PLANNING YOUR NEW BUSINESS
Miami County Economic Development Department created this New Business Start-up
Guide as a way to encourage entrepreneurism and small business development in
Miami County. We understand that planning a business can be an extensive task.
This document is designed to be a resource guide that will help to put you in
contact with the numerous business resources that are available to help you.
In Miami County we approach business development with a team approach.
Your local Chamber of Commerce, Economic Development Associations and
government officials are available to assist you in your business endeavor.
Please refer to the links below to learn more about the organizations that make
up our team. Our office, staff, and resources are here to help, so please don't
hesitate to ask for our assistance. We hope you will join the numerous other
businesses and industries that have chosen Miami County as their location to do
business.
This document is intended to be a
resource guide to assist you in the business start up process. . The
information herein was thought to be accurate at the time of publication. Since
no single publication can address every business issue, please take the time to
research all issues thoroughly before making business decisions.
CHAMBERS OF COMMERCE & ECONOMIC DEVELOPMENT ASSOC.'s
Miami County
City of Piqua
City of Troy
City of Tipp City
West Milton
Village of Covington
Miami County
Miami County Economic Development
Department
Through community-wide partnership, Miami County
Department of Economic Development Department promotes job retention/creation,
encourages value-added business investment and economic growth, while enhancing
the quality of life in Miami County. Through funding from the Miami County
Board of Commissioners, the department works promote growth and retention by
meeting the needs of area business. As a resource for business and industry, MCED
can provide community profiles, statistical information, business/industrial
site location assistance, grant and incentive information, and help on numerous
other business issues.
MIAMI COUNTY ECONOMIC DEVELOPEMENT DEPARTMENT
510 W. Water St., Suite 110
Troy, OH 45373
Ph.937.440.8121- Fax 937.440.8124
Email info@miamicountyoh.org
Web www.miamicountyoh.org
Piqua
CITY OF PIQUA, ECONOMIC DEVELOPMENT DEPT & PIQUA
IMPROVEMENT CORP.
Harry Bumgarner
Economic Development Director
201 W. Water St.
Piqua, OH 45356
Ph. 937-778-8198
Email hbumgarner@piquaoh.org
Web www.piquaoh.org
PIQUA AREA CHAMBER OF COMMERCE
David Vollette
President
326 N. Main St.
Piqua, OH 45356
Ph. 937-773-2765
Email dvollette@piquaareachamber.com
Web www.piquaareachamber.com
MAINSTREET PIQUA
Lorna Swisher
Executive Director
326 N. Main St.
Piqua, OH 45356
Ph. 937-773-9355
Email info@mainstreetpiqua.com
Web www.mainstreetpiqua.com
Tipp
City
CITY OF TIPP CITY, ECONOMIC DEVELOPMENT DEPARTMENT
Bradley Vath
Assistant City Manager/Economic Development Director
260 S. Garber Dr.
Tipp City, OH 45373
Ph. 937-669-3118 ext.3118
Email vathb@tippcity.net
Web www.tippcityohio.gov
TIPP CITY AREA
CHAMBER OF COMMERCE
Tipp City Chamber
12 S. Third St.
Tipp City, OH 45371
Ph. 937-667-8300
Email info@tippcitychamber.com
Web www.tippcitychamber.com
Troy
CITY OF TROY, ECONOMIC DEVELOPMENT DEPARTMENT
James Dando
Development Director
100 S. Market St.
Troy, OH 45373
Ph. 937-339-9481
Email jim.dando@troyohio.gov
Web www.troyohio.gov
TROY DEVELOPMENT
COUNCIL
Chuck Cochran
President
405 SW Public Square
Troy, OH 45373
Email. ccochran@troyohiochamber.com
Web. www.troyohiochamber.com
TROY AREA CHAMBER OF
COMMERCE
Chuck Cochran
President
405 SW Public Square
Troy, OH 45373
Email ccochran@troyohiochamber.com
Web www.troyohiochamber.com
Covington
COVINGTON AREA
CHAMBER OF COMMERCE
P.O. Box 183
Covington, OH 45318
Ph. 937-473-3420
West Milton
WEST MILTON CHAMBER
OF COMMERCE
P.O. Box 3
West Milton, OH 45383
Ph. 937-698-3055
THE
SMALLBUSINESS DEVELOPMENT CENTERS (SBDC)
The Small Business Development Center is another resource that can be
of assistance to business. These centers will provide one-on-one business
counseling, workshops, and other business resources. These centers are closely
associated with the U.S. Small Business Administration and the Ohio Department
of Development.
The following is a directory of Region 4 Small Business Resources (Champaign,
Clark, Clinton, Darke, Greene, Miami, Montgomery, Preble, Shelby Counties.
REGION
4 , Southwest Central Ohio
Region 4 Lead Center
The Ohio SBDC at EMTEC
3155 Research Boulevard, Suite 106
Kettering, Ohio 45420
Phone: (937) 253-1331
bmcmannon@emtec.org
The Ohio SBDC at the University of
Dayton
MS-0102, 300 College Park
Dayton, Ohio 45469
Phone: (937) 229-3515
Tony.vogt@udri.udayton.edu
The Ohio SBDC at Wright State University
College of Business
120 Rike Hall
Dayton, Ohio 45435
Phone: (937) 775-3487 or (937) 775-3503
michael.bodey@wright.edu
Website: www.wright.edu/business/docp/sbdc
The Ohio SBDC at SBDC, Inc.
300 E. Auburn Avenue
Springfield, Ohio 45505
Phone: (937) 322-7821
sanzur@smbusdev.org
The Ohio Manufacturing, Defense & Technology SBDC
at Dayton Manufacturing Small Business Development Center at EMTEC
3155 Research Boulevard, Suite 106
Kettering, Ohio 45420
Phone: (937) 259-1307
cbaumhauer@emtec.org
The Ohio ITAC at EMTEC
3155 Research Boulevard, Suite 106
Dayton, Ohio 45420
Phone: (937) 253-0033
kmarshalek@emtec.org
Dayton PTAC Supersite
Edison Materials Technology Center
3155 Research Boulevard, Suite 106
Kettering, Ohio 45420
Phone: (937) 259-1321
mfarnsley@emtec.org
The Small Business
Development. Center Program is a partnership between the Ohio Department of
Development, Small Business Administration, local economic development organizations,
and Ohio institutions of higher education.
Upper Valley JVS Applied Technology
Evelyn Sheafer, Director
5 East SR 36
Piqua, OH 45356
Phone 937-778-1078
sheafere@uvjvs.org
U.S.
