Is Owning a Business a Good Fit for You?

• Distinguish the myths and realities of small business ownership.
• Start a self-assessment to determine their readiness to become business owners.
• Set a plan of action gathering feedback from family, friends and potential customers.

Planning for a Healthy Business

• Convert a vague idea into a resource plan.
• Understand how a business plan helps motivate stakeholders to support their business ideas.
• Understand the importance of personal credit and a healthy relationship with lenders.

Managing Cash Flow

• Understand the purpose of cash flow management in a small business.
• Make cash flow projections based on the cash cycle.
• Identify some ways to manage cash flow, including receivables and payables.
• Work more effectively with technical experts.

Banking Services

• Identify the most common banking services for a small business, including business checking, payroll processing, business loan and others
• Evaluate your business and what banks have to offer to you
• Identify which banking services are the best for your business

Organizational Types

• Understand the general characteristics, pros, and cons of these five common organizational types: Sole proprietor, Partnerships, Limited liability company(LLC), C-corporation and S-corporation
• Understanding what is the consideration when you decide your organization types
• Identify which organization types can benefit your business

Time Management

• Understand why time management is important to small business
• Apply some general time management practices, including: Pareto Analysis, ABC Method, Eisenhower method and POSEC method.

Financial Management

• Understand the concept of financial management and its importance
• Explain financial management practices, rules, and tools commonly available to small business
• dentify financing basics for small business, such as: start up financing, financing fixed asset, working capital

Record Keeping

• Record keeping basics- practices, rules, and tools
• Understand how and which records can benefit your business
• Identify software products relevant to business record keeping

Credit Reporting

• Understand the purpose for credit reporting and its benefits, risks, and responsibilities
• How these credit reports works and Identify differences between business and consumer credit reports
• Understand how to improve your business’ credit.

Risk Management

• Identify the common risks relevant to a small business.
• Identify the common warning signs of risk for a small business.
• Implement, monitor, and evaluate a risk management plan for their business

Insurance

• Understand why insurance is needed for a small business
• Identify other types of insurance that a small business should consider
• How to choose the insurance products that are best for your business.

Tax Planning and Reporting

• Understand the federal, state, and local tax reporting requirements of a small business
• Explain how to manage your tax obligations and establish proper accounts
• Understand how the forms and processes are used to pay business taxes

Selling a Small Business and Succession Planning

• How to sell and close a business
• Understand benefits of creating a retirement plan