6. Business Assessment

8. Business Description

9. Operations and Management

10. Product/Service

11. Marketing Plan

12. Financial Statements and Projections

14. Income Statement

15. Cash flow forecast

25. If no employees no additional payroll reporting or unemployment taxes

26. Owner reports profits & losses on owners 1040

27. Unlimited personal liability

29. Profits are shared according to their agreement

30. Disadvantages

31. Each partner is personally liable for entire business

32. No real advantage over an LLC

34. C” Corporation

35. Designed for larger businesses or businesses that intend on fast growth and want to reinvest earnings

36. Stockholders not personally liable for company debts

37. More expensive to setup than others

38. Double taxation can occur

39. “S” Corporation

40. Is a tax election, not legal entity

41. Profits & Losses passed through to owners

42. Double taxation avoided

44. Owners not responsible for debts of the business

45. Easier and less expensive to setup than corporation

46. Is a legal entity, not a tax entity

47. Single person LLC is taxed as Sole Proprietor

48. Multiple person LLC is taxed as Partnership

49. Or can elect to be taxed as corporation

50. Good for holding real estate

51. Disadvantages

54. Set up credit card processing (if desired)

55. Fund the business (owner capital or loans)

56. Decide on accounting method (cash or accrual)

57. Establish books for the business (computerized preferred)

58. Obtain liability insurance, renters insurance, workers compensation, etc.

59. Hire employees and set up payroll records

61. Business expansions that are poorly planned and not appropriately financed

62. Poor Management

63. The Business offers products and services that nobody wants or cannot afford

64. Inability to adapt to a changing environment

65. Failing to control costs

71. Personal savings

72. Friends or relatives

73. Government

75. You are more likely to get a loan with adequate equity in your business

77. Credit Cards – to cover and track small expenses or everyday business expenses.

78. Suppliers’ Credit – sometimes a very cheap source of financing, do not overlook the value of this source.

79. Business Term Loan – used to purchase long term assets required to operate your business.

80. Leasing – used to obtain assets to run your business, may provide more flexible options than traditional loans.

82. Most expensive

83. Credit lines may be cut unexpectedly

84. Most risk

85. Personal Savings

86. Lowest expense

87. Lowest risk

88. Do not use all of your savings for start up costs

89. Bank financing

90. Low cost

91. Shorter term

92. Higher equity requirements

93. Small Business Administration guaranteed loans

94. Low cost

95. Longer terms

96. Reduced equity requirements

97. Lower risk to partner Banks

98. Multiple plans to address real estate, equipment, and working capital needs

101. Interest rate 3% above prime

103. Interest Rate=Prime

106. It costs 5 to 6 times more to attract new customers than to keep existing ones

107. Companies can boost profits from 25 to 125 percent by retaining 5 percent more existing customers

129. Print Ads

130. Direct Mail

132. SEO

133. Blogging

149. Execs in all of the Fortune 500

150. 60% of incomes over $90,000

151. ¼ are senior executives

152. Segments:

153. Executives: 28%

154. Networkers/Consultants: 30%

155. Late Adopters: 22%

156. Exploring Options: 20%

164. But they do require regular check-ins and updates

172. Create a Business One Stop account.

173. Answer a few brief questions about your business.

176. Bridges the 26 state agencies, over 100 programs and over 300 forms that may touch a Virginia business

177. Virginia Central Business Portal (www.business.virginia.gov)

178. Covers registration, taxation, licensing

179. Interactive Business Plan CD

180. 5 Step process to a business plan

181. Entrepreneur Express Events

184. $5 billion market

185. Access to buyers from 171 state agencies

186. Additional $5 billion from local governments

187. 575 localities using eVA system.

188. Small Business Goal – 40%

189. Over 41,490 registered suppliers

194. Partnership with Service Providers and localities

195. Provide information on available resources to start and grow a business

196. Statewide Program

197. Free – ½ Day Session

198. Over 8,000 reached

200. October 14 – Scott County

201. November 1 – Floyd County

204. Create minimum 25 net new jobs within 12 months and capital investment of at least $1,000,000

205. Minimum entry-level wage of $10.00/hr required. Only full-time jobs are eligible.

206. Small business workforce recruiting and training

207. 250 employees or less, hiring at least 5 new full time employees within 12 months of operation and capital investment of at least $100,000

208. Minimum entry-level wage of $10.00/hr required. Only full-time jobs are eligible.

209. Retraining

210. Small businesses that are retooling and installing new technologies

213. Combination of on-the-job training and classroom instruction.

214. Advantage of skilled workforce and reduced turnover.

215. http://www.doli.virginia.gov

216. Virginia Department of Agriculture & Consumer Affairs

217. Virginia’s Finest Trademark = Marketing program that promotes foods and foods products grown in Virginia.

220. 30 Within Commonwealth

221. Business Incubator Benefits

222. Facility designed to assist businesses to become established and sustainable

223. Benefits

224. Shared premises and business services

225. Business advice and mentoring assistance