FINANCE, PROTECT, AND INSURE YOUR BUSINESS
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1 FINANCE, PROTECT, AND INSURE YOUR BUSINESS LESSONS 7.1 Put Together a Fi nancial Plan 7.2 Obtain Financing for Your Business 7.3 Protect Your Business 7.4 Insure Your Business
2 Slide 2 Lesson 7.1 PUT TOGETHER A FINANCIAL PLAN GOALS Calculate your start-up costs. Create a cash fl ow statement, an i ncome statement, a bal ance sheet, and a personal financial statement.
3 Slide 3 PREPARE FINANCIAL STATEMENTS List of start-up costs Cash flow statement Income statement Balance sheet Personal financial statement
4 Slide 4 START-UP COSTS Start-up costs are the one-time-only expenses that are paid to establish a business. Common start-up costs include: Equipment and supplies Furniture and f ixtures Vehicles Remodeling Legal and accounting f ees Licensing fees
5 Slide 5 CASH FLOW STATEMENT A cash flow statement describes how much cash comes i n and goes out of a business over a peri od of time. Forecast revenues Forecast operati ng expenses Prepare the cash fl ow statement Best and worst case
6 Slide 6 INCOME STATEMENT An income statement is a financial statement that i ndicates how much money a business earns or l oses during a particular period. Also known as a profit and loss statement Difference from a cash fl ow statement
7 Slide 7 BALANCE SHEET Types of assets Types of liabilities Uncollectible accounts Depreciation
8 Slide 8 PERSONAL FINANCIAL STATEMENT A personal financial statement is a balance sheet of your holdings. It shows your personal assets, liabilities, and net worth.
9 Lesson 7.2 Chapter 7 Slide 9 OBTAIN FINANCING FOR YOUR BUSINESS GOALS Consider different types of bank loans. Explain Small Business Administration loans. Evaluate other sources that can provide debt capi tal.
10 Slide 10 BANK LOANS Types of bank loans Secured loans Unsecured loans Types of secured loans Line of credit Short-term loan Long-term loan
11 REASONS A BANK Chapter 7 Slide 11 MAY NOT LEND MONEY The business is a start up Lack of a solid business plan Lack of adequate experi ence Lack of confidence in the borrower Inadequate i nvestment in the business
12 SMALL BUSINESS Chapter 7 Slide 12 ADMINISTRATION LOANS SBA loan assistance Requirements of SBA l oans Apply for an SBA loan
13 Slide 13 REQUIREMENTS OF SBA LOANS Your business must be considered a small business. Your business must not be the leader in its f ield. Your business must comply with all federal employment laws. Your business cannot create or distribute ideas or opinions. You must have been unable to obtain financing from a commercial bank. You must invest a reasonable amount of your own money in the venture. You must provide adequate collateral.
14 Slide 14 OTHER SOURCES OF LOANS Small Business I nvestment Companies SBIC Minority Enterprise Small Business Investment Companies MESBIC Department Of Housing And Urban Development HUD Economic Development Administration EDA State governments Local and municipal government s
15 FINANCE YOUR BUSINESS Chapter 7 Slide 15 WITH EQUITY CAPITAL Equity capital is money invested in a business in return for a share in the business s profits. Sources of equi ty Personal financing Friends and family Venture capitalist
16 Slide 16 Lesson 7.3 PROTECT YOUR BUSINESS GOALS Categorize business risk. Identify security precautions to protect your business from different types of theft.
17 Slide 17 BUSINESS RISK Human risks Natural risks Economic risks
18 Slide 18 SHOPLIFTING Shoplifting is the act of knowi ngly taking items from a business without paying. Customers shopl ift millions of dollars in merchandise every year.
19 Slide 19 EMPLOYEE THEFT Procedures for preventi ng and detecti ng employee theft include: Prevent dishonest employees from joining your company. Install surveillance systems. Establish a tough company policy regarding employee theft. Be on the lookout.
20 Slide 20 OTHER TYPES OF THEFT Robbery Credit card fraud Bounced checks
21 Slide 21 Lesson 7.4 INSURE YOUR BUSINESS GOALS Determine the different types of insurance you may need for your business. Purchase insurance.
22 Slide 22 CLASSIFICATION OF RISK Result of the risk Control of the risk Insurability of risk
23 Slide 23 TYPES OF INSURANCE Property insurance Casualty insurance Life insurance Workers compensation Other kinds of insurance
24 Slide 24 BUY INSURANCE Choose an insurance agent Determine how much coverage you need
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