Small Business Administration
Phone: 614-469-6860 ext 276
E-Mail douglas.sweazy@sba.gov
www.sba.gov
US Department of Commerce
Dayton Export Assistance
Center
Phone: 937-226-8222
E-Mail deborah.dirr@mail.doc.gov
www.usatrade.gov
County Corp
(Small Business Financing)
Phone: 937-225-6328
www.countycorp.com
Edison Community College
Business & Industry
Center
Phone: 937-778-8600 ext. 458
www.edisonohio.edu/business/
The
Entrepreneurs Center
Phone: 937-281-0098
www.techincubator.org
Miami Valley International
Trade Association
Phone: 937-226-8482
www.mvita.org
Minority Contractors &
Business Assistance Program Center (MCBAP)
Phone: 937-223-2164
E-Mail mcbaphrc@dayton.net
Service Corps of Retired
Executives (SCORE)
Phone: (937) 225-2887
www.score.org
Dayton MCBAP
City of Dayton MCBAP
201 Riverside Drive, Suite 1E
Dayton, Ohio 45405
Phone: (937) 223-2164
mcbaphrc@dayton.net
Wright State University
Region Four - International
Trade Assistance Center.
Phone: 937-226-8287
www.wright.edu/business
The 1st Stop Business
Connection, a program sponsored by the Ohio Department of Development's Small
Business Development Centers and the U.S. Small Business Administration,
provides FREE state-level information needed to get started or continue on your
entrepreneurial journey. The web site guides you through six simple steps to
create a business information kit. Then, you can immediately download your kit.
Your FREE business information kit will contain the basics all business must
know and the state-level regulations and forms specifically for your business.
If you would like to have a business
information kit sent to you through U.S. mail, please call 1-800-248-4040 or
614-466-4232. After reviewing your kit, you can contact your local Small
Business Development Center (SBDC) for free, one-on-one business consulting
assistance.
Visit the Ohio 1st
Stop Web Site at http://www.odod.state.oh.us/onestop/index.cfm
Are you the kind of
person who can get a business started and make it go? (Before you answer this
question, answer the questions below.) Think about why you want to own your own
business. Do you want it badly enough to keep you working long hours without
knowing how much money you'll end up with?
Have you worked for
someone else as a foreman or manager? Have you had any business training in
school? Have you saved any money?
Check the answer
that says what you feel or comes closest to it. Be honest.
Are you a
self-starter?
_____ I do things on my own. Nobody has to tell me to
get going.
_____ If someone gets me started, I keep going all
right.
_____ Easy does it.
I don't put myself out until I have to.
How do you feel
about other people?
_____ I like
people. I can get along With just about anybody.
_____ I have plenty
of friends- I don't need anyone else.
_____ Most people
irritate me.
Can you take
responsibility?
_____ I like to
take charge of things and see them through.
_____ I'll takeover if I have to, but I'd rather let
someone else be responsible.
_____ There's always some eager beaver around wanting
to show how smart he is. I say let him.
How good an
organizer are you?
_____
I like to have a plan before I start. I'm usually the one to get things lined
up when the group wants to do something.
_____ I do all right unless things get too confused.
Then I quit.
_____
You get all set and then something comes along and presents too many problems.
So just take things as they come.
Can you lead
others?
_____ I can get most people to go along when I start
something.
_____ I can give
the orders if someone tells me what we should do.
_____ I let someone
else get things moving. Then I go along if I feel like it.
How good of a
worker are you?
_____ I can keep going
as long as I need to. I don't mind working hard for something I want.
_____ I'll work
hard for a while, but when I've had enough, that's it.
_____ I can't see
that hard work will get you anywhere.
Can you make decisions?
_____ I can make up my mind in a hurry if I have to.
It usually turn out O.K.
_____ I can if I
have plenty of time.
_____ If I have to make up my mind fast, I think later
I should have decided the other way.
Can people trust
what you say?
_____ You bet they can. I don't say things I don't
mean.
_____ I try to be on the level most of the time, but
sometimes I just say what's easiest.
_____ Why bother if
the other fellow doesn't know the difference?
How good is your
health?
_____ I never run down!
_____ I have enough energy for most things I want to
do.
_____ I run out of
energy sooner than most of my friends seem to.
Now count the
checks you made:
How many checks are
there beside the first answer to each question?
How many checks are
there beside the second answer to each question? How many checks are there
beside the third answer to each question?
If most of your
checks are beside the first answer, you probably have what it takes to run a
business. If not, you are likely to have more trouble than you can handle by
yourself. Better find a partner who is strong on the points you are weak on.
Many of the area
Small Business Development Centers offer counseling, seminars, and workshops
that will help you determine what questions need to be answered and give you guidance
on how and where to find answers to your questions. Click here to see a list of SBDC's
in this area.
Several area Universities and Community Colleges offer business
development courses for credit. These courses could provide you with valuable
information and skills that will aid you in the business start-up process. The
following links will connect you with nearby colleges:
Since none of us
have a "crystal ball", it is important to spend some extensive time analyzing
the feasibility of your business idea. You've probably heard you could reduce
your chances of failure by "getting a feasibility study done." These
services can be purchased but involve many hours of expensive consulting time
to complete. You might contact your local Chamber of Commerce for a local
consultant referral.
Remember, in the
end, the "go or no-go" decision will still be yours. While all this
research is time consuming, as much as possible should be done by the person
who wants to start a business. If you are not willing to put in the time
and effort needed for this type of investigation, your chances of success may
be slim.
The Ohio State University publishes numerous
OSU Extension Factsheets that are available online.
The Small Business Series
covers a variety of topics related to small business start-up and management. Follow
the link below and click on the Small
Business Series link. There are several publications related to Marketing and Marketing Research.
http://ohioline.osu.edu/lines/comun.html#shbusi
Additional demographic information in available at www.census.gov
The following is general information on types of
businesses. Before making this very important decision you should consult with
your attorney or accountant.
A sole proprietorship is one where the owner is the
business and personal business tax returns are filed together. The main
advantage of a sole proprietorship is that the proprietor does not need to get
agreement from others on how to run the business, provided he/she trades in
accordance with the law. The proprietor can make his/her own decision and
change policies as often and when he/she wishes.
|
Advantages
|
Disadvantages
|
|
Low start-up costs
|
Unlimited liability
|
|
Greatest freedom from regulation
|
Lack of continuity
|
|
Owner in direct control
|
Difficult to raise capital
|
|
Minimal working capital requirements
|
Tax advantages to small owner
|
|
All profits to owner
|
|
A partnership is a
relationship which exists between persons carrying on a business in common with
a view of profit. As more than one person is involved, it is advisable to
formulate a set of business rules, such as the following (1) dividing profit
and loss; (2) the amount of capital each partner must contribute to the
business; (3) partners salaries; (4) preparation of annual accounts and audits;
(5) arrangements for withdrawing of the partners; (6) arrangements for retirement
or death of the partner; 7) payment of interest on capital and loans and
interest of these drawings; (8) arbitration agreement if the partners fail to
agree on a business clause.
