Launching a Business is No Small Feat
Licensing, zoning, loans, inventory controls, employees relations, accounting – becoming a successful entrepreneur requires nearly equal parts ambition, dedication, and know-how.
That's where Cashing in on Business Opportunities comes in. Comprised of 22 lessons, Cashing offers entrepreneurs and the educators who serve them the technical knowledge and skills needed to manage a business.
From business plans to taxes to budgeting to inventory, Cashing provides a complete manual for starting, maintaining, and growing a business.
The Lessons You Want and Need
Cashing thrives in a variety of educational uses:
- One comprehensive course covering all lessons.
- Single-topic short course covering one lesson.
- Multi-topic workshop covering several lessons.
- References featuring worksheets and resources.
Completely Customizable
Divided into four parts, Cashing in on Business Opportunities groups lessons by theme, allowing users to develop personalized training to meet individual needs. Each lesson offers a narrative instructor's guide, handouts, and accompanying PowerPoint presentation.
Written at a basic level by nationally recognized Extension small business experts, Cashing is a dynamic curriculum with additional topics and supporting Webinars in development.
Originally developed by the CSREES Home-Based and Micro-Business National Design Team as a part of the Communities in Economic Transition National Initiative in 1997, Cashing has undergone a complete revision to address business practices and concerns.
Current Lessons
Part One: Sharpen Your Entrepreneurial Skills
- Lesson 1: Assessing Self-Employment for Success
- Assess their entrepreneurial skills.
- Assess their business management skills.
- Evaluate business ideas as opportunities based on their identified interests and abilities and the market potential.
- Suggested Questions for Home-Based or Micro Business Panelists
- Do You Have What It Takes To Start a Home-Based or Micro Business?
- Business Ideas
- Rate Yourself: Are You Ready To Start a Business?
- Lesson 2: Spotting Opportunities among Scams
- Better understand about small business schemes and scams.
- Identify major types of small and home-based business scams.
- Better evaluate the legitimacy of business opportunities.
- Case Study #1
- Case Study #2
- Lesson 3: Working and Living in the Same Space
- Identify the space needs of their home-based business, considering the type of business and activities conducted in the home
- Identify potential conflicts between family/household and business needs for space
- Develop an action plan to accommodate business needs in the household space while, to the extent possible, preventing household conflict
- Lesson 4: Developing Time-Management Tactics
- Identify how time is currently being used.
- Determine priorities for time use.
- Develop time use plans based on priorities.
- Identify things that interfere with effective time use.
- Take the Time Quiz
- How Do You Use Your Time Now
- Goal Setting Worksheet
- Seasonal Tasks
- Sample Weekly Plan
- Dividing the Day Handout
- Daily Schedule
- Time Management Tips
- Lesson 5: Professionalism Pays
- Learn about the correlation between professional business practices and the financial success of a home-based business.
- Learn, understand, and apply professional business practices in the operation of their business.
- Understand the importance of employing a serious but positive attitude as they develop their business.
- Business Management Practices That Indicate Success
- The Professional Business Telephone
Lesson 1: Assessing Self-Employment for Success
Goal
For current and potential business owners to identify their personal and business skills and to examine possible business ideas or types of business interests as to the feasibility of the ideas. The overall intent is to help put business owners on the road to success in their home-based or micro business.
Objectives
Handouts
Lesson 2: Spotting Opportunities among Scams
Goal
To provide the background and basic information on business scams (a fraudulent business scheme, a swindle) and fraud related to small business opportunities.
Objectives
Handouts
Lesson 3: Working and Living in the Same Space
Goal
For home-based business owners to be able to accommodate business needs in the home space while minimizing family conflicts.
Objectives
Lesson 4: Developing Time-Management Tactics
Goal
The goal of this session is for participants to develop skills in time management.
Objectives
Handouts
Lesson 5: Professionalism Pays
Goal
To create awareness among entrepreneurs of the importance of a professional image, the role it plays in the success of a home-based business, and the practices that demonstrate professionalism.
Objectives
Handouts
Part Two: Get Down to Business
- Lesson 1: Writing a Business Plan
- Entrepreneurs will learn the reasons for preparing a business plan.
- Entrepreneurs will learn the components of a business plan.
- Entrepreneurs will learn the format of a business plan.
- Business Plan Outline
- Sample Marketing Plan - Boat Buddies
- Cash Flow Worksheet
- Sources and Uses of Funds Statement Projected
- Income Statement
- Projected Balance Sheet
- Lesson 2: Setting the Right Price
- how to calculate total costs.
- how to calculate a profit margin.
- the difference between wholesale and retail pricing.
- how to use break-even analysis.
- the psychological factors that impact pricing.
- Overhead Expenses Exercise
- Pricing Worksheet
- Lesson 3: Choosing the Best Business Structure
- Raise the consciousness of home-based business owners about the importance of choosing the legal structure of their businesses.
