How to be an Entrepreneur as a Business

JournalistPresented by

Maya Payne Smart and Joe Grimm

Day 1:Getting Down to

BusinessPresented by

Maya Payne Smart

Today’s Agenda

• Thinking like an entrepreneur

• Setting up shop

• Making it official

• Protecting your assets

Goals for Today

• Grasp the importance of having an entrepreneurial mindset

• Know what equipment and supplies you need to get started

• Learn when and how to incorporate your business and register with local, state and federal authorities

• Understand the true cost of doing business

Thinking Like an Entrepreneur

The Entrepreneurial Mindset

• What are you going to sell?

• Who are you going to sell it to?

• How are you going to find them?

• How are you going to build relationships with them?

• How are you going to sell to them?

• How are you going to stay in touch?

Raising Your Business IQ

• Read business publications

• Talk to business owners

• Seek out business advisors

• Understand and create financial reports

Setting Up Shop

Balanced Budget

Balanced Budget

The Right Stuff

Making It Official

Choosing a Legal Structure

• Sole proprietorship

• Partnership

• Corporation

• S Corporation

• Limited Liability Company (LLC)

Why Incorporate?

• Tax savings

• Avoid liability for breach of contract if you observe corporate formalities and execute contracts properly

• Make the business the contracting party

• Sign as a representative of the business with your title

• Strict segregation of corporate funds

• Don’t refer to the company and yourself interchangeably in contracts

• A business entity won’t protect an individual from wrongs (negligence, libel, copyright infringement) they personally commit

Registering a Business Name

• Naming conventions (sole proprietor, partnership, corporations)

• How to register your business name with the state

• When and how to register a fictitious name, or DBA name

Tax Matters

• Employer identification number (EIN)

• State and local tax registration

Business Licenses and Permits

• State business and occupational licenses

• Local business and occupational licenses

• Signage permit

• Alarm permit

http://business.gov/register/licenses-and-permits

Protecting Your Assets

• Health Insurance

• Disability Insurance

• Commercial Insurance

• Media Perils Liability Insurance

Questions?Please e-mail me at maya@writingcoach.com.