SBA Office of
Entrepreneurship Education
SBA Young
Entrepreneurs
An Essential Guide to
Starting
SBA+ Featured Course
Transcript
Slide 1: Young Entrepreneurs:
Welcome to the Small Business
Administration’s online training course “Young Entrepreneurs – An Essential
Guide to Starting Your Own Business”
This course is a product of the agency’s
Office of Entrepreneurship Education.
Slide 2: Introduction:
This is a self-paced training program
designed to provide an overview of the options and opportunities available to
young entrepreneurs. It also outlines the essential steps you need to take to
get started and be successful.
The course is easy to follow and the main
modules are indexed for easy access and navigation. It will take approximately
30 minutes to complete the course.
To help you get the most out of the course,
once you’ve completed the program we’ll provide a link to a “Starting a
Business” tip sheet that summarizes the main learning points outlined! You will
also receive a certificate of completion from SBA.
To increase accessibility, the course offers
a full transcript, image tags, keyboard shortcuts, options to advance or pause slides, and audio narration. Please adjust your speakers for audio
narration.
Slide 3: Module Outline:
This training course consists of three main
sections.
Module 1: Will explore the fundamentals of
entrepreneurialism – such as coming up with a business idea, assessing the
market opportunity, and turning that idea into a reality. We’ll also discuss
the options for doing business – such as running an online business, working from
home, freelancing, and franchising.
Module 2: will delve into the “must do” steps
involved in starting your business. This includes putting a basic plan of
action in place, getting support from a mentor, understanding your financing
options, as well as the fundamentals of structuring your new business and
registering it with the right authorities.
Lastly,
Module 3: will explore the many
entrepreneurial support resources, both online and in your community, that can
provide invaluable help to you as you start and grow your new venture.
Slide 4: HOW TO TURN YOUR ENTREPRENEURIAL
IDEA INTO A BUSINESS REALITY
Module 1
HOW TO TURN YOUR ENTREPRENEURIAL IDEA INTO A
BUSINESS REALITY
Slide 5: So you’re interested in starting a
business?
So you’re interested in starting your own
business?
We don’t blame you!
Entrepreneurship can be an exciting
adventure, and if you’re young it might be easier than you think.
Often times you don’t need a lot of money to
get started - passion, motivation, and government resources that you may not be
familiar with can get you a long way in starting or growing your firm.
After all, the world is full of many
successful entrepreneurs that launched when they were young:
Dan Price is founder and CEO of Gravity
Payments, the largest payment processor in Washington State. Gravity began in
2004 when Price, only 19, noticed a growing need in the marketplace. Now 7
years later, Gravity Payments has secured its spot among the top 100 credit
card processor in the U.S. for the fourth year in a row and continues to grow
exponentially. Dan was names SBA’s Young Entrepreneur of the Year in 2010. Full
story at http://www.sba.gov/content/young-entrepreneur-shares-road-success
Mollie Breault-Binaghi
is only 25, but is already the owner of two successful graphic design and
printing businesses and was named Vermont’s Young Entrepreneur of the Year in
2011 by the SBA. While her achievements are uniquely her own, Mollie’s family
and friends have provided significant support. With input from her
boyfriend and her family, she spent considerable time working out the details
of a business plan. Mollie’s advice for other young entrepreneurs is
simple. “Plan!” she said. “And you have to be passionate about
it. Otherwise it’s not worth doing. Owning your own business is not
easy and it’s not going to make you rich quick. You’re going to be in it
for the long haul so it’s got to be something you love.” Full story at
http://www.sba.gov/content/young-entrepreneur-shares-road-success
Many young people start their businesses
without a huge amount of funding - using available resources wisely can quickly
help you get your venture off the ground.
Remember, you don’t necessarily have to sign
a lease for office space, hire employees, or carry out an expensive marketing
plan from the get-go.
There are a variety of launch approaches you
can take: from starting an online business or a home-based business, to
freelancing or establishing a partnership with a friend. Making use of social
media tools for free marketing and advertising is a great idea too.
Slide 6: But how do you make the leap?
But how do you make the leap?
We understand being young and launching your
own business can be a bit intimidating and we’re sure you have a lot of
questions on your mind.
Like how can I be taken seriously about my
idea?
How much will it cost me to get started?
Do I need to incorporate?
