SCORE Chester and Delaware County has teamed up with SCORE Lancaster Chapter to offer a 5-part live online program, “’Simple Steps’ to Starting a Business.”
The series will run 6 to 8 p.m. on May 5, May 12, May 18, May 26 and June 2.
“Simple Steps” is a comprehensive program offered by SCORE with the goal of assisting and equipping small business entrepreneurs with the tools needed to develop a successful business plan.
The program will help business entrepreneurs start and grow their businesses.
“Simple Steps” Workshops consist of five, two-hour sequential classes. The classes provide valuable insights on structure, business basics, and marketing and how to determine your start-up costs and financial statements.
A welcome email with the link and log-in instructions for ZOOM will be emailed to each participant before the program begins as well as a separate email just prior to each class with the corresponding course materials and a reminder with the ZOOM login information.
Registration for the Simple Steps program is $100 per registrant, $80 for the second registrant in the same business, and free for veterans.
SESSION 1: Starting a Business An introduction to the SIMPLE STEPS Program including steps an entrepreneur needs to know to start a business or run a new business. This session provides:
Introduction to SCORE and entrepreneurial colleagues also starting a business–
- Myths and realities of entrepreneurship
- Critical success factors
- Types of Businesses–
- Overview of key business planning components to be addressed in detail in upcoming session
- Components of business ownership
- Legal considerations (structure, licensing, taxes)
- Business and Marketing plan overview
- Financial Plan overview including cash management and funding
SESSION 2 : Business Planning This session focuses on business planning.
It discusses how to develop the business idea/concept, create the business model and data collection of core information to create a professional and viable business plan.–
- Developing your business concept
- Elements of a Business Plan
- Identifying customers and competitors
- How and where to collect the information to complete a Business Plan
SESSION 3: Marketing This session provides an overview of a marketing plan and guides the participants on the steps necessary to build a successful plan.
The discussion will touch on product definition, pricing strategy, competition, target markets, marketing strategies to reach customers and costs elements as related to marketing plan choices.
- Define your product or service and the benefits they provide
- Define and target your customer and the benefit you provide them
- Differentiate your product or service
- Promote your product or service
- Place your product in the marketplace (retail store, website, mail order, etc.)
SESSION 4: Financial Planning and Projections This session focuses on financial planning for a successful business. The session is intended to take the mystery out of the“numbers” and provide a clear financial framework and tools for understanding and tracking business performance.
Participants will learn how to create:
- Forecast of revenue and expenses
- Cash Flow Statement and Balance Sheet
- Profit and Loss Statement
- Break Even Analysis and Benchmarks for your company compared to industry norms
SESSION 5: Funding and Financing and Panel Discussion with Key Resources This session discusses financing your business.
The discussion includes:
- Sources of funds
- Financial statement analysis
- Accounting and bookkeeping systems
- The six C’s of credit
- Banking relations
- Ratio analysis
- Monthly preparation and review of financial statements.
A bank loan officer will provide an inside view of how a banker assesses the merits of business plans and loan applications.
In addition, a panel of key resources every small business should know will be available to answer questions on why and how to get started.
Resources include: Banker, Insurance Agent, Lawyer, bookkeeper and SCORE Mentor.