Simple Steps to Starting a Business -ZOOM Cycle "B" March 10,2021 - April 7, 2021

Simple Steps is a comprehensive program offered by the SCORE Lancaster-Lebanon Chapter 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 business. The program consists of five 2+ hour sequential classes.Who should attend? Individuals or business partners considering starting a business, buying a business or small business owners who want to enrich and grow their business profitably.

SIMPLE STEPS 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 sessionso Components of business ownershipo Legal considerations (structure, licensing, taxes) Business and Marketing plan overview Financial Plan overview including cash management and funding

SIMPLE STEPS 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

SIMPLE STEPS 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.)

SIMPLE STEPS 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 

SIMPLE STEPS 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 andreview 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.