- Provide information and comparisons about the four basic forms of business structures available to most business owners.
- Motivate home-based business owners to discuss this topic with professional advisers to help them make informed choices.
- Choosing the Legal Structure for Your Business
- Lesson 4: Adhering to Regulatory Requirements
- Where to locate local codes, regulations, and policies that affect home-based businesses.
- The importance of being on good terms with neighbors.
- How to work with local zoning boards and commissions.
- Do Your Own Research on Local Laws, Regulations, and Perceptions
- General Information about Permits and Variances
- Decision Considerations
- Basic Requirements for Home-based Businesses
- The Local Costs of a Home-Based Business: Positive or Negative Impact?
- Lesson 5: Managing Inventory
- Learn where they can purchase raw materials and business supplies wholesale.
- Learn planning and management skills that will enable them to deal effectively with wholesalers.
- Managing Inventory Procurement/Buying Wholes
- Lesson 6: Deciding on a Distribution Channel
- Learn about different methods of distribution.
- Learn about resources for finding additional market distribution information.
- Recognize that selection of marketing methods is an ongoing, ever changing process as the business and economic climate changes.
- Learn that distribution is an integral part of a business plan/marketing plan.
- Distribution Methods for Marketing Products and Services
- Consignment Agreement
- Lesson 7: Selling Secrets
- Define salesmanship and why it is important to the home-based business owner.
- Explain the value of relationships in selling.
- Differentiate retail and wholesale selling.
- Use a variety of communication techniques in selling.
- Recognize customer responses.
- Know the steps in closing a sale.
- Ten Commandments of Creating Sales
- Effective Salesmanship
- Selling Secrets Miniature copies of transparencies with space for notes
- Building a Relationship in Selling
- Lesson 8: Gaining the Customer Satisfaction Edge
- Understand the relationship between customer service and customer satisfaction.
- Identify the qualities of excellent customer service.
- Learn how to handle difficult customers.
- Enhance communication skills.
- A Listening Test
- Customers Evaluate Service Quality on Five Points
- Telephone Customer Service Tips
Lesson 1: Writing a Business Plan
Goal
Entrepreneurs will learn how to write business plans.
Objectives
Handouts
Lesson 2: Setting the Right Price
Goal
Entrepreneurs will learn how to determine the price to charge for a product and/or service.
Objectives
Handouts
Lesson 3: Choosing the Best Business Structure
Goal
Entrepreneurs will make informed decisions about the choice of a legal structure for their businesses.
Objectives
Handouts
Lesson 4: Adhering to Regulatory Requirements
Goal
Entrepreneurs will become familiar with regulatory issues that affect home based businesses.
Objectives
Handouts
Lesson 5: Managing Inventory
Goal
To help current or potential home-based business owners identify wholesale sources for purchasing new products or business supplies that will help them prepare for success and profit in their businesses.
Objectives
Handouts
Lesson 6: Deciding on a Distribution Channel
Goal
The goal of this session is for potential and current business owners to learn basic information about different distribution methods for marketing products and services and for them to obtain information to locate additional resources.
Objectives
Handouts
Lesson 7: Selling Secrets
Goal
The goal of this chapter is to teach the would-be home-based or micro business owner or current owner how to develop or improve salesmanship skills. Sales, in any business, are key to the success of that business. This text is designed to be taught in a one-hour segment, unless role-play scenarios are included to enhance the application of technique.
Objectives
Handouts
Lesson 8: Gaining the Customer Satisfaction Edge
Goal
Entrepreneurs will understand the role of excellent customer service in their business operations.
Objectives
Handouts
Part Three: Plan as You Expand
- Lesson 1: Targeting New Markets
- Understand the need of planning ahead for the marketing and advertising of the business's product or service.
- Develop a systematic process of analysis in determining customer wants and needs, competitor strengths and weaknesses, and the business's competitive advantage.
- Develop an effective advertising program that matches the competitive advantages of the business with the needs and wants of the customer through an advertising medium the customer relates with.
- How Marketing Helps Increase Sales
- Rules of Marketing
- Marketing Differs from Selling
- Customer Profile Form
- Who Is the Competition?
- Checklist - Factors Important to Customers
- Ten Steps to Developing an Advertising Strategy
- Advertising Score Sheet
- Road Signs: Content, Visibility, and Letter Size of Advertising Advance Sign
- Worksheet #1
- Worksheet #2
- Worksheet #3
- Worksheet #4
- Lesson 2: Your Online Presence
- Learn what people are currently buying and selling online.
- Discover what eCustomers want from a retail website.
- Find out how to get started in building a web store.
- Choose and purchase a domain name.
- Understand web hosting options.
- Learn design and technical considerations for retail websites.
- Discover SEO.
