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Starting and Nurturing Your Business

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SCORE Greater Cincinnati
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Starting & Nurturing Your Business – Ten Steps ,[object Object],[object Object]
Workshop Objectives ,[object Object]
Workshop Objectives ,[object Object],[object Object]
Workshop Objectives ,[object Object],[object Object],[object Object]
Workshop Objectives ,[object Object],[object Object],[object Object],[object Object]
Workshop Objectives ,[object Object],[object Object],[object Object],[object Object],[object Object]
Background - SCORE ,[object Object],[object Object],[object Object]
Background - SCORE ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Background - SCORE ,[object Object]
Background - SCORE ,[object Object],[object Object],[object Object],[object Object],[object Object]
Background - SCORE ,[object Object]
Background - SCORE ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Importance of Small Business to US Economy ,[object Object]
Importance of Small Business to US Economy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Importance of Small Business to US Economy ,[object Object]
Importance of Small Business to US Economy ,[object Object],[object Object],[object Object],[object Object],[object Object]
Importance of Small Business to US Economy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Starting New Business Process Ten Steps ,[object Object],[object Object]
Starting New Business Process Ten Steps ,[object Object],[object Object]
Starting New Business Process Ten Steps ,[object Object],[object Object]
Starting New Business Process Ten Steps ,[object Object],[object Object]
Starting New Business Process Ten Steps ,[object Object],[object Object]
Starting New Business Process Ten Steps ,[object Object],[object Object]
Starting New Business Process Ten Steps ,[object Object],[object Object]
Starting New Business Process Ten Steps ,[object Object],[object Object]
Starting New Business Process Ten Steps ,[object Object],[object Object]
Starting New Business Process Ten Steps ,[object Object]
Now the Details – Are you ready???? 9:35AM
Step 1: Identify skills and experience YOU have to start a Business Determine the high level of skills and experience you will provide to YOUR business.
Step 1: Identify skills and experience YOU have to start a Business Determine the high level of skills and experience you will provide to YOUR business. ,[object Object],[object Object]
Step 1: Identify skills and experience YOU have to start a Business Determine the high level of skills and experience you will provide to YOUR business . ,[object Object],[object Object],[object Object]
Step 1: Identify skills and experience YOU have to start a Business Determine the high level of skills and experience you will provide to YOUR business. ,[object Object],[object Object],[object Object],[object Object]
Step 1: Identify skills and experience YOU have to start a Business Determine the high level of skills and experience you will provide to YOUR business . ,[object Object],[object Object],[object Object],[object Object],[object Object]
Step 1: Identify skills and experience YOU have to start a Business Determine the high level of skills and experience you will provide to YOUR business. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 1: Identify skills and experience YOU have to start a Business Determine the high level of skills and experience you will provide to YOUR business. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 1: Identify skills and experience YOU have to start a Business Determine the high level of skills and experience you will provide to YOUR business. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 1: Identify skills and experience YOU have to start a Business Determine the high level of skills and experience you will provide to YOUR business. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
STEP 2 9:50AM
Step 2: Perform risk assessment of YOUR business idea Document your idea then test with a person in a similar business, a SCORE Counselor and/or your commercial lender. Determine the likelihood of a successful business. ,[object Object]
Step 2: Perform risk assessment of YOUR business idea Document your idea then test with a person in a similar business, a SCORE Counselor and/or your commercial lender. Determine the likelihood of a successful business. ,[object Object],[object Object]
Step 2: Perform risk assessment of YOUR business idea Document your idea then test with a person in a similar business, a SCORE Counselor and/or your commercial lender. Determine the likelihood of a successful business. ,[object Object],[object Object],[object Object]
Step 2: Perform risk assessment of YOUR business idea Document your idea then test with a person in a similar business, a SCORE Counselor and/or your commercial lender. Determine the likelihood of a successful business. ,[object Object],[object Object],[object Object],[object Object]
Step 2: Perform risk assessment of YOUR business idea Document your idea then test with a person in a similar business, a SCORE Counselor and/or your commercial lender. Determine the likelihood of a successful business. ,[object Object],[object Object],[object Object],[object Object],[object Object]
Step 2: Perform risk assessment of YOUR business idea Document your idea then test with a person in a similar business, a SCORE Counselor and/or your commercial lender. Determine the likelihood of a successful business. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 2: Perform risk assessment of YOUR business idea Document your idea then test with a person in a similar business, a SCORE Counselor and/or your commercial lender. Determine the likelihood of a successful business. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
STEP 3 10:05AM
Step 3: Determine the level of Financial Resources needed versus YOUR financial status Determine the level of financial skills and experience required versus YOUR financial knowledge. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 3: Determine the level of Financial Resources needed versus YOUR financial status Determine the level of financial skills and experience required versus YOUR financial knowledge. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 3: Determine the level of Financial Resources needed versus YOUR financial status Determine the level of financial skills and experience required versus YOUR financial knowledge. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 3: Determine the level of Financial Resources needed versus YOUR financial status Determine the level of financial skills and experience required versus YOUR financial knowledge. ,[object Object]
STEP 4 10:20
Step 4: Define who your target Customers are and your Product or Services business. Describe the target individual or group of people that you will focus your attention. Identify where your target audience is located. Describe YOUR product or service and the benefit it will provide your customers. ,[object Object],[object Object],[object Object]
Step 4: Define who your target Customers are and your Product or Services business. Describe the target individual or group of people that you will focus your attention. Identify where your target audience is located. Describe YOUR product or service and the benefit it will provide your customers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 4: Define who your target Customers are and your Product or Services business. Describe the target individual or group of people that you will focus your attention. Identify where your target audience is located. Describe YOUR product or service and the benefit it will provide your customers. ,[object Object],[object Object]
