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START A BUSINESS1…2…3SHIFT FORUM 2/3/2014Your PresenterBob VossBusiness Entrepreneur Faculty DCTCOwner-BizOwner Training LLCALE-Constant Contact®
WHO IS BOB VOSSEntrepreneur and BizOwner who has started and run five businesses.Inventor-two patents on Optical Code TechnologyRaised a lot of money from Angel InvestorsBusiness Entrepreneur faculty member at Dakota County Technical College2008 National Business Entrepreneur Instructor of the Year (NACCE)Counselor with the SBDCIn eleven years has helped over 1000 students and 300 clients with the SBDC start businessesNew Biz author and creator of on-line assessments
TWO CONSIDERATIONS ABOUT STARTING A NEW BUSINESSThere is more than one way to start a business in Minnesota!Most people start a new business from scratch!You can buy an existing business-www.bizbuysell.com!You can buy a franchise-The entrepreneurs source!A new model for income called a “portfolio career”!Doing multiple things to generate the income you need!I strongly believe in this model, I am an example!One of the multiple streams of income should be your own business!Set specific periods of time to work on each stream
LETS TAKE A TEST!How many new businesses start each month in our state? 5500Are there more product or service businesses starting in our country?Service What Percentage of businesses starting today have one or more employees? 24%What percentage of businesses SURVIVE the first year of operation? 75%
THREE STEPS TO A SUCCESSFUL NEW BUSINESS LAUNCH! STEP #1: DECIDE you have what it takes to start and grow a business! Is being a BizOwner right for you? STEP # 2: CHOOSE the best business for YOU to start! Will the new business meet your financial goal? Do you have confidence your new business will succeed? STEP #3: PLAN the new business. You must create a simple business plan for your new business!
STEP #1: DECIDE you have what it takes to start and grow a business!BizOwners are made, not born! Anyone can learn to start and run a successful business!Take the assessment “Would I Make A Good BizOwner?” (Sent to you in PDF format)www.SBA.gov “Thinking of Starting a Business”Three important HABITS for new BizOwners:New BizOwners need to develop the promotion habit!New BizOwners need to develop the connection habit!New BizOwners need to develop the proof habit!
STEP # 2: CHOOSE the best business for you to start! Do you have confidence the new business will succeed?Create a one page overview for your new business!Use Assignment #1 sheet-HandoutFor multiple biz ideas, create a separate sheet for each biz!Always say what you have written OUT LOUD!Your first goal is a financial goal!Use the Will My New Business Meet My Financial Goals-worksheet to help with this decision! (PDF)Do “The Interview Assignment” to verify that the business you want to start is right for you!E-Book sent to your e-mail!Confidence Booster: Take the “Will My New Business Succeed?” assessment!Assessment is available on line for $10. Username and password good for three uses.
STEP #3: PLAN for the SUCCESS of your new business by creating a simple business plan!Why Business Plans are so important!Business Plans help guarantee success!Business Plans give confidence you are starting the right Biz!Business Plans force you to do financial projections!My Experience with Business Plans!Written over 25 Business Plans (used to raise $6M)!Taught a formal 3-credit Business Plan class over 38 times!Graded over 1200 business plans!Why the 21 Question Business Plan™ Works!Fast and Easy-You Should be able to complete your plan in 12-24 hours!You don’t have to be a good writer to create your plan!Questions are the exact questions people are going to ask you anyway!BRAND NEW!! 21 QUESTION BUSINESS PLAN BOOK!!! -$25 TODAY (On-line at Amazon for $27) -Includes the $10 “Will My New Business Succeed?” Assessment for FREE!
LET’S GET LEGAL!!Select the right business entity for your business!Personal vs Business liability issues!Save money on the taxes you owe!How much paperwork is involved?Website to file: www.sos.state.mn.us (annual renewals req.)Obtain your EIN number!Called an SS4File with the IRS on-line at www.irs.govGet a separate Business Checking Account!IRS wants you to use this account to buy stuff for the Biz!State Tax Id (don’t forget sales tax)!File at www.revenue.state.mn.usYou should have a Company record Book!Don’t forget-you are required to hold and document an annual meeting each year of the business!
THANK YOU!BOB’S CONTACT INFORMATION Office Phone 651-423-8356Cell Phone 612-202-6627College E-Mail firstname.lastname@example.orgBiz E-Mail email@example.com