1. How To Start Your Own Consulting BusinessBy: Derek O’Conor
2. Overview 1. Do I have what it takes? 2. What’s my name 3. Legal 4. Start up cost 5. Advertising 6. Setting up your home office 7. Choosing the right accounting software. 8. QuickBooks Basics 9. Setting up a budget 10. How to set your hourly rate. 11. My final costs and projected first year income
3. Thesis I am doing this project to prove to people that anyone can start their own business. Even though some types of businesses might be harder to start than others, there is no reason in the world why you can’t start your own if you have down your homework. I have chosen to do this specific subject to prove that you are able to start your own business no matter what.
4. Do I have what it takes? Listening skills-being able to listen to your clients very well will help you to be able to solve their problems better Investigative skills- Need to be able to investigate and uncover the data necessary to complete your consulting assignment. Analytical skills-”having the ability to analyze" or "division into elements or principles." Change skills-Must be able to embrace change and who can persuade your clients to make the change necessary to solve their problem. Action skills-A good consultant will be ready to “take the bull by the horns” and do whatever it takes to get the job done.
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6. Allows you to legally do business as a particular name at minimal cost, and without having to create an entirely new business entity. You can accept payments, advertise, and otherwise present yourself under that name.
7. Browse through the local yellow pages to get some hints or ideas for your name.
46. How to Create your very own Brochure Think about what material you want to be stated in your brochure For best professional look you will need to consult a graphic designer Look at other brochures from different companies in your field You will need to create an outline beforehand so that you know what you will want to put on it
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49. Business Card Logo Name Address of Company Phone # and Fax # E-mail address Your name and Cell #
50. Chamber of commerce What is the chamber of commerce. What is their goal, how do they help a small business. How can my company benefit from becoming a member. Cost of membership www.uschambersmallbusinessnation.com
51. Monthly cost of doing Business Automotive Expense Utilities expense Supplies expense Advertising expense Insurance expense www.verizoncom www.comcast.com www.peco.com
52. Setting up your home office Consider your family-(how many people) Consider the area of house like how big how much space is needed. Parking area Outside Entrance This is your office-your job, always expect interruptions while your at home especially if you have kids. )
53. Choosing the right accounting software There are many different kinds of accounting software but here are some examples of the different software: QuickBooks Simply Accounting Accounting Software Peachtree Complete Accounting Software MYOB Premier Accounting Software MYOB AccountEdge Software for Macintosh (www.
54. Quick Books Quick books- is a line of business accounting software created by Intuit. Can work from the office, home, or the road. Easily create and manage invoices. Work with colleagues in other locations Go Mobile Keeps all data safe and secure Easy to learn and a quick process
55. QuickBooks Tutorials Set Up a Checking Account Bill a Customer Receive a payment Record a deposit Write a Check How is my business doing?
56. Getting Covered Health insurance Disability Insurance Life Insurance General business liability Equipment Property Worker’s Compensation
61. Small Business Administration What is the small business administration What is their goal, how do they help small businesses. How can I benefit from becoming a member http://www.sba.gov
62. Business Accounting Services Bookkeeping & Payroll Taxes QuickBooks Consultant New Business Start Ups 401k Profit sharing plans Corporate financial statements Tax Preparations & Planning IRS Issues
63. Education Bachelors Masters Importance of Education How many years of schooling do you need The Degree I Plan on getting While attending college.
64. Works cited www.uschambersmallbusinessnation.com Start your own consulting your Step-by-Step Guide to Success By: Entrepreneur Magazine’s http://www.sba.gov Sharon Nugent, Accounts Payable Manager, Malvern Glass Inc. www.google.com/images www.verizoncom www.comcast.com www.peco.com
65. Works Cited Geffner, Andrea B. How to Write Better Business Letters. Taylor Business Institute, New York: Library of congress cataloging, 2000.
