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Starting a New Business For “Corporate Refugees ”

Jumpstart XLR8R ™. Starting a New Business For “Corporate Refugees ”. Jumpstart XLR8R ™. Intros. Jumpstart XLR8R ™. Jumpstart XLR8R ™. Starting a New Business For “Corporate Refugees ”. Jumpstart XLR8R ™. “Entrepreneurs by Necessity”. “Corporate Refugees”.

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Starting a New Business For “Corporate Refugees ”

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  1. JumpstartXLR8R™ Starting a New BusinessFor “Corporate Refugees”

  2. JumpstartXLR8R™ Intros

  3. JumpstartXLR8R™

  4. JumpstartXLR8R™ Starting a New BusinessFor “Corporate Refugees”

  5. JumpstartXLR8R™ “Entrepreneurs by Necessity” “Corporate Refugees” If you’re over fifty, owning a business may be a matter of necessity

  6. JumpstartXLR8R™ Job Owner • Regular paycheck • Minimal Upside • “Illusion” of security • Accountability • Benefits • Insurance • Vacation • 401K ?(no more Pensions) • Self-directed • Lot of Upside • 24/7 • Risk • On your own • Can be lonely • The buck stops with you

  7. JumpstartXLR8R™ Are you cut out to be an Entrepreneur?

  8. JumpstartXLR8R™ Are you cut out to be an Entrepreneur? Marriot School – Assessment available on-line • Parents 1st generation American? • Not a top Student in school • Didn’t Participate in School Activities • As a youngster, preferred to be alone • Early Entrepreneurship – Lemonade stand, paper route, class office • Stubborn Child • Risky behavior as a child • Don’t care much about others opinions about you • Like a varying daily routine • Willing to work overnight • Willing to work as long as it takes

  9. JumpstartXLR8R™ Are you cut out to be an Entrepreneur? Marriot School • Immediately start a new project after finishing one • Willing to commit your savings • Willing to borrow from others • If business failed would immediately start working on another instead of looking for a job • Believe being an entrepreneur is safer than being an employee • Have written short-term and long-term goals • Have the ability to handle cash flow in a professional and cautious manner • Easily bored • Optimistic SBA Assessment - Handout

  10. JumpstartXLR8R™ Why Businesses Fail Latest #”S (2005) 1/3 fail within two years 56% fail within four years (Optimistic? – Rising Tide)

  11. JumpstartXLR8R™ Why Businesses Fail • Management • Inability to reach decisions & act • Failure to keep pace with management systems • Poor personnel relations • Loss of key personnel • Illness of key personnel • Lack of staff training • Poor relations with suppliers • Loss of control through creditors demands • Inadequate Insurance • Reluctance to get help

  12. JumpstartXLR8R™ Why Business Fail Marketing • Loss of Impetus in Sales • Poor Customer Relations • Inability to cope adequately with competition • Competition disregarded due to complacency • Failure to anticipate market trends • Failure to promote and maintain a favorable public image (Brand) • Lack of clarity regarding market for product

  13. JumpstartXLR8R™ Why Business Fail Finance • Inadequate capitalization • Ignoring adverse financial trends • Inadequate financial records • Poor control of receivables • Poor or lack of forecasting • Poor Credit Control • Over-borrowing or using too much credit • Inefficient cost & quality controls • Poor pricing strategies • Failure to minimize taxation through tax planning • Poor Business Planning

  14. Four Key Business Problems -Not Enough Business (Marketing) -Too Much Business (Efficiency & Capacity) -Making Money off the business you have (Productivity & Profitability) -Cash Flow (Solvency)

  15. JumpstartXLR8R™ Top Reasons for Business Success • Thinking, Planning, Acting • Realistic Market Research & Due Diligence • A Clear, Written Business Plan • Great Execution • Focusing on • Products • Services • Employees • Markets • Controlling Costs • Improving Quality • Training Employees • Pleasing Customers • Developing New Markets

  16. JumpstartXLR8R™ What do you need to get started? There are a lot of “Moving Parts”

  17. JumpstartXLR8R™ What do you need to get started? • Insurance • Fundamental Business Knowledge • Financing – Capital - Some Money • Clear, Specific Business Plan • Viable Business Model • Cash Flow / Break Even Analysis • Marketing Research & Plan • Projections/Budgets

  18. JumpstartXLR8R™ What do you need to get started? • Legal Considerations • Accounting Considerations • Advertising/Marketing Plan • Collateral • Website

