Date post: | 13-Dec-2014 |
Category: |
Career |
Upload: | reynolds-center-for-business-journalism |
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How to be an Entrepreneur as a Business
JournalistPresented by
Maya Payne Smart and Joe Grimm
Day 1:Getting Down to
BusinessPresented by
Maya Payne Smart
Today’s Agenda
• Thinking like an entrepreneur
• Setting up shop
• Making it official
• Protecting your assets
Goals for Today
• Grasp the importance of having an entrepreneurial mindset
• Know what equipment and supplies you need to get started
• Learn when and how to incorporate your business and register with local, state and federal authorities
• Understand the true cost of doing business
Thinking Like an Entrepreneur
The Entrepreneurial Mindset
• What are you going to sell?
• Who are you going to sell it to?
• How are you going to find them?
• How are you going to build relationships with them?
• How are you going to sell to them?
• How are you going to stay in touch?
Raising Your Business IQ
• Read business publications
• Talk to business owners
• Seek out business advisors
• Understand and create financial reports
Setting Up Shop
Balanced Budget
Balanced Budget
The Right Stuff
Making It Official
Choosing a Legal Structure
• Sole proprietorship
• Partnership
• Corporation
• S Corporation
• Limited Liability Company (LLC)
Why Incorporate?
• Tax savings
• Avoid liability for breach of contract if you observe corporate formalities and execute contracts properly
• Make the business the contracting party
• Sign as a representative of the business with your title
• Strict segregation of corporate funds
• Don’t refer to the company and yourself interchangeably in contracts
• A business entity won’t protect an individual from wrongs (negligence, libel, copyright infringement) they personally commit
Registering a Business Name
• Naming conventions (sole proprietor, partnership, corporations)
• How to register your business name with the state
• When and how to register a fictitious name, or DBA name
Tax Matters
• Employer identification number (EIN)
• State and local tax registration
Business Licenses and Permits
• State business and occupational licenses
• Local business and occupational licenses
• Signage permit
• Alarm permit
http://business.gov/register/licenses-and-permits
Protecting Your Assets
• Health Insurance
• Disability Insurance
• Commercial Insurance
• Media Perils Liability Insurance
Questions?Please e-mail me at [email protected].