1 Indianapolis Chapter 6 Business Startup Made Simple 2012 MWBE Central Indiana Resource Fair
2 about SCORE Successful business owners and experienced executives acting as volunteers Seminars and Workshops Free On-Going Mentoring For Start-Ups For existing businesses On-Line Resources at Resources partner with SBA Be your guide and mentor Avoid making mistakes Avoid squandering $$$ Inspire and Drive You! We witness countless success stories AND failures Serve as advisers for your specific issues, problems & opportunities. Meet our counselors here today 8500 Keystone Crossing, Suite 401 Indianapolis, IN Also : Noblesville, Greenwood, Avon, Lafayette
3 today's agenda Important Things to Know Champion Entrepreneur Traits Critical Steps to Have in Place Marketing and Business Plans Cash Management and Funding Organization Details & Requirements Help is available
4 To Run A Successful Business You need to have: o Passion about your business o Desire to know what makes people tick o Customers o Employees o Competitive Advantage o Plan of Action o Desire NOT to get into financial trouble o Knowledge of how to find funding
5 To Run A Successful Business You Need to Have Passion About Your Business
6 reality check 33 Percent of new businesses fail after only 4 years! (Source: SBA) Are you prepared to take what ever actions necessary, to stay successful?
7 who are the champions? Entrepreneur Characteristics Self-Starters Resourceful Organized Hard Workers Smart Workers Persistent Decisive and Focused Healthy Have Supportive Family Love the numbers They always.....make a good choice of time & location..plan with adequate capital..have the ability to manage and multi-task..stay educated and study their field..have the strongest work ethic..be masters of time management..be willing to ask others for input..make logical, over emotional, decisions..stay disciplined to doing all of the above!
8 Do you have what it takes? A leading reason for early small business failure, is that not enough importance is put on all the roles needed to run a successful enterprise. Bookkeeping Merchandising & Purchasing Everyday Client Crisis Legal Issues Cash Flow Insurance Passion for the idea Sales & Marketing Which role have you mastered? Competition TAXES Credit &Banking Relations Outsourcing & Labor Costs Distribution Are you ready to accept responsibility for the others?
9 To Run A Successful Business You Need to Have: Desire to Know What Makes People tick o Customers o Employees
10 A Preview of Critical Business Steps You Must Have in Place marketing & sales process Who Are Your Prospects? Where Are These Prospects? Can You Get Their Attention? What Approach Will Work? What Media Works? You will need to.....have many methods working..keep adjusting your message..spend money!..doing anything to keep clients..provoke only positive W.O.M.!
11 To Run A Successful Business You Need to Have o A Competitive Advantage o What is Your Business Concept Relative to Competition?
12 A Preview of Critical Business Steps You Must Have in Place product Effective Definition of offering Functionality and Quality Differentiation & Positioning Distribution Process pricing Consumer reaction Cost / Mark-Up / Margins Credit terms and discount Standing Up to competition
13 A Preview of Critical Business Steps You Must Have in Place position In your customer s mind Demographic & niche market Competition Distribution & Merchandising branding A promise made and kept Qualify and prove your U.S.P. Respected in Market Intentional First Impression Signage / Advertising Theme
14 A Preview of Critical Business Steps You Must Have in Place competition analysis Size of operation / no. of employees Price and quality offerings Services provided Value added vs. discounts Strengths / Weaknesses Reputation Are you shopping your competitors? Suppliers & contractors Other businesses in area
15 To Run A Successful Business You Need to Have o A Plan of Action
16 marketing plan The purpose of business is to create customers Peter Drucker Nothing matters.... unless you have customers! What percentage of your time should be devoted to finding them? What means and methods will you use? If those methods don't work, do you have back-up ideas? How will you grab attention, cause interest and motivate a sale? FAILING HERE IS THE NO.1 REASON FOR THE 37% GONE AWAY!
17 Data you need is most likely available - the trick is to dig and find it! Knowing Your Market Chambers of Commerce Banks Civic Organizations Census Data Internet Libraries marketing plan Trade Associations
18 marketing plan Pinning down the target market..who is it? Can this market be profitable? Is this an existing or new market? How will you reach the market? Word of Mouth is obvious, but what actions will be taken to earn it? Marketing costs vs. marketing results How does your value stack up against your competitors? The Sales Process
19 marketing plan your sales process Knowing Customer Motives Making an Effective Approach Having Supportive Material Making Presentations Preparing Bids Causing Interest & Desire Insuring Trust & Loyalty Understating vs. Overstating Answering Objections Closing The Deal Data-Base Entry for Follow-Up Greatest Fable of All... My Product Sells Itself!
