Fred Glave: Hello, my name is Fred Glave and I’m a volunteer with SCORE, Counselors to America's small business. This series of videos will take you through the step-by-step process necessary to establish a small business. You will learn how to become a successful small business owner so were going to talk about the passion and commitment necessary to ensure your success. We will also take you through a step-by-step self-analysis so that you can determine for yourself whether you have the skill set necessary to be successful. We will then move on to talk about how you take you business idea and turn it into a viable product or service offering. We will discuss some of those hard to answer question such as where does your product fit in the market place.
What makes it so compelling that people are going to want to buy it. Who is your competition and how do you differentiate against that competition? You will then move on to that all important questions, how much money do I need? We will show you how to develop the detailed itemized list of your start of expenses, how to estimate your revenue on a month-to-month basis, how to estimate your cost of sales or cost of goods on a month-to-month basis and finally also how to estimate your monthly operating expenses. We will also then show you how to put all those numbers together in order to determine the total amount of cash you will need in order to ensure that you can grow your business to a successful profitable entity.
We will then move on to that all important item and business plan, what is included in the business plan, how you go about writing it and where you can seek help. And then we will talk finally about some of the more mundane issues of how you go about setting up your business. What are the forms of a corporation that you can choose from, how you get business licenses and other government permits? How you file your appropriate paperwork in order to be able to pay quarterly withholding tax for your employees and your annual W2 statements.
Before we begin, let me tell you a little bit more about SCORE and myself. SCORE is a nationwide all volunteer organization providing counsel and advise to small business owners on a no fee basis. All of this are experienced business people with many years in starting, growing and managing business both large and small. For myself, starting with a PHD on electrical engineering, I have spent 40-years on the telecommunications industry and then I started my own resident back to Southern Valley start up company. To all of that experience I have gained experience in RND, marketing, sales, product management and all levels of senior management through being the chief of executive officer. So let us begin and Mr. David Carspuff is going to talk to you about the passion and commitment necessary to be a successful entrepreneur.
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