys they want or do they want what they see on tv?
- How did the world live without a microwave for hundreds of years and now we cannot?
- Is Disney World really the happiest place on Earth?
- Does subway subs really make you loose weight?
17. Now that you are thinking
- Do athletes really perform better because they drink Gatorade?
- Are you really Loving It when you eat at McDonalds?
- Are there campaigns that stick in your head? Have you bought something strictly because of the marketing?
18. Important Terms
19. www.business4wv.com All your information for a business in West Virginia 20. The world needs new businesses
- How will you stack up when it comes to your competition?