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Table of Contents Chapter 1
The Plan
Chapter 2
Legal Documents
Chapter 3
Putting the Plan into Action
Chapter 4
The Essentials of Marketing
Chapter 5
References
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Preface
First, I will like to thank God for my abundance of various gifts he has blessed me with. Writing has always been my passion and I am thankful to share some of my knowledge, expertise and experience with you all. Over, the years of my life I realized I have a gift in entrepreneurship. This field is not for the weak. If you are going to cry every time someone or something does not go your way. Stay on the bench. This life is for those who know impossible means I’m Possible. Secondly, if that window has been closed or that door has been shut. Fuck it, build your own door. That’s what I said. Gather your resources, gather your connections, gather your education and experience and get up and get your money baby. You are either one of two people, an entrepreneur or someone who works for an entrepreneur. You did not start that vision, that vision, that purpose to quit. You did not buy this book to see what the hell I am talking about. You purchased this guide to help you get to the next level of success. What are you waiting for let’s win. Last, but not least, Dj Kaos, you are my rock. Your hugs & ears have healed some wounds in me I can never repay you for. Sometimes that’s all women need. A shoulder, some security, a man’s wisdom I love you forever. 4|Page
Chapter 1: The Plan Before you can start any business, you need a concrete plan. Failing to plan, is planning to fail. What is it in life that you have a passion for? Who are your competitors? What is going to differ their promotions from your promotions? What are your competitor’s strengths and weaknesses? How can you contribute your passion to the world and capitalize from it? Who is your targeted audience? Is there an actual need for your business in the market you are trying to target? These are all critical elements in developing a business plan for a business, service or product you want to introduce to the world. Now that you have thought about your business, write it down on four separate sheets of paper. Yes, four. The first sheet of paper that you wrote down your business name on, write down what your business name means and is it marketable to a variety of audiences not just your targeted market. On the second sheet of paper, write down your goals you want to see unfold with your business. On the third, start your business plan. Hold on to the fourth, you’re going to need this sheet after the business is up and running. You have created your name, your plan and now you need to create yourself a thirty (30) day plan on what you need to accomplish. I personally 5|Page
write down 150 ideas a day, on top of the 150 I write down the little things to execute the ideas.
Here’s an example: 1) Research topics on “Business”. a) Google search engine business. b) Bing search engine business. c) Library self-help books on business. 2) Compare notes on my business research topics. a) Highlight key points. b) Reorganize the notes These are examples of how to write ideas and steps to execute those ideas. The more ideas and ways to implement them into your daily activities, the closer you are to your dreams. Make realistic ideas that you can turn into reality. Not saying that wanting a Million in six months is not achievable, just saying it will not happen overnight. Write one critical idea that you want to accomplish in your life below and a few ways to effectively execute them. The reason I said one idea in your life is because you are planning to open your own business to better your lifestyle. Correct? 6|Page
Goal: __________________________ 1) ___________________________ a) b) c) 2) _____________________________ a) b) c) 3) _____________________________ a) b) c) Goal Deadline: ____________________ 7|Page
Now that you have written down a precise idea and ways to dominate that idea, make several more. Get in a habit of planning, planning, planning. It is ok to take serval paths. It is even ok to not complete some goals you have written down. Sometimes we create an image of perfection in our lives that really does not exist. Can you imagine if we all woke up with no hard work, no planning, and lived the lives we wanted? If it was easy everyone would be able to have access to it. Here’s the beauty secret of your business, no one can leave the impression on customers and supporters the way you can. There can be a million people goals to sell the same service and product. It is not what you sell it is how you sell it. Did you engage in active communication with your clients? You know word of mouth is the best form of marketing. Even if you have haters that spread bad views about your business, facts and feelings outweigh lies. After you have finished the planning process now it’s time to write it out in an organized manner. There are several resources you can utilized to complete your business plan. You can hire an expert, like myself, just putting that out there lol, or you can do it yourself. There’s a program in Microsoft word, under File, New, Search box: Business Plan. The goals typed in a presentation format, your goals are cleaner, clearer and more professional in black and white. Some business plans can be up to 800 pages long. Most 8|Page
of the contents you may see in the process and planning of your business plan may be repetitive it is not to trick you it is just confirmation of your organizations purpose for existing. Do not get discouraged if the business plan starts to get overwhelming. Remember if it was easy to write everyone would be writing one. Your business plan should include a concrete exceptive summary. What is your business? Why do you believe it should exist? Your executive summary should include the founder’s education, experience, knowledge and expertise in the productive and/or service you are introducing to customers. If your business will not a physical address for your customers to shop, your business needs a company culture and brand personality. Your company culture is what you practice to provide your customers exceptional service. Your brand personality is just the same as your personal personality. Are you a positive person people enjoy to be around? Is you’re brand a product or service people will love to purchase? Now, that your company culture is created now let’s discuss the inventory and equipment needed for productions, employees needed, organizational structure, targeted market and how much funded is needed to start your business. If the equipment is not purchased, who are your outsources? You need to shop around compare prices and look for high 9|Page
quality services for a reasonable price. Your budget should include the cost of production, services, promotion and marketing as well. How much are you willing to pay your team? Are you utilizing interns? Are you utilizing freelancers? What are your free resources? These are questions you must question under your finances and budgeting. When the business plan is complete here is a list of mandatory highlights that should be included: 1) Executive
