The Principles That Freelancers Need to Know

1. The Principles That Freelancers Need to Know

2. Tonight I am assuming that everyone here has a/or understands … • your Feature • your Benefit • your Value Proposition • your Target Market and • can Speak Effectively • About Your Service 2

3. Objectives • Establish a baseline of information needed • Explain a practical method to introduce project management • Understand the impact of time and target on Cash Flow and identify problems and create solutions. • Encourage those thinking of starting a business to take the plunge.

4. Establishing A Baseline

5. Financial Preparations: Budget Chart

6. Financial Preparations: Start-up Cost Chart

7. Financial Preparations: On Going Cost Chart

8. Time Assessment

9. How Decisions Impact Project Management and Business Operations

10. Business Operations • Operations is aboutlogistics. • Logistics is the planning, implementation and coordination of the details of a business or other operations. • The objective of logistics is to get your product to the customer. • That is the most important goal.

11. Business Operations • Effective Project Management and Operations requires 1 fundamental thing: • Making Decisions • But why is this sometimes difficult?

12. When you make a choice, how many decisions do you make?

13. Two • The decision to choose one path. • The decision not to choose the other.

14. Project Management Simplified

15. The Basic Process Where are you now? Where do you want to be? By when? What is your GOAL? Everything above the red line, like planning, does not need a dollar value. How will you get to where you want to be? What is your STRATEGY or PROCESS? All tasks below the red line, require decisions and a dollar value. What will you do to accomplish your strategy? What steps and actions must you take? What will you do to accomplish your strategy? What steps and actions must you take? What will you do to accomplish your strategy? What steps and actions must you take? What will you do to accomplish your strategy? What steps and actions must you take?

16. Time Assessment

17. Target Market Revisited It Takes Time To Sell a Product or Service: As a general rule you should use a ration of 10:1 to calculate the amount of time it will take you to close a contract or make a sale. So for every one Contract you close assume it will take ten 1 hour meeting to get to that point.

18. Cash Flow and the Variables Come Together

19. Cash Flow

20. Steps for Starting a Business in Philadelphia

21. Make a Preliminary PlanChecklist: Preparing Yourself for Business • Conduct a self-assessment for business readiness • Research your industry, competition and target market • Construct a brief outline of business goals and steps needed to reach that goal • Create a preliminary list of business costs and a rough 3-year plan

22. Obtain a Business Privilege LicenseChecklist: Obtaining Your Business Privilege License • Prepare Application for Business Privilege License (available at the Licenses & Inspections office and online at http://webapps.phila.gov/li/) • Take application and check for $300 to the Department of Licenses & Inspections or mail your application and check to the Department of L&I using the address on the application. • Your Business Privilege License will be issued to you, along with your Philadelphia Tax I.D. number.

23. Secure a Location or Set Up a Home OfficeChecklist: Finding a Location for Your Business While some entrepreneurs will need to obtain property for their business, many small start-ups can operate successfully from home, allowing the owner to avoid complications that can occur when buying a property. When planning the future of your business, decide with care. • Obtain Zoning Compliance • If you are doing any major building, plumbing or electrical renovations, obtain Construction Permits • Obtain a Certificate of Occupancy • Obtain business insurance • Obtain Health Department Inspections and Approvals if necessary

24. File a Fictitious NameChecklist: Filing a Fictitious Name A fictitious name is necessary if you choose a business name that is not the proprietor’s first or last name plus a description of the business (e.g. Smith’s Auto Tags). • Determine whether your business name is available for use by checking the PA Corporations Bureau website • Prepare application for Registration of Fictitious Name (on PA Open for Business website at www.paopen4business.state.pa.us) • Send an application to Pennsylvania Department of State Corporations Bureau with check for $70

25. Establish a Legal EntityChecklist: Establish a Legal Entity Choosing a business structure and establishing a legal entity for your business is one of the most important steps in beginning your business. Be sure to gather information from a variety of sources, including consultation with a small business lawyer. • Read the overview of legal entities and obtain legal advice about choosing the right entity • If you cannot afford legal assistance, contact Empowerment Group about applying for free legal assistance through Philadelphia LawWorks • File appropriate paperwork

26. Obtain Additional Licenses or Approvals • Some businesses require additional licenses for their business properties. These might include: • Sign or Canopy License • Flyer Distribution License • Dumpster License • For more information on additional City of Philadelphia licenses, call the License Issuance Hotline at 215-686-2490. • For more information on PA Sales Tax License, call the PA Department of Revenue at 717-787-1064. • Fire Safety Approval • PA Sales Tax License

27. Contact Us At: Derek Ferguson 215-427-9245 ext. 202 derekf@empowerment-group.org www.empowerment-group.org