|
Advantages
|
Disadvantages
|
|
Ease of formation
|
Unlimited
liability
|
|
Low start-up
costs
|
Lack of
continuity
|
|
Additional
sources of venture capital
|
Divided authority
|
|
Broader
management base
|
Hard to find
suitable partner
|
|
Possible tax
advantages
|
|
|
Limited outside
regulation
|
|
A corporation is the most formal business structure,
operating under state law with a restricted charter. Its owners are determined
by the sale of shares of stock and ownership is restricted to those owning
stock. One or more adults can incorporate a business. Stockholders need not be
residents. Their maximum liability is the unpaid balance of their subscription
and full consideration for which shares were issued as well as unpaid employee
wages. The number of directors is fixed, and to change this number the charter
of the corporation must be amended. Directors do not need to be residents. The
corporation name should include Corporation, Inc. or Ltd. in its name. Names
must be registered and cannot be the same as any other national or foreign
company. A corporation has no limit to its indebtedness and maybe of perpetual
duration. There is no limit to the stock issues nor to its class. Stock must be
purchased with money, labor, or property for its par value or set by the
stockholders. A central office must be registered within the state, and the
office must have a registered agent. A record of shareholders and their
holdings and the business records must be left at this office. The articles of
incorporation must be filed with the secretary of state and the register of
deeds in the county where the registered office is located. Contact Secretary
of State and the register of deeds in the county where the registered office in
located. Contact Secretary of State, 30 E. Broad St., 14th Floor, Columbus, OH
43266-0418 or call (614) 466-3910. You also can visit the Secretary of State
Online at http://www.sos.state.oh.us/sos/
There are other types of corporations, such as
subchapter C and subchapter S corporations. For more information on advantages
and disadvantages, consult you attorney and accountant.
|
Advantages
|
Disadvantages
|
|
Limited liability
|
Closely regulated
|
|
Specialized management
|
Most expensive form to organize
|
|
Ownership is transferable
|
Extensive record keeping necessary
|
|
Possible tax advantages
|
Easier to raise capital
|
Note: It is a good idea for a small business corporation to
have liability insurance.
For tax purposes, a
corporation can elect "subchapter S" status. In general, this means
that while the business is legally a corporation and shares many of the
characteristics of a corporation, it is taxed similarly to a partnership.
|
Advantages
|
Disadvantages
|
|
Limited liability
|
Restrictions on ownership
|
|
Possible tax advantage
|
Limited number of owners
|
|
Ownership interest, freely transferable
|
Deductibility of losses restricted
|
Limited
Liability Company
This type of business entity is organized and taxed as
a partnership, but shields the owners from unlimited liability, as with the
corporate form. The organizational documents must be written to comply with
highly specific rules and regulations in order to achieve the benefits of
partnership taxation and limited liability.
Regardless of the
method of entering a new business - starting, buying, or franchising, a
business plan is the foundation for launching your business.
The ability to
obtain financing is enhanced if a business plan is submitted prior to or at the
time of the first meeting with the financing organization. A business plan is a
detailed description of the business, including the product, a market analysis,
the management team, and financial projections. A well prepared business plan
serves two functions. First, it helps secure financing by demonstrating
technical competence, market knowledge, and organizational ability. Secondly,
it is a valuable management tool to help establish goals, identify risks, recognize
financial and physical needs, and provide benchmarks to evaluate performance.
It is important for
a plan to recognize a company's weaknesses in addition to its strengths. This
increases the plan's credibility and prevents surprises in the financing firm's
investigation of the opportunity. Furthermore, it enables the financing firm to
identify ways in which it can provide an extra value added in the form of
non-financial assistance.
Elements of the
following proposed business structure may need to be altered due to the nature
of your specific business. However, all the major topics should be addressed in
an appropriate fashion.
Summary
In two or three pages, summarize the most important
information contained in the proposal to generate enough interest to read the
entire plan. This summary should contain very brief statements about:
- The basic proposition: amount, purpose, and form.
- Any unique features of the product or service and
the benefits they provide.
- The attractiveness of the market.
- The company's performance and accomplishments.
- Key management members and why they are
qualified.
- Summary of financial projections.
The business plan should include in-depth information
on the following:
Company
This provides a background on the organization's
history and principals.
include:
- Date and state of incorporation
- Founders and their roles in the development
- Business purpose and highlights to date,
including major developments such as the introduction of new products.
Industry
This section should identify the current status and
major trends in the industry.
- Summarize
the current state of the industry.
- Describe
the seasonal nature and economic stability of the industry.
- Identify economic, social, demographic, and
technological trends which will impact the industry
Product or
Service
This section should
provide a complete, concise description of your product or service, including
proprietary features and future development plans.
- Describe the product or service function,
application, appearance, and quality. Include brochures, pictures,
engineering studies, etc.
- Explain the proprietary features. Describe
protection of patents, copyrights, trade secrets or development time.
- Discuss remaining research and development
(R&D) that must be completed before your product is placed on the
market including required time and costs. Describe plans for additional
products including development costs, technical barriers and compatibility
with current products.
Market
This section should describe the targeted customer and
potential market size.
- Define the target market by describing the
potential customers, their locations, their buying behavior, their current
level of interest in the product, and factors which could cause changes in
their attitudes. Why does this market need your product/service? Is your
product/service a fad or in continuing need - being phased out /created by
new technology?
- Describe the market's current and potential size.
Provide available statistical information, and/or independent sources such
as customers, suppliers, or industry experts who can verify the size.
Projections of the market's potential size should include all assumptions
on industry trends, technical developments, and changing customer needs.
Competition
This section should identify all existing direct and
indirect competition as well as potential sources of future competition.
- List major competitors (names and addresses) and
discuss their product/service/features, price, location/distribution,
reputation/image, market share, size, age, product/service quality, and
marketing strategy.
- Discuss how your product/service meets market
needs and how you compare with the competition in terms of product/service
features, location, distribution, price, other.
- Compare your estimate of the market's demand and
the competition's supply.
- The relationship of supply and demand will affect
your marketing and sales strategy, i.e., high demand with low supply
usually means less competition and less advertising. Conversely, low
demand and high supply indicates a very competitive situation and a need
for extensive marketing.
Marketing
This section should describe your marketing strategy
and show how it will enable you to achieve your objectives in sales and market
share.
- Sales Strategy: present your marketing strategy.
Tell how you will get the edge on your competition and get customers. This
is your action plan to get business. Your product/service will sell
because one or more of the following is attractive: features, pricing,
distribution system (limited, widespread, etc.), and promotion.
- Promotion strategy: Describe how you plan to
promote your product/service. State how you will promote: through
advertising, direct mail, personal contacts, sponsoring events, or other
(word-of-mouth, trade associations).
- If you plan to advertise, state what media you
will use: radio, television, newspaper, magazines, telephone book yellow
pages, and/or other (outdoor advertising, etc.). State why you consider
the media you have chosen to be the most effective. State the content of
your promotion or advertising: what your product/service is, why it is
attractive, business location, business hours, business phone number, and
other. When you are designing your advertising, remember you are selling
to satisfy someone's need. Refer back to your market analysis on need.
- Explain
how you plan to sell and distribute the product/service. If distributors
or sales representatives are used, describe how they will be recruited and
compensated. DISCUSS the geographic areas they will cover and the
exclusivity they will retain. Explain the marketing responsibilities they
have other than sales and their locations, and their salary and commission
structure. Explain who will be contacted in the customer's organization
(title or rank) and their authority or influence over the purchase
decision. Describe the customer's decision making process, the time
involved in reaching decision, and the resulting required initial and
ongoing sales effort.
- Discuss your service and warrant policies.