66. Class Activity Name each logo as seen on each slide. Pass handout out to each student About 1 minute per slide so think fast
1.Many people wonder what does it take to start your own business. First, you need to know what you want to do as far as your business. What can I do to achieve success in my business.2. The importance of choosing the right name3. Obtain a business license, fictitious name, consult an attorney4. Equipment and supplies, monthly costs of doing business, frustrations of dealing with the customer service personall5. Creating a brochure, business card, networking and business associations6. There are many concerns with having a home office7. The decision on whether you can afford to start your own business8. How hard and how many hours do you want to work to cover all your expenses and still make a profit?9. P & L & Balance Sheet
In this slide I will talk about the different skills needed to be able to handle this type of job and business. Some of the skills you develop as your going up but when it comes to this specific job they need to be a point and the best they can be.3. Listening skills-being able to listen to your clients very well will help you to be able to solve their problems better4. Investigative skills- Need to be able to investigate and uncover the data necessary to complete your consulting assignment. 5. Analytical skills-”having the ability to analyze" or "division into elements or principles."6. Change skills-Must be able to embrace change and who can persuade your clients to make the change necessary to solve their problem.7. Action skills-A good consultant will be ready to “take the bull by the horns” and do whatever it takes to get the job done.
Allows you to legally do business as a particular name at minimal cost, and without having to create an entirely new business entity. You can accept payments, advertise, and otherwise present yourself under that name.Looking through the yellow pages is a great way to see what other businesses names look like or what they are so that you can get an idea so that you have some knowledge on what to name yours.Time is what you have the most because your name is the most important because you want it to grab the attention of customers so you want to make it a broad name so that it covers everything that you do.The most common used is your own personal name cause if you use your own personal name then
There are four main types but the one I am doing is a Sole proprietorship which basically means one person business2. The very first step no matter what anyone says Is to get an attorney so that he/she can follow you through the steps of making sure your business stays on the legal side.3. I chose to do a sole proprietorship because since I am a beginner its has said to be the easiest to start off doing.The first step beforeThe first step before you make any other decisions is to talk to an attorney.Four types of businesses- Sole proprietorship, Partnership, Corporation, and Limited Liability company (LLC)The legal form you choose depends on how much risk your willing to take.Most Beginners usually start off with a sole proprietorship because it’s the easiest.
Getting a business license is another import step to starting your own business because without it you cant open or sell anything. Depending on the county or even the state will determine what kinds of licenses you will need.3. The cost- the fee ranges from $10 to about $100Renewal fee- will cost just as much as if you were buying a new one whatever you paid the first time you pay again to 5. Multiple jurisdictionswww.businessnameusa.com/business-license/stae/Pennsylvania.aspx
1. The start-up costs are an important consideration in planning your financing2. I went to Staples online to establish the costs on equipment and supplies3. There are many vendors for phone, internet, advertising etc. I will be showing how I established my operating costs.4. In the presentation I will talk more about the ins and outs of the different supplies and how must you be paying a month for the different expenses.
This slide contains all of the different type of office equipment needed while your running a accounting consulting business I got most of the numbers from staples well all of them because that’s where I am going to shop for the equipment Most of the supplies you might already have at your house but if not the you will need the necessary items. It might seem expensive but it will be worth it in the long run I mean you don’t need to by all the stuff at once but most of it you will need to at least begin.
1. These are the different types of advertising that I am going to use for my business 2. Some examples are like yellow pages, direct mail, word of mouth.3. The one I would use the most would be word of mouth because I am just beginning.
In this slide I am going to talk the different steps you need to do to create you own business brochure. The brochure is like an outline of what your business is like you want to make sure that you have all the necessary Information in it so that a customer or client will know everything that you can offer for them.3.
On your business card you will need to include everything that I will talk about because what to have several different options incase one of the choices doesn’t work they should always be able to get a hold of you.It would be good to come up with your own log cause there are a lot of businesses out their and you want to make sure yours sticks out and it will be able to grab the attention of people who are looking for services in your business. you also want to make sure that everything is done well spelled correctly and Business like cause this is what everyone will be using at info for when they need your services.LogoName Address of CompanyPhone # and Fax #E-mail address Your name and Cell #
What is the chamber of commerce.The world’s largest business federation representing 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.2. What is their goal, how do they help a small business.IS the engine of growth to strengthen individual endeavors while the collective of business. They give an opportunity for small businesses to speak with a unified voice.3. How can my company benefit from becoming a member.It will help keep your business running and grow the the fullest.4. Cost of membership$125/year
1. These are just some of the expenses that comes with well any job but mostly this one because I will be working at home so I will be using things more often then if someone worked at an office.2. I will be explaining more of the expenses that are also involved with running your own business.
