Sign Banking Presentation Illinois Now

Industry sign banking illinois presentation now

hello everyone this is Tamura Hughes and I am with the Illinois Small Business Development Center at greater Englewood and we're very happy that you are joining us on this online training session we will be speaking from the topic about doing business in Illinois this information will be provided for entrepreneurs and small business owners as we share information with you in this presentation we will now begin our session and take you through the steps on how to start a small business so the training is being available and made available through the Illinois Department of Commerce and economic opportunities through the office of entrepreneurship innovation and technology the Illinois Department of Commerce and Economic Opportunity is very pleased to be able to provide the starting your business and Illinois presentation and also attached you will find in your registration a digital handbook that you can then help to create operate and expand your business we're us if you're starting or you're owning your own business it's a great time to be excited and to help you not be frightened about what you want to do there's so many things to consider definitely as relates to location size number of employees ownership structure and so on and then they're also anxieties concerning where do I start I'm over my head well I make it so this is where you want to start right here getting information that is pertinent to developing a strong infrastructure and you want to start by having some confidence so we would like for you to familiarize yourself with the things that you'll see in the handbook and also to utilize the programs and services that will be made available to you through the Illinois Department of Commerce and then also the handbook is designed to answer as many basic questions as it gives toward smaller companies which make up over ninety eight percent of businesses in Illinois the office of entrepreneurship and innovation and technology you can contact them at any time at the information on the screen and you'll see also the mailing address the 800 number as well as the website so let's get started starting of your business starting your business is what you will need to do in laying the foundation of a successful business and some of the things we'll talk about today is feasibility checklist starting your business checklist business plan and business structure and registration feasibility checklist it is a checklist that should be your first step in evaluating a business idea before investing extensive time money and an effort to process starting your business so you want to make sure you go through a feasibility checklist that we will show you in a minute this can then be used to help you analyze even if you're an existing business any opportunities or new ventures that you should consider and it's also going to cover the questions that you should concentrate on in areas that must seriously can be considered in order to determine if your idea represents a real business opportunity the next thing is your checklist for starting a business so after you've determined that you do have capacity and that this business is feasible and it is a good business idea and model then you want to use this checklist for starting the business to keep you on track and make sure that you have all the components you need for a business then the next step in would be developing a business plan development of a business plan it's just another important item and starting a new business and should be then your second step to establishing the credibility of the venture the plan should help you guide through the business helps you should guide through the business owner through the business goals and objectives the marketing the financial strategies and services as an introduction to any potential investor if outside financing is required so we'll spend a little bit of time on how to develop the business plan and then the last thing is in your business structure and registration so you will need to know what type of structure you would like there are several ways to organize a business in Illinois and each have advantages and also disadvantages that have to be weighed against your practical needs and goals but before starting a business structure you probably should have a conversation and discuss it with an attorney and/or an accountant so let's look at feasibility checklist and what's involved perhaps most of the the the most crucial problems you'll face after expressing an interest in starting a new business or capitalizing on an apparent opportunity in your existing business is determining the feasibility of your idea getting into real business at the right time is simple advice but it buys that is extremely difficult to implement the Illinois Small Business Development Center the SBDC here at the Greater Englewood would also like to assist you in this so we are available alongside other SBDCs that may be closer to you in the state and there is a link where you can actually go and see our directory and search by your zip code but with your feasibility checklist there are some things that you should consider in doing a preliminary analysis that is your general personal considerations your desired outcome your preliminary income statement your market analysis specific personal considerations general project descriptions requirements for success majors flaws your customer base and your competition sales supply expenses miscellaneous items and venture feasibilities should all be considered in seeing if your idea your concept your model is feasible and here's the checklist in case you want to see it you will also find this in the book the digital book that is provided and connected to this presentation and in this checklist you can actually look at it and determine based upon the things you have and don't have if you can begin to check off all things that are available and if there's something that you have not done then this is your guide to help you in accomplishing those items you will now need a business plan and a business plan is a description of your proposed or existing business and it should include information related to your business product or services your market your marketing strategy your manufacturing process anything related to ownership who owns it your management structure also the needs the needs that you have for your organization for personnel and for financials and projections so with a business plan it should be well prepared and it should