Explain the importance of these policies to your customers. If
distributors share in this responsibility, discuss their incentive to perform.
Operations
- This
section should discuss how your product will be produced including
location, plant equipment, methods of manufacturing, raw materials, and
labor.
- Describe the location of the business and its advantages and disadvantages
in terms of labor
availability and required training (including cost), wage rates, labor
union, distance from customers, access to transportation, utility costs,
state laws and assistance, local laws, and zoning.
- Describe your facilities or facility
requirements. Discuss existing and required equipment including capacity,
condition, and whether it will be purchased or leased.
- Describe the timing and extent of future expansion
needs.
- Explain your method of manufacturing
- Describe
your quality control, production control, and inventory control
procedures.
- Describe
your raw materials or components. Include your source and alternative
sources, cost and related contracts.
- Provide a breakdown of fixed manufacturing costs.
- Provide a breakdown of variable unit costs by
product/service. .Describe in detail any subcontract relationships.
Management
This section should identify the experience and skills
of key management members along with their responsibilities.
- Include the following: resumes, personal
financial statements, tax returns for the last three years, and personal
family budget.
- Show an organizational chart which indicates
lines of authority,
names of people currently filling positions, and positions to be
filled.
- Describe the duties and responsibilities of each key member of the management team.
- Include a resume to show their experience and education. Show
their current compensation, current share of ownership, stock options, pension plan and other
benefits.
- Identify weaknesses of the management team. Discuss the
availability of individuals with the necessary skills to overcome these
weaknesses.
- Identify members of the board of directors. Discuss the skills and
input they provide to the company. Disclose any investment that they have
in the company.
- Identify the professional service organizations you have selected
for accounting, legal, advertising, public relations, banking, and other
services.
FinancIal Information
This section should describe the amount and purpose of
the proposed financing, the past financial performance, the current and
proposed structure of ownership, and the future expectation for financial performance.
- Explain how much money is needed, when, and in what form.
- Describe specifically how the money will be used. Describe future
financing needs, desired sources of additional financing, expected timing,
and expected milestones to be accomplished before additional financing is
secured.
- If the company has a track record, provide income statements,
balance sheets, and statement of changes in financial position. Give a
detailed breakdown of sales by product and of costs. Explain any unusual
fluctuations in sales, profits, large increases in receivables or inventories
that are not accompanied by increase in sales. Explain any changes in
accounting methods.
- Present the company's most current balance sheet
and specify the nature and terms of each type of financing. State the
names and addresses of parties which provide debt financing and summarize
any related agreements. Give a chronology of the company's long term
financing.
- Present a five-year forecast of the company's
financial statements incorporating the proposed financing. The forecast
should be monthly for the first year, quarterly for the second, and
annually thereafter. Statements should include income statements and
balance sheets. Also, include schedules which detail breakdowns of sales
in terms of units, price, and dollar volumes. Clearly state all
assumptions on which the forecast is based, making sure that it is
consistent with all forecasts and their justification; direct costs of
materials, labor and each overhead item; operating costs such as
marketing, distributions, sales, storage, promotion and advertising costs;
general and administrative expenses such as management and officer
salaries, legal and accounting expenses; research and development
expenses; all taxes including state, federal, local, and available
credits; days required to collect receivables and payable; inventory
turnover; and any other.
- Provide a detailed breakdown of the equity
ownership including any outstanding options or warrants, stock authorized,
and historical pricing.
Overall Schedule
Provide a schedule
that shows the timing and inter-relationships of major events necessary to
launch the venture and realize its objectives. Furthermore, identify any point
at which a go or no- go decision must be made.
Critical risks
and problems
Identify and
discuss in forthright manner, the major problem and risks that will have to be
dealt with to develop the company. Indicate which business plan assumptions or potential
problems are most critical for the success of the venture. Describe plans for
minimizing the impact of unfavorable developments in each risk area.
A well prepared
business plan cannot provide a guarantee that you will secure financing.
However, it will demonstrate your organizational ability and your knowledge of
your market. Furthermore, it can be a valuable tool to guide management and to
appraise performance. As a result, it will greatly enhance your prospects of
obtaining financing and achieving success.
If you would like additional assistance in developing
your business plan, call the nearest Small Business Development Center
or refer to the OSU Extension Factsheet "Organizing A Business Plan" This
link will take you to the OSU Extension Factsheets that are available online. Click on the Small Business Series link and search
for the publications related to Organizing
a Business Plan.
In addition, business planning, mini business plan, starting cost
calculator, a finance wizard and more are available at www.bplans.com
Miami County has
many excellent locations available for you to start your business. Your local
realtor or broker is often a good first contact in the site or building
selection process. The Miami County Economic Development Department has a
database of major industrial sites and buildings. Visit www.miamicountyoh.org
and click on Sites and/or Buildings.
Miami County
Planning & Zoning Department is
responsible for zoning administration. Municipalities, villages
and townships have different requirements related to zoning that must be
observed by residents, business and industry. Miami
County Planning & Zoning Department administers zoning for 8
townships. Cities, villages and the remaining 4 townships administer
zoning at their respective levels. The Links
page provides you with additional municipal contacts in Miami County.
Miami County has many
locations available for business and industrial development. The following
information was created to help facilitate a prompt and efficient permitting
and licensing process. When possible, specific web links will take you to
specific departments or agencies where you can access more detailed
information. Best of luck on your project and thank you for your interest in
Miami County!
Miami County One-Stop
Service - Located
at 510 W. Water St. in Troy, the Miami County One Stop Service was designed to
provide complete permit service for all your building-related needs.
Co-located in this facility are the Miami County Building Regulations, Health District
and Planning & Zoning Department. The following is a list of departments,
services and permits available at the one-stop service center:
- The Miami County Building Regulations
Department is certified to review and oversee all commercial, industrial
and residential construction in the county. The Building Regulations Dept.
oversight includes plan review and inspection services for Structural
Building, Electrical, HVAC, Sprinkler, and Fire Alarms. Normal permit turn
around is less than 2 weeks. For more information, Miami County Building
Regulations
The Miami County Health
District handles
plumbing permits and inspections in all areas of the county except the City of Piqua, which has its
own plumbing inspection services. This department also is responsible for
all review and permitting of on-site sewage disposal systems. For more
information, visit the
Miami County Health District
The
following is a brief process that should aid you in complying with these
regulations:
- Determine where you want to locate your business.
- Visit the perspective planning or zoning office
to determine if the zoning at that site is appropriate for the intended
use. (The web links above will provide you with links to the
appropriate agencies.)
- Modifying or building a structure will require
additional permits. Check with the local planning or zoning office for
more information.
- Most municipalities also require permits for
business signs, so check with the municipality prior to erecting or
changing a sign.
- Finally, the county must issue a certificate of
occupancy for all facilities, prior to opening for business.
For more information on licensing and permits, visit http://www.miamicountyoh.org/licensing.html
The 1st Stop Business Connection, a program
sponsored by the Ohio Department of Development's Small Business Development
Centers and the U.S. Small Business Administration, provides FREE state-level
information needed to get started or continue on your entrepreneurial journey. The
web site guides you through six simple steps to create a business information
kit. Then, you can immediately download your kit. Your FREE business
information kit will contain the basics all business must know and the
state-level regulations and forms specifically for your business.
