How to Get Started in Business… GEAR UP DAY Presentation by the Small Business Development Center at Terra State Community College.

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Presentation transcript:

How to Get Started in Business… GEAR UP DAY Presentation by the Small Business Development Center at Terra State Community College

How to Get Started in Business… Students 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

How to Get Started in Business… Small Business Development Center Assistance 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

How to Get Started in Business… Check-list: Business Entities Ohio Secretary of State, Sole Proprietorship Partnership (General or Limited) Corporation (C-Corp or S-Corp) Limited Liability Company (Partnership) Non-Profit Organization Click on “Business Basics – Guide”

How to Get Started in Business Check-list: Name Registration Ohio Secretary of State, Doing business as a name other than your legal name, you must register it Fictitious Name Registration Trade Name Registration Corporate Name Registration Click on “Business Basics – Guide”

How to Get Started in Business… Check-list: Licensing & Permits First Stop Business Connection, Menu of Business Types – Checklist of Regulations & Requirements “Starting Your Business in Ohio” Publication Click on “Business Basics – Guide”

How to Get Started in Business… Check-list: Vendor’s License Ohio Department of Taxation, Ohio Business Gateway County Auditor’s Office Regular Vendor’s License Transient Vendor’s License Certificate of Exemption Click on “Business Basics - Guide

How to Get Started in Business… Check-list: Tax Requirements Federal Taxes, Ohio Taxes, Local Taxes – city, township, county, & school Click on “Business Basics – Guide”

How to Get Started in Business… Check-list: Employer Requirements Employer Identification Number (EIN), Immigration Law, New Hire Reporting, Wages and Hour, Unemployment, Worker’s Compensation, Employee Rights, Click on “Business Basics – Guide”

How to Get Started in Business… Check-list: Professional Advisors Accountant Attorney Insurance Agent Bankers/Lenders Financial Advisors Other Service Providers Mentors

How to Get Started in Business… Check-list: Business Plan Functions Acts as a Feasibility Study Tool for Obtaining Financing Serves as a Management Tool

How to Get Started in Business… Check-list: Business Plan Narrative Statement of Purpose Description of Business Marketing Plan Competition Location Organization Plan (Management and Personnel) Click on “Business Basics – Bus. Plan Narrative”

How to Get Started in Business… Check-list: Business Plan Pro Forma Financial Requirements Amortization Schedule Pro Forma Income Statement Pro Forma Cash Flow Analysis Pro Forma Balance Sheet Industry Standard Income Data Click on “Business Basics – Bus. Plan Pro Forma”

How to Get Started in Business… Check-list: Small Business Funding Private Funding Public Funding Hybrid Funding

How to Get Started in Business… Contact: Small Business Development Center Bill Auxter, Director Small Business Development Center Terra State Community College 2830 Napoleon Road, Fremont, Ohio Building D, Suite D-201, Office C Office Phone: