Planning and Evaluating Your Business Idea

1. Do you want to start a business?
2. Do you want to see if your business idea will be profitable?
3. Do you want to know if your business idea will meet your personal objectives?
4. Do you want to get financing to start your business?

If your answer is "YES" to any of these questions, then you are likely ready to take the Next Step Starting a business is something that many residents dream of - it's one of the distinguishing characteristics of our nation's free enterprise system and critical to the success of the Yampa Valley economy. Turning this dream into reality, however, is not an easy task. People are free to start businesses, but they are also free to fail. The decision to start a business is an intensely personal one - no one can make it for you. This program will teach participants planning tools, new processes and skills that will improve your chance of success. Below is an outline of the topics that will be covered in this program.

Business Plans and Feasibility Studies

• Demographics and customer data
• Proforma Financial Statements
• Revenue/expense projections with exercise

Financial Basics

• Start Up and Operating Expenses
• Contingencies and Reserves
• Cash Flow Issues

Business Organization Decisions

• Sole Proprietorship
• S-Corporations
• Limited Liability Corporations
• Partnerships

Paperwork, Permits and Taxes

• State Tax Licenses
• Sign Permits
• Building Permits and Zoning
• Employer ID #
• Liquor Licenses
• Payroll Withholding
• Self Employment Taxes
• Health Department permits

Insurance

• Workers Compensation
• Unemployment Insurance
• General Liability (Product/Public)
• Property and Casualty
• Bonds
• Automobile Coverage

Location, Location, Location

• Size, Cost Visibility
• Terms and Lease Conditions
• Build Out

Where is the money?

• How much do you need?
• Credit Issues
• Small Business Lending Resources

Business Measurement Tools

• Bookkeeping
• Sales and Expense Management
• Return on Investment
• Performance Benchmarking and Goals
• Day to Day Commitment

Getting Open and Marketing Your Product/Service

• Realistic Timelines
• Setting a Calendar
• Opening Budget
• Setting a Marketing Budget
• Internet for Your Business

Things Change!

• Product and Service Changes
• Cost Estimate Revisions
• Reacting to Change Positively