If you would like to have a business information kit
sent to you through U.S. mail, please call 1-800-248-4040 or 614-466-4232.
After reviewing your kit, you can contact your local Small Business Development
Center (SBDC) for free, one-on-one business consulting assistance.
Visit the Ohio 1st Stop Web Site at http://www.odod.state.oh.us/onestop/index.cfm
If you would
like additional assistance with Licensing and Permitting, refer to the OSU
Extension Factsheet titled "Licensing, Permits, and Zoning" The
following link will take you to the OSU Extension Factsheets that are available online. Click on the Small Business Series link and search
for the publications related to Licensing,
Permits, and Zoning.
To make
well-reasoned business decisions, accurate, current information is required.
You must develop a system for compiling, recording and analyzing data you will
need. The following are some important bookkeeping records and reports that you
should be familiar with:
- balance sheets
- income statements
- funds flow statement
Other important records include:
- daily summary of sales and receipts
- bank checkbook
- accounts receivable aging schedule
- equipment record
- insurance register
Record keeping
should also be carefully planned. Your system should keep track of business
income and expenses, what you owe other people, and what other people owe you.
Keep inventory records that will maximize sales and minimize your inventory
investment. Keep payroll records and take care of tax reports and payments.
Know what financial statements you should prepare and how to use them. Have an
accountant who can help you with your records and financial statements.
If you would
like additional assistance with Business Record Keeping, refer to the OSU Extension
Factsheet titled "Business Records and Accounting" The following link
will take you to the OSU Extension Factsheets that are available online. Click on the Small Business Series link and search
for the publications related to Business
Records and Accounting.
SELECTING
A CPA OR ACCOUNTANT
Some things to keep
in mind when choosing a CPA or accountant:
- Compile information about your business or
personal financial decisions so you can ask specific questions.
- Ask what professional organizations the CPA is
involved with and how active he or she is.
- Select your professional advisor carefully. A
long-term working relationship between you and your CPA can help you take
an informed, consistent approach to business problems and help you meet
your financial goals.
Not all CPA's
provide or specialize in the same range of services. When looking for a CPA,
you should analyze your present and future financial needs and consider
questions like these:
- Will you need help with financial problems,
income tax planning or returns, retirement planning or estate planning?
- Will your company need help with financial
statements?
- Will your company require accounting, auditing, tax advice, or
management consulting?
- What are the requirements for special reports to government
agencies?
- Will you need help preparing business loan applications?
Be prepared to discuss your plans and objectives when
you meet with the CPA or accountant. Explain what you expect from the CPA or
accountant. Keeping good records will save you fees by not using professional
time for routine work such as gathering results. Keep your CPA or accountant informed.
Fees depend on the type of services you require, prevailing costs and the complexity
of your work. CPA's and clients often sign an engagement letter in advance of
the work performed to avoid misunderstandings. The engagement letter describes
the services to be rendered, fee ranges, and other terms and conditions of the
engagement. Find out how much you will pay to have work performed by a staff
accountant who is under the supervision of a CPA or accountant or by higher
level employees such as a supervisor, manager, or partner.
The first step in
choosing an attorney may be to discuss this with others in your community whom
you respect in your community to get suggestions. Call your local chamber of
commerce for a list of member attorneys or refer to the local yellow pages.
After you make an appointment, discuss the initial charge with the attorney. To
summarize, whatever is of importance to you in hiring a particular lawyer
should be reduced to a written understanding. This should tend to reduce the
number of misunderstandings between clients and attorneys. In short, don't
assume things. Ask questions that are important to you.
There are several major
types of insurance coverage that need to be considered; they are fire,
replacement cost, product liability, automobile liability, automobile collision,
automobile physical damage, fidelity damage contracts, multi-peril contracts,
special multi-peril policy, transportation, business interruptions, power
plant, glass; special purposes coverage, credit, profits and commissions, rent,
sprinkler leakage, installment sales floaters, data processing, life and health
insurance and employees' benefit plans, group or individual life, disability,
dental expense, key person, business owners', business continuation,
cross-purchase and entity plans, purchase and sale agreement, unemployment
compensation, workers compensation & retirement plans. Call the Chamber of
Commerce for the names of chamber member insurance companies that can help you.
If you would like additional assistance with Insurance
and Related Issues, refer to the OSU Extension Factsheet titled
"Insurance". The following link will take you to the OSU Extension Factsheets that are available online. Click on the Small Business Series link and search
for the publications related to Insurance.
SOURCES
There can be a number of sources for financing a
business. The sources can range from family, friends, venture capitalists,
banks, finance companies, credit unions, savings and loan associations,
mortgage brokers, private investors and life insurance companies.
SPECIAL
FINANCING ASSISTANCE
A number of programs exist to assist small businesses
with their financing needs. These programs are generally for fixed asset purchases
and include the Small Business Administration 504 program and the State 166
program.
The SBA 504 program
provides loans for 10 or 20 year terms for building or capital equipment
acquisitions. Under this program, the small business provides 10% equity, the
private lender generally provides 50% financing and holds a first lien on the
assets financed, and SBA provides 40% financing and holds a second lien
position on the project collateral.
The State 166
program also assists small businesses with building or capital equipment
financing needs. The business provides 10% equity in the project and 90% of the
project is financed by a private sector lender and a community development
corporation, in conjunction with the Ohio Department of Development who share a
lien on the assets financed. Assets can be financed for their useful life or to
a maximum term of 15 years. COUNTYCORP is a Certified Development Company for
the SBA with the ability to package and close loans on SBA' s behalf.
Below is a list of
CDC's that are active in Miami County and the Dayton Region:
www.ccdcorp.org
www.citywidedev.com
www.countycorp.com
www.osdc.org
Ohio Department of Development, ODOD
The ODOD offers a wide range of project financing tools and programs.
The department's programs cover a broad spectrum from traditional to high
technology business. For more information visit, http://www.odod.state.oh.us/EconomicDevelopment.htm
SBA
The Small Business Administration also offers a
variety of small business loan guarantees and programs. For further information
on these programs visit www.sba.gov
Ohio. Mini Loan Guarantee Program
This program
provides loan guarantees for fixed assets for small business (start-up or
existing business expansions) of $100,000 or less. Small businesses must have
25 or fewer employees. Loan guarantees are targeted to business owned by minorities
and women. Phone the Division of Minority Business Affairs at -1-800-848-1300
or www.odod.state.oh.us
Additional Resources:
Additional
venture capital resources: Venture Capital & Development Resources
The Miami County Job Center is a public-private partnership operating
to meet the needs of employers and workers in Miami County. The Job
Center can assist your company in job vacancy postings, employee recruitment,
prescreening, skill assessment and skills matching. Additional services
include customized training services, labor market information and special
programs catered to the individual workforce needs of your business.
Through use of SCOTI LE, a computerized job matching system, the Job Center can
screen and refer qualified job candidates in a timely manner.
For the individual job seeker, the Job Center has a state-of the-art facility
to assist you in the job and career search. Assistance with career counseling,
job placement, resume writing, and skills training are also available. The Job
Center also offers a variety of free workshops for the individual job seeker
and employer.
For more information, contact Brigitte Michaels, Workforce Development
Coordinator, at michab02@odjfs.state.oh.us
or phone 937-440-3465.
Visit the Job Center online
The Ohio Department of Jobs and Family Services can also
assist employers and employees with information and services related to
employment. Visit their site at http://jfs.ohio.gov/
This program offers employers a tax credit against
their federal tax liability for hiring individuals from nine target groups. The
WtW tax credit is can equal 8,500 per new hire. For more information contact the
Ohio Department of Jobs and Family Services at (614) 644-7096 or visit http://jfs.ohio.gov/
Several area educational centers provide a wide
variety of training services for Miami County and the Greater Dayton Region.
These services range from pre-employment training to customized on-site
training. For more information, follow the web links to the providers listed
below:
Upper
Valley JVS Applied Technology Center
Edison State Community College
Miami
Valley Career Technology Center
Specialized Training
While Career and Technical Schools
provide excellent programs for students and companies in the area, the region
also boasts a long list of schools and institutions that provide highly
specialized training. These include:
- Hobart Institute of
Welding
- International College
of Broadcasting
- ITT Technical Institute
- Kettering College of
Medical Arts
- Miami-Jacobs College
- Ohio Institute of
Photography & Technology
- RETS Tech Center
- Southwestern College
of Business
- United Theological
Seminary
Depending on the type of business, the state requires various permits
and tax identification forms. The following is a list of some common business
permits and regulatory issues.
This is required if
you sell tangible personal property or taxable services at retail. Every Ohio
retailer (vendor) must obtain a vendor's license. Some vendor's licenses are
issued by the county auditor, others are issued by the Department or Taxation.
Contact the Miami County Auditor, Miami County Safety Building, 201 W. Main St.
Troy, OH 45474. Phone (937) 332-6964 or County Auditor
Sales tax must be charged on all taxable sales unless
the purchaser provides a properly completed exemption certificate stating the
reason for claiming exemption. The vendor must retain an exemption certificate
as proof of nontaxable sales. Contact the County Auditor for more information.
The exemption must be properly filled out and signed.
The Ohio Sales and Use Tax Guide published by the Ohio
Department of Taxation answers typical questions regarding Ohio sales and use
taxes. This booklet is available from the County Auditor's Office or the Ohio
Department of Taxation, Dayton District Office, 15 East Fourth St., 5th Floor,
Dayton, OH 45402, Phone (937) 285-6200 or visit Ohio Dept. of Tax
All employees maintaining an office or transacting
business in Ohio must withhold Ohio income taxes from their employees' wages
each pay period. This applies to wages paid for work performed in Ohio. An
employer must register by completing Form IT-I, Application for Registration as
Ohio Withholding Agent, and returning it to the Ohio Department of Taxation.
The State will send you a booklet to use in computing the amount of withholding
with the IT-I. After processing the IT -1, the State will send you a coupon
booklet to report and pay the tax withheld from your employees' pay.
For more information you may contact the Ohio
Department of Taxation, Income Tax Division,1030 Freeway Drive North, P.O. Box
2476, Columbus, Ohio 43229 or call 1-800-282-1780 within Ohio. On the web,
visit Ohio Dept. of Tax
If you would
like additional assistance with Taxation Issues, refer to the OSU Extension
Factsheet titled "Taxes , State and Local". The following link will
take you to the OSU Extension Factsheets that are available online. Click on the Small Business Series link and search
for the publications related to Taxes,
State and Local.
A business with employees must apply for an Employer
Identification Number (EIN) using Form SS-4. Certain other businesses must also
obtain an EIN. The instructions and form for obtaining this number is printed
in the booklet "Starting Your Business in Ohio". For more information
contact the Internal Revenue Service, Cincinnati, Ohio 45999 or call 1-800-829-1040. ýýYou can also visit their website IRS
If you would
like additional assistance with Taxation Issues, refer to the OSU Extension
Factsheet titled "Taxes ý State and Local". ýThe following link will take you to the OSU Extension Factsheets that are available online. Click on the Small Business Series link and search
for the publications related to Taxes
ý State and Local.
Phone the Social Security Administration at (937)
773-8098 or 1-800-772-1213. Visit the Social Security online at http://www.ssa.gov/
Employers of one or more workers (other than
agricultural or domestic employers--to which special rules apply) must pay a
payroll tax by law (these payments are called contributions) on wages paid to
employees. These payments support Ohio's system of unemployment compensation
benefits. Employers falling into any of the following categories must make
unemployment fund contributions:
a.) Employ at least one worker in twenty (20)
different weeks during the current or preceding year, (liability can date back
to 4 years),
b.) Pay $1,500 or more in wages during any calendar
quarter of the current of preceding year,
c.) Are subject to the Federal Unemployment Law in
either the current or preceding year,
Refer to the Ohio 1st Stop Web Site at http://www.odod.state.oh.us/onestop/index.cfm
or Ohio Department of Jobs
and Family Services, phone 614-466-6282.
The state insurance fund is a no-fault program
designed to protect the employees and employers in the state of Ohio when a
work- related injury, death or occupational disease occurs. All employers must
pay premiums unless qualified as self-insurers. In general, employers who have
one or more employees must provide worker's compensation coverage. Refer to
"Starting Your Business in Ohio" or contact Ohio Bureau of Workers'
Compensation, 1-800-644-6292 or visit http://www.ohiobwc.com/
WORKERS' COMP. GROUP RATING PROGRAMS
Most Chambers of
Commerce offers to their member's participation in a workers compensation group
rating pool. These pools can save many chamber members 30 to 70% on the
premiums.
For more
information, contact your local Chamber
of Commerce.
Businesses with employees should be aware of the U.S.
Department of Labor regulations governed specifically by the Occupational
Safety and Health Administration (OSHA), The Federal Occupational Safety and
Health Act requires that every worker be provided a working environment free
from health and safety hazards.
OSHA hopes that each business owner will recognize the
value of positive, cooperative action - among employees, employers, and
government - to provide safe and healthful workplaces. That is why they have
prepared the booklet, "OSHA HANDBOOK FOR SMALL BUSINESSES," to
help small business employers establish their own safety and health programs.
In order to assist Ohio employers in complying with
the standards of OSHA the Ohio Department of Industrial Relations offers a free
on-site consultation service available at the address listed below. You may
request a visit from a consultant who will give you practical advice about your
job site's safety and health protection. These consultants do not issue
citations, propose penalties, or routinely provide information about you or
your workplace conditions to the federal inspection staff.
For more information contact the Ohio Department of Commerce,
On-Site Consultation Services, P.O. 50 West Broad St, 29th Floor, Columbus,
Ohio 43215 or call 1-800-282-1425 (in state) or 1-614-644-2631.
