- Sort by Rating
Forming the Organization StructureThe most popular legal entity in the United States, today, is and LLC (Limited Liability Company). Why? 85% of the people I as this question say "because I am protected if something happens?" Are you sure? This lesson will help the entrepreneur learn the facts and see how it is applied in the real world of business. One entity does not fit all needs so due the homework to get the facts. This lesson will make you think and provide the information to ask more questions. The more you learn, the more you will want to know.
Lesson number 1-an LLC is a legal entity organize in a state. It is NOT a taxing entity. Sign up for the less to learn more
Good Luck in your future Venture
People, Practices & PitfallsThis lesson discusses the law, rules, regulations and pitfalls (consequences) of the game. If you don't play the game according to the rules, be aware. Remember in Monopoly, if you fall on the wrong square you go to jail and it cost a lot of money to get out. Same thing happens in real life. This lesson help the entrepreneur to be aware of some major issues that may come up while being in business and the application of those issues in the workplace. This lesson provides a great deal of actual case, practical examples or what to do and the fines of doing it wrong.
Good Luck in your Venture!
FranchisingFranchising has been around for a lot of years. You are buying a system, a process and a brand. In all of this it is still you running the business. It is still the location and the environment that provides the resources. When looking at options of going into business, don't be blindsided by expecting a franchise to be the ultimate solutions. You and your experience, knowledge and team are the real heros. This lesson helps the entrepreneur to get an unbiased view of franchising and to present the fact and views without something to gain. Be aware! Every business type requires the same due diligence process but each alternative or option will have its own uniqueness that has to be understood and worked out.
Good Luck in your Venture
Family Owned BusinessFamily owned businesses can be very tricky. They have an element that does not exist within non-family owned businesses and that is RELATIVES and family togetherness. When in business with relatives, it may be difficult to keep the emotions out of the business but no one said it was easy to go into business, especially with relatives. Int he beginning it may sound like paradise. As the business progress, then issues may pop up:
- Who does what?
- Who gets paid what and why?
- How will it work during family events and activities?
- Who gets the bigger house/ auto and why?
Good Luck in your Venture!
Home Based BusinessWhat a great idea! Work from home at your own schedule at your own convenience and in whatever attire you want to wear. Sounds great and it all may be true. This lesson will bring to light some of the legal, tax, regulatory and social issues of working from home. Many questions will be answered such as can I deduct a home office expense on my taxes? Many of these issues will be discussed bringing in practical illustrations and some realistic discussion of the laws, regulations from a local, state and federal perspective. The more you learn the better you can make informed decisions.
Good Luck in your NEW Venture!
Financing your VentureHave you tried to find money to finance your venture? Sometimes it is hard-like betting your head against the wall. Either your credit score is too low or you do not have enough assets or cash to secure a loan. This lesson give insight on different methods small business have used to finance their dream. There are resources, links, tooks and practical applications that can be applied to the entrepreneur's issues and situation. Take these ideas and run with them. They may make a difference and help in getting to where you want to go.
Good Luck in Your Venture!
What do the Numbers Mean?Description: This is an intensive lesson and covers many areas of financial statements and analysis. It includes cash management, cost analysis, growth analysis and provides many practical examples and templates.
Why Participate in this Lesson?If you want to increase your knowledge and understanding of the financial aspect of the business, if you want to better manage the numbers, increase cash flow, grow, and reduce your chances of loss, this lesson is a MUST! If you are satisfied with the outcome of your annual reports, then this lesson will help to explain why you have been successful. It will provide some additional insights to increase your worth, profitability, and cash flow.
- Understand how to read and analyze a balance sheet and profit & loss statement.
- Learn about the different methods to use and interpret the numbers.
- Learn the differences between balance sheets, income statements and statements of cash flow and how they interact.
- Know if you are really making a profit.
- Understand the real cost of your products/services.
- Learn about how costs behave and the different types of costs.
- Understand the difference between profit and cash.
- Understand why you are running out of cash when you are making a profit.
- Learn how much revenue it takes to cover all your expenses.
- Learn how to determine the profit of the next dollar of income.
- Learn how to keep good records for a business.
- What it takes to grow a business.
Value of this training module: The lessons and topics included in this training include:
What the numbers mean
- Starting at the beginning-What are financial statements?
- Using financial statements to analyze data for decision making
- Illustration of integrated financial statements
- How are you keeping your records?
Managing cash through different cycles
- Where did the CASH go?
- Cash conversion and operating cycle-How to manage and understand them
- Risks of cash management
- Working Capital -truth or myth?
- Inventory turnover and profitability
- Price changes and how they affect profits and cash
Cash management resources
- Why cash increases and decreases
- Cash analysis templates
- Find hidden cash templates
Are you covering all your costs?
- Behavior of Costs and Break-Even Analysis-How much business you need to cover all the costs
- Cash Flow Cycle-Inventory Management-Pricing
- Markup vs. Margin- Is there a difference
- Pricing processes and methods-how discounting and price increases affect the net income
Is your company positioned for growth?
- Challenges of growing and running a small business
- Getting real about growth-Planning for growth requires more resources-How to calculate the additional financial needs
- Managing responsibility and growth in a family business
- Additional Funds Needed (AFN) for growth
Summary:Knowing what the numbers mean is an important part of running a business. If you are operating with misconceptions of costs, profits, and expenses, the business could be living in a fantasy world. Generating more revenue at a price of spending more money than it takes to generate that income, inevitably will lead to a disaster and negative cash flow. Knowing what information means is one thing but knowing how to apply the information is another. This guidance will assist you in making better financial decisions.
Budgeting-Why Spend the Time?
Budgeting is a process. The entrepreneur may want to take short cuts but this is no place to start. I may be time consuming and sometimes brain twisting, but it is well worth the trouble. . In the end, this lesson demonstrates the value of the process and its components and will provide the "how-to" every step of the way.
Good luck in your future Venture!
Marketing-All it TakesMarketing is one the required elements of a business. Marketing and its integrated parts is what brings the customer to the store front-digitally or physically. Marketing is all about the needs of the consumer, where to position the product/services, how to price and brand the product. Marketing is coupled with market research, to understand the market place and how it is changing. Marketing is what makes the cash register ring and the bank account increase. It is a function that begins before you go into business and stops only when you cash out.
Good luck in your Venture!
Are you up for the Challenge?
This is the beginning of the rest of your life. This lesson is all about your readiness to jump into the ring of entrepreneurship. Here you will be able to understand the challenges and look into yourself and reflect on the traits, characteristics and responsibilities of being in business.
Good Luck in your new Venture!
Resource Toolkit: Compilation of the documents from each lesson/topicThis resource toolkit puts many valuable templates, models and check lists at the finger tips of the user. Each ties into one or several of the lessons but can be use as a stand alone. As the lessons expand more templates and guides will be developed and available.
Good Luck in your Venture!