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Taking the Right Steps

Business Start-up Basics

Saundra Phillips

on 3 June 2014

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Transcript of Taking the Right Steps

Thank You
Evaluations & Questions…
Step 4
The University of Georgia
Small Business Development Center
501 Gloucester Street, Suite 200
Brunswick, GA 31520

Business Start-Up Basics
Sole Proprietorship
Limited Liability Company (LLC)
Legal Structure
Federal Tax Identification Number (EIN)
Georgia Sales and Use Tax Number
Employment Tax Numbers
Tax Issues
Occupational Tax Permit (Local Business License)
State of Georgia Licensing
Fire Marshall
Home Based Businesses
Licenses, Permits
and Inspections
Certified Public Accountant (CPA)
Insurance Agent
Key Employees
Critical Team Members
How Much Money
Do I Need?
Personal Credit
My Investment (Equity)
Can I Pay Back Loan (Cash Flow)
Is the Venture Risky?
How Will My Idea
Be Judged?
Road Map: To serve as guide during lifetime of your business

Selling Tool:

To fulfill the requirement for securing lenders and investors

Great Tool: AgPlan https://www.agplan.umn.edu/
Why Write A Business Plan
Look at Industry Numbers
Be Conservative
Sample Cash Flow
Creating Realistic Projections
Capital Assistance
Marketing Assistance

- Marketing Plans & Calendars
- Demographics
- Mystery Shopping
- Web Site Analysis
- Strategic Marketing Assessments
- Retailing Assessments
- Customer/Supplier Identification

- Record Keeping & Accounting Systems
- Tax Calculations and Reporting
- Ratio Comparison & Financial Analysis
- Accounts Receivable Analysis
- Business Valuation (discussion only)
- QuickBooks Assistance
Step 3
Step 5
Consulting Services...
Taking the Right Steps...
Accounting/Financial &
Management Assistance
Is My Business Idea Feasible?
Things to Think About When
Starting a Business
Financial Risks
Time Commitment & Lifestyle Changes
Do You Have the Experience & Skills Needed?
Can You Compete?
All Good Ideas Do Not Make Good Businesses
Market Feasibility
Financial Feasibility
Start up Costs
Personal Finances
Breakeven Analysis
Building Your Team
Financing Your Business
Where Can I Get Money
Small Business Administration Loan Programs
Private Investors
My Self
Pulling It All Together With A Business Plan
a Good Narrative
Be Concise
Be Thorough
Be Project Specific
Sell Yourself
Working Capital
- Business Plan Development
- Information Source
- Financial Projections and Documentation
- Lender Referrals
Georgia Tax Center
Georgia Secretary of State

Section One: The Narrative
A. Description of the Business
B. Product(s)/Service(s)
C. Market Analysis and marketing plan
D. Location
E. Competition
F. Management and operations
G. Personnel
H. Application and effect of loan or investment
Section Two: Financial Data
A. Start-up costs list
B. Capital equipment list
C. Projected cash flow statements
D. Projected balance sheets
E. Assumptions to financial projections
F. Historical financials (for existing business)
Section Three: Supporting Documents
- Personal Resumes
- Letter of Reference
- Personal Financial statements
- Past three years of tax returns
- Copies of leases
- diagram of facility
- letters of intent
- purchase orders
- contracts
- marketing brochures
- Anything other relevant information to plan
Start-up Expenses
p. 5-6
p. 7-11
p. 12
p. 13-14
p. 15-16
p. 15
p. 1
p. 2
p. 3
p. 17-18
p. 17-18
p. 17-18
p. 17
Full transcript