We are full service Business Consultants

Planning
A New Business?

 

Let’s Start Something new!

View Steps to Starting a New Business

Curious? Check out what kind of business you have, according to its complexity.

Request an Auxiliary Packet

Answer a few questions to receive a link to evaluation tools and forms required for the creation of your new auxiliary.

Request for New Auxiliary Activity Number

Log in to the Controller’s ImageNow tool to request your new Activity Number.

There are different steps to starting your business depending on the risk the business poses to the University.
Below are steps to guide you through creating a new business at FIU.

Thinking of a simple
Venture?

Click the ‘+’ sign to the right of any step for more information
1. Request a New Auxiliary Packet
2. Create a Budget
A Budget template is part of the New Auxiliary Packet that is e-mailed to you upon request. Click ‘Request a New Auxiliary Packet’ in the step above to receive the Budget template and other tools.
3. Create a Business Case (If directed to by AED)
A Business Case is created before starting a new business to identify the why, what, how, and who necessary to decide if it is worthwhile implementing the new business.

A Business Case template is part of the New Auxiliary Packet that is e-mailed to you upon request. Click the Request a New Auxiliary Packet step to receive the Business Case template and other tools.

4. Submit the New Auxiliary Packet to AED
Click here

AED must receive a completed New Auxiliary Packet prior to your request for a New Activity Number. All completed tools from the New Auxiliary Packet are required in your submission to AED.

5. Request a new Auxiliary Activity Number
Click here

This is the last step in creating any new FIU business. Steps 1, 2 and 4 must be completed before you request a New Activity Number. Step 3 is applicable only if specifically requested by AED.

1. Notify ORED (Researchers or Center’s Institutes only) of proposed business
This step applies to researchers or centers/institutes starting new businesses.  Your notification to ORED must contain the following information.

Unit Name (example: Center For Leadership)

Description of proposed activity (e.g. Professional Development Course for Emerging Leaders)

Principal Personnel (e.g. Drs. Tom Jones and Lourdes Navarro, and Post-Doctoral Students)

Expected Start Date (e.g. September 1, 2020 or Fall 2020)

2. Request a New Auxiliary Packet
3. Create a Budget*
A Budget template is part of the New Auxiliary Packet that is e-mailed to you upon request. Click ‘Request a New Auxiliary Packet’ in the step above to receive the Budget template and other tools.
4. Create a Business Case*
A Business Case is created before starting a new business to identify the why, what, how, and who necessary to decide if it is worthwhile continuing to develop the new business.  It must clearly ouline the benefits, disadvantages, costs, and risks of the current situation vs the proposed business, and is the basis for several go / no go decisions during the development process.

A Business Case template is part of the New Auxiliary Packet that is e-mailed to you upon request. Click the Request a New Auxiliary Packet step to receive the Business Case template and other tools.

5. Identify funding*
Various funding options exist for new ventures including:

Funding amounts and timing should reflect expected cash flow of the project and the cost of capital.  Take into account the duration of the process for securing approval and drawing down funds so that your venture does not run short of cash.

6. Develop contract(s)*
Some new businesses depend on agreement with vendors, customers or partners.  Learn more about the Contract Review Process, or email the General Counsel’s Office to find out if your new venture will require a contract; AED will assist in reviewing the business terms of your contracts.

Note:  If the venture has an international academic component, contact Mercedes Ponce in Academic Planning & Accountability for direction on the contract.

7. Negotiate with partner(s)*
AED works with you to develop a negotiation strategy and advocate for your business.
8. Submit the FINAL New Auxiliary Packet to AED
Click here

AED must receive all elements of the New Auxiliary Packet fully completed prior to your request for a New Activity Number.

9. Obtain FINAL “Go/No Go” approval from Dean’s/VP/C-Level
The Business Case and Budget are used by the proposing unit to provide a firm recommendation to leadership (Dean / VP / Provost / CFO) on next steps (i.e. “go / no go”).  Supporting central units (e.g. AED, AA etc.) also use the business case to make recommendations up through their respective chains of command.
10. Obtain signatures on Agreements
The General Counsel’s Office publishes the list of FIU personnel authorized to sign agreements on behalf of the university at https://generalcounsel.fiu.edu/signature-authority/
11. Obtain regulatory approval (e.g. BOD, BOT, BOG, TIITF etc.), if applicable
The General Counsel’s Office provides guidance on the regulatory approvals that might apply to your specific new business.
12. Request a new Auxiliary Activity Number
Click here

This is the last step in creating any new FIU business.

Thinking of
an  Elaborate
Venture?

For more intricate ventures, the process is more thorough…

* Unit must obtain Dean’s/VP’s [continued] approval of proposal throughout this step