Starting a Business: The Basics
As a new business owner you need to know your responsibilities. This seminar provides critical information for starting a business and will assist you in making basic business decisions. Attend this seminar to understand the critical tools necessary to get your business up and running systematically. Learn how to assess your business idea, prepare a written business plan, and develop a structure for your business. The following topics also include information on government business requirements, counseling, training, and other entrepreneurial resources
Assess Your Business Idea
Prepare a Written Business Plan
Financial Resources for Your Business
Select Your Business Structure
Government Business Requirements
Counseling and Resources
Training and Events
Statistical Information
Business Human Resource Assistance
Business start-up basics (licenses and permits)
Workforce service and training programs
SBA financing and resources
SDB, MDE and 8(a) certification
Business Model
The right business model is the key to successful business venture and is a constant process. Business planning requires continuous collection of facts and data; honesty and objective analysis become paramount business initiatives.
What's a Business Model?
A comprehensive written business plan is one of your most effective tools for a successful business venture. Outline transaction needs to turn-profit. The most basic business model is simply producing a product or service and selling it directly to customers. The company makes a profit if revenues are greater than production and business costs.
Define Your Business
When developing your business model, TFGI clearly defines the type of business you are pursuing and your goals for your business venture. Once you have a well-defined business idea and specific goals, you can establish the method by which you are going to make your profit.
A lifestyle business prioritizes lifestyle issues such as independence, location, and hours. Growth, expansion, and money back to investors are the main priorities for high growth businesses. We answer several key considerations:
- If you have an idea for a product, do you have the means to produce and sell this product or do you plan to license it to another company?
- If your team is capable of getting the product or service to market?
These questions become relevant when you're figuring out how you are going to make money with your venture.
Ancillary Services
Choosing an organizational structure poses options: LLC, corporation, partnership, sole proprietorship or another variation. Some are straightforward and simple in terms of effects on your business and personal finances; others are subtler. There's no such thing as the simple fit. Your choice will be a balancing act among the various factors, advantages and disadvantages including tax liability, insurance culpability and personnel structuring.
Government Business
Federal, state and local governments offer businesses the opportunity to sell billions of dollars worth of products and services. Many government agencies require that some percentage of the procurements be set aside for small businesses. TFGI can show you how to become a federal contractor, find business opportunities, and the rules and regulations that federal contractors need to follow.
Marketing & Advertising
A winning marketing plan can be tricky to find. Unfair, untruthful or purposely deceptive advertising can result in costly penalties. Marketing has many dimensions - which span various fields of advertising, from market research to customer service to packaging, and more.
Investing in a good marketing plan will generate excellent returns. TFGI can create a marketing program under advertising basic rules, including truth in advertising, fair advertising, and how to avoid making false and misleading statements which can be costly to a start-up business.
Regulatory Requirements
Maintaining an orderly marketplace is one of the hallmarks of democracy. In order to be a part of this marketplace, businesses must comply with certain state and federal licensing and regulations requirements. TFGI helps business owners stay abreast of tax requirements, providing key resources for start-ups, self-employed individuals and other small business owners.
Let us Help you Get Started!