In order to put your business concept on paper, you need to think through and research the many factors that are needed to make sure your business is a success. With a plan, not only can you spot potential weaknesses, opportunities, and threats, your plan can help you make informed decisions about your venture before you commit yourself legally or financially. Executive summary Your executive summary should be 1—2 pages long, and provide an overview of your business concept, key objectives of your business and your plan, ownership structure, management team, your product or service offering, target market scompetitive advantages, marketing strategy, and a summary of your financial projections.
Some formal requirements such as operating agreements and annual reporting. Board of directors, annual meetings, annual reporting required. Management Sole proprietor has full control of management and operations. Typically each partner has an equal voice, unless otherwise arranged.
LLCs have an operating agreement that outlines governance and management. Corporations have bylaws that outline governance.
Typically managed by directors who are elected by shareholders. If one LLC member, typically pay taxes as individual. If more than one member, typically pay taxes as partnership. Can elect with IRS to pay taxes as a corporation either c- or s.
If standard corporation c-corptaxed as a business. If dividends are distributed to shareholders, dividends are taxed at the individual level. Can elect with IRS to be taxed as an s-corp. Sole proprietor has unlimited liability. Taxes based on business income.
General partners have unlimited liability. Members may have liability for taxes. Governing persons may have liability for taxes. This information is for reference only, for detailed considerations contact your trusted legal or tax advisors.
Determine your business name When deciding on a business name, there are many things to consider: Will it appeal to your potential customers? Will it work well in graphic design and marketing? Is anyone else using the name?
If so, could there be confusion in the marketplace, or could you be infringing on their legal name, trademark, or service mark?
You can do searches through the U. If your business is a corporation or limited liability entity, the name must indicate the type of entity such as Corp.
Legal entity names become public record when you file a legal entity such as an LLC or Corporation. If you also want to trademark a name, you may want to consult an intellectual property attorney.
If your business activities will extend beyond Washington State, file for a trademark with the U. Patent and Trademark Office. If your business activities will stay within Washington, file for a trademark with the Secretary of State.
You may have heard that registering your business entity in a state other than Washington is the way to go. Do your homework before acting on that advice!Find Business lesson plans and worksheets. Showing 1 - of THe class reads an article about Steve Gotty, a who made his small business grow and discuss the setbacks he faced.
entrepreneurship, revenue, expenses and profit. In this starting a business lesson plan, students will be creating mathematical problems and connecting them. Take advantage of The Quintessential Careers Content Index, which enables site visitors to locate articles, tutorials, quizzes, and How to Write a Business Plan — from the U.S.
Small Business Administration. Business Plan Template — from Home > Career > Career Advice > Jobs Tips > Business Plan Tutorial: Tools to Help You Launch.
Funded in part through a cooperative agreement with the U.S. Small Business Administration. The Ohio SBDC program is also funded in part by the Ohio Development Services Agency. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA.
Your Business Plan Before a lending organisation will even consider financing your start-up small business venture, it will want to see a business plan showing the thoughts and research that had gone into your pre-venture preparation..
Most business plans follow a standard format that is designed to force you to carefully think through the most important issues affecting the success of your. Explains when a small business subcontracting plan is needed; Describes the different types of subcontracting plans; The U.S.
Small business administration provides additional guidance on various parts of the program as well as a variety of information useful to small businesses who want to do business with the Government.
Other agencies. This guide is designed to help you better understand your readiness for starting a small business.