You can also visit OSHA on the web at http://www.osha.gov/
To ensure compliance with Ohio's regulations on wages,
hours and minors, contact the Ohio Department of Industrial Relations, Division
of Prevailing Wage, Minimum Wage and Minors, P.O. Box 825, 2323 W. Fifth Ave.,
Columbus, Ohio 43216 or call 1-614-644-2239. They can answer your questions and
supply the required poster.
Businesses with
employees should be aware of the U.S. Department of Labor regulations
pertaining to minimum wage, overtime pay, record keeping, and child labor
standards affecting full-time and part-time workers. The Wage and Hour Division
administers and enforces The Fair Labor Standards Act (FLSA) with respect to
private employment. The federal government publishes information and reference
guides related to compliance with the "Fair Labor Standards Act". You may obtain a copy from any local
Wage-Hour Office, which are listed in most telephone directories under U.S.
Government, Department of Labor, Wage & Hour Division. The Dayton Area
office can be reached at 937-225-2889. The Labor Department has a wealth of
information available on the web, visit http://www.dol.gov/compliance/
The state's anti-discrimination laws are enforced by
the Ohio Civil Rights Commission. The law applies to all employers that employ
four or more people in Ohio. Among the various requirements, the employer must
post the Fair Employment Practices poster conspicuously at each workplace.
Contact the Ohio Civil Rights Commission, Dayton Regional Office, at
937-285-6500. You can also contact the Columbus office at 1-888-278-7101 or http://crc.ohio.gov/
The decision to
purchase an existing business is one that requires careful consideration and
investigation. It is suggested that a prospective buyer purchase or borrow
several reference books or other materials that discuss this decision making
process. Here is a "sample" list of factors that should be
considered, taken from the book Small Business - An Entrepreneur's Plan.
_____ How long do you plan to own this business?
_____ How old is this business? Can you sketch its
history?
_____ Is this business in the embryonic stage, the
growth stage, the mature stage, or the declining?
_____ Has your accountant reviewed the books and made
a sales projection for you?
_____ How long will it take for this business to show
a complete recovery on your investment?
_____ What reasons does the owner give for selling?
_____ Will the
owner let you see bank deposit records? (If not, why not?)
_____ Have you
calculated utility costs for the first 3-5 years?
_____ What does a
review of tax records tell you?
_____ How complete
is the insurance coverage?
_____ How old are
receivables? (Remember, age decreases their value.)
_____ What is the
seller paying himself? Is it low, or high?
_____ Have you
interviewed your prospective landlord?
_____ What happens
when a new tenant takes over the lease?
_____ Have you made
spot checks on the accuracy of the customer list?
_____ Who are your
top 20 customers? Your top 50?
_____ Is the seller
locked into 1-3 major customers who control the business?
_____ Are you
buying inventory? What is the seller asking?
_____ Have you
checked the value of the inventory with vendors?
_____ Have you checked the value of the equipment
against the price of used from another source of equipment?
_____ Who does your
seller owe money to?
_____ Has your
attorney or escrow company gone through bulk sales escrow?
_____ Have you made
certain that:
_____ you're
getting all brand names, logos, trademarks, and so on, you need?
_____ the seller
has signed a noncompetition covenant?
_____ the key lines
of supply will stay intact when you take over?
_____ the key
employees will stay?
_____ the seller
isn't leaving because of stiff competition?
_____
you aren't paying for goodwill but taking delivery on ill will?
_____
you're getting the best terms possible?
_____
you're buying an income stream?
Buying a franchise can be an alternative to starting
your own business. Usually the franchiser has already solved some of the
problems and concerns of starting the business which may be an advantage to
you. Franchising, in business language, is a method of marketing through which
successful business owners (potential franchisers) expand the retail
distribution of their goods or services by contracting with independent, third
parties. These third parties (potential franchisees) agree to operate the
retail sale or service outlets featuring the franchiser's original trademarked
goods or services and implementing marketing methods at their capital costs. In
exchange for this opportunity to share in the net proceeds from the sale of
trademarked goods or services, the franchisees pay an initial fee and ongoing
royalties to the franchiser. Franchising is not a method of generating income
solely through the sale of franchises. The franchise itself is not what makes a
franchiser wealthy; it is the particular product or service. Any potential
franchiser of franchisee should bear this fact in mind.
An excellent source
of information on franchising is the Franchise Bible by Erwin J. Keup.
This manual gives detailed information on how to buy a franchise and how to
franchise your own business. .
The Edison Technology Centers link industry with academia and government in partnerships to strengthen
industrial competitiveness through technological innovation. Each of the
Centers offers capabilities in specific technologies including: advanced
manufacturing, polymers, materials and processes, welding and materials
joining, biotechnology, and environmental.
Companies involved in the Edison Technology Center programs benefit from:
- relationships with
world class universities and federal research facilities, providing state
of the art basic and applied research technologies;
- a range of technical
services including testing, technology analysis and assessment, training,
hotlines, business and economic studies, information database retrieval,
pilot plant and microfactory assistance and computer modeling;
- networking and
services which cover informational needs through frequent seminars, forums
and conferences.
There are currently seven Edison Centers. Select a Center for more
information:
CAMP,
Inc.-Cleveland
CAMP, Inc. provides manufacturing, engineering, technical management, and
other services for manufacturers seeking to become more productive, more
competitive and more profitable.
Omeris (Biosciences) -Columbus, Cincinnati, Cleveland
Omeris promotes the growth of the Ohio biomedical/biotechnology industry
by providing business development services, building collaborations between
industry and research institutions and funding research and development.
EISC, Inc.-Toledo
EISC moves Ohio companies toward world-class excellence through
manufacturing modernization. Areas of expertise include: advanced imaging,
applied coating technologies, food manufacturing technologies, CAD/CAM, rapid
prototyping, quality improvement, plant/layout workcell design, environment and
waste minimization.
Edison Materials Technology Center (EMTEC)-Kettering
EMTEC provides problem-solving and applied research in materials and
processing technologies including metals, ceramics, composites and polymers.
Edison Welding Institute (EWI)-Columbus
EWI provides materials joining and engineering expertise to manufacturers
throughout the United States.
TechSolve,
Inc.-Cincinnati
TechSolve provides assistance to manufacturers and manufacturing-related
businesses, specifically in the following disciplines: waste reduction,
machining, operations analysis, industrial engineering, energy conservation and
computer-aided process planning.
Ohio's IT
Alliance- Dayton, Athens, Cincinnati, Cleveland, Columbus, Toledo
Ohio's IT Alliance provides regional economic development programs
designed to support Ohio's extensive information technology (IT) industry.