Summary,
Management,
Education,
Experience,
Employees 2) Objectives, Goals, Culture, Brand Personality, Core Values 3) Funding, Budgeting, Finances 4) Inventory, Resources, Supplies, Station 5) Capital, Profit Goals, Profit Margins, Profit Forecasts 6) Business Proposal. Marketing Proposal, Business Press Kit
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Chapter 2: Legal Documents_________________ Now that we have the most time-consuming part out of the way let’s talk about the legal documentation of running your business. You will need a LLC. Business License if you plan on reselling from major distributions such as Nike or Gucci, a Trademark, EIN, Occupancy License, Degree or Certification that specializes in your field and any other documentations requested by your State Department of Financial Institutions. There are several forms of incorporating your business. A LLC is for Limited Liability Companies “that is a corporate structure whereby the members of the company cannot be held personally liable for the company's debts or liabilities. Limited liability companies are essentially hybrid entities that combine the characteristics of a corporation and a partnership or sole proprietorship” (Merriam-Webster, 2017). The difference between a LLC and a Sole Proprietorship is “Income and losses are taxed on the individual's personal income tax return. The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts” (Merriam-Webster, 2017). Another form of business registration is Non-Profit. “A Nonprofit 11 | P a g e
corporation is a special type of corporation that has been organized to meet specific tax-exempt purposes. To qualify for Nonprofit status, your corporationmust be formed to benefit: (1) the public, (2) a specific group of individuals, or (3) the membership of the Nonprofit” (MerriamWebster, 2017). The IRS wants their fair share of course so you will need to register for an EIN, “'Employer Identification Number - EIN' A unique identification number that is assigned to a business entity so that they can easily be identified by the Internal Revenue Service. The Employer Identification Number is commonly used by employers for the purpose of reporting taxes” (IRS.GOV). Some tax forms that are critical for your business are I9 Forms, W4 Forms, Form 941, W2, SS4, Form 1099, Schedule B, Publication 15, Form 940 and Form 1023 for Non Profits 501 (c) (3). Trademarks are extremely important as well. You do not want to do all the work and someone else reaps the benefit of your business. Protesct yourself and your brand and trademark your business. A Trademark is “a symbol, word, or words legally registered or established by use as representing a company or product” They are really inexpensive and must be resigtered where your business is registered.
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A business license is needed for resell. “Business licenses are permits issued by government agencies that allow individuals or companies to conduct business within the government's geographical jurisdiction. It is the authorization to start a business issued by the local government� (Merriam-Webster, 2017). Contact your local government on the process, requirements and fees of a business license for your company. Very mininimum businesses require degrees but most require certification in the field that you are practicing in. License can be in the profession you practice in examples nursing, lawyer, doctor, barber, hair stylist, nail tech, restaurant manager, publisher, graphic designer and you get the picture. I am certain most local governments require certification of some sort before servicing the community. Even if you own a hot dog stand, a peddler permit is required. Theres a price you pay for everything you do in business. Your goal is to gain a profit, even from your losses. Lastly, before you can open the doors of your business and serve customers you will need an occupancy license. An occupancy licesens is also known as “a certificate of occupancy is a document issued by a local government agency or building department certifying a building's compliance with applicable building codes and other laws, and indicating it to be in a
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condition suitable for occupancy. ... a new building is constructed� (Merriam-Webster, 2017).
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Financial Statements Statement of Financial Position •
Liabilities
•
Statement of Financial Position
•
Ownership Equity
Statement of Comprehensive Income (Profits and Losses) •
Income
•
Expenses
•
Profits
Statement of Changes in Equity Well, it wouldn’t be an annual report without a lot of numbers, right? This section is the place for all those financial tables. To get started with a table that looks just like the sample here, on the Insert tab, click Tables, then choose Quick Tables. Description
Statement of Cash Flows •
Operating
•
Investing
•
Financing
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Revenue
Expenses
Earnings
Notes to Financial Statements Accounts When you have a document that shows a lot of numbers, it’s a good idea to have a little text that explains the numbers. You can do that here.
Debt Of course, we would all prefer to just have profits. But if you’ve got any debt, this is the place to make notes about it.
Going Concern Okay, you get the idea. If you’ve got notes to add about your financials, add them here.
Contingent Liabilities Keep in mind that some of these headings might not apply to your business (and you might have others to add). This one, for example, is about potential liabilities that could arise if something happens in the future, such as a pending legal decision.
Takeaways What would you like your readers to understand? Add notes on key takeaways here.
Type caption here. To replace the picture with your own, select it and then press Delete. You will see a placeholder that you can click to select your image.
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Independent Auditor’s Report 1.1 Unqualified Opinion 1.2 Qualified Opinion Report 1.3 Adverse Opinion Report 1.4 Disclaimer of Opinion Report 1.5 Auditor’s Report on Internal Controls of Public Companies 1.6 Going Concern
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Contact Information To replace a photo with your own, right-click it and then choose Change Picture. Name
Name
Title
Title
Tel [Telephone]
Tel [Telephone]
Fax [Fax]
Fax [Fax]
[Email Address]
[Email Address]
Name Title Tel [Telephone] Fax [Fax] [Email Address]
Company Information [Company] [Street Address, City, ST ZIP Code] Tel [Telephone] Fax [Fax] [Website]
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References https://www.irs.gov/businesses/small-businesses-self-employed/how-to-apply-for-an-ein https://www.merriam-webster.com/dictionary/LLC http://www.wdfi.org/ www.favor1403.com/store
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