1. Starting Your New Business
A Presentation by Topeka SCORE and
Washburn University Small Business Development Center

2. Agenda Our presenters Why businesses fail
Making your business successful
The business idea
Steps to starting a business
The Business Plan
Business Startup
Resources
Handouts
Questions & answers

3. Tell Us About Yourself Tell Us about Yourself! Your name
Your business Idea
What do you hope to learn at this session
Tell Us about Yourself!

4. 120 SE 6th Ave, Suite 100 Topeka, KS 66603-3515
Formed in 1983
Provides small business consulting services and training to northeast Kansas
Staff:
Karl Klein, Director
Mary Ann Reiderer, Wetmore
Les Streit, Topeka
Lauri Peiper, Manhattan.
120 SE 6th Ave, Suite 100 Topeka, KS
(785)  ‎

5. Small Business Finance
Small Business Update
Upcoming seminars
Business Plan workshop – coupon
Quickbook Classes
Marketing for Success
Tax Workshops
Small Business Finance

6. Thank You to Our Host Terry Miller Business Librarian 785.580-4556

7. For the Life of Your Business
This presentation combines national slides and best practice slides from Greater Seattle SCORE.
We appreciate the effort of the volunteers in Greater Seattle for sharing their presentation for other chapters to use.
If you have a best practice you’d like to share, please
For the Life of Your Business
Free Mentoring, Training and Resources for Your Business

8. SCORE – An Overview About SCORE Facts
SCORE was formed in 1964 as a resource partner of the Small Business Administration whose mission is to help aspiring and existing businesses succeed.
Facts
13,000 volunteers across 360 chapters
1 million hours of services donated by volunteers
500,000+ total services delivered annually
300,000+ people served annually
37,000+ new businesses created annually
82,000+ jobs created annually

9. Meet Topeka SCORE
Serving: 9 counties in northeast Kansas Offices: 120 SE 6th, Topeka, KS Website: Contact: Russ Connor, Chapter Chair Mentors: Over 30 certified mentors to serve your needs

10. We Coach Small Business
SCORE is a non-profit resource partner of the United States Small Business Administration

11. Small Business…Huge Impact
Gallup Research shows SCORE helps businesses start and grow even in recession
SCORE’s goal is to help grow 1 million successful small businesses by 1920
2014 SCORE’s national impact:
Business Starts : 56,079
Jobs Created: 47,187
Businesses that increased revenues: 65%

12. How Do Our Clients Win? SCORE Provides Experienced Coaching:
Sound business planning
Product and service review
Financial insights
Marketing and promotions
Resource planning
Choosing and negotiating with vendors
Customer Care

13. The Price for Coaching a Client in Planning and Starting a Successful Business:
$0.00
There is no cost to our clients for mentoring
Nominal fee for some workshops

14. SCORE Mentors Volunteer to Help
100% of Topeka SCORE mentors have successfully managed businesses large and small
Our volunteers know the road to success in local and global markets

15. SCORE helps With: Startup planning Securing financing
Developing marketing
Sales training
Building management skills
Business analysis

16. Our services include: Round Table discussions Mentoring
1st Saturday every month
Washburn Institute of Technology, 5724 sw Huntoon
Mentoring
Face-to face
Via
Workshops for success

17. 120 SE 6th Avenue, Topeka
Our mentors:

18. Down to Business!

19. Wrong Reasons for Starting a Business
Desire to make a lot of money
More time for your family
Be Your own boss

20. Why Don’t New Businesses Suceed?
Starting business for the wrong reason
Poor management - #1 reason for failure
Insufficient capital
Location, location, location
Lack of Planning
Overexpansion
No web-site/social media

21. Right Reasons for Starting A Business
Passion/love for your business
Physically fit/mental stamina
Drive, determination patience and a positive attitude
Failures don’t defeat you and you use lessons learned

