How to start a start up
- 2. What is a Start-Up? A partnership or organization designed to search for a repeatable and scalable business model.
- 3. Business 101 – Legal Structure of your Business Sole Proprietorship Limited Liability Partnership Limited Liability Corporation Corporation Non-profit Corporation Franchising
- 4. Sole Proprietorship A type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business. The owner receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. Every asset of the business is owned by the proprietor and all debts of the business are the proprietor's.
- 5. Partnerships A partnership is a single business where two or more people share ownership. • General Partnerships • Limited Liability Partnerships • Joint Ventures
- 6. Corporation A C corporation is an independent legal entity owned by shareholders. This means that the corporation itself, not the shareholders that own it, is held legally liable for the actions and debts the business incurs.
- 7. S Corporation An S corporation is a eligible domestic corporation can avoid double taxation (once to the corporation and again to the shareholders) by electing to be treated as an S corporation. What makes the S corp different from a traditional corporation (C corp) is that profits and losses can pass through to the your personal tax return.
- 8. Non-Profit Corporation A nonprofit corporation is any legal entity which has been incorporated under the law of its jurisdiction for purposes other than making profits for its owners or shareholders. Mutual Benefit non profit corporation Public Benefit non profit corporation
- 9. Franchising Franchising is the practice of using another firm's successful business model. For the franchisor, the franchise is an alternative to building 'chain stores' to distribute goods that avoids the investments and liability of a chain. The franchisor's success depends on the success of the franchisees. The franchisee is said to have a greater incentive than a direct employee because he or she has a direct stake in the business.
- 10. Starting the Business Structure your business Get an Employer Identification Number (EIN) Irs.gov – Form SS-4 Register with the Registrar/Recorder– Norwalk, CA Publish the name of your business in a publication for 4 weeks
- 11. Got Insurance? General Liability Commercial general liability insurance, protects your business from third party claims for bodily injury, associated medical costs and damage to someone else’s property. http://www.hiscox.com/sm all-businessinsurance/general-liabilityinsurance/ Professional Liability Professional liability insurance, also called errors and omissions insurance (E & O insurance), protects your business if you are sued for negligence, even if you haven’t made a mistake. http://www.hiscox.com/sm all-businessinsurance/professionalliability-insurance/
- 12. Are you certified? Professional certifications and licenses are very important! Accountants – CPA, CMA A designation earned by a person to assure qualification to perform a job or task Global Logistics – NVOCC or Customs Brokers License Aviator – Commercial Pilot License Real Estate Agent – Real Estate License
- 13. The Business Plan Mission/Vision Statement Company Summary Goals & Objectives Marketing Financials
- 14. Mission Statement The framework or context within which the company's strategies are formulated. AARP: To enhance the quality of life for all as we age. We lead positive social change and deliver value to members through information, advocacy and service.
- 15. Company Summary Executive Summary Start Date Address, Phone, Website, etc Organization structure, President, Vice President Board of Directors Company Description A description of services offered by the company Service or Product Line Target Audience Market Analysis
- 16. Goals vs Objectives Goals The purpose toward which an endeavor is directed Long Term Ex. I want to fundraise 500,000 for the organization Objectives Something that one's efforts or actions are intended to attain or accomplish Short Term Ex. Each week I will contact 2 fortune 500 companies and submit a grant application
- 17. Marketing Social Media Campaign Marketing – Facebook, Twitter, LinkedIn, Instagram, Youtube, Vimeo, Snapchat, Google Plus Website – Wordpress – Buy a domain, Get someone to host it. Build a website! Business Cards
- 18. Marketing (cont) Flyers, Posters, Banners, Brochures, etc. Press Releases & Recap Articles Radio, Television, Newspaper Networking – Professional Organizations, Memberships,
- 19. Financials SAVE THOSE RECEIPTS! Good bookkeeping is vital to a successful business! Historical Financial Data Forecasting Risk Assessment
- 20. Investors and Stakeholders Start with your family and peers Ask your board of directors Fundraisers Crowd Funding – Kick Starters Where do you find investors and stakeholders? – Networking events, conferences, trade shows
- 21. Investors and Stakeholders (cont) Need a loan? Ask the bank! Corporate Giving & Corporate Marketing Politicians
- 22. Some successful “Start-Ups” Open Table SBE Entertainment Khan Academy Mixed Chicks The Starter League
- 23. Thank You for your time!