Empowering Business Spirit Welcome to the Empowering Business Spirit Seminar Empowering Business Spirit Seminar Presenter: To Be Announced Entrepreneurial Spirit Seminar Schedule  EDC, EBS, SBDC, and partners (who we are and what we do)        Entrepreneurial Spirit (statistics and reality) Feasibility Study Process (Will I have customers?) 10 Minute Break Business Plan (overview) Legal Issues/Business Structure (pros & cons) Financing (you and the bank) Questions & Answers (Evaluation) MainStreet EDC EBS C of C SBA EBS, Partners, and Entrepreneur LCC NMHU NMEDD SBDC Others Overview Overview of of our our Common Common Goals Goals  Goal: To Grow Businesses and Create Jobs  Designed: To maximize business success by coupling financial programs, managerial and technical assistance  What drives the EBS Project: Seeing Small business succeed by Planning (a well developed business plan) and Seeking Professional Advisors, while avoiding the problems of staffing and understanding that years of education not necessarily correlate with success Empowering Business Spirit •20 Major EBS Partners • Referral system resources • One on One Business Counseling • Seminars • Resources (software, stats & advice) CLIENT FLOW CHART Client EDS Presentation Business Plan Workshop Resource Referrals EDC 20 EBS SBDC SBA Completed Business Plan Others Entrepreneurial Spirit Seminar  Every 30 seconds of every day, someone somewhere in the United States starts a new business Every 30 seconds someone stakes their money, their labor, their good name on the unshakable belief that they can make or provide something bigger, better, faster, or cheaper than the other person Entrepreneurial Spirit Seminar  In America today, smaller businesses, Companies with fewer than 20 employees, create 98% of all new jobs Entrepreneurial Spirit Seminar  There are more than 21,000,000 small business in the U.S 16,000,000 have the owner as the sole employee 5,000,000 have between and 500 employees  It is estimated that between 800,000 and 1,000,000 business are begun every year The Business Plan-What Does It Do?     Helps conceptualize business and set reasonable and achievable goals Attracts lenders and investors Provides an organized view of your business Details research from the feasibility study, management, sales, marketing, finances, etc The Business Plan “If you aim at nothing, you will hit it everytime” -Theodore Roosevelt Key Elements of any Business Plan        Executive Summary/Introduction Description of Products/Services Manufacturing & Operations Plan Marketing Strategy and Competitor Analysis Sales Plan Management Plan Financial Analysis Attachments to the Business Plan Tax Returns (Business & Personal)  Resumes  Written Estimates  Personal Financial Statements  Contracts / Agreements  Org Charts / Job Descriptions  Appraisals / Blue Prints / Floor Plans  Other Relevant Information  Basics of the Business Plan There is no single right format Be creative Be as concise and focused as possible The plan should reflect the company’s personality Include negatives as well as positives Write it over a period of weeks Guidelines for Preparing a Business Plan      Remember: No one can create your plan for you Lenders are interested in the strategies for reaching financial projections Show how you plan to set your business apart from competitors Identify your market, offer evidence that customers for your product or service exist Develop realistic financial forecasts (be sure to explain how they were derived) Ways to Organize your Business Sole Proprietorship  General Partnership  Limited Partnership  Regular Corporation  S Corporation  Limited Liability Company  When to see an Attorney             Business Start-up – Incorporation – Partnerships Leases / Real Estate / Contracts Debt Collection Patents, Inventions, Copyrights, Trademarks Unemployment Hearings Bankruptcy and Reorganization Buying/Selling/Merging a Business Compliance with Environmental Laws Compliance with Employment Discrimination Laws Licensing Formal Written Opinions Legal Checkup Places To Go Before Starting Your Business         City Community Development Office (Register/License Business, $35 annually) Planning and Zoning (Zoning approvals) Secretary of the State (Incorporate) NM State Comptroller (Tax Permit) Internal Revenue Service (EIN #) City Offices Fire Department See Handout for More details The C’s of Credit Character  Capacity  Conditions  Collateral  Capital  $ources of Capital, From Most Common to Least Common         Personal Savings, Insurance, Retirement (0%) Family or Friends (2-7%) Suppliers Personal Loans Banks (10-16%) Private Investors (18-25%) Public Sources Venture Capital (20-40+%) Secondary Sources of Financing Small Business Administration  Farmers Home Administration  Federal, State, and Local Programs  How to Lower the Risk?        Get experience in management and in your business Plan ahead (save) Have support from your family! Be ready to persevere Use only facts in decision-making Follow your strengths and interests Never be too proud to quit Survival Strategies Focus completely on satisfying the customer  Study the success of others  Gather and analyze management information regularly  The Kaizen strategy (continuous  improvement involving everyone - TQM)  Embrace change with a positive attitude Source: Dan Taylor, Pres Data Star Communications Final Comments Plan Your Work… And Work Your Plan ! ! THANK YOU ALL ! ! ... Spirit Seminar Presenter: To Be Announced Entrepreneurial Spirit Seminar Schedule  EDC, EBS, SBDC, and partners (who we are and what we do)        Entrepreneurial Spirit (statistics and... cheaper than the other person Entrepreneurial Spirit Seminar  In America today, smaller businesses, Companies with fewer than 20 employees, create 98% of all new jobs Entrepreneurial Spirit Seminar... Presentation Business Plan Workshop Resource Referrals EDC 20 EBS SBDC SBA Completed Business Plan Others Entrepreneurial Spirit Seminar  Every 30 seconds of every day, someone somewhere in the United