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This workshop will provide participants with information on how to position yourself for a smoother transition when starting your business. This workshop will be instructed by Rick Indrelie, SBDC Consultant and a certified Economic Development Finance Professional. Mr. Indrelie has over 25 years of experience in the accounting and finance field. Topics covered in this workshop will include: Do you need a business plan to start your business? Should you start your business as a sole proprietor? Is it a good idea to have business insurance? Will you need to borrow money to start your business? Should you take on a partner?
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MNPTAC
Starting a Business
Starting a Business
Contact information
Rick Indrelie – Small Business Development
Center (SBDC)
507-280-5503
www.rochestersbdc.com
Starting a Business
Quick Test – Is your idea reasonable?
If yes, then you need a Business Plan.
If no, you either need to change or plan or
end your plan.
Starting a Business
What is a Business Plan?
A written document that tells the reader the
plan of action that the company is going to
take to be successful. It should also contain
some background data about the
business/management team and should
have some specific/measurable goals.
Starting a Business
Why does the small business owner need a
Business Plan?
1. The plan will serve as a tool to help the
business grow and prosper.
2. The business plan is a required
document to getting financing.
Starting a Business
There are two main sections of a business
plan.
1. Narrative Section
2. Financial Section
Starting a Business
What type of business entity will your
business be?
1. Sole Proprietor
2. Partnerships
3. LLC
4. S-Corp
5. C-Corp
Starting a Business
Do you need business insurance for your
business?
Can you run your business transactions
from your personal checking account?
Starting a Business
Do you need financing to start your
business?
If so, will the bank loan you 100% of the
funding that you need?
Starting a Business
Common Types of Financing
1. Conventional Loans
2. Owners Equity
3. Private Investors
4. Angel Investors
5. Venture Capital (VC’s)
6. Crowd Funding
Starting a Business
Should you take on a business partner?
Starting a Business
Once you have the financing secure, now it
is time to implement your business plan.
Starting a Business
Once you have started your business, you
need to monitor everything including your
cash position.
Remember, Cash is King.
Starting a Business
Resources for starting a business
1. www.rochestersbdc.com
2. www.SBA.gov
3. www.score.org
4. www.bplans.com
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