20 To Run A Successful Business You Need to Have o A Desire NOT to Get Into Financial Trouble
21 You Need to Have o A Desire NOT to Get Into Financial Trouble o Build a wall between your business assets and personal assets. o Form a legal business entity o o
22 Cash: Most Important Asset Open a business bank account in your business name and Taxpayer ID ASAP Deposit all receipts in tact Use a petty cash fund Separate sales tax receipts on your books Hang on to cash as long as possible Reconcile bank account monthly cash management
23 cash management Personal Budget Considerations Total monthly cost of living Areas where you can cut back Outstanding debt Amount in savings Total amount needed to cover 6 to 12 months of expenses
24 Start Up Cash Needs Essential Considerations: Tools and equipment Leasehold improvements Licenses and permits Professional fees Initial inventory Working capital reserve fund cash management
25 Operating Cash Needs Salaries Rent Insurance Taxes and fees Advertising Loan interest/ principal Utilities Maintenance Yes, there will be more! cash management
26 To Run A Successful Business You Need to Have Knowledge of How to Find Funding
27 Knowledge of Funding Equity Signifies Ownership Sources of Capital Debt Does NOT Signify Ownership Personal savings Family and friends Partners contributions Profits retained in the business Banks and credit unions* Community Express* Micro Loans Credit cards (not recommended) * May be guaranteed by SBA
28 Knowledge of Funding Lender s View of Borrower Character, Commitment Credit rating Personal Investment Collateral, Capital The Business Plan Industry Knowledge Financial history Financial projections Management skills Competition
29 Requirement for Funding: writing a business plan Why So Important? Forces you to take an objective, logical and unemotional view of your business idea. A Lender Requirement: You must prove your way & means, in numbers! Serves as an ongoing business strategic action plan for frequent update and review. Typical Business Plan Outline Table of Contents 1. Executive Summary & Business Over-View 2. Business Concept & Feasibility (Formal Plan Begins) 3. Marketing the Business 4. Financial Forecasting 5. Funding & continued cash mgmt.
30 Requirement for Funding business plan Executive Summary Principals involved and their roles How much money needed How the money will be used When you will repay loans Brief Business Over-View Brief description of business, product or service Market need / Niche filled Location / Competition / Personnel / Suppliers
31 Requirement for Funding business plan 3. Marketing Plan Insert Your Marketing Plan Here to Justify Your Revenue Projections
32 Requirement for Funding business plan 4: Financial Forecasts Capital equipment list Income and expenses Assets, liabilities & equity Break-even calculation Historical records (including variation analysis) 5: Funding and cash mgmt. Sources & applications of funds (cash flow) Session 5 identify specific criteria needed for loans
33 details & requirements Your Legal Business Entity Sole proprietorship vs. LLC Partnerships; caution ahead? Liability and tax obligations When is Sub Chapter S necessary? Who are the C corporations? Failing to submit accurate State & Federal documentation from the outset, causes big headaches for those who are not detail conscious!
34 details & requirements Government Regulation Local Authority Licenses and Permits Industry Compliance and Approvals Labor Laws Immigration Laws Federal Income Withholding payments Social Security Withholding Unemployment Insurance If and when audited, ignorance of the law is no excuse!
35 details & requirements Insurance Considerations Property Liability Motor Vehicles Umbrella Liability Worker's Compensation Health Life
36 details & requirements Every Business Needs: A Banker Legal Assistance An Accountant, even if only to review your bookkeeping An Insurance Agent A Trusted Business Mentor
37 HELP! There are many sources to help guide you through the process SCORE SBA Indianapolis Marion County Public Library Indiana Secretary of State Office
38 SCORE Help Free face-to-face counseling and mentoring Business Start Ups Ongoing Business Companies. Locations: Indianapolis, Noblesville, Greenwood, Avon, Lafayette
39 SCORE Help Workshops: Simple Steps for Starting Your Business October 13: Greenwood Chamber of Commerce & Nora Library October 20: Pike Library & Nobelsville Library
40 SCORE Help Workshops: Small Business Financing 2 nd Friday of each month from 2:30 4:00 PM SBA Conference Room 8500 Keystone Crossing, Ste 400 Register Online at
41 SBA Help Small Business Administration Indiana District Office 8500 Keystone Crossing, Suite 400 Indianapolis, IN (317)
42 SBA Help Starting a business Getting a loan Government contracts Disaster Assistance
43 SBA Loans SBA does not make loans SBA guarantees loan repayment to lending institutions (similar to student loans) To see if one qualifies for an SBA guarantee, go to an SBA approved lender (over 80 in Indiana) Make application for a loan meeting SBA requirements.
44 Types of SBA Loans Basic 7 (a) loan program to eligible borrowers for starting, acquiring or expanding a business. Apply to participating lending institution. Certified Development Company (CDC) 504 Loans long-term, fixed-rate financing for major fixed assets.
45 Types of SBA Loans (cont.) Microloan Program Offers very small loans to start-up, newly established or growing small business concerns. SBA makes funds available to nonprofit community based lenders which, in turn, makes loans to eligible borrowers in amounts up to a maximum $35,000. Applications are made to the local intermediary and all credit decisions are made locally.
46 Indianapolis Central Library St. Claire and Meridian Streets. Phone World-class business information on 3 rd and 4 th floors. Librarians are very interested in helping small business and are very helpful to visitors.
47 Types of Business Information Industry descriptions and sizes. Census / Demographic information Information on various competitors. Database of Business Plans from identical companies (like yours) from around the country.
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