Step 4: Define who your target Customers are and your Product or Services business. Describe the target individual or group of people that you will focus your attention. Identify where your target audience is located. Describe YOUR product or service and the benefit it will provide your customers. ,[object Object]
Step 4: Define who your target Customers are and your Product or Services business. Describe the target individual or group of people that you will focus your attention. Identify where your target audience is located. Describe YOUR product or service and the benefit it will provide your customers ,[object Object],[object Object],[object Object],[object Object],[object Object]
Step 4: Define who your target Customers are and your Product or Services business. Describe the target individual or group of people that you will focus your attention. Identify where your target audience is located. Describe YOUR product or service and the benefit it will provide your customers ,[object Object]
Step 4: Define who your target Customers are and your Product or Services business. Describe the target individual or group of people that you will focus your attention. Identify where your target audience is located. Describe YOUR product or service and the benefit it will provide your customers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 4: Define who your target Customers are and your Product or Services business. Describe the target individual or group of people that you will focus your attention. Identify where your target audience is located. Describe YOUR product or service and the benefit it will provide your customers. ,[object Object]
Step 4: Define who your target Customers are and your Product or Service Describe the target individual or group of people that you will focus your attention. Identify where your target audience is located. Describe YOUR product or service and the benefit it will provide your customers. ,[object Object],[object Object],[object Object]
Step 4: Define who your target Customers are and your Product or Service Describe the target individual or group of people that you will focus your attention. Identify where your target audience is located. Describe YOUR product or service and the benefit it will provide your customers. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Financial Skills Required, Target Customer and product/service defined
STEP 5 10:50
Step 5: Identify the organizational structure and the operations to provide YOUR product or service Describe the how the product or service will be made and design of the organization with number of people and skill levels. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 5: Identify the organizational structure and the operations to provide YOUR product or service Describe the how the product or service will be made and design of the organization with number of people and skill levels. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 5: Identify the organizational structure and the operations to provide YOUR product or service Describe the how the product or service will be made and design of the organization with number of people and skill levels. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 5: Identify the organizational structure and the operations to provide YOUR product or service Describe the how the product or service will be made and design of the organization with number of people and skill levels. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 5: Identify the organizational structure and the operations to provide YOUR product or service Describe the how the product or service will be made and design of the organization with number of people and skill levels. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 5: Identify the organizational structure and the operations to provide YOUR product or service Describe the how the product or service will be made and design of the organization with number of people and skill levels. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
STEP 6 11:05AM
Step 6: Learn the options for YOUR legal structure and key resources Learn the various legal options and the pros and cons of each. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 6: Learn the options for YOUR legal structure and key resources Learn the various legal options and the pros and cons of each. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 6: Learn the options for YOUR legal structure and key resources Learn the various legal options and the pros and cons of each. ,[object Object],[object Object],[object Object],[object Object],[object Object]
Step 6: Learn the options for YOUR legal structure and key resources Learn the various legal options and the pros and cons of each. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 6: Learn the options for YOUR legal structure and key resources Learn the various legal options and the pros and cons of each. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 6: Learn the options for YOUR legal structure and key resources Learn the various legal options and the pros and cons of each. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 6: Learn the options for YOUR legal structure and key resources Learn the various legal options and the pros and cons of each. ,[object Object],[object Object]
Step 6: Learn the options for YOUR legal structure and key resources Learn the various legal options and the pros and cons of each. ,[object Object],[object Object],[object Object],[object Object]
STEP 7 11:20AM
Step 7: Develop YOUR Marketing Plan . Describe the process for developing the various methods and approaches and making best choices for an effective Marketing Plan . ,[object Object]
Step 7: Develop YOUR Marketing Plan . Definition ,[object Object],[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Describe the process for developing the various methods and approaches and making best choices for an effective Marketing Plan . ,[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Plan ,[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Plan ,[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Plan ,[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Plan ,[object Object],[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Plan ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Describe the process for developing the various methods and approaches and making best choices for an effective Marketing Plan . ,[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Marketing Strategy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Describe the process for developing the various methods and approaches and making best choices for an effective Marketing Plan . ,[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Advertising ,[object Object]
Step 7: Develop YOUR Marketing Plan . Advertising ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Advertising ,[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Advertising ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Advertising ,[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Advertising ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Advertising ,[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Advertising ,[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Describe the process for developing the various methods and approaches and making best choices for an effective Marketing Plan . ,[object Object],[object Object],[object Object],[object Object],[object Object]
Step 7: Develop YOUR Marketing Plan . Describe the process for developing the various methods and approaches and making best choices for an effective Marketing Plan . ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
STEP 8 11:50AM
Step 8: Develop YOUR Financial Plan Develop a three year cash flow with actions steps as changes occur.
