Provides an opportunity to consider the personal and family challenges associated with starting a business and highlights personal qualities that are common to many entrepreneurs (e.g., self-confidence, stamina, risk-taking, etc.). Discussions emphasize that successful entrepreneurs come from a diverse range of backgrounds.

Provides an opportunity to use a self-assessment tool to evaluate an individual’s personal experiences and qualities and to compare the self-assessment with personal qualities that are common to many entrepreneurs.

• Establish personal and business goals,
• Develop a Marketing Plan based on the identification of a potential market niche,
• Develop a Financial Plan including cash flow analysis and pro-forma financial statements, and
• Prepare a Plan of Action to implement the business plan.

The workshop emphasizes that the primary purpose of the Business Plan is to help the prospective business owner determine if the potential business is likely to meet his/her personal goals and financial objectives and to provide a detailed implementation plan that improves the probability of success.

• Who will be my primary customers?
• Why will they buy my product or service?
• Why won’t they buy my product or service?
• How much will each customer spend in one year?

Provides a guided process to develop and analyze Competitor data using readily available resources including yellow pages, site visits, and the Internet.

The guided process provides meaningful data without the need for extensive quantitative skills. The procedures are designed to help a business owner identify and understand the needs of his/her prospective customers and to consider options for product offerings, pricing, location, and value-added services.

A Cash Flow Analysis is the most important part of a business plan. In fact, the Cash Flow Analysis may be viewed as a mini-business plan because it projects how and when a business will collect cash from sales and spend cash for operations.

The workshop provides a Cash Flow Analysis format, discussion of each element, criteria for evaluating cash flow forecasts, and suggestions on how to use the Cash Flow Analysis as a valuable daily management tool that will greatly increase the opportunity for success.

The Cash Flow Analysis serves as a basis to develop a pro-forma Balance Sheet and Income Statement. Includes a practical discussion of financial statement elements (income, expenses, profit, assets, liabilities, and owner’s equity).

• Business structure options including sole proprietorships, partnerships, and corporations. Discussions address ease of formation, management control, and tax considerations.
• Basic licensing and taxation requirements including business licenses, fictitious names, sales tax, self-employment tax, income taxes, payroll taxes, unemployment insurance, workers compensation, and INS Form I-9.
• Financial record keeping that supports daily management decisions and tax reporting.

Effective communication and continuous learning are essential ingredients to a successful business. A business owner must persuasively communicate with customers, employees, suppliers, and business partners. This workshop helps develop these skills through discussions of:

• A Communication Model,
• Providing and receiving feedback,
• Seven practical Effective Writing Guidelines that focus on persuasive business communications,
• Using the Narrative and Direct approach for writing business letters, and
• Continuous life-long learning through professional reading.

1 Session 3 hours