Exploring the Possibilities of Starting a Small Business? Discover what it takes by charting your course with… Small Business Basics Training

Small Business Development Introduction Session 1 Small Business Development Introduction

Small Business Development Introduction Graduates and Self-Employment Around 5% of graduates report they are self-employed after graduation This percentage is higher in subjects such as art and design (64.6%), textile designers (34.6%), and musicians (85.3%) A recent gallop poll indicated 67% of student strongly prefer to be self-employed

Small Business Development Introduction Graduates and Self-Employment Being your own boss Freedom from the 9-5 daily work routine Doing what you want when you want to do it Improving your standard of living Boredom with your present job Having a product or service for which your feel there is a demand

Small Business Development Introduction Small Business Development Center Network Nationwide – 1000 Centers Statewide – 40 Centers Terra State Community College (Erie, Ottawa, Sandusky, & Seneca Counties)

SBDC Services are FREE of Charge Small Business Development Introduction Small Business Development Center Strategic Plan Mission…help people get into business, stay in business, and grow their business Vision…make small businesses more successful Services…training and counseling SBDC Services are FREE of Charge

Small Business Development Introduction Small Business Development Center Funding Small Business Administration Ohio Development Services Agency Terra State Community College

Small Business Development Introduction Presenter’s Background Business Education Small Business Ownership Small Business Training & Counseling

Small Business Development Center Presenter’s Contact Information Bill Auxter, Director Ohio SBDC at Terra State Community College Building D, Suite D-201, Office C 419-559-2210 bauxter@terra.edu

Small Business Development Guide Session 2 Small Business Development Guide

Small Business Development Guide Business Entities Ohio Secretary of State, www.sos.state.oh.us Sole Proprietorship Partnership (General or Limited) Corporation (C-Corp or S-Corp) Limited Liability Company (Partnership) Non-Profit Organization www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html Click on “Business Basics – Guide”

Small Business Development Guide Name Registration Ohio Secretary of State, www.sos.state.oh.us Doing business as a name other than your legal name, you must register it Fictitious Name Registration Trade Name Registration Corporate Name Registration www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html Click on “Business Basics – Guide”

Small Business Development Guide Licensing & Permits First Stop Business Connection, www.business.ohio.gov/starting Menu of Business Types – Checklist of Regulations & Requirements “Starting Your Business in Ohio” Publication www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html Click on “Business Basics – Guide”

Small Business Development Guide Vendor’s License Ohio Department of Taxation, www.tax.ohio.gov Ohio Business Gateway County Auditor’s Office Regular Vendor’s License Transient Vendor’s License Certificate of Exemption www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html Click on “Business Basics - Guide

Small Business Development Guide Tax Requirements Federal Taxes, www.irs.gov Ohio Taxes, www.tax.ohio.gov Local Taxes – city, township, county, & school www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html Click on “Business Basics – Guide”

Small Business Development Guide Employer Requirements Employer Identification Number (EIN), www.irs.gov Immigration Law, www.immigration.gov New Hire Reporting, www.oh-newhire.com Wages and Hour, www.com.state.oh.us Unemployment, www.state.oh.us/odjfs Worker’s Compensation, www.ohiobwc.com Employee Rights, www.stat.oh.us/crc www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html Click on “Business Basics – Guide”

Small Business Development Guide Professional Advisors Accountant Attorney Insurance Agent Bankers/Lenders Financial Advisors Other Service Providers Mentors

Small Business Development Guide Sources of Assistance Ohio SBDC at Terra State, www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html Small Business Development Centers of Ohio, www.entrepreneurohio.org Ohio Development Services Agency, www.development.ohio.gov

Small Business Development Guide Sources of Assistance Association of Small Business Development Centers, www.asbdc-us.org Small Business Administration, www.sba.gov Service Corps of Retired Executives (SCORE) – Toledo, www.scoretoledo.org Local Chambers of Commerce Local Economic Development Organizations

Small Business Development Planning Session 3 Small Business Development Planning

Small Business Development Planning Business Plan Functions Acts as a Feasibility Study Tool for Obtaining Financing Serves as a Management Tool

Small Business Development Planning Business Plan Narrative Statement of Purpose Description of Business Marketing Plan Competition Location Organization Plan (Management and Personnel) www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html Click on “Business Basics – Bus. Plan Narrative”

Small Business Development Planning Business Plan Financial Pro Forma Financial Requirements Amortization Schedule Pro Forma Income Statement Pro Forma Cash Flow Analysis Pro Forma Balance Sheet Industry Standard Income Data www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html Click on “Business Basics – Bus. Plan Pro Forma”

Small Business Development Planning Small Business Funding Private Funding Public Funding Hybrid Funding

Small Business Development Planning Checklist – 1st Things 1st Register with the Ohio Secretary of State (www.ohiosecretaryofstate.gov) Obtain your EIN from IRS (www.irs.gov) Open a bank account Contact the Ohio Department of Taxation (www.tax.ohio.gov) Report hired employees (www.oh-newhire.com)

Small Business Development Planning Check-list – 1st Things 1st Contact the Ohio Bureau of Workers’ Compensation (www.bwc.ohio.gov) Contact the Ohio Department of Job & Family Services (www.jfs.ohio.gov) Obtain the proper licenses and permits (www.business.ohio.gov/starting) and www.tax.ohio.gov

Exploring the Possibilities of Starting a Small Business? Questions and Answers