"Business Basics" Class
7 Week Entrepreneurial Class
Updates: July 12, 2006
Each class night runs from 6:30 - 9:00 pm with approximately a 15 minute break at 7:30.
Week 1
- Introduction to the BDC - Who the BDC is, why the classes are so inexpensive, services offered. What will be presented in the classes, how they will be conducted, what is required if they decide to apply for our MDLF loan.
- So You Want To Be In Business? - An overview asking the entrepreneur to think about WHY they want to be in business, what they can expect, areas in which they'll need to have basic understanding, some of the difficulties they may encounter, and where to get help when they need assistance.
- Getting Started - Structures, Forms & Numbers - A discussion of business structures (sole proprietorship, partnership, LLC, Inc.) and how the structure will effect their income taxes, where to apply for sales tax numbers, EIN, where to check for permits and licenses, various websites with pertinent information.
- The "C" Word - Beginning of marketing, getting the new business owners to start thinking about his customer, how his customer views him and what he should be doing to get customers and keep them coming to his business over his competitors.
- The USP - The Unique Selling Position - what it is, what it is NOT, Why a USP is vital for their business. Useful guidelines for developing one for their business.
Week 2
- Writing a Business Plan- An in depth overview of what needs to be included in a B-Plan, details each segment should include, financials that need to be included, how to develop those financials (reflecting back on the accounting portions of the class)
Week 3
Accounting Night 1
- Introduction to Bookkeeping
- Basic accounting terminology, what qualifies as an expense, basic familiarization with the accounting process
- What taxes need to be filed, estimated tax payments, an accountant vs. a tax preparer, what records to keep
- The Statement of Cash Flows
- What a cash flow statement is, what it is used for, how to make "educated guesses" when developing a Cash Flow statement
- Exercises for each financial paper is included through the evening
Week 4
- Employee Issues - Even if you hire one person, you're an HR department - record keeping, what you can and can't ask / state, required paperwork, how to hire, conduct performance reviews, how to fire.
- Policy & Procedure Manuals - The importance of training each new hire in the same manner for consistent performance and product. The value of a policy manual, when it use it and why you need it, how it helps with consistent customer treatment, how NOT to use a policy statement.
- MDLF Loan - an overview of the MDLF loan program sponsored by the BDC, who can apply, loan caps, requirements, what the money can be used for, what it cannot be used for, etc.
- PTAC - Selling to the Federal Government and what assistance is available to small business owners. (Presented by Catt. County Procurement and Technical Assistance Officer.)
- Financial Planning: As a business owner, no 401Ks or pension plans exist. Why they should start thinking of retirement the day the open they business, how they will fund retirement, the value of time over money. (Presented by a certified financial planner).
Week 5
Accounting Night 2
- The Income Statement - What the income statement is, why it is different from the balance sheet, how to develop one
- The Balance Sheet - Beginning terminology and processes for developing a balance sheet
Week 6
- Marketing - The 4 Ps of Marketing, Fixed vs. Variable costs, Margin vs. Markups, Advertising - creation of space ads, how to measure effectiveness, cautions to use in developing an advertising campaign.
- Time Management overview - how to get it all done? Writing it down, prioritizing, doing what needs to be done vs. being busy.
Week 7
- Website Development - Entire class session is developed to a basic understanding of website development, how to do it, what to be cautious of, typical costs involved, names of domain businesses, etc. (Presented by the Catt. Co. Website Developer)
- Class Feedback Form - Last 15 minutes of class - We ask the attendees to fill out a feedback form telling us what they liked, what was most valuable, what they want more of, what they didn't like, any ideas or suggestions they want to offer regarding the classes. These are returned in a sealed envelope so they can be as honest as they want to be if they are unhappy with anything.
NOTES:
- PowerPoint presentations are used for the majority of the class work presented.
- Each class has handouts containing data presented during the class
- Class discussions, exercises and projected work sheets showing how data is arrived at / why presented are used in each session.