  19. Legal Considerations when starting a business Erik Broel Attorney at Law

  20. Why an entity is important • Entity Selection: LLC or Corporation? • Employment Identification Number (EIN) • Business license

  21. Corporate book • Initial consent action • Subscription agreement & securities law considerations • Piercing the corporate veil

  22. Non-compete agreement / severance agreement • Partnerships • Buying a business vs starting a new business

  23. Charlie Jones CPA Marshall Jones CPA Firm • Many new business owners know very little about accounting: • They think that if their sales grow to exceed their overhead, they will “be making money” • A high percentage of businesses fail when ACTUALLY MAKING MONEY IN AN ACCRUAL ACCOUNTING SENSE because they don’t understand the basics of working capital, cash flow, etc., etc.

  24. Charlie Jones CPA Marshall Jones CPA Firm To effectively start a business you need: • Basic Accounting Understanding • Profit & Loss • Balance Sheet • Cash Flow • Break Even Point • Expenses vs. Cost of Goods • Assets/Liabilities • Credits/Debits • Accrual vs. Cash Accounting • Budgeting & Forecasting

  25. Charlie Jones CPA Marshall Jones CPA Firm • Basic Accounting Understanding • Working Capital • Sources & Uses of Funds • Account Receivable/Payable • Gross Margin vs. Gross Profit • Labor Costs and Job Costs • Valuing & Controlling Inventory • Recording Deposits • Invoicing Clients • Paying Vendors

  26. Charlie Jones CPA Marshall Jones CPA Firm • What do you need to Measure? • Select Accounting Software • Usually Quickbooks • Setup Accounting Software • Create Company in Quickbooks • Cash Vs. Accrual Accounting • Identify & set up Chart of Accounts

  27. Charlie Jones CPA Marshall Jones CPA Firm • Taxation & Reporting • Tax Considerations • Relevance of Entity Type • Documentation and Retention • Reporting • Quarterly Reporting • Estimated Taxes • Payroll Taxes • Property Taxes

  28. Jill Buckler • Branding Your Business • Logo Design • Collateral Materials • Website Design • Unified Message

  29. Jill Buckler Samples

  30. JumpstartXLR8R™ A lot of Moving Parts

  31. We have developed a better way… JumpstartXLR8R™ One Stop One Price You’re In Business!™

  32. JumpstartXLR8R™ One Stop One Price You’re In Business!™

  33. JumpstartXLR8R™ Step 1 – Board Meeting -Two-Hour meeting of whole team -Cross-Functional -Plan, prioritize, and access your needs -Address each component -Schedule/Timeline -Dramatically streamlines process & cost

  34. JumpstartXLR8R™ Step 2 – Planning & Strategy - Consolidated Business Plan - Capital Startup Analysis - Cash Flow Analysis - Business Marketing Plan - Startup Advice and Coaching

  35. JumpstartXLR8R™ Step 3 – Legal Consultation -Entity Selection (Inc or LLC -Obtain Federal Tax ID # -Guidance w/State Tax ID & Business Licenses -Corporate Book, Seal, Subscription Agreement, and Initial Consent Action -3 Additional Hours of Legal Services

  36. JumpstartXLR8R™ Step 4 – Accounting/Taxes • -Two Hours Basic Accounting Course or Review • -How does the basic accounting equation work ? • -What’s the difference between cash accounting vs. accrual accounting ? • -How Quickbooks manages your financial -transactions • -How monthly financial accounting works • -What is working capital and how does it impact your ability to succeed

  37. JumpstartXLR8R™ Step 4 – Accounting/Taxes • -Instruction on day-to-day bookkeeping and monthly accounting • -Quickbooks Setup • Chart of accounts • Vendors • Employees • Customers

  38. JumpstartXLR8R™ Step 4 – Accounting/Taxes • 4 hours of Quickbooks training using the company’s set of books and providing simulations of how the company will: • Record deposits • Invoice clients • Account for inventory (where applicable) • Account for labor costs and job costs (where applicable) • Account for vendor payables • Cash disbursements • Payroll • Monthly accounting and financial • Basic income tax concepts

  39. JumpstartXLR8R™ Step 4 – Accounting/Taxes • First Month Review – After 1st month ends • Quickbooks transactions for the month • Adjusting journal entries • ACCOUNTING activities that marry the daily bookkeeping to the monthly financial accounting

  40. JumpstartXLR8R™ Step 5 – Marketing Identity Development -Logo Design -Business Cards -Letterhead & Envelopes -Brochures -Basic Website Design

  41. JumpstartXLR8R™ One Stop One Price You’re In Business!™

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