Post on 14-Sep-2014
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What is a Start-Up?
A partnership or organization designed to search for a repeatable and scalable business model.
Business 101 – Legal Structure of your Business
Sole Proprietorship
Limited Liability Partnership
Limited Liability Corporation
Corporation
Non-profit Corporation
Franchising
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.
Partnerships
A partnership is a single business where two or more people share ownership.
• General Partnerships
• Limited Liability Partnerships
• Joint Ventures
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.
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.
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
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.
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
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/small-business-insurance/general-liability-insurance/
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/small-business-insurance/professional-liability-insurance/
Are you certified?
Professional certifications and licenses are very important!
A designation earned by a person to assure qualification to perform a job or task
Accountants – CPA, CMA
Aviator – Commercial Pilot License
Global Logistics – NVOCC or Customs Brokers License
Real Estate Agent – Real Estate License
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.
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
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
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
Marketing (cont)
Flyers, Posters, Banners, Brochures, etc.
Press Releases & Recap Articles
Radio, Television, Newspaper
Networking – Professional Organizations, Memberships,
Financials
SAVE THOSE RECEIPTS!
Good bookkeeping is vital to a successful business!
Historical Financial Data
Forecasting
Risk Assessment
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
Investors and Stakeholders (cont)
Need a loan? Ask the bank!
Corporate Giving & Corporate Marketing
Politicians
Some successful “Start-Ups”
Open Table
SBE Entertainment
Khan Academy
Mixed Chicks
The Starter League