We teach new dogs old tricks Serving Medina, Portage, Summit & Wayne Counties BUSINESS PLANS TM One Cascade Plaza Akron, OH 44308 akronscore81@aol.com www.akronscore.org 330-379-3163 1-877-AKSCORE We teach new dogs old tricks SCORE is a resource partner of the U.S. Small Business Administration Ref: Entrepreneurship for Ohio 9-22-09 (MO)

SCORE’s Mission Statement Stimulate the Greater Akron economy, which includes Summit, Medina, Portage and Wayne Counties, by using the business knowledge and skills of our volunteers to successfully guide and lead entrepreneurs and existing small businesses toward their goals. TM Akron SCORE® Mission Statement: Our mission is to stimulate the Greater Akron economy by using the business knowledge and skills of our volunteers to successfully guide and lead entrepreneurs and existing small businesses toward their goals. 2 We teach new dogs old tricks

ANIMATED CLICK TO ADVANCE POINT SCORE® Nationwide Akron SCORE Resource Partner with SBA 11,500 volunteers — 390 chapters Small Business mentoring and advice Face-to-face or e-mail counseling Skills in business planning, strategies for growth, and all aspects of business operations Business workshops for start-up and existing businesses 70+ volunteer Counselors 40+ years of service to the business community 3,000 client services per year 40% follow-on mentoring relationships 60% existing businesses counseled Satellite locations: Kent State University, Wayne College, Medina Economic Development Corp. ANIMATED CLICK TO ADVANCE POINT SCORE® Nationwide, 11,500 volunteer business counselors in over 350 Chapters Small Business mentoring & advice Face-to-face or e-mail counseling Well versed in business planning, strategies for growth and all aspects of business operations Business Workshops for start-up & existing businesses

Akron SCORE Serves 4 Ohio Counties

SCORE Partners Economic Development & Entrepreneur Regional Impact Medina County Economic Development Portage County Wayne College Akron Global Business Accelerator Akron Urban League Partnership for the Minority Business Accelerator Hispanic Business Association University of Akron Small Business Development Center Kent State University Portage Lakes Career Center Wayne County Economic Council Regional Chambers of Commerce Administration International Institute University Park Alliance City of Akron Greater Akron Chamber of Commerce Summit County Economic Dev Akron Schools DECA 5

Counseling & Business Workshops Free and confidential Long-term follow-up at a SCORE location, business or a convenient place Skill Sets: Accounting Advertising Bidding & Estimating Buy & Sell Cash Management Community Relations Computer Applications Construction Credit & Collection Education Engineering Environmental Financial Analysis Franchising Human Resources Insurance International Import/ Export Inventory Management Leasing Marketing & Sales Patents Product Development Public Relations Research & Development Sales Taxation SCORE® Counseling & Business Workshops SCORE® counseling is: Free & confidential Long-term follow-up Essential to success Available to all citizens Resource Partner with U.S. Small Business Administration SBA

Workshops Offered Business Basics Marketing on a Mini Budget Business Plan Great Customer Service Leadership & Management Financial Management Not for Profit Resume Writing Day & evening workshops Various locations Customized presentations All services are FREE & CONFIDENTIAL

Small Business . . .the Pride of America! Over 26.8 Million Small Businesses in the U.S. Small Businesses represent 99.8% of all businesses 50% of All Goods and Services 50% of Our Nation’s Workers … the Pride of America! Over 22 Million Small Businesses 50% Of All Goods and Services 50% Of Our Nation’s Workers

Issues of All Businesses HUMAN RESOURCES FINANCE PRODUCT & SERVICES MARKETING

Small Business also means RISKS … 10% truly successful 40% operate marginally 50% fail — 25% fail during the first year!!! ANIMATED CLICK TO ADVANCE POINT Small Business also means: RISKS. . . 10% truly successful 40% operate marginally 50% fail 25% fail during the first year!!!