How do I understand the taxes I’ll be
required to pay?
We created this course with you in mind to
help answer your questions and equip you with the tools and information you
need to get started.
Through this course, we’ll help answer your
questions about business ownership, guide you through the steps toward getting
started, and explain how you can take advantage of the available (and did we
mention, free?) resources to help you overcome challenges and succeed in your
ventures ahead.
Slide 7: Is entrepreneurship right for you?
So let’s get started. First on the agenda is
finding out:
Is entrepreneurship right for you?
Starting your own business can be an exciting
and rewarding experience. It offers
numerous advantages like the ability to be your own boss, set your own
schedule, and make a living doing something you enjoy.
But entrepreneurship also brings with it a
variety of challenges.
Becoming a successful entrepreneur requires
sound planning, creativity and hard work, and it also involves taking risks -
because all businesses require some form of investment, usually time or money.
To begin evaluating whether launching your
own business is right for you, consider some of the following personal
characteristics and qualities that are typical of successful small business
owners:
Creativity: The first step to starting a
business is to come up with an idea or concept. Let’s face it, people tire of
commodities, and if you’re not creating something new and interesting, chances
are you’ll get left behind. Or you
might come up a different take on an existing service that is cheaper or more
convenient for potential customers. In
business, creativity can lead to opportunity!
Being Persistent: Things take time to grow,
and that includes businesses. Very few people will produce mass amounts of
profit within just weeks or even months.
Innovative: Sometimes the product or service
you create needs to be modified, or you come into contact with a good product
that could be a fantastic product, with just a few minor changes. Entrepreneurs
not only create, but they innovate.
Resiliency: Many entrepreneurs get upset if
their project never takes off the ground or it doesn’t instantly start making
them the kind of money they envisioned. Inevitably, some projects fail for a
variety of reasons … poor planning, competitors offering better options, market
timing or other factors. To be a
successful entrepreneur you need to grow from your mistakes and move forward.
Financial smarts: You have to spend money to
make money, but you should never spend more than you earn. Investing in the
right equipment to grow your business while maintaining a steady profit will
help you generate not only revenue, but profit!
While it’s not essential you have all of
these traits, it is important for you to identify yourself with the majority of
them.
Slide 8: What’s your business idea? Will it
work?
Do you have a business idea? Not sure if your
idea will work?
Here are some points to consider about the
feasibility and potential of your business idea - and how you can turn that
dream into a reality:
What are you interested in?
Often times the best ideas come from doing
what you enjoy most - which is why your personal passions or hobbies often lead
to rewarding businesses. Do you have a special talent or skill that could be an
idea generator? Even minor interests can lead to innovation.
What have you got to offer?
In addition to doing what you enjoy, ask
yourself what aspects of your work do you do well and what you don't do so
well. Knowing what you have to offer and which areas you excel in are essential
to building a business.
What do you want?
One of the most important considerations when
planning a business is pinpointing what you want to get out of it. Whether it's
making money, finding the right work and life balance, or just being your own
boss – it’s important to know whether your business idea will give you the life
you want.
What market or consumer trends are ‘in’?
Successful entrepreneurs are always on the look out for the next hot idea. While these ideas don't
always have to stem from what you already do, it certainly helps if you can
combine what's hot with your existing know-how, expertise, or passion in
life. You may even be able to forecast
the next business trend ahead of time.
Consider pursuing your dream on a part-time
basis
Whatever idea you come up with, if you are
new to business ownership, it
may be a good idea to start planning or executing your business
venture on a part-time basis while you are still employed or in school.
Not only will this allow you to test the
water, it will help you build a steady revenue stream so that when you do make
the leap into your business you are doing it with a base of existing customers
or business pipeline.
Slide 9: Do your research!
Validating your vision requires research
If you’ve determined what your original idea
will be and you’d like to move forward with the entrepreneurial process,
consider diving into competitive and market research as it pertains to you
idea.
Some tips to get you started on assessing
your competitive market:
Use the web to your advantage
The easiest way to check out the competition,
as well as what customers think of them, is to go
online.
Conduct a search on popular local online
business listings. Enter keywords about your business together with the zip
code of the area you serve, like “landscape services, 22182”.
Focus on the top 10 businesses from each
search engine result and start your competitive research by checking out their
web sites for information on products, pricing, service areas, and more. Assess
how your offerings compare to your competitors.
