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Starting Your Small Business

University of La Verne SBDC Presentation on Starting Your Small Business - www.laverneSBDC.org
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on 16 October 2016

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Transcript of Starting Your Small Business

Starting Your Small Business
How much do you need?
Where are your going to get it?
Know Your Market
Formalizing the Business
Develop a Plan
Financial Projections
Start-up Costs
Funding Sources
Revenue Projections
Fixed & Variable Costs

http://www.lavernesbdc.org/resources
Micro-Loans & Intermediaries
Eligibility & Terms
2 years of experience in the industry
25% Capital injection of project
Reasonable credit (High 600s)
Secondary source of repayment- either collateral equal to loan amount or co-signer with reasonable credit and income to repay loan
Historical earnings sufficient to cover personal living expenses
Business plan with financial projections
Record-Keeping
Business Taxes
Other Considerations
Starting Your Small Business
University of La Verne
Small Business Development Center
2180 Third Street
La Verne, CA 91750
(909) 448-1567
http://www.laverneSBDC.org
Sample Plans
http://www.Bplans.com
Templates
http://www.lavernesbdc.org/resources
"In preparing for battle I have always found that plans are useless, but planning is indispensable"

-Dwight D. Eisenhower
“A bank is a place that will lend you money if you can prove you don’t need it”
– Bob Hope
Competition
http://www.colapublib.org/libs/laverne/index.php

Segmentation
Strategy
http://www.naics.com/search/
Marketing without data is like driving with your eyes closed
– Dan Zarella
Name Registration
Licenses & Permits
“The way to get started is to quit talking and begin doing.”
—Walt Disney
Record-Keeping System
Setup A Bank Account
“Rule #1- Never lose money”, “Rule #2- Never forget rule number #1”
– Warren Buffet
http://www.calgold.ca.gov
LLCs & Corporations - http://kepler.sos.ca.gov/
Sole Props & Partnerships -
Los Angeles County-
http://apps1.lavote.net/CLERK/FBN_Search.cfm

San Bernardino County-

http://acrparis.sbcounty.gov/fbn/index.html
Types
Income Tax / Estimated Tax
Self-Employment Tax
Employment Taxes
Sales Tax
Forms
Resources
"In this world nothing can be said to be certain, except death and taxes"

- Benjamin Franklin
A Long-Term Investment
Referrals
Complimentary Personality
Length of Service
Services & Fees



Plan For Risk
Insurance
Commercial Auto Insurance
Product liability
General Liability
Professional Liability (E&O)
Property

Workers Compensation Insurance

Data Backup

Emergency Preparedness
Office Space
Suppliers & Distributors
http://www.thomasnet.com
Ideas are easy. Implementation is hard.
– Guy Kawasaki
IRS Publications
583- Starting A Business
http://www.irs.gov/pub/irs-pdf/p583.pdf
587- Business Use of Your Home
http://www.irs.gov/pub/irs-pdf/p587.pdf

IRS Video Portal
http://www.irsvideos.gov/SmallBusinessTaxpayer

IRS Workshops
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/California-Tax-Workshops-Meetings-and-Seminars
Domain Name- http://godaddy.com
Source: http://www.capterra.com/accounting-software/#infographic
Source: http://www.irs.gov/pub/irs-pdf/p583.pdf
So What?
Franchise Tax Board - Forms of Ownership-https://www.ftb.ca.gov/forms/misc/1123.pdf
http://www.colapublib.org/libs/laverne/index.php
http://www.smallbizla.org (Los Angeles SBDC Network)
Full transcript