- Understand the factors to consider for an online catalog and ordering system.
- Learn about online merchant accounts and payment processing.
- Recognize the importance of online customer communication.
- Incorporate web stats and analytics.
- Lesson 3: Incorporating Social Media into Your Marketing Strategy
- Become familiar with the world of marketing online via social media applications.
- Identify the parts of creating a social media strategy.
- Identify the most popular social media online tools and applications currently available.
- Determine if and how social media can be incorporated into their individual business marketing plans.
- Lesson 4: Keeping Tabs on Cash
- Basic elements of a record keeping system.
- Records needed to meet tax requirements.
- How to track business profitability in a timely manner.
- The importance of keeping a record keeping system.
- The entire text of this chapter may be used as a handout, either by itself or with other home-based business materials.
- Lesson 5: Recruiting, Training, and Motivating Employees
- Understand the importance of securing and maintaining informed and satisfied employees as a key to satisfied customers.
- Learn and understand the procedures taken in finding and in selecting employees.
- Learn, understand, and apply the principles of effective employee relations.
- Recruiting, Training and Motivating Employees
- Where To Find Employees
- Conducting an Interview
- Employee Checklist
- Example #1
- Example #2
- Lesson 6: Insuring against Catastrophes
- Recognize the importance of risk management for their businesses
- Understand risk management strategies
- Define insurance types and their relationship to a home-based or micro business
- Assess risks and determine management strategies for individual businesses
- Liability Insurance Needs for the Home-Based or Micro Business
- Home-Based Business Liability Insurance Information (Sample of Survey)
- Risk Management
Lesson 1: Targeting New Markets
Goal
The goal of this session is to provide the new business person or those just starting a business the basics of marketing and advertising. The session will create awareness and understanding of the basic principles of marketing by enabling the individual to understand that marketing is more than advertising or selling; the marketing process begins well before the product or service is developed.
Objectives
Handouts
Lesson 2: Your Online Presence
Goal
Entrepreneurs will learn how to create an online presence, sell their products and services electronically, and utilize online applications for marketing.
Objectives
Lesson 3: Incorporating Social Media into Your Marketing Strategy
Goal
Entrepreneurs will learn how to develop and implement a social media strategy as a means of online marketing and to determine if social media can and should play a role in achieving their marketing objectives.
Objectives
Lesson 4: Keeping Tabs on Cash
Goal
The goal of this session is to introduce the advantages of simple record keeping.
Objectives
Handouts
Lesson 5: Recruiting, Training, and Motivating Employees
Goal
To give entrepreneurs a plan for securing and maintaining employees who are assets to their businesses and are satisfied in their jobs.
Objectives
Handouts
Lesson 6: Insuring against Catastrophes
Goal
The goal of this session is for business owners to assess risks and develop strategies to manage those risks.
Objectives
Handouts
Part Four: Boost Your Bottom Line
- Lesson 1: Calculating Financial Ratios
- Know about a few key ratios used for industry-wide comparisons.
- Be able to calculate key ratios.
- Have the names and addresses of the sources for industry averages.
- Calculating Financial Ratios
- Income Statement
- Balance Sheet
- Lesson 2: Getting Your Just Deductions
- To walk the micro/home business owner-manager through the process of completing IRS Schedule C: Profit or Loss from Business - a tax form designed for sole propritiorships.
- To assist micro/home business owner/managers in understanding the rules surrounding some business deductions and to inform them of some recent Supreme Court decisions governing home office deductions.
- To assist the micro/home business owner-manager in organizing his or her financial records.
- Schedule C
- Home Office Worksheet
- Getting Your Just Deductions Text
- Lesson 3: Searching for Capital
- To acquaint the home and micro business owner-manager with some sources of outside capital.
- To highlight some types of loans offered by commercial lenders.
- To present one method of preparing a loan package.
- To supply some tips on establishing and maintaining a working relationship with a commercial lender.
- Money Needs for the First Three Months
- Cost-of-Living Budget
- Cash-Flow Projections
Lesson 1: Calculating Financial Ratios
Goal
The goal of this session is to introduce the home-based and micro business owner-manager to ratio analysis.
Objectives
Handouts
Lesson 2: Getting Your Just Deductions
Goal
To introduce the micro/home business owner-manager to relevant income tax regulations.
Objectives
Handouts
Lesson 3: Searching for Capital
Goal
The goal of this chapter is to introduce home-based and micro business owners to some of the ways of acquiring outside capital.
Objectives
Handouts
Brochure
Download a 4x6 accordian fold brochure in PDF format explaining and showcasing the curriculum. Please contact the Southern Rural Development Center to have a brochure mailed to you.
Flier
Download a standard size, 8.5x11, flier that can easily be printed for distribution.
Other Goodies
- Print off your very own Cashing bookmark!
