Business Start-Up Event Recap
On February 9, 2010 Inspired 2 Design joined a team of 5 in presenting the Keys to Business 
Success at a free seminar. The 5 Keys covered were Legal, Financing, Protecting, Accounting, and Marketing – all critical elements of establishing a good base for a new business. This was the third free business seminar we held together in Canton over the past year. Attendees ranged from long time business owners who have recently moved into Georgia, to the entrepreneurial-spirited who have a business in mind, and are taking the right steps to educate themselves. Here’s a basic summary of the elements of the talk, and some of the discussion points:
The attorney: Burke Archer, Esq. is a General Council for The Function Group. His focus at the 5 Keys Seminar is to present and educate seminar attendees as to the different types of legal entities a business can take. These include: Sole Proprietor, Partnership, General Partnership, C Corp, S Corp, and LLC. His main point is to make sure you are protecting your personal assets when forming a business regardless of the level of liability your business model may incur. Burke answered questions about business licensing, DBAs, trademarking and the order to take when getting started.
The bank… financing a business start-up, or funding it for growth has been a challenge recently. Kathy Stroup of First Cherokee State Bank addressed the types of funding available and what it can take to get a loan including the importance of your personal credit score. She also discussed the service and services to look for in a business banking partner including personal rapport and technology. She also advised businesses to secure a line of credit when you don’t need it. Since you only pay interest on what money you use from your line of credit, the cost is minimal, and to have cash available during the lean times can get many businesses over the slow humps.
Insurance… protecting your business comes in many forms as Therese Johnson of the Canton State Farm office of Jey Willis discussed. Property, Liability, Workman’s Comp, Errors & Omissions, Umbrellas… there many options, but depending upon your business goals, growth strategy, customer engagement etc., there are solutions that will prevent you from potentially losing your business due to an injury, accident, fire, storm damage, or other catastrophic event. Questions from the attendees centered on workman’s comp and the requirements when hiring employees.
Accounting is not my strong point, and apparently it’s a big question on the minds of many entrepreneurs. Wendy Corlett of Acclaim Professional Services discussed the critical importance of proper recordkeeping, accurate tax returns, and the ease of using QuickBooks to keep track of it all. As a Certified Pro Advisor for the Intuit product for over 10 years, her talk focused on the risks a business owner faces when their records are not in order, or when they neglect payroll taxes. Education is key and professional accounting advice is warranted for anyone starting up a new business. Attendees had specific questions about fixed assets and other big words that we let our accounting professional handle!
Marketing a new business was covered by Linda Lullie of Inspired 2 Design. We changed up our talk for this third free seminar, and gave a general overview of the steps to take when starting up including identifying target market, branding, and then covered the types of advertising and marketing. At this seminar, inbound vs. outbound marketing strategies were presented as many participants had questions on how to market their business inexpensively. The inbound strategies of using search engines, social media and word of mouth marketing were key points. In fact, the upcoming Social Media Workshop was of interest to several participants of the seminar.
The event was held in the event room at the Frosty Frog Creamery in Hickory Flat. The venue could not be more perfect. Frank and Glenda Cole, owners of the restaurant, and their staff, catered to our needs. The room was ready, clean and comfortable. Whether 5 or 25 had attended, the room felt full. Everyone could hear and see the speakers and Powerpoint screen. The coffee was fresh, cookies were still warm, and the pastries… welll… enough said. Contact the Frog for your party or seminar like this one, it’s a central location for Canton or Woodstock residents, easy to find, and really affordable (especially when hosting a FREE event!).
If you or someone you know is interested in starting a business, keep watch on the 5-Keys to Business Success Seminar website for more information on our next free business seminar in Canton or Woodstock. For immediate help, contact the Cherokee County Chamber of Commerce and ask about their free mentor program RSVP, where local business owners offer a free 1 hour consultation to answer questions of new businesses (and old). Or contact Kennesaw State University’s Small Business Development Center for an appointment with a specialist there. SCORE is another resource for start-up entrepreneurs. You can always contact one of the 5 Keys listed above for specific questions, we’re here to help. Regardless of who you talk to, talk to someone before venturing out and investing your time and money on a new business. Get advice and input from professionals.
