This document provides information on starting a business, including different legal structures like sole proprietorships, partnerships, corporations, and non-profits. It also discusses franchising and outlines steps for starting a business like getting an EIN, registering the business name, obtaining insurance, and considering certifications. The document provides guidance on key elements of a business plan such as the mission statement, company summary, goals and objectives, marketing strategies, and financial projections. It also discusses finding investors and stakeholders to support the business.
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How to start a start up
1.
2. What is a Start-Up?
A partnership or organization
designed to search for a
repeatable and scalable
business model.
3. Business 101 – Legal
Structure of your Business
Sole Proprietorship
Limited Liability Partnership
Limited Liability Corporation
Corporation
Non-profit Corporation
Franchising
4. Sole Proprietorship
A type of business entity that is owned and run by
one individual and in which there is no legal
distinction between the owner and the business.
The owner receives all profits (subject to taxation
specific to the business) and has unlimited
responsibility for all losses and debts. Every asset of
the business is owned by the proprietor and all debts
of the business are the proprietor's.
5. Partnerships
A partnership is a single business where two or
more people share ownership.
• General Partnerships
• Limited Liability Partnerships
• Joint Ventures
6. Corporation
A C corporation is an independent legal entity
owned by shareholders. This means that the
corporation itself, not the shareholders that own
it, is held legally liable for the actions and debts
the business incurs.
7. S Corporation
An S corporation is a eligible domestic
corporation can avoid double taxation (once to
the corporation and again to the shareholders)
by electing to be treated as an S corporation.
What makes the S corp different from a
traditional corporation (C corp) is that profits
and losses can pass through to the your
personal tax return.
8. Non-Profit Corporation
A nonprofit corporation is any legal entity which
has been incorporated under the law of its
jurisdiction for purposes other than making
profits for its owners or shareholders.
Mutual Benefit non profit corporation
Public Benefit non profit corporation
9. Franchising
Franchising is the practice of using another firm's
successful business model. For the franchisor, the
franchise is an alternative to building 'chain stores' to
distribute goods that avoids the investments and
liability of a chain. The franchisor's success depends
on the success of the franchisees. The franchisee is
said to have a greater incentive than a direct
employee because he or she has a direct stake in the
business.
10. Starting the Business
Structure your business
Get an Employer Identification Number (EIN)
Irs.gov – Form SS-4
Register with the Registrar/Recorder– Norwalk,
CA
Publish the name of your business in a
publication for 4 weeks
11. Got Insurance?
General Liability Commercial general
liability insurance,
protects your business
from third party claims for
bodily injury, associated
medical costs and damage
to someone else’s
property.
http://www.hiscox.com/sm
all-businessinsurance/general-liabilityinsurance/
Professional Liability Professional liability
insurance, also called
errors and omissions
insurance (E & O
insurance), protects your
business if you are sued
for negligence, even if you
haven’t made a mistake.
http://www.hiscox.com/sm
all-businessinsurance/professionalliability-insurance/
12. Are you certified?
Professional
certifications and
licenses are very
important!
Accountants – CPA, CMA
A designation earned by
a person to assure
qualification to perform a
job or task
Global Logistics –
NVOCC or Customs
Brokers License
Aviator – Commercial
Pilot License
Real Estate Agent – Real
Estate License
14. Mission Statement
The framework or context within which the
company's strategies are formulated.
AARP: To enhance the quality of life for all as we
age. We lead positive social change and deliver
value to members through information,
advocacy and service.
15. Company Summary
Executive Summary
Start Date
Address, Phone, Website,
etc
Organization structure,
President, Vice President
Board of Directors
Company Description
A description of services
offered by the company
Service or Product Line
Target Audience
Market Analysis
16. Goals vs Objectives
Goals
The purpose toward which
an endeavor is directed
Long Term
Ex. I want to fundraise
500,000 for the organization
Objectives
Something that one's efforts
or actions are intended to
attain or accomplish
Short Term
Ex. Each week I will contact 2
fortune 500 companies and
submit a grant application
17. Marketing
Social Media Campaign Marketing – Facebook,
Twitter, LinkedIn, Instagram, Youtube, Vimeo,
Snapchat, Google Plus
Website – Wordpress – Buy a domain, Get
someone to host it. Build a website!
Business Cards
20. Investors and Stakeholders
Start with your family and peers
Ask your board of directors
Fundraisers
Crowd Funding – Kick Starters
Where do you find investors and stakeholders? –
Networking events, conferences, trade shows
