The How To Start Your Own Business program (Self-Employment Preparedness Program) is a class for someone that is interested in starting and running their own business. This program has two main objectives for the participants. These objectives are: the evaluation of the proposed business idea and to create awareness in the participants of what it will really take to start and run a business in today's business environment.
The evaluation process involves basically three things. These three things are:
1. The participant evaluates their business idea through a process of market research and business planning.
2. The participant evaluates their own personal strengths and weaknesses in skills that will be required in the business venture.
3. The participant evaluates the business idea and themselves together in an objective manner so as to determine that it is something that they can and want to do in the future.
The program is also an awareness program in that it shows the participant processes, information, requirements and other necessary components of owning and operating a small business so that they can plan for these situations and not go into this venture totally blind and uninformed. This aspect of the program attempts to show the participant different areas of business such as market research, marketing, advertising, bookkeeping, financial analysis, cash flow, tax issues, legal aspects, business structures, insurance issues, problem solving and other important aspects of small business ownership.
The overall format of the program is built around developing and writing a business plan for the participants’ specific business idea. The main focus of the program is to show that the amount business success achieved is directly proportional to the amount of planning done at the inception of the business.
A synopsis of what each class will cover:
Class 1 - Orientation & Business Planning
Orientation as to what the program will cover. Also, the basics of what a business plan is, what it is used for and what one looks like are covered. Form and format are discussed as well as the nature and importance of content. This class lays the groundwork for what will be covered in more detail in future classes.
Class 2 - Market Research
The importance doing thorough market research in order to help evaluate and define the business idea is covered. The process of how to actually plan and carry out the market research is discussed. Sources of information are outlined and explained.
Class 3 - Marketing
The different aspects of marketing a small business are discussed including branding, image building, customer service and more. The basics of marketing are explained and shown how they are used in identifying the particular wants and needs of a target market of customers, and then going about satisfying those customers better than the competition. Also, different types of advertising for different types of businesses are gone over and explained.
Class 4 - Sales and Online Presence
The basics of selling are discussed. Everyone has to sell something. Whether you are selling your product or service to a potential customer, selling your idea to a banker or investor or selling yourself to a new supplier there are ways to approach these situations in order to make yourself better prepared. Also, a look at the Internet and ecommerce and how your business can best utilize this marketing medium. Web site purpose, design and use, in conjunction with your business, are explained.
Class 5 - Recordkeeping and Financial Statements
Setting-up and maintaining a recordkeeping system and why this is necessary is discussed. Bookkeeping aspects are also examined. This class also introduces the Financial Statements: the Balance Sheet and the Income Statement. These financial tools are examined and explained.
Class 6 - Cash Flow Analysis and Forecasting
Cash Flow Statement is perhaps the most important of the financial statements to the operations of the business. Cash Flow statements are reviewed as to form and content. The importance of developing cash flow pro-forma statements is discussed and demonstrated.
Class 7 - Banking and Employee Issues
What is expected and needed when approaching a bank for a business loan is discussed. Also, the importance of developing a relationship with a banker, whether a loan is needed at startup or not, is reviewed. Different types and forms of financing are discussed. The many issues dealing with recordkeeping, taxes, and legal issues involved in having employees are discussed. Also, how employees impact the business in both operations and customer service.
Class 8 – Insurance, Legal Entities & Case Study
A look at the different types of insurance issues each business must address. Information involving the different types of legal business entities and the process involved in forming each of these entities. A case study involving evaluating an actual business plan is utilized. Also, assistance that the client can expect from the business management consultant once the program is over is reviewed. This involves contacting the consultant to receive help in further planning of the business.
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