1. 5. Team Members
Created by: Dr. Janet Ratliff & Ms. Jenna Johnson

2. 8. Financial: Fundamentals 9. Financial: Funding
Product/Service
Describe Product or Service.
What is it solving?
Why will customers buy it?
How is it different from products similar?
How will you manufacture this product?
2. Customers
Creating Value?
Customer/Target Market?
Where are they located?
How large is your market?
Marketing
Competitors’ strengths and weaknesses?
Competitive advantage?
Promote or advertise?
Brand/Logo?
5. Team
Members
Team members?
Member responsibilities?
7. Summary
Short description
Target market?
Value Proposition?
Provide a vison/mission statement.
Start selling?
3. Channels/
Distribution
Distribution?
Quality assurance?
Customer service?
Operations
Legal Structure?
Location?
Capital resources? Rented? Used? Purchased?
8. Financial: Fundamentals
Cost Structure
Cost to start up?
Fixed/variable costs?
Breakeven point?
Revenue Structure
Sales projections?
Revenues?
9. Financial: Funding
External funding?
Borrowing?
Equity financing?

3. 5. Team Members Who are your team members?
What does each team member bring to the business?
How do you plan to grow your employee base if needed?

4. Choosing Team Members Good team members display the following traits:
Commitment
Competency
Communication
Cooperation
Creativity

5. Team Member Roles Give each team member a role
This role should relate to that member’s characteristics.
Their experience and background should support the needs of the company in the role selected for them.
Each team member should be positioned to play to their strengths with recognition of weaknesses.
Members should be willing to seek outside sources when specialized knowledge is required.

6. 6. Operations

7. 8. Financial: Fundamentals 9. Financial: Funding
Product/Service
Describe Product or Service.
What is it solving?
Why will customers buy it?
How is it different from products similar?
How will you manufacture this product?
2. Customers
Creating Value?
Customer/Target Market?
Where are they located?
How large is your market?
Marketing
Competitors’ strengths and weaknesses?
Competitive advantage?
Promote or advertise?
Brand/Logo?
5. Team
Members
Team members?
Member responsibilities?
7. Summary
Short description
Target market?
Value Proposition?
Provide a vison/mission statement.
Start selling?
3. Channels/
Distribution
Distribution?
Quality assurance?
Customer service?
Operations
Legal Structure?
Location?
Capital resources? Rented? Used? Purchased?
8. Financial: Fundamentals
Cost Structure
Cost to start up?
Fixed/variable costs?
Breakeven point?
Revenue Structure
Sales projections?
Revenues?
9. Financial: Funding
External funding?
Borrowing?
Equity financing?

8. 6. Operations What legal structure will you use to setup your company?
Where will your company be located?
What can be rented, leased, or borrowed rather than purchased?
What equipment, materials, furniture, et cetera will your business use? (If any)

9. Legal Structure Sole Proprietorship Partnerships Corporation
Limited Liability Company (LLC)

10. Sole Proprietorship
A business that is owned exclusively by one person.
Advantages of a Sole Proprietorship:
Little government regulation
Sole proprietor makes all decisions and keeps all profit
Disadvantages of a Sole Proprietorship:
Difficult to borrow or raise money for the business
If business fails, the owner loses more than the business

11. Partnerships A business owned by two or more people
Partnership Agreement
Written document explaining the roles and responsibilities of all partners
Name of the business
The value of each partner’s investment

12. Partnerships (Continued)
Advantages of Partnership
One person does not have to provide all finances
Profit loss is shared between partners
Partners may have different areas of knowledge and interests
Disadvantages of Partnerships
Responsibilities and profit is shared between partners
Possibility of disagreement between partners
Legal liability for partner’s decisions and errors

13. Corporation
A business that has the legal rights of a person but is independent of its owners
Share of Stock
A unit of ownership in a corporation
Board of directors
A group of people who meet throughout the year to make decisions affecting the company

14. Corporation (Continued)
Advantages of Corporations
Owner’s liability is limited to amount invested
Personal asset is not taken to pay debt
Money can be raised by selling stock
It’s easier to borrow money to start-up
Disadvantages of Corporations
Difficult process and costly to set up
Requires help from a lawyer
More government regulation
Double taxation

15. Limited Liability Company (LLC)
A form of business with benefits of partnership and limited personal liability for all owners.
Owners of LLCs are known as members, not shareholders. Members can participate in management of the business.
The disadvantages are:
businesses that can be an LLC may be limited by state law
a single owner cannot establish an LLC
some states limit the life of an LLC

16. Location of Company
Your location plan will help ensure that your product is available in the right place to reach your customers
Things to consider when locating your company:
Style of operation (Brick and mortar or online? – Truck, Kiosk, or other?)
Competition
Proximity to other businesses and services
The building’s infrastructure

17. Cost Saving Some ways to cut down on costs are:
Renting
Leasing
Borrowing
You do not have to purchase everything when starting-up
Be creative by finding ways to be less cost prohibitive.