22. Your Changes for Success Are Pretty Good!
Old thinking – 50% of business fail in the first year & 95% in five years.
Today:
80% survive the first year of business
50% survive for five years
33% survive for 10 years or more
Source: Small Business Administration -2016

23. Steps in Growing Your Business
Relevant business and management expertise in finance, purchasing, selling, production and hiring/managing employees
Seek help if you don’t have the expertise
Guard against fraud
Regularly study, organize, plan and control all activities of the business
Create a work environment that encourages productivity.
Surround yourself with good people who share your vision
Above all, gain skills in strategic planning to make your vision a reality

24. Partners for Success
Attorney
Banker
Insurance Agent
Accountant
Mentor

25. Understand Your Capital Needs
Cost of starting your business plus costs of staying in business
Many businesses take a year or two to get off the ground!
Have a clear idea of business costs and expected revenue
Use business startup calculator checklist

26. Find a Location Suited to Your Business
Factors to consider:
Where are your customers?
Traffic, accessibility, parking and lighting
Location of competitors
Condition and safety of building
Local incentive programs for business start-ups in targeted areas
History, community favor and receptiveness to a new business at a prospective site

27. Planning your Business
Business success is a product careful, methodical, strategic planning and hard work
Use a Business Plan to identify all facets of your business
Business planning workshop – no cost with coupon

28. Grow at a Reasonable Pace
Slow and steady growth should be your goal.
Overexpansion happens when business owners confuse success with how fast they can expand their business
Find a fine balance so that you do not repress growth
Before growing your business, review the planning process so that you can ensure you meet customer needs and keep up with production

29. Website and Social Media
89% of North America’s population use internet
Internet sales represent $185.4 billion in 2015
A professional and well-designed website enables customers to easily find your business and to understand your products/services
If you don’t have a website, customers will go to businesses that have one
Attend web design/social media workshops

30. Expand on Your Business Idea
Define your business idea / product / service
Is your product / service meaningfully unique?
Will there be demand and is there a market for it?
What will be your margin?
Do you have experience?
Will your idea be quality and service or volume?

31. Create your Business Select a name for your business Unique
Relates to your products or services
Business structure
Sole Proprietor
Partnership
Corporation ( S or C )
Limited Liability Corp (LLC)
Non Profit
Web domain & website
Help is available at Kansas.gov
Will you need licenses?

32. Marketing Your Business
Research the market
Research the competition
Develop plans to market your idea
Learn “How To Sell”
Understand the tools of social media
Order business cards
Join trade associations

33. Financing Your Business
Ensure you have enough personal finances
Bank Loans
Business Plan a “Must Have”
Create a personal financial statement
Know your credit scores
Equifax
TransUnion
Experian
CreditKarma.com (free credit scores )
Avoid using credit cards

34. Managing Your Business
Managing Finances
Separate accounts business/personal
Decide on an Accounting System
Attend Quickbooks seminar
Learn to understand financial statements
Managing Employees
Obtain an employer ID number
Be a strong manager
Remember – your employees are often your best assets
Don’t fall into the independent contractor “trap”

35. Create a Business Plan Is a must for obtaining financing
What is your product & its uniqueness
How will you market your product
How will you price your product
Forecast sales & profitability

36. Handouts for Success! Topeka Library for Business Data Resources
PTAC : Procurement opportunities with the government
Checklist for obtaining a Business Loan
Checklist for hiring employees
Checklist for Naming Your Business
Checklist for Legal and Registration Requirements
Home Occupation Permit Application
Buying a Franchise
Independent Contractor
Business Startup Calculator

37. Business Startup Resources
712 Innovations:
Kansas Dept of Revenue :
City of Topeka:
Kansas Business Center
Network Kansas:
Steps to Success

38. Thanks for Coming! Questions Evaluation form
Visit with Us About SCORE Services or go online to and click on “request a volunteer”
DON’T FORGET BUSINESS PLANNING COUPON!