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Volume 3 Issue 4April 2012
Startup Basics: How to Master the Fundamentals
by Brad Sugars
If you've ever played sports or done any sort of training, you know how important it is to master the fundamentals. You might have even had a coach or teacher who emphasized the "fun" in "fundamentals" to encourage you to enjoy the preparation and practice needed to succeed.

The same goes for business. But there is so much information these days that it's sometimes hard to focus on the few simple basics you need to make your startup a success.

Some entrepreneurs fall victim to what I call "chasing the new." They're looking for a new angle or magic bullet that will solve all their issues. But in the end, there is no magic bullet. There are just proven principles you need to practice and master to get your business up and growing--and keep it successful.

 
 

CAB CLIENT SPOTLIGHT

COLBY OLLER 

 

Colby Oller

 

Congratulations to Colby Oller, owner of Southern Strong Fitness. With the help of CAB, Colby opened his own fitness center. Working with CAB, Colby received personal finance education and learned about issues small business owners face, such as federal and state tax codes.  Colby also worked with Billy Hamilton, REI's NABRC Coordinator, on developing a business plan. "Thanks to everyone involved with the CAB program. Starting a small business can be a little overwhelming, but they helped give me the information and support I needed to get things going. Thanks again!," says Colby.

 

Introducing a new division of the Choctaw Nation's Career Development Program!

                                                                                      

                                                                              

                                                                                         

The Choctaw Native American Business Resource Center (NABRC) is focused on helping create and expand Native American owned businesses through technical assistance. Services offered include assistance with business taxes, website development, marketing strategy, preparation of financial statements, writing a business plan and procuring financing. We offer one-on-one counseling, as well as, small and large group sessions to achieve the goals of owning a business.

Jill Reyna is the coordinator for the program. She brings a diverse background to the arena, including experience in not only running several successful businesses, but knowledge in sales, marketing, and advertising, as well.

Statistics show that one in three businesses fail by their second year, mainly because of poor planning in the beginning.   With a solid business plan in hand, our intent is to help businesses beat these odds and succeed!

Our goal at NABRC is to give Native businesses an advantage for success.

For more information contact: Jill Reyna 580-920-2260, jreyna@choctawnation.com

 

 
 
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An Introduction to Business Plans
Why is a business plan so vital to the health of your business? Read the first section of our tutorial on How to Build a Business Plan to find out.

 

A business plan is a written description of your business's future. That's all there is to it--a document that desribes what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of a plan.

Business plans can help perform a number of tasks for those who write and read them. They're used by investment-seeking entrepreneurs to convey their vision to potential investors. They may also be used by firms that are trying to attract key employees, prospect for new business, deal with suppliers or simply to understand how to manage their companies better.

So what's included in a business plan, and how do you put one together? Simply stated, a business plan conveys your business goals, the strategies you'll use to meet them, potential problems that may confront your business and ways to solve them, the organizational structure of your business (including titles and responsibilities), and finally, the amount of capital required to finance your venture and keep it going until it breaks even.

Sound impressive? It can be, if put together properly. A good business plan follows generally accepted guidelines for both form and content. There are three primary parts to a business plan:

READ MORE

 
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In This Issue
STARTUP BASICS: HOW TO MASTER THE FUNDAMENTALS
CAB Client Spotlight
CHOCTAW NATIVE AMERICAN BUSINESS RESOURCE CENTER
AN INTRODUCTION TO BUSINESS PLANS
SHOULD YOUR BUSINESS BE AN LLC OR AN S CORP?

Quick Links 

 

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Should Your Business Be an LLC or an S Corp?
 
You've finally decided to start a business of your own. Or maybe you have been running one as a sole proprietor, even moonlighting on the side, and have decided you need to protect your personal assets from those involved with your growing business. You might even decide there could be a tax break in it for you. Whatever your reasoning, you're likely contemplating a choice that many entrepreneurs face: should your enterprise be structured as a limited liability corporation, often called an LLC, or an S corporation, known commonly as an S corp, which is named after subsection S of Chapter 1 of the Internal Revenue Code? These two organizational forms have similarities and differences-which can make choosing between them and others, like a C corporation (which includes publicly-held companies), confusing at best. Each state might also have different rules that come into play. That's why you'll want to get some input from a respected accountant and/or attorney to help you decide what might be the best fit for your business.