Advanced Integrated Manufacturing (AIM) Center - a unique partnership between Sinclair Community
College and the University of Dayton designed to provide training and
project-oriented services to manufacturers in the Dayton Region. Visit www.aimcenter.org
Miami Valley Venture Association (MVVA) - provides a support mechanism for local
entrepreneurs, raises the awareness of venture capital and promotes the
interaction between emerging business and regional financial resources. Visit
www.mvva.org
National Composite Center (NCC) was established in 1996 to produce composite (fiber
& plastic resin) structural materials for the automotive and aerospace
industries to replace traditional structural steel. The NCC has pioneered a new
fiberglass composite bridge deck to replace concrete and steel decks. NCC has
broadened its scope to include initiatives in commercial areas as well as
aerospace and defense, automotive and infrastructure. Visit www.compositecenter.org
University of Dayton Research Institute (UDRI) - is one of the leading R&D institutions in the
country and provides research on aerospace mechanics, material engineering,
metals and ceramics, non metallic materials and structural integrity. Visit http://www.udri.udayton.edu/
Small Business Development Center (SBDC) services a nine-county region in southwest Ohio through
a vast network of small business service providers. These providers call upon
the resources and assistance of both the public and private sectors. The SBDC
and its affiliated partners focus on providing the training, counseling and
technical assistance needed by start-up, pro-venture, and existing small
businesses.
Visit Upper Valley JVS Applied Technology Small Business Development
Center at www.uvjvs.org
Visit the Wright State University Small Business Development Center at www.docp.wright.edu/sbdc/
For information on Ohio's Small Business Development Network, visit www.odod.state.oh.us/edd/osb/sbdc
VENTURE CAPITAL & DEVELOPMENT FUNDS
Miami Valley Venture Funds
The Miami Valley Venture Funds invest in early and growth-stage companies
located within the 12-county Dayton region of southwestern Ohio. The Dayton
Development Coalition is the general partner of these two venture funds with a
combined capital pool of $63.2 million. Investments are generally in the
$250,000 to $1,500,000 range. For more information, visit www.daytondevelopment.org
NCIC Fund
NCIC Capital Fund is an early stage investment company. The fund invests
in emerging, growth-oriented, technology-based companies. Since June of 1995,
NCIC Capital Fund has made 59 rounds of investments in 29 companies totaling
over $15 million. NCIC investments have been leveraged with an additional
$60 million in co-investments. Investments typically have ranged from $200,000
to $1,000,000 with an average of $500,000 per company. For more
information, visit www.ncicfund.org
Additional Venture Capital Resources
Miami Valley Venture Association (MVVA)
- provides a support mechanism for local entrepreneurs, raises the awareness of
venture capital and promotes the interaction between emerging business and
regional financial resources. Phone 937-228-1141.
Created in 2002, the Dayton Investment Network, is a group of institutional and private
angel investors committed to collaboratively investing their time, talents and
funds to attraction and growth of new businesses in the region. For more information, visit www.daytondevelopment.org
You can research more than 100 venture capital sites at www.financehub.com
For information on Venture Capital Resource Liability, visit www.capital.com
A patent is a grant issued by the U.S. Government
giving an inventor the right to exclude all others from making, using, or
selling the invention within the U.S. or its territories and possessions. http://www.uspto.gov/
A trademark or
service mark is a claim of the
exclusive right to use a particular logo, name, or other mark to identify the
owner as the source of goods
or services to which it is applied. The actual right is acquired by virtue of the usage of the mark in trade;
registration merely puts the public on notice of the owner's claim to the exclusive rights.
A trademark or
servicemark used in Ohio may be registered with the Secretary of State by
filing the application along with the required. Applications are available online
from the Secretary of State at http://www.sos.state.oh.us/sos/busiserv/index.html
Additional information
is available on the US Patent website, http://www.uspto.gov/
If you would like additional assistance with
Copyrights, Patents and Trademarks, refer to the OSU Extension Factsheet titled
"Copyrights, Patents and Trademarks". The following link will take
you to the OSU Extension Factsheets that are available online. Click on the Small Business Series link and search
for the publications related to Copyrights,
Patents and Trademarks.
International Trade Division of ODOD helps companies explore global trade opportunities
and expand into new international markets. Assistance includes: Export
Counseling, Agent & Distributor Searches, Business Missions, Trade Shows, Export
Finance through the state's 10 international offices and headquarters in
Columbus, OH. Contact the International Trade Division, ODOD, 614) 466-5017 or
1-800-848-1300; http://www.odod.state.oh.us/itd/
JETRO Export Program Through a cooperative relationship between the State
of Ohio and the Japan External Trade Organization (JETRO), Ohio companies can
benefit from the expertise of the experienced business professional, on loan
from a Japanese corporation, who works to help Ohio companies enter the
Japanese market. For more information, visit www.odod.state.oh.us/itd/
Wright State University International
Trade Assistance Center
ITAC is a collaborative effort between Wright State Universityýs Raj Soin
College of Business and the Ohio Department of Development. The center is
dedicated to increasing export revenues for companies. The center provides
international trade information, resources, referrals and counseling for small
and medium sized businesses. Trade counselors work closely with the Export
Assistance Center of the U.S. Department of Commerce. HTTP://WWW.DOCP.WRIGHT.EDU/ITAC/HTML/ABOUTITAC.HTM
TARGET Program- The programs helps small to medium sized businesses
expand their presence in global marketplaces. TARGET enhances international
business opportunities by creating and sustaining partnerships between members
of the business community, university faculty, and internationally experienced
mentors. Contact the Wright State Director of Business and International
Relations at 937.775.2151 or Email monica.snow@wright.edu
Miami Valley International Trade
Association (MVITA) is a volunteer
organization promoting international trade in the Miami Valley and supporting
local business efforts in their quest to sell products and services to
customers overseas. Visit www.mvita.org
Minority Management
and Technical Services provide assistance in management analysis, technical assistance,
educational services, and financial consulting. Phone the Minority Business
Development Division, ODOD, 1-800-848-1300 or 614-466-5700.
Minority Contractors and Business Assistance Program
aids in the economic growth and development of the minority community.
Counseling services are generally provided to minority businesses at no charge
up to a specified dollar amount. Phone 937-223-2164.
This program assists minority firms in procuring
public and private sector contracts. Contact the Minority Business Development
Division, ODOD, 1-800-848-1300 or 614-466-5700.
This program provides assistance for start-up,
expansion, and management of businesses owned by women. It assures equal access
to state businesses assistance and lending programs and direction to purchase
and procurement opportunities with government agencies.
Contact Women's
Business Resource Program, ODOD, at 614-466-4945 or 1-800-848-1300.
This program provides counseling, technical resources,
and other information regarding procurement of federal contracts. Contact Ohio
Procurement Technical Assistance Program, www.dayptac.org or 937-259-1321.
The SCORE program helps small businesses grow by
linking entrepreneurs with retired executives. Phone 937-225-2887.
The program assists companies in applying for research
funds through the federal Small Business Innovative Research (SBIR) Program.
Contact the Technology Division of the Ohio Dept. of Development,
1-800-848-1300 or http://www.odod.state.oh.us/tech/SBIR/default.htm
The State of Ohio
offers many other programs and services that aid in creating an environment
that can help business prosper. Contact Miami County Economic Development
Department for a complete listing of the numerous resources Miami County and Ohio
has to offer. Best wishes on your new business adventure!
Miami County
Economic Development Department
510 W. Water St. #110
Troy, OH 45373
Ph. 937-440-8121
Fax. 937-440-8124
Email: info@miamicountyoh.org
www.miamicountyoh.org
