Is Owning a Business a Good Fit for You?

• Clarify some of the myths and realities of small business ownership
• Start a self-assessment to determine readiness to become a small business owner
• Set a plan of action to complete a self-assessment by seeking feedback from stakeholders, such as family, friends and potential customers.

Planning for a Healthy Business

• Explain how an evolving planning process can help make key decision as a business owner
• Describe how to convert a vague idea into a resource plan
• Explain the importance of a healthy personal credit score & healthy relationships with lenders
• Describe how a business plan helps motivate stakeholder to understand & support their business ideas
• Explain the benefits of creating a day-to-day action plan for running a small business

Organizational Types and Considerations

• Identify general characteristics, advantages, and disadvantages of each of these organizational types
  • Sole Proprietorship
  • Partnerships (general partnership, limited partnerships, and limited liability partnerships)
  • Limited Liability Company (LLC)
  • C-Corporation
  • S-Corporation

Time Management

• Explain the concept of time management and why it is important to a small business
• Explain the time management practices which are commonly employed by a small business

Financial Management 

• Explain the concept of financial management and why it is important to a small business
• Identify financial management practices, rules, and tools work
• Explain financial Management basics for a small business
• Explain the basics of start-up financing
• Explain the basic of financing for a growing business
• Explain the basics of financing working capital
• Explain the basics of financing fixed assets

Record Keeping

• Explain the concept of record keeping and why record keeping is important  to a small business
• Identify record keeping practices, rules, and tools which are commonly available to a small business
• Explain how these record keeping rules and tools work
• Identify benefits a small business derives from proper record keeping
• Explain record keeping basics for a small business
• Identify software products available for small business record keeping

Managing Cash Flow

• Describe the purpose of cash flow management in a start-up business
• Assess a cash flow cycle and make some cash flow projections
• Describe how a cash flow statement can help in terms of managing cost and potential income
• Identify ways to seek out expert technical assistance to improve cash flow management

Risk Management

• Identify the common risks associated with a small business
• Identify the external and internal factors which affect risk for a small business
• Identify situations that may cause risk for a small business
• Identify the common warning signs of risk for a small business
• Implement, monitor, and evaluate a risk management plan for a small business

Credit Reporting

• Explain the concept of credit reporting and the impact of credit reports on the operation or growth of a small business
• Identify the credit reports and other reporting systems commonly used to assess the risk of extending credit to a small business
• Explain how credit reports work
• Identify strategies for building or improving business credit
• Explain how the personal finances of a business owner impact the ability of a business to get credit

Banking Services

• Identify the banking services commonly available to a small business and explain how these services work
• Identify the advantages and disadvantages of each of the banking services
• Explain how small business owners decide which banking services are best for their business
• Define several forms of deposit insurance
• Describe some benefits of building effecting long-term relationships with a banker or lender
• Describe the role of a personal credit score in the lending process
• Explain the benefits of separating business and personal bank transactions

Business Insurance

• Identify the types of insurance required by a small business
• Identify other types of insurance a small business should consider
• Explain why insurance is important for a small business

Tax Planning and Reporting
We will identify:

• Federal tax requirements of a small business and its owner
• How to establish a plan to account and pay for federal taxes
• General state and local tax requirement of a small business
• How to establish a plan to account and pay for these taxes
• Methods for researching the local, municipal, and county reporting/licensing requirements

Selling & Succession Planning
We will explain:

• How to change the ownership of a business through:
  •  Selling
  • Closing
  • Transferring the business to successors
• How to establish an exit strategy for retirement which includes:
  • Succession plan
  • Transferring ownership of the business
  • Paying taxes