Setting up your home office is hard because if you have kids then their will always be interruptions. Also you need to consider how much parking space their incase you have a meeting at your house you might need a lot of parking space IF your home is where your office is going to be also make sure that you have a private room where you keep everything and nothing can be messed with because most of your work is very important and if you lose it or something happens you can get in lot of trouble lose customers and money which isn’t something you don’t want.
This slide contains different types of accounting software that is recommended for the type of business that I am doing. I have done a slide about QuickBooks because it is the best type of software to use but everyone is different.I have chosen QuickBooks because unlike the other software’s I have done a lot of research on this type or accounting software and even if your new to it you can learn it in a day its so easy especially with the tutorial that comes with it you cant get stuck anywhere.With this it also comes with an application that lets you fill out checks and then print them like that with your business logo and everything.Not that the other types are really bad or worse then QuickBooks I just personally think that its a lot easier then the other better self explanations which makes it easier.
1.QuickBooks is a great accounting software that helps with all the financial needs.2. It helps with automatic billing, speeds up customer payments, instant invoice, track sales and expenses 3. Great with projects and other work related issues4. If your able to learn QuickBooks it opens up so many doors that you will be able to do anything because there are so many different jobs that use this that it could be learned and used as a back up
1. When you first download QuickBooks it comes with a tutorial and these are some of the steps it takes you through to help you understand What all you can do with QuickBooks and how to do each one.Set Up a Checking AccountBill a CustomerReceive a paymentRecord a depositWrite a CheckHow is my business doing2. These are just some of the simple steps that it will help you learn so that you know how to use QuickBooks properly.3. Also in the QuickBooks there is a help search that will answer any question you have.4. Even though of this stuff in the tutorial you might already know it will help to watch everything just incase.
1. This slide talks about the different insurances that has to do with running a accounting consulting business.2. These are the main types of insurance that every worker needs even if you’re the only one. 3. Some of the insurances are needed incase an incident might accure4. other’s are just good to have cause you never know what will happen so its always good to have as many benefits as possible or insurances.5.
1. In this slide I have put a couple of bullets that in the next three slides I will talk about the different office procedures like Accounts Payable, Accounts Receivable, Profit Loss.2. I am going to also to explain each step and process that comes with Doing each of these office procedures.3.
Know your scope of authority- which basically means no when to say yes or no with in your power and also if you need to talk to someone higher then you in power on a decision that is needed to be made.Accounts payable- is when money is going to the vendors or Business customers for using their supplies or whatever you bought to use on the job.Make sure to have as much information as possible while your filling out a bill.Terms- Amount of days the customer has asked for or agreed to pay the bill.Net 10Net 25Net 30Net 45Net 1% 10 net 30-If paid in ten days you get 1% discount off of what your payingNet 2% 10 net 30-If paid with in ten days you get 2% off of what your actual total will be.Purchase Orders- are like a request of how much the vendor is going to charge you.
Accounts Receivable is the record of money owed from a business for goods or services.
Certified QuickBooks ProAdvisors are independent CPA’s, accountants, bookkeepers, computer consultants and trainers who work with small businesses and who have completed a rigorous and comprehensive QuickBooks curriculum developed by Intuit ®. They understand the challenges you face and can offer guidance on everything from complex accounting questions and payroll interpretation to mastering advanced features of QuickBooks. ProAdvisors have taken a 3-part QuickBooks Certification course and have successfully completed comprehensive testing. Advantages- able to charge more money for you services.Disadvantages- The cost to stay certified.
1. What is the small business administration.Was created in 1953 as an independent agency of the federal government to aid, counsel, assist, and protect the interest of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation.2. What is their goal, how do they help small businesses.The goal Is to preserve the free competitive enterprise and to maintain and strengthen the overall economy of our nation.3. How can I benefit from becoming a member.Because they SBA will help any American start, build and grow businesses.
Bookkeeping & Payroll TaxesQuickBooks ConsultantNew Business Start Ups401k Profit sharing plansCorporate financial statementsTax Preparations & PlanningIRS Issues
Bachelors MastersImportance of EducationHow many years of schooling do you needThe Degree I Plan on getting While attending college.
