MNPTAC

Starting a Business

Starting a Business

Contact information

Rick Indrelie – Small Business Development

Center (SBDC)

rick.indrelie@rctc.edu

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