What do you offer that is unique? How can you
work that into your marketing plan to set you apart from the competition?
Gauge Customer Opinion
Based on your search engine results, take a
look at the customer reviews posted against your competitor’s business listing.
This information can provide valuable insight into why a customer chooses one
business over another.
Get to Know Your Competition
It's very rare that any two businesses are
exactly the same, which makes it a good idea to get to know, and even network
with, your competition in person. The rewards can include referrals (if you
offer something that they do not) or if they are unable to take on additional
customers for whatever reason (which is very common in the freelance/consulting
world), or even a joint venture.
Do Not Get Hung Up on Price
While you do want to make sure that your
pricing is in line with the market, don't run the risk of selling your
offerings short by focusing on price as your main differentiator - you'll never
win and you'll end up destroying all your margins in an effort to stay
ahead. Instead focus on value and
selling that value effectively.
If you want to take your competitive research
a step further, consider talking to potential customers - whether family,
friends, neighbors, or acquaintances to see if they would buy your product or
service. Ask them what elements are important to them, whether it’s price,
quality, reputation in the industry, or something else.
For more information
check out this SBA article on “Conducting Market Research”.
http://www.sba.gov/content/conducting-market-research
Slide 10: Decide on a business model
Finding the Right Business Model for You
Once you have your idea finalized, you will
need to consider what business model fits your idea best – for example could
freelancing be an option for you? How about just launching your business
online? Or, could you work from home?
Let’s explore some lower-risk choices for
young entrepreneurs who are just getting started:
Slide 11: Freelancing
Freelancing
Freelancing allows you to be your own boss
while doing what you enjoy. Often times, service-based professions like graphic
designers, consultants, writers, or marketers can be done on a part-time freelance
basis while maintaining a separate, steady income elsewhere. Do you have a
skill that you could market as a freelancer?
Some of the benefits of freelancing also
include the fact that it can be done part-time until you have a steady client
base and then be able to go full time. It also offers diversity of work.
However, it’s also important to consider the
challenges of freelancing:
It can get lonely and you’ll likely be doing
all the sales, marketing, and things like taxes and accounting on your own
(which can be more of a challenge than you might think).
Slide 12: Home-Based Business
Home-Based Business
Another low risk option for starting a business, is to do it from your home. A growing number of
people choose to launch their business out of their home as opposed to
investing in property.
The benefits are significant, because a
home-based business offers great flexibility and is a low-cost way to start and
grow a business.
However, it does have its challenges:
It can be overwhelming to maintain a work and
life balance, and you’ll experience lack of social interaction on the job.
Home-based businesses can look unprofessional
(for example, if you need to hold business meetings).
There are also limitations as to what types
of businesses you can run from a home – for example, catering or food
production cannot be done from a domestic kitchen and zoning laws and HOAs put
restrictions on certain businesses.
Learn more about Starting a Home-Based
Business http://www.sba.gov/content/home-based-business
Slide 13: Online business
Online Business
Doing business online is also a relatively
low-cost way of starting your business. Whether it’s selling
online on sites like eBay, Amazon or Yahoo!, providing media or social
media-based services, or delivering goods and services via your own ecommerce
site.
Online business benefits include a low cost
of entry and low overhead cost.
Some of the challenges that online businesses
face include a lengthy ramp-up time.
Generating site traffic is also essential to
sales so you’ll have to invest in search engine optimization and social media
practices to drive traffic as well as non-traditional marketing. In addition,
you will not have a lot of face-to-face customer contact so it might be hard to
gauge opinions and build relationships with your customers.
Learn more by reading the SBA guide “Starting
and Online Business”: http://www.sba.gov/content/starting-online-business
Slide 14: Franchising
Franchising
Franchising is also a popular and relatively
low risk business opportunity for young entrepreneurs.
A franchise is a right granted to an
individual or group to market a company's goods or services within a certain
territory or location. Some examples of today's popular franchises are McDonald's,
Subway, Domino's Pizza, and the UPS Store.
There are many different types of franchises
– and many of them can be home-based.
Franchising can be a relatively low-risk
entry into business since you benefit from the training and advisory services of
the franchisor as you go about starting your business. You will also typically
receive marketing support and benefit from the power of an already-established
brand.
