Key Points to Cover

• Navigate the OnlineBiz Finance Hub
• Assess Your Readiness to Start a Business
• Understand the Foundations of Business Structure
• Set Yourself Up for Success

Why It Matters
Starting a business is exciting, but it’s also a significant commitment. Many entrepreneurs struggle because they dive into operations without assessing their readiness or laying the right foundation. This course helps you approach business ownership with the right mindset and practical tools to succeed. It provides you with a clear roadmap for navigating the OBF Hub platform and sets realistic expectations for building a sustainable and profitable business from the ground up.

Key Points to Cover

• Types of legal entities (Sole Proprietorship, LLC, S-Corp, C-Corp, Partnerships)
• Pros and cons of each entity type, including tax implications
• How to register your business (EIN application, licensing, permits)
• Basic compliance requirements (annual filings, state-specific needs)

Why It Matters
Choosing the right entity is a major step that affects liability, taxes, and growth potential. Many new business owners rush into forming an entity without considering all the implications, so a clear, digestible introduction saves them trouble down the road.

Key Points to Cover

• Separating personal and business finances (why it’s critical)
• Selecting and opening a business bank account
• Intro to Profit First and how to pay yourself as a business owner
• How to obtain and handle business credit cards and lines of credit responsibly

Why It Matters
When you start a business, it’s important to keep your personal and business money separate. This makes it easier to see where your money is going and to prepare for taxes. Having a special bank account for your business also makes it simpler to pay bills and stay organized. A method like Profit First helps you pay yourself while still saving for your business. If you use credit cards or loans, handling them wisely helps you avoid debt and grow safely. These steps give you a strong start and help your business succeed.

Key Points to Cover

• Basic bookkeeping terminology (assets, liabilities, equity, revenue, expenses)
• Overview of common bookkeeping methods: Cash vs. Accrual
• Daily, weekly, and monthly bookkeeping tasks (invoicing, expense tracking, reconciliations)
• Recommended tools/software (QuickBooks, Xero, Wave, spreadsheets)
• Essential Bookkeeping & Financial Templates
• Monthly Expense/Revenue Tracker
• Budget and Cash Flow Forecast Template
• Basic Invoice Template
• Simple Profit & Loss Summary Sheet

Why It Matters
Accurate bookkeeping is the backbone of financial clarity. This module gives beginners the confidence to track their numbers regularly and avoid costly mistakes. Templates make it easier for members to implement lessons right away. Even if they move to software eventually, having a customizable spreadsheet can be invaluable for getting started on a tight budget.

Key Points to Cover

• Income Statement (Profit & Loss) – what it shows and how to read it
• Balance Sheet – what it shows and how to read it
• Statement of Cash Flows – importance of understanding cash in vs. cash out
• Key performance indicators (KPIs) that matter for small businesses

Why It Matters
Business owners need to interpret financial statements to make informed decisions about pricing, investments, and growth. This module teaches them what each statement reveals and why it matters.

Key Points to Cover

• Creating a basic budget (annual, quarterly, monthly)
• Types of forecasts (sales forecast, cash flow forecast)
• Sensitivity analysis: how to plan for best, moderate, and worst-case scenarios
• Using templates and software for budgeting vs. doing it manually

Why It Matters
Being proactive about finances helps ensure sustainable growth. A solid budget and forecast are essential for planning big expenses, hiring, and evaluating new opportunities.

Key Points to Cover

• How cash flow differs from profit
• Strategies for boosting cash flow (invoice terms, deposits, retainer fees)
• Managing accounts receivable and payable effectively
• Techniques for smoothing out uneven cash flow cycles

Why It Matters
Running out of cash—even if the business is “profitable” on paper—is a common pitfall for new entrepreneurs. This course helps them avoid that trap and maintain healthy liquidity.

Key Points to Cover

• Overview of federal, state, and local tax obligations (income tax, sales tax, payroll tax)
• Estimated tax payments for solopreneurs and freelancers
• Deductions and credits commonly available to small businesses
• Recordkeeping best practices to prepare for tax season

Why It Matters
Taxes are often the biggest headache for new entrepreneurs. This foundational overview dispels fear and confusion, arming them with knowledge to stay compliant and reduce their taxable income legally.

Key Points to Cover

• Methods for calculating costs and setting profitable prices
• Different pricing models: hourly, project-based, value-based
• Calculating break-even points and desired profit margins
• Tools/templates for ongoing profitability analysis

Why It Matters
Many new business owners underprice their products or services. Giving them a formula and framework to set prices ensures their venture is sustainable.

Key Points to Cover

• Overview of inventory management tools (Shopventory, NetSuite, etc)
• Sales and Use Tax Compliance
• Important Finance Reports and Analytics in Shopify
• Standard Operating Procedures (SOPs) for repetitive tasks

Why It Matters
There is additional complexity that comes with selling physical products online that tends to complicate and create chaos in the businesses of many online retailers. It is important to become aware of these tools and strategies to organize financial processes to scale operations with minimal stress and complexity.