Starting A Business

Michigan Small Business

Development Center

In partnership with:
This webinar is available at no cost to
Michigan residents through the
financial support of Fifth Third Bank
Michigan SBDC Customer
Groups

New Ventures

Existing Businesses

Growth Companies

Advanced Technology
Companies
This webinar is available at no cost
to Michigan residents through the
financial support of Fifth Third Bank
 Michigan SBDC Services
• No cost 1:1 business consulting
• Business education
• Information-based planning through
(secondary) market research
• Technology commercialization

This webinar is available at no cost

to Michigan residents through the
financial support of Fifth Third Bank
 Michigan SBDC Teams
• Small Business Team
• Business Growth Team
• Export Assistance Team
• Technology Commercialization Team

This webinar is available at no cost

to Michigan residents through the
financial support of Fifth Third Bank
 Michigan SBDC
Business Education
Take advantage of in-person and online learning opportunities for
entrepreneurs. The MI-SBDC offers a variety of trainings presented by
experienced professionals who can help you start and grow your
business.
Register at SBDCMichigan.org/training

Topics Include:
• Starting a Business
• Business Plan
• Financial and Accounting
• Customer Relations
• Government Contracting
• Internet and Social Media
• Legal
• Management
• Marketing and Sales

This webinar is available at no cost

to Michigan residents through the
financial support of Fifth Third Bank
 The Michigan SBDC
Funded through a
cooperative agreement
with the
• U.S. Small Business
Administration (SBA)
• Michigan Economic
Development
Corporation (MEDC)
• Matching funds from
Local Network partners
in each region.

Ian Rogers
rogersia@gvsu.edu
Training Manager
MI-SBDC Lead Center

Tamara Davis
Regional Director
Southwest Michigan Region This webinar is available at no cost
to Michigan residents through the
financial support of Fifth Third Bank
 Webinar FAQs
• Questions Button:

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to Michigan residents through the
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 Webinar FAQs
• Poll questions:

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to Michigan residents through the
financial support of Fifth Third Bank
 Webinar FAQs
• Webinar evaluation:

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to Michigan residents through the
financial support of Fifth Third Bank
 Webinar FAQs
• Webinar recording: email from
info@clients.sbdcmichigan.org

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to Michigan residents through the
financial support of Fifth Third Bank
Webinar Objectives

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to Michigan residents through the
financial support of Fifth Third Bank
 Poll

Have you ever owned a small

business?

• Yes, I own one now

• Yes, I owned one in the past
• No, I’ve never owned one (yet)

This webinar is available at no cost

to Michigan residents through the
financial support of Fifth Third Bank
Guide to Starting
and Operating a
Small Business

Also available online at:

www.SBDCMichigan.org/GuideToStarting

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to Michigan residents through the
financial support of Fifth Third Bank
Self Assessment
Personal Side:
“Do I have what it
takes?”
Business Side:
“Am I ready?”

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to Michigan residents through the
financial support of Fifth Third Bank
Self Assessment:
Business Vision - Personal Vision

Work

Life

BALANCE

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to Michigan residents through the
financial support of Fifth Third Bank
Steps to Starting a Business

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to Michigan residents through the
financial support of Fifth Third Bank
#1 - Select a Business Idea

• What PROBLEM does it SOLVE

or

• What NEED does it FILL?

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to Michigan residents through the
financial support of Fifth Third Bank
 Poll

What kind of business are you

interested in?

• Product
• Service
• Both
• Not Sure

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to Michigan residents through the
financial support of Fifth Third Bank
 #2 - Research Your Business Idea

• Industry
• Market
• Segments
• Target Market
= Best First Customers
• Competition

This webinar is available at no cost

to Michigan residents through the
financial support of Fifth Third Bank
 Market Research

Your Library!

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to Michigan residents through the
financial support of Fifth Third Bank
 Market Research

Online:
• Keywords
• Trade association
websites
• Government
websites
• Competition
websites
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to Michigan residents through the
financial support of Fifth Third Bank
 Market Research
• Michigan Electronic Library www.mel.org
Select “Business”

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to Michigan residents through the
financial support of Fifth Third Bank
 More Research Tools

• Surveys

• “Shop” the competition

• Talk to successful owner

• Buy research

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to Michigan residents through the
financial support of Fifth Third Bank
 Evaluate Your Business Idea

Weigh the facts and make

decisions based on what you
KNOW, not “think” or “feel”.

Decision Point:
2a. Refine
or
Reconsider

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to Michigan residents through the
financial support of Fifth Third Bank
Startup Cost Analysis

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to Michigan residents through the
financial support of Fifth Third Bank
Startup Cost Analysis

Plan A

Plan B

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to Michigan residents through the
financial support of Fifth Third Bank
 Poll

Are you planning on getting grants to

finance your business?

• Yes
• No
• Haven’t thought about it yet

This webinar is available at no cost

to Michigan residents through the
financial support of Fifth Third Bank
 Startup Cost Analysis

• Personal resources
• Friends and family
• Grants
• Investors
• Loans
• SBA Loans

This webinar is available at no cost

to Michigan residents through the
financial support of Fifth Third Bank
 Startup Cost Analysis
Decision Point:
Weigh the facts and make decisions based
on what you KNOW, not “think” or “feel”.

3a. Refine
or
Reconsider

This webinar is available at no cost

to Michigan residents through the
financial support of Fifth Third Bank
Steps to Starting a Business

This webinar is available at no cost

to Michigan residents through the
financial support of Fifth Third Bank
 Poll

Have you ever written a business

plan?

• Yes
• No
• I’m in the middle of writing one
right now

This webinar is available at no cost

to Michigan residents through the
financial support of Fifth Third Bank
 What is a Business Plan?
Why the heck do you need one?

This webinar is available at no cost

to Michigan residents through the
financial support of Fifth Third Bank
 Business Plan =
• TOOL to define purpose, goals and structure
• Identify ACTIONS needed to achieve the
goals
• Systematic method for reducing risk and
increasing the probability of success
• REQUIRED by lenders

Business plan outlines provided, detailed instructions in the

“Guide” and SBDC classes available on “Writing a Business
Plan”
This webinar is available at no cost
to Michigan residents through the
financial support of Fifth Third Bank
Steps to Starting a Business

This webinar is available at no cost

to Michigan residents through the
financial support of Fifth Third Bank
Steps to Starting a Business

This webinar is available at no cost

to Michigan residents through the
financial support of Fifth Third Bank
Next Steps – Your Assignment
1. Read “Guide to Starting and Operating a Small
Business”
2. Use the tools provided to: a) assess your
personal situation, b) gather your market
research to determine feasibility, and c) define
your startup resources
3. Refine your business idea based on FACTS!
4. Start writing your Business Plan (“Guide” outline)
5. Consider more business education – check out
SBDCMichigan.org/training or your local
community education opportunities
6. Call the SBDC office nearest you for plan review
and ongoing guidance: www.SBDCMichigan.org
This webinar is available at no cost
to Michigan residents through the
financial support of Fifth Third Bank
 Michigan SBDC

Thank you!
• Webinar evaluation

• Course materials sent via email

(check your spam filter if you don’t
see them by 5pm)

• No-cost 1:1 business consulting:

https://sbdcmichigan.org

• Business Education Programs:

https://sbdcmichigan.org/training

This webinar is available at no cost

to Michigan residents through the
financial support of Fifth Third Bank