It’s important to note that franchising also
brings with it franchise fees and monthly costs that can be a drain on your
profits. You might also experience a loss of autonomy and lack of flexibility
in how your run the business.
Learn more by reading the SBA guide “Buying a
Franchise” http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/establishing-business/buying-franchise
Slide 15: Getting Started – Six Must Do’s!
Module 2:
So you’re ready to get started with your
idea? The next part of the presentation will help de-mystifying what it takes
to start a business and provide you with a series of “Six Must-Do” steps that
you can take to get your business up and running.
Many of these steps are overlooked…like the
need for home-based businesses to get a permit, or estimating your tax
requirement (pause) so be sure to go through each carefully.
With the right information and preparation,
these steps will not take you long and can be essential in making or breaking
your success.
Slide 16: 1. Have a plan
1. Have a Plan
Many start-ups are intimidated by the
formality of a business plan or put off the process until they need a loan.
However, many business-planning experts will stress that you don’t need
the traditional 100-page plan to launch your business.
Instead, try developing your business plan as
a succinct, living document that you revisit and update as the market and
business conditions and opportunities evolve.
For a freelancer or home-based business, this
might be as simple as having a goal to expand your client base from two to six
by the end of the year, and mapping out a plan to do so.
The plan might include things like a
networking strategy, ways to build up your referral base, creating a
professional web site, or starting a blog.
Some helpful tips to consider as your create your business plan:
Define success: All business planning should
keep real goals in mind. It's about achieving what you want.
Focus: You can't do everything and you're not
credible when you promise everything to everybody. Focus on a well-defined
target market, and understand who isn't in your market. Also, concentrate on a
well-defined product offering.
Understand meaningful steps: Strategy without
implementation means nothing. Make it real with dates, deadlines, task
responsibilities, and measurements you can track.
Manage the planning process: The initial plan
is just the beginning. What makes the real difference for your business is
managing the implementation of the plan, keeping the planning process alive,
reviewing progress towards goals, watching for changing assumptions, and
revising your approach.
Break up your plan into mini-plans: In
addition to your overall business plan, try creating mini-plans for areas of
your business such as sales, marketing, and technology. Re-visit these plans monthly,
if not weekly. Keeping it simple not only makes the planning process easier, it
makes it considerably more likely that you will stay true to your plan in the
year ahead.
Be on the look-out for talent – whether it’s
a business partner, future team members, suppliers, or distributors. Talent is key … both yours and those you work
with … smart entrepreneurs know this and are consistently on the look-out for
talent.
For more information on writing your business
plan check out the SBA guide, “Essential Elements of a Good Business Plan”.
http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/writing-business-plan/essential-elements-good-busines
Slide 17: 2. Get Assistance
2. Get Assistance
The good news for many aspiring young
entrepreneurs is that there are a lot of resources and mentorship opportunities
out there to help provide guidance along the way.
SCORE, for example, is a nonprofit
association dedicated to educating entrepreneurs and helping small businesses
start, grow, and succeed nationwide. SCORE is a resource partner of the U.S.
Small Business Administration (SBA), and has been mentoring small business
owners for more than forty years.
Small Business Development Centers (SBDCs)
are located in communities across 50 states. SBDC services aim at giving
educational services for small business owners and aspiring entrepreneurs. All
services given at SBDCs are free and confidential.
Women’s Business Centers (WBCs) represent a
national network of nearly 100 educational centers designed to assist women
start and grow small businesses. WBCs operate with the mission to "level
the playing field" for women entrepreneurs, who still face unique
obstacles in the world of business.
Check out SBA partner locations like Veterans
Centers and US Export Assistance Center which can help with specialty services.
SBA Direct is another easy-to-use tool for
finding assistance and training for your entrepreneurial dream.
You can try it out for yourself at
www.sba.gov/sba-direct - we’ll be taking a few minutes at the end of the course
to talk about SBA Direct in more detail.
Also, check out SBA’s Training and
Counseling resources online which includes a variety of online trainings which
cover many business topics for you to learn and links to local resources.
http://www.score.org/
http://www.sba.gov/content/small-business-development-centers-sbdcs
http://www.sba.gov/content/womens-business-centers
www.sba.gov/content/veterans-business-outreach-centers
http://www.sba.gov/content/us-export-assistance-centers
www.sba.gov/sba-direct
http://www.sba.gov/category/navigation-structure/counseling-training
Slide 18: 3. Finding a Mentor
3. Finding a Mentor
“Going at it alone” in business doesn’t have
to be about “going at it alone”.