Year 1 Year 2 Year 3 Grand Total # Services Revenue per service Income # of employees $ paid per employee Personnel Costs Total Expenses – using 50% rule Income - Expenses Startup costs Total per year Cum. Total Amount you will invest Amount you need to borrow
Step 8: Develop YOUR Financial Plan Develop a three year cash flow with actions steps as changes occur. How much equipment will you need for startup? (List) How many products or services will you provide in the first year? How much will you charge per product or service?
Step 8: Develop YOUR Financial Plan Develop a three year cash flow with actions steps as changes occur. How much equipment will you need for startup? (List) How many products or services will you provide in the first year? How much will you charge per product or service? How many people will be on the payroll? How much will you pay each person? How much will your expenses be if payroll is 50% of the expenses?
Step 8: Develop YOUR Financial Plan Develop a three year cash flow with actions steps as changes occur. How much money do you need to startup? How much will YOU invest? Please complete the next page to get the answer!
Example Your Data Year 1 Your Data Year 2 Your Data Year 3 Grand Total # Services 500 Revenue per service 150 Income 75,000 # of employees 2 $ paid per employee 20,000 Personnel Costs 40,000 Total Expenses – using 50% rule 60,000 Income - Expenses 15,000 Startup costs 30,000 Total per year (15,000) Cum. Total (15,000) Amount you will invest Amount you need to borrow
STEP 9 12:05PM
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies as required ,[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies as required ,[object Object],[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies as required ,[object Object],[object Object],[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies as required ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies as required ,[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies as required ,[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies as required ,[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies as required ,[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies as required ,[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies as required ,[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategie s ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies ,[object Object],[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 9: Integrate all of the pieces into an overall business plan Perform a quarterly check of the strategies status and the outcome measures, and then make adjustments to the strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
STEP 10 12:20PM
Step 10: Work the Plan and learn to make Adjustments ,[object Object],[object Object],[object Object],[object Object],[object Object]
Step 10: Work the Plan and learn to make Adjustments ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 10: Work the Plan and learn to make Adjustments ,[object Object],[object Object]
Step 10: Work the Plan and learn to make Adjustments ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 10: Work the Plan and learn to make Adjustments ,[object Object]
Step 10: Work the Plan and learn to make Adjustments ,[object Object]
Step 10: Work the Plan and learn to make Adjustments ,[object Object]
Step 10: Work the Plan and learn to make Adjustments ,[object Object],[object Object],[object Object],[object Object]
Step 10: Work the Plan and learn to make Adjustments ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Step 10: Work the Plan and learn to make Adjustments ,[object Object],[object Object],[object Object]

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Starting and Nurturing Your Business

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  • 28. Now the Details – Are you ready???? 9:35AM
  • 29. Step 1: Identify skills and experience YOU have to start a Business Determine the high level of skills and experience you will provide to YOUR business.
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  • 129. Step 8: Develop YOUR Financial Plan Develop a three year cash flow with actions steps as changes occur.
  • 130. Year 1 Year 2 Year 3 Grand Total # Services Revenue per service Income # of employees $ paid per employee Personnel Costs Total Expenses – using 50% rule Income - Expenses Startup costs Total per year Cum. Total Amount you will invest Amount you need to borrow
  • 131. Step 8: Develop YOUR Financial Plan Develop a three year cash flow with actions steps as changes occur. How much equipment will you need for startup? (List) How many products or services will you provide in the first year? How much will you charge per product or service?
  • 132. Step 8: Develop YOUR Financial Plan Develop a three year cash flow with actions steps as changes occur. How much equipment will you need for startup? (List) How many products or services will you provide in the first year? How much will you charge per product or service? How many people will be on the payroll? How much will you pay each person? How much will your expenses be if payroll is 50% of the expenses?
  • 133. Step 8: Develop YOUR Financial Plan Develop a three year cash flow with actions steps as changes occur. How much money do you need to startup? How much will YOU invest? Please complete the next page to get the answer!
  • 134. Example Your Data Year 1 Your Data Year 2 Your Data Year 3 Grand Total # Services 500 Revenue per service 150 Income 75,000 # of employees 2 $ paid per employee 20,000 Personnel Costs 40,000 Total Expenses – using 50% rule 60,000 Income - Expenses 15,000 Startup costs 30,000 Total per year (15,000) Cum. Total (15,000) Amount you will invest Amount you need to borrow
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  • 158.
  • 159.
  • 160.
  • 161.
  • 162.
  • 163.
  • 164.
  • 165.