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Small Business - Get Started
Course Description
This course is designed to help aspiring business owners get a better understanding of what they need to know in order to make the decision to start and build a successful business of their own. The course leader, an experienced business owner, will help you evaluate your own potential for running your own successful business. Learn about the basic business skills needed to be successful, the essential contents of your business plan, financing options for your small business, the appropriate legal structure for your business, understanding your financial statements, and the tax issues that affect a small business. Become more knowledgeable about the business skills and parameters that help you decide on your best course of action and be successful once you enter the fast moving business world!
Participant Outcomes
- Evaluate yourself as a potential business owner
- Assess your business ideas and opportunities
- Understand what kind of legal structure is appropriate for your business
- Understand what needs to be included in your business plan
- Understand how and when to register your business
- Understand the alternative ways of financing your business
Course Content
Component 1: Before You Begin
Advantages of Business Ownership:
- Potentially make more money
- Greater freedom / flexibility of your time
- An outlet for your creative side
- No boss; no conflict of personality
- Get rewarded for your hard work/contribution
- Going from employed to self-employed
- Usually a big time commitment
- Financial risk
- Keeping a work/life balance
- No guaranteed paycheque
- Evaluate yourself as a potential business owner
- Why do you want to go into business for yourself?
- Are you prepared to put in the extra time and potentially invest your savings?
Component 2: Initial Preparation and Research
- Viability of the proposed business
- Do you have the skills and passion for this?
- What market research have you done?
- Who is the competition?
- What gives you “the edge”?
- Do you have advanced or proprietary knowledge of the business?
- How much money could it generate?
- Will it be sustainable?
- What is your exit plan?
Component 3: Preparing Financial Projections from Your Research
- How much money does the business require to start?
- Working capital needed - When do your customers pay you?
- How much inventory or capital investment is required?
- What do the profit and cash projections look like?
- How will the business grow and by how much?
Component 4: Preparing a Business Plan
- Purpose and use of a business plan
- Contents of the business plan
- Understanding financial statements
- Starting your own or buying an existing business
Component 5: Establishing the Legal Structure of Your Business
- Proprietorships, partnerships & corporations
- Choosing the legal structure for your business
- Family involvement
- Implications of incorporating your business
- Accounting and tax implications
Component 6: Financing your Business
- Finding the cash to get you started
- Family involvement
- Personal guarantees at the bank
- Equity financing compared to debt financing
- Ongoing working capital needed and lines of credit
Component 7: Business Skills
- Which of these will be important for your business?
- Marketing and sales
- Financial management
- Communications
- Time management
- Dealing with suppliers
- Employee motivation
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