During the first few years of being a
start-up, perhaps more than any other time in your working life, you will need
a mentor…someone to turn to for advice and support.
A mentor is someone who has been there
before…they are experienced, successful, and can provide critical guidance.
You’re probably wondering how you find a mentor?
We thought you might be…check
out some of the following tips on finding and working with a mentor for your
small business:
Try utilizing free Government-Sponsored
Mentor Organizations
You might be surprised, but the government
offers a great deal of free resources, including SBA’s Small Business
Assistance and Training and Mentoring services to support small business
owners, both online and locally.
As mentioned in the previous slide, SCORE
also provides free and confidential counseling, mentoring and advice to small
business owners.
Try looking within your own network - whether
you have admired a business owner from afar, or know someone in your previous
employment that you respect and value for their business insight – you have
nothing to lose in approaching and asking these individuals if they would
consider being your mentor.
http://www.sba.gov/category/navigation-structure/counseling-training
http://www.score.org/
Slide 19: 4. Decide on a Business
Model/Structure
4. Decide on a Business Model/Structure
When you’re starting a business, one of the
first decisions you have to make is how to legally structure your business.
Common options include a sole proprietorship, corporation, or a limited
liability company.
When you start your business, there’s a good
chance you are operating on your own or with a partner. Formally structuring
your business might not be something you need to consider straight away, but
it’s a good idea to have an overview of the options, which protect your
personal liability and set you in good stead for the long run.
This decision is important, because the type
of business you create determines the types of applications you’ll need to
submit. You should also research liability implications for personal
investments you make into your business, as well as the taxes you will need to
pay.
It’s important to understand each business
type and select the one that is best suited for your situation and objectives.
Slide 20: Some options - Sole Proprietor
Here are some options you can consider:
Sole-Proprietor: 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.
The proprietor owns every asset of the
business and all debts of the business are the proprietor's. Sole proprietors
are usually freelancers or micro-business owners. You will still need to
register your business with federal and state authorities, and obtain the right
licenses and permits.
Read the SBA guide “Self-Employed Independent
Contractors” to learn more.
Partnership: A single business where two or
more people share ownership. In general, each partner contributes to all
aspects of the business including money, property, and labor or skill. In
return, each partner shares in the profits and losses of the business.
Read SBA’s guide to “Partnership” to learn
more. http://www.sba.gov/content/self-employed-independent-contractors
Slide 21: Some options - Partnership
Here are some options you can consider:
Sole-Proprietor: 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.
The proprietor owns every asset of the
business and all debts of the business are the proprietor's. Sole proprietors
are usually freelancers or micro-business owners. You will still need to
register your business with federal and state authorities, and obtain the right
licenses and permits.
Read the SBA guide “Self-Employed Independent
Contractors” to learn more.
Partnership: A single business where two or
more people share ownership. In general, each partner contributes to all aspects
of the business including money, property, and labor or skill. In return, each
partner shares in the profits and losses of the business.
Read SBA’s guide to “Partnership” to learn
more. http://www.sba.gov/content/partnership
Slide 22: Some options - LLC
Limited Liability Company (LLC): A flexible
form of enterprise that blends elements of partnership and corporate
structures. It is a legal form of company that provides limited
liability to its owners in the vast majority of United
States jurisdictions. LLCs do not need to be organized for profit.
Depending on the state, the members can consist of a single individual (one
owner), two or more individuals, corporations, other LLCs, and even other
entities.
Read SBA’s guide on “LLC’s” to learn more.
Other legal business entities include a
cooperation, non-profit, cooperative - visit SBA’s guide to “Registering and
Incorporating Your Business” for more information.
http://www.sba.gov/content/limited-liability-company-llc
http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/establishing-business/incorporating-registering-you-0
Slide 23: 5. Financing your venture
5. Financing Your Venture
Not all businesses need a huge injection of
capital to get started, particularly if you are freelancing, working from home,
or doing business online.
However, it is important to assess your
funding needs – including your capital assets like a laptop, printer, web hosting costs, office space or inventory stock – as well
as the amount of cash flow you need to keep you afloat until your business is
meeting your revenue goals and you are making a profit.
