Small Business Ownership
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- Date Submitted: 12/17/2011 03:08 PM
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Small Business Owner Presentation
Donna Bonfiglio-Knoll
University of Phoenix
In today’s increasingly competitive market coupled with expected growth year over year by your stakeholders; has forced entrepreneurs such as yourselves and those lenders who finance those ventures to redefine and redesign how they think, act and lead.
I sat where you are 10 years ago, when my husband and I were looking at developing a business plan for a multi- site medical practice. The number of decisions and thoughts that are going on at the time can be quite overwhelming. Here are some things to consider as you make those decisions:
• Do you have your own financing?
• Who will you be accountable to if the money is borrowed by the bank?
• How should you set up your business and does your company need a fictitious name permit so you can trade under that business entity.
• What and when is the break even point?
• What are the capital needs of your business and the start-up operating costs for at least the first 6 months after opening your doors?
• Did you do any marketing demographics to make sure your service is needed where you are putting the business?
• Are you a for-profit or not for-profit company?
• Are you publicly or privately held?
If you were anything like us, we knew we had the operations expertise to deliver the service but not a clue how to fiscally manage the business. I remember my husband saying why I went to medical school for over 12 years and not one class dealt with human resources or building a medical practice. So let me give you hope that you can learn, hire or ask the right questions to get your business off the ground successfully.
Since the audience is diverse lets first look at financing. You will have a responsibility to the bank, possibly key stake holders and most certainly those employees you hire. In our case we borrowed the start-up capital from the bank and the first six months from our parents.
We...
Donna Bonfiglio-Knoll
University of Phoenix
In today’s increasingly competitive market coupled with expected growth year over year by your stakeholders; has forced entrepreneurs such as yourselves and those lenders who finance those ventures to redefine and redesign how they think, act and lead.
I sat where you are 10 years ago, when my husband and I were looking at developing a business plan for a multi- site medical practice. The number of decisions and thoughts that are going on at the time can be quite overwhelming. Here are some things to consider as you make those decisions:
• Do you have your own financing?
• Who will you be accountable to if the money is borrowed by the bank?
• How should you set up your business and does your company need a fictitious name permit so you can trade under that business entity.
• What and when is the break even point?
• What are the capital needs of your business and the start-up operating costs for at least the first 6 months after opening your doors?
• Did you do any marketing demographics to make sure your service is needed where you are putting the business?
• Are you a for-profit or not for-profit company?
• Are you publicly or privately held?
If you were anything like us, we knew we had the operations expertise to deliver the service but not a clue how to fiscally manage the business. I remember my husband saying why I went to medical school for over 12 years and not one class dealt with human resources or building a medical practice. So let me give you hope that you can learn, hire or ask the right questions to get your business off the ground successfully.
Since the audience is diverse lets first look at financing. You will have a responsibility to the bank, possibly key stake holders and most certainly those employees you hire. In our case we borrowed the start-up capital from the bank and the first six months from our parents.
We...