Why Some Businesses Struggle Owner/Manager inexperience… in the specific line of business in management Owner/Manager inability… to manage tasks to manage others Costs… underestimated Cash Flow… not understood or not watched INADEQUATE BUSINESS PLANNING ANIMATED CLICK TO ADVANCE POINT (9 0ut of 10 cases) Owner/Manager inexperience. . . in the specific line of business In management Owner/Manager inability. . . to manage tasks to manage others Costs… underestimated Cash Flow… not understood or not watched “INADEQUATE BUSINESS PLANNING”

The Business Plan A Management Guide A Road Map to Achieving Your Goals ANIMATED CLICK TO ADVANCE POINT BUSINESS PLAN Establish realistic goals & a Business Plan The Business Plan – A daily management guide H/O: “Why you Must have a Business Plan” “Business Plan Guide”

IT’S THE ROADMAP TO YOUR BUSINESS SUCCESS Business Plan Documents a comprehensive detailed overview of all aspects of your business. It provides: The underlying structure that provides the basis of your entire operations The pros and cons of your proposed business before you make a financial and emotional commitment IT’S THE ROADMAP TO YOUR BUSINESS SUCCESS

Why Write a Business Plan Establishes business goals and facilitates reaching them successfully Takes an objective look at your business — provides critical, unemotional insight Is an operating tool for managing your business Communicates your ideas Provides the basis for financing Aids in creating a successful marketing plan

Importance of a Business Plan Planning cannot be over emphasized--- Forms the proper direction of your business Pinpoints business needs Identifies business opportunities Spots problems Provides view of market conditions Identifies all costs and marketing pricing Identifies and evaluates areas of strengths and weaknesses These insights will help you achieve your business goals — QUICKLY & EFFECTIVELY!

Starting Your Business Plan  Define your business purpose  Identify measures of success  Do your market and industry research  Visualize your business in 2 years  Become familiar with standard format of a business plan  Start drafting your business plan  Develop and review the plan with your SCORE® counselor  STARTING YOUR BUSINESS   Do market research Use Business Section of Library Develop a Business Plan   H/O: “Checklist for Starting a Business” “Business Startup Resources”

ANIMATED CLICK TO ADVANCE POINT Business Plan Review and use templates Business Plan Balance Sheet Bank Loan Request for Small Business Breakeven Analysis Cash Flow Statement Opening Day Balance Sheet Personal Financial Statement Profit & Loss Projection Start-up Expenses ANIMATED CLICK TO ADVANCE POINT BUSINESS PLAN Business Plan outline: Executive Summary Objectives / Goals Mission Statement Keys to Success The Company / Business Description Environment Market and industry Strategies and Key Steps Financial Projections www.score.org/template_gallery.html

ANIMATED CLICK TO ADVANCE POINT Business Plan Format Business Plan Outline: Executive Summary Objectives / Goals Mission Statement Keys to Success Company / Business Description Environment Market & Industry Strategies & Key Steps Financial Projections Contingency Planning ANIMATED CLICK TO ADVANCE POINT BUSINESS PLAN Business Plan outline: Executive Summary Objectives / Goals Mission Statement Keys to Success The Company / Business Description Environment Market and industry Strategies and Key Steps Financial Projections

Executive Summary Write it last 1 or 2 pages Fundamentals of proposed business When applying for a loan Amount Use of funds Repayment

Refining the Plan For Raising Capital BANKERS INVESTORS Assurance of repayment Amount of loan Use of funds Repayment terms Collateral offered INVESTORS Dramatic growth Share of rewards Total funds needed Use of funds Estimated return on investment Exit strategy for investors Percent of ownership Financial reporting Involvement

Refining the Plan For Type of Business MANUFACTURING SERVICE BUSINESS Planned production levels Costs Production costs Overhead costs Gross profit margins Overall Each product line Capacity limits Purchasing & Inventory management Anticipated new lines Competitive factors SERVICE BUSINESS Higher labor costs Few fixed assets Competitive factors Pricing Model Measurements for productivity Quality control Strategy for keeping clients Use of subcontractors

Refining the Plan For Type of Business (continued) HIGH TECHNOLOGY Economic outlook for industry Rapid change Price Cost Market Technology Bring product to market Intellectual property protection Key personnel RETAIL Company image Pricing/Markup policies Inventory Market turnover rates Your turnover rates Location Customer Service policies Promotions Credit

Thank You for Attending We’re Here to Help Call us for assistance Check out our web site 330-379-3163 1-877-akscore or 1-877-257-2673 www.akronscore.org akronscore81@aol.com Thank You for Attending Remember to make an appointment with one of our Counselors. 330-379-3163 Network, Network, Network!!! www.akronscore.org All of us at SCORE® & SBDC wish you success in your new venture. Attend our workshops Avail yourself of our counseling

We teach new dogs old tricks TM One Cascade Plaza Akron, OH 44308 akronscore81@aol.com www.akronscore.org 330-379-3163 1-877-AKSCORE We teach new dogs old tricks SCORE is a resource partner of the U.S. Small Business Administration