It is also important for you to have fully
developed and tested your product or offering. Ensure your product or service
is as complete and ready-for-market as it can be before marketing it or seeking
financing.
Slide 24: Financing options
Let’s take a look at your financing options:
Bootstrapping: Instead of seeking external
investors, entrepreneurs with very limited capital can find the funds to
startup by reaching into their pockets and pinching together a mixture of
supplemental income, credit cards, stock investments, revolving lines of
credit, and loans. As with any financing option, bootstrapping your business has
its pros and cons:
Pros: Many entrepreneurs choose this route
because they do not want their business to be defined by the demands of
external investors
Cons: At the same time, bootstrapping is
risky - your personal savings, stock portfolio, and debts may be at risk. If
you are thinking about bootstrapping, consider consulting with a trusted
financial advisor who specializes in small businesses.
Microloans: Microloans are small, short-term
loans for small business concerns and certain types of not-for-profit
child-care centers.
Pros: These may be available through your
bank’s own loan programs or you might be eligible for a loan that is guaranteed
by the SBA. SBA loans are designed to help small businesses get started – the
SBA guarantees the loans on behalf of the lender or bank, which reduces the
risk involved in lending to new business owners. Microloans are typically made
in the range of $13,000.
Cons: While microloans are an option, they
can be difficult to secure for someone with poor or no credit history.
Slide 25: Keeping Costs Low and Cash Flowing
For small businesses, cash is king - you need
it to start, operate, and expand your operations, but many business owners
often have trouble managing and maintaining appropriate levels of cash.
Inaccurate cash flow statements - or lack of
available cash - can affect not only your business's everyday operations, but
also outside factors like loan eligibility.
Consider working part-time when you launch
your company. This will give time to build you business with less risk and
provide you with a steady cash flow from another source. Once you’ve
established a base, then transition to full time business ownership.
Keep in mind, you can always revisit your
business plan and adjust your plans if cash is tight.
You should also utilize technology and the
resources around you to keep costs low – think of using garage space to store
inventory instead of paying for a warehouse, or use social media to make the
most of low-cost marketing, etc.
Slide 26: 6. Registering Your Business:
Next, you’ll need to ensure you register your
business with the right authorities.
Business registration essentially encompasses
a 4 step process that applies to all businesses, whether you are a freelancer,
a home-based business, a franchise, - regardless of whether you are
incorporated or not.
Registering Your “Doing Business As” Name:
this is required if you are selling your product or services under a fictitious
name, other than your given name. e.g, “Joe’s Landscaping
Services” would need to be registered with state government as a “doing
business as” name.
http://www.sba.gov/content/register-your-fictitious-or-doing-business-dba-name
Registering for State and Local Tax Purposes:
State taxes include income tax, sales tax and unemployment insurance tax (for
employers only), while local authorities such as your city or county government
oversee business property tax, permits, and licenses.
To register your business with your state tax
agency and understand what you need to do based on your business type visit
your state website.
http://www.sba.gov/content/learn-about-your-state-and-local-tax-obligations
To register your business with your city or
county tax department - visit your city or county website.
Selling products? If you plan to sell
products and you are required to collect sales taxes, you’ll need a Sales Tax
Permit or Vendor's License from your state or local government (or both). Some
states don’t have sales tax, so check your state website if you are not sure.
Slide 27: Registering Your Business con’t
Register for Permits and Licenses: These vary
by business type and location, but every business needs a basic operating
license or permit – even if you are home-based. You can easily find what you need using the Permit Me tool on SBA.gov.
http://www.sba.gov/licenses-and-permits
Register for a Tax Identification Number from
the IRS: Most entrepreneurs use their own social security number to pay
business taxes, however if you have employees you’ll also need to apply for an
Employer Identification Number (EIN). Employers with employees, business
partnerships, and corporations and other types of organizations, must apply for
an EIN Online. http://www.sba.gov/content/getting-tax-identification-number
Slide 28: Course Re-Cap
In Module 1 we explored some of the
considerations and opportunities available to you as you go about making your
entrepreneurial dream a reality:
So you’re interested in starting your own
business?
Is entrepreneurialship
right for you?
