User:Vtaylor/SCORE/Home business/create

CREATE Get real

Operations . running your business

Financial planning

better understand financial concepts - sales and prices, financial risks and rewards, true start-up costs, ongoing operating expenses, setting benchmarks for tracking progress and the organization of all your financial information. financial model to forecast sales revenue and build solid pro-forma financial forecasts.

money Price cost overhead profit Personal credit card savings 401K Loans bank credit union SBA - guarantee family, friends home equity Veteran seller financing Grants Consignment Referrals, partners

Consider what would be your “MVP” or “Minimally Viable Product.” It means getting your product or service to the real marketplace as quickly and cheaply as possible. You create the absolute most simple, bare bones version of your product or service and test it in the real market.

slides https://score.app.box.com/s/azqa2sbr5k24hdb3rzaxussk11xaokcw

40 Every Business Owner Needs a... team . Banker . Lawyer . Accountant . Insurance Agent . Business Mentor

operation goals measurement

Return on Advertising Spend	Measures how much your business earns in revenue for every dollar spent on marketing or advertising. BigCommerce suggests a common ROAS benchmark is a 4:1 ratio — $4 revenue to $1 in ad spend. https://digivizer.com/blog/social-media-advertising-costs-guide/

Legal issues

slides https://score.app.box.com/s/azqa2sbr5k24hdb3rzaxussk11xaokcw

. 34 keep it simple Keep It Simple . Sole proprietorship or partnership . If liability and/or taxation is a concern, an LLC or S-corporation

Small Business FAQs 2020 https://cdn.advocacy.sba.gov/wp-content/uploads/2020/11/05122043/Small-Business-FAQ-2020.pdf

86.6 percent of nonemployers are sole proprietorships

. 35 government regulations . Business Licenses and Approvals . Labor Laws . Immigration Laws . IRS and Social Security Withholding & Payments

Taxes must make estimated quarterly payments if: You're a sole proprietor, partner or S-corporation shareholder, and you expect to owe at least $1000 (after subtracting deductions) when you file your return; https://www.score.org/blog/self-employed-quarterly-taxes-what-you-need-know

https://score.app.box.com/s/azqa2sbr5k24hdb3rzaxussk11xaokcw

36 insurance considerations . Property . Liability . Motor Vehicles . Umbrella Liability . Worker’s Compensation . Health . Life . Business Interruption

Critical success factors - Startup businesses that are successful share a number of common critical success factors

https://www.youtube.com/watch?v=06WwH9D_ZCw

Well thought-out idea Realistic expectations Demonstrated customer need Comprehensive overview of entire business operation Money enough to start, emergency fund Record keeping, cash flow, taxes, withholding, sales tax