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Exploring the Possibilities of Starting, Buying or Expanding a Small Business? Discover what it takes by charting your course with… Small Business Basics.

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Presentation on theme: "Exploring the Possibilities of Starting, Buying or Expanding a Small Business? Discover what it takes by charting your course with… Small Business Basics."— Presentation transcript:

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

2 Small Business Development Guide Business Entities Ohio Secretary of State, www.sos.state.oh.uswww.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”

3 Small Business Development Guide Name Registration Ohio Secretary of State, www.sos.state.oh.uswww.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”

4 Small Business Development Guide Licensing & Permits First Stop Business Connection www.business.ohio.gov/starting 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”

5 Small Business Development Guide Vendor’s License Ohio Department of Taxation, www.tax.ohio.govwww.tax.ohio.gov “If you need to charge sales tax, you need the appropriate vendor’s license or licenses” 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”

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

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

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

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

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

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

12 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 www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html Click on “Business Basics –Bus. Plan Narrative”

13 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 www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html Click on “Business Basics – Bus. Plan Pro Forma”

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

15 Confidential, In-Depth Business Plan Counseling Complete Research Complete Narrative Complete Financial Data Worksheet Complete Counseling Information Form Contact the SBDC for an Appointment SBDC Complete Business Plan Pro Forma www.terra.edu/ContinuingEducation/SmallBusinessDevelopment.html Click on “Business Basics – Guide”, “Business Basics – Narrative”, “Business Basic – Worksheet”, “Business Basics – Counseling Information Form”, and “Business Basics – Pro Forma”

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

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

18 Small Business Development Center Presenter’s Contact Information Bill Auxter, Director Ohio SBDC at Terra State Community College 2830 Napoleon Road, Fremont, Ohio 43420 Building D, Suite D-201, Office C Direct Line: 419-559-2210 Email: bauxter@terra.edubauxter@terra.edu

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