serve then to functions and the first is just a basic management tool that helps to guide the future direction of your company you need a roadmap then the second thing is a mandatory document if you plan on seeking business financing so what's in a business plan and a basic business plan you will find the plan summary the company in the industry the company name and information you'll find products services market analysis market strategy operations management and organization the schedule of activities of what you will do any critical risk and problems that might be related to your business and then also financial information in your financials we've provided a screen shot for you and this is also in the book of what financials you will need to pull together again these are projected cash flow statements or if you are an existing business you can utilize this from your past activity so you'll notice this is cash flow so it is asking you what you project as cash to come in and also what you project as expenses meaning things that you have to pay it will leave you with a bottom line of what's left after you paid expenses and also then your ending cash this is a projected income statement in your income statement you show your receipts your gross receipts how much sales you did it will also show you your profit your net profit your gross profit and then also your expenses and these are just some you may have some others so you can list ones that are not listed here and you'll it'll be able to show your total expenses then also then your profit and loss before taxes and then also anything related to income tax and then profit after taxes as well as any kind of withdrawals and proprietorship or partnerships that have to be divvied up and then any under street on this undistributed profit or loss and this would be your income statement then you have your balance sheet and you'll notice here it is listed at assets and then also liabilities in capital so you will fill out information and it's very explanatory as your assets meaning what you have on hand cash that you have right now money that you're operating right now and then also liabilities meaning what kind of loans you have and any kind of other kinds of liabilities and things that you have to pay you will need to do a projection balance sheet in your business plan so now we went through that fairly quickly the book will give you some more details on how to put together your business plan and now we're going to move on to resources so here are some resources that are made available to you if you are incorporating or developing a corporation you will want to look at the resources here on this page either in Springfield through the Illinois Secretary of State Business Services or if you are in Chicago through the Chicago due to closures and things that that nature of our businesses and our offices being virtual you will need to reach out via online or telephone for further assistance if you are looking to do your license your registration your permits and any other kind of additional assistance you'll have to go to the Illinois Department of Financial and Professional Regulation and you'll see their information there along with their website and then also you can go to the first stop business information center and you'll see their information there you'll see their 800 number and also any programs that are made available through them you'll see the website link tax requirements will be for your business your federal tax requirements you'll have to go through the IRS and the Internal Revenue Service and their phone numbers there for you and then state tax requirements you'll have to go through the Illinois Department of Revenue Central Registration Division you will find their phone numbers you'll find the website and also you can send emails with inquiries for either offices here are some additional resources that you may or may not be aware of of course the American Small Business Development Center in the state of Illinois which greater Englewood is one of those institutions then you have other online business resources like business USA Illinois's Job Bank link the chambers of chambers of commerce are also made available to you and other kinds of business and trade professional or associations financial considerations you will have to look for and you're requiring additional support with government grants loans and other financial options you can go to the SBA for SBA loans and also grant search tools that are available on their website or you can go to grants.gov which is a federal tool to search government grants that might be available or also the US the SBA has a book entitled the ABCs of borrowing and you can get further information on that link in order to understand the process of borrowing money from the bank and then also how to borrow from other lending institutions then any banking services that you have to do it will require that you have a gif number or they may call it an FBI n number which is a federal employer identification number so you will need to go to the IRS website in order to register and get an EIN number for your business and the link is there now let's move on to business operations you first need to determine after you've done your business plan or working on a draft of it determining your business location the location of your business often is determined by then the type of business that you're going to be doing many sole proprietor operations they run from their home so indeed some occupations make that desirable and you are entitled to certain tax deductions which can be determined by discussing your business situation with an attorney or an accountant you also need to check local ordinances regarding owning and operating the business from your home but if you're not doing from operating from your home you'll need to then open an office also may have to consider temporary and emergency personnel to help you get started public relations and social media and making sure that you're getting the word out about who you are and what you do and then if there are special things that you have that you've created and that belong only to you you may have to sit or consider patents trademarks and copyrights so this has been our presentation for starting your business in Illinois and doing business in Illinois if you have further questions you may contact us at the Illinois Small Business Development Center at greater Englewood you'll see our website there and our phone number so let's go be successful and all you do thank you and have a nice day you you