Finding a business idea and turning it into a
reality
Validating your vision requires research
Finding the Right Business Model for You
In module 2 we explored the basic steps you
need to start a business:
Getting started – 6 Must Do’s
How to Get Assistance
How to Find a Mentor
Deciding on a Business Model/Structure
Financing your Venture
Register Your Business
Next and last on the agenda is Module 3 –
designed to help you identify the resources you’ll need to help your new
business succeed.
Slide 29: Resources To
Help your New Business Succeed
Module 3:
Resources To Help
your New Business Succeed
Slide 30: Addtl
Tools - Assessment and Direct
While this course is a great start to
understanding what it takes to launch your own business, but we encourage you
to continue your learning process by checking out our Start-Up Assessment Tool
and SBA Direct tool.
http://www.sba.gov/content/use-our-starting-assessment-tool
http://www.sba.gov/sba-direct
Slide 31: Start-Up Assessment Tool
Start-Up Assessment Tool:
This assessment tool is designed to help you
better understand your readiness for starting a small business. It is simple to
use and will take less than five minutes to complete.
The tool will prompt you with questions and
assist you in evaluating skills, characteristics and experience as they relate
to your preparedness for starting a business.
Your responses will be scored automatically
when you click the Submit button. This score will be used to develop your
assessment profile.
Based on your score, you will also receive a
statement of Suggested Next Steps, directing you to the most appropriate SBA
resources to help improve your business preparedness.
These suggested next steps might include free
SBA online courses, direct access to online counseling or targeted links to
appropriate resources.
Slide 32: Helpful Resources - SBA Direct
Another great resource is SBA Direct.
This online tool from SBA lets you
personalize your experience of the SBA.gov and find he information you need quickly. Just by answering a
few simple questions about your business, SBA Direct will bring the targeted
resources you need to start, operate and grow your small business – directly to
your desktop. Whether you need information about SBA small business programs,
or are looking for business assistance and guidance services on the Web or in
your community – you’ll no longer have to wade through pages of information to
find what you need. SBA Direct gives you access to the information that is most
relevant to your business, in your town, from one interface.
http://www.sba.gov/sba-direct
Slide 33: Additional Resources
Sign-up for the SBA Community where you’ll
find discussion forums, blogs written by business experts, events boards, and
an Idea Exchange where you can post and get feedback to some of the community's
most pressing business questions.
Want to benefit from an online business
curriculum designed for students, try SBA and Junior Achievements’
MindYourOwnBiz.org site. This site walks you through five easy steps of
business ownership - whether you've just had a brainstorm for your first
business venture or you've been at it a few years.
http://www.sba.gov/
http://www.mindyourownbiz.org/
Slide 34: Dream Big!
Nike, AOL, UnderArmor,
Ben&Jerry’s, Vera Bradley, and FedEx - What do
these firms have in common?
They all got started with assistance offered
through SBA - and so can you!
As you begin your entrepreneurial journey –
rely on the SBA for support and guidance along your way.
Slide 35: SBA is here to help!
We’ve linked to a lot of valuable resources
in this presentation – but there’s many more to check out!
Visit www.sba.gov and select the “Starting and Managing
a Business” section in the top left corner.
You’ll find left and bottom center of the
page there are resources organized into two section:
The first section is “Starting Your Business”
In this section, we have brought together the
resources you need to get your business started. Whether you’re sitting down to
write your business plan, wondering about your legal obligations, or
researching your financing options, you’ll find the information you need right
here.
And the second section is “Managing Your
Business”
After you have successfully launched your
small business, you have the ongoing challenge of managing it. This section
provides a variety of resources that will help you run your business smoothly
or exit your venture, if you choose to take a different direction.
Slide 36: Connect With Us!
We would love for you to connect with SBA
online through Facebook, YouTube, or Twitter. Check
in daily for valuable tips, best practices, advice, and a chance to network
with other small business owners.
http://www.facebook.com/SBAgov
https://twitter.com/#!/sbagov
http://www.youtube.com/sba
Slide 37: Contact Us!
If you have anymore
remaining questions please feel free to contact us by email or phone.
AnswerDesk@sba.gov
Slide 38: Young Entrepreneurs
Congratulations on completing “Young
Entrepreneurs - An Essential Guide to Starting your own Business”. You may
download your course completion certificate now.
To help you get your business venture
started, we also encourage you to download and print out the course Quick
Reference Guide. And don’t forget, you can also take advantage of the wealth of
resources on our website at www.sba.gov.