Monday, January 25, 2010

Entrepreneurial Classes at CSCC-Lewisburg
Learn How to Start Your Own Business for only $30

The South Central Tennessee Workforce Board and Columbia State Community College is presenting a series of entrepreneurial classes at the CSCC-Lewisburg campus beginning Tuesday, January 26.
There will be 8 sessions offered on Tuesday and Thursday evenings from 6-8:30 p.m. covering the following topics – Which Business to Start, Marketing, Accounting, Legal Structure, Cash Flow, Pricing the Product, Challenges and Business Plan Development. There will be two sessions each week and each session will be taught by an expert on the subject. The sessions will be very informative and very interactive.
In order to conduct the class, a minimum of ten participants is required. Classes are scheduled to start Thursday, January 28 and the cost is only $30 for all 8 sessions.
If you are considering or have ever considered starting your own business, this course is geared for you.
For more information, contact Ron Beck at (931) 540-1121 or register today at the front desk of Columbia State Community College in Lewisburg.

Entrepreneurship Training Series

1. Deciding What Business is Right for You.
• Purchasing a business/starting a business/investing in a business
• Determine what you are buying….a building, equipment, etc.
• What do you enjoy/have aptitude for/have experience in/etc.
• Is there sufficient support from the community/potential customer base?
• Franchising vs. independent

2. Legal Structures, Which is Right for Your Business?
• Sole Proprietorship/Partnership/Corporation/Limited Liability Company
• What are the advantages/disadvantages of each?
• What makes sense for your business idea?
• Partnership agreement in case partners part ways
• Key man insurance in place on owner(s)

3. Accounting for Small Businesses.
• What kinds of records are important?
• Who will be responsible for maintaining them?
• Basics of accounting very important to understand
• Electronic banking and credit card processing
• Need to start out with system in place that can accommodate growth
• Who needs to see the financial statements? –Management/Owners/Lenders

4. How to Price Your Product or Services.
• What will it cost you to produce?
• What is the competition charging? Can they cut their prices?
• What will the customers pay? Could you increase value?

5. Importance of Cash Flow to the Survival of a Small Business
• Early months are critical to survival
• Having personal finances in order in order to be able to borrow money/credit rating
• What is my initial investment and what do I get in return?
• Keeping track of receivables vs. payables.
• Money tied up in inventory
• Basic supply and demand
• Economies of scale (is growth of the business the best thing?)
• Ability to accept credit cards
• Developing a web site/online banking
• Danger of low operating capital
• Anticipation of problems/breakdowns in equipment
• What is capital – where does it come from? What do I need in terms of buildings, equipment, etc.?
• What are the competing forces for cash?
• Unique/Unusual Sources of cash for operations-i.e. customers/vendors/employees/etc.

6. Marketing for Small Business
• Who are potential customers?
• What type of advertising will best reach your target audience?
• What do you want to promote about your business-i.e. better service/cheaper price/better quality/more convenient/etc.
• What message do you need to get across to potential customers?

7. Challenges of Managing a Small Business.
• Family Issues/impact on personal life/time investment/time management/ impact of success on life style.
• What if a partner dies or just leaves the company?
• Exit plan (to turn business over to children, etc, once I retire)
• Dynamics of multiple owners-Division of responsibilities
• Dealing with Human Resource Issues-Fairness, consistency, equality, etc.
• Liability insurance needed?

8. How to Develop a Business Plan
• Components of a Business Plan-Who, What, Where, When, How, How much Money?
• Financial Projections with assumptions
• What will set your business apart from others in your field?
• Why do you think it will be successful?
• Can you attract the necessary people to grow the business?
• What is it that I want, for the business to grow or stay the same size?

9. Business Plan Presentations
Training participants get a chance to give a 5-10 minute presentation of their Business Plans to the other participants plus 2 invited panel members for feedback/improvement.

10. Business Plan Presentations
Training participants get a chance to give a 5-10 minute presentation of their Business Plans to the other participants plus 2 invited panel members for feedback/improvement.

Content created by South Central TN Development District and Columbia State Community College.

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