By Your Boot Straps: Building a Business From the Ground Up

BY YOUR BOOT STRAPS: Building a Business from the Ground Up WHY IS THIS IMPORTANT? It takes more than just hard When starting a business, it is essential to do things properly. The numbers show why: work and determination to start your own business. It also 80% takes a strategy. By taking the following steps in starting your business, you will give it the fighting chance it deserves! OF SMALL BUSINESSES FAIL WITHIN THE FIRST 18 MONTHS. Major Causes of Failure: New Small Businesses in America Survived... 11% lack of experience in industry 69% 2 years at least 46% 30% 34% 51% incompetence lack of managerial experience at least 10 years at least 5 years IN 2009, BECOME BUSINESS EDUCATED 550,000 AMERICAN SMALL BUSINESSES OPENED, AND Receive the skills and knowledge necessary to work in business. 660,000 CLOSED. ENROLL IN A BUSINESS Customer Service CAREER PROGRAM Accounting Courses should cover Small Business Management Financial Services Computer Applications Thoroughly prepare so you can be a business that succeeds! Business Development WRITE A BUSINESS PLAN This is the essential outline for your business. It projects 3-5 years ahead and focuses on what steps your company will take to create revenue. An overview of your whole What is your business? What are your goals? What market do you serve? DESCRIPTION EXECUTIVE SUMMARY business plan. Similar to an abstract. OF COMPANY MARKET ANALYSIS Research on your industry and competitors. Is there a spot for you? A description of your management and organization structure. OUTLINE OF STRUCTURE What are you selling or providing? What makes you different in this regard? How are you planning on making your business stand out? MARKETING THE GOODS AGENDA Where are you getting funding from? If not lined up yet, why should you be funded? FINANCES FIND A BUSINESS LOCATION FINANCE YOUR BUSINESS The brick and mortar location of your business should be decided from a variety of factors: What steps are you taking toward funding this venture? There are many options for small businesses: How many competitors are there in your area? Is there a huge market available? ECONOMIC DEVELOPMENT PROGRAMS LOANS COMPETITION Banks and the Small State, county, and municipal development offices have Business Administration Are there potential employees readily available? Are suppliers available? lend money to companies with a solid business plan, projections of profit, and some initial capital. grants and other resources AND COBOR that can help get your business off the ground. FUTURE GROWTH PROSPECTS Are you prepared to keep up with rapid changes if your business expands? INVESTORS CROWD FUNDING Is the neighborhood the right fit for your image? BRAND IDENTITY There are many people Kickstarter, Indiegogo, and GoFundMe have provided people with the opportunity to receive funding directly out there with money to invest. Convince them What are the zoning laws in the area? What is the crime rate? Is there parking available that you and your business are worth the from the consumer OTHER FACTORS investment. LEGITIMIZE YOUR BUSINESS (Legal A Tas) There are many steps to take in this regard: DETERMINE LEGAL Sole Proprietorship Limited Liability Company Nonprofit STRUCTURE What will your company be? Corporation Partnership Co-Op REGISTER YOUR Do this with your state government BUSINESS NAME Additionally, register your domain name and email accounts. STATE & LOCAL Unemployment and Disability Insurance Tax ID Number (Also do this with IRSI TAXES REGISTRATION Workers' Comp Register to receive: BUSINESS LICENSE Investigate which federal, state, and local licenses / permits are required for your business. AND PERMITS UNDERSTAND Follow the legal steps necessary to hire, train, and pay employees. EMPLOYMENT These are the initial steps on your adventure as a small business owner. With persistence, consistency, and a great business plan, your business can become successful faster! SOURCES: http://www.sba godcontent/follow-these-steps-starting-business http://www.census.godecon/smallbus html http://www.kiplinger.com/article/business/TO49-CO00-S001-5-ways-to-fund-your-small-business.html?page-2 http://www.statisticbrain.com/startup-failure-by-industry/ \ COMPUTER DSYSTEMS INSTITUTE http://www.csinow.edu/images/pdf/csi_1.13.pdf