critical first steps in opening a business
DESCRIPTION
Presentation for startup entrepreneur discussing critical first steps when planning to open a businessTRANSCRIPT
Will Corrente
PresentsLearn the Critical First Steps to Opening a Successful Business
Who is Will Corrente?
• Well known connection optimizer • Founding Director of Corrente Consulting
International Inc. (CCI). • 20 years experience creating process based
solutions for small businesses and entrepreneurs • Helps SBE’s be connection ready and poised to
reach the next level. • Featured columnist for New York Entrepreneur
Week and the Bergen News
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
My Experiences
Serial entrepreneur: I have started, owned, managed and operated the following:– Lawn care and landscaping company– Telecommunications consulting – Cleaning service– Pet care business– Business consulting and personal development
company– Online marketing and consulting– Achieved sales of over $1million in 2 different
businesses and industries
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
Critical First Steps
– It takes a great idea + an ability to execute– You must be passionate and love your business– You must write a sound business plan– Your product / service must be saleable to a
large audience– You must know a thing or 2 about finances– You must be brutally honest with yourself about
your strengths and areas for improvement
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
Everyone has ideas, not everyone can execute them!
You must honestly assess your strengths, weaknesses and abilities to run the business
How experienced are you in the following:– Human resource process & procedure– Managing others– Accounting and bookkeeping– Sales and customer service– Computers and technology– Decision making– Working long hours
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
Think About This
“ A Vision Without Resources is a Hallucination”Unknown
“An Idea Without a Plan of Execution is a Dream”Will Corrente
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
Do What You Love
Can you make money doing what you love?Are enough people interested in it to make a sustainable business?Do you love it so much that you think about it nights, weekends, holidays, and on vacation?Would you rather be doing this than anything else?
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
Passion is Important Execution is a Necessity
When thinking about your passion, do you have the skills to execute?
Have you taken a critical inventory of your strengths and weaknesses to properly plan your execution strategy?
What is your plan?
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
Do You Have a Business Plan?
A business plan is the single most critical element of ensuring your business success
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
A Business Plan Answers
• What is the business purpose and who will it serve?• How will the business be marketed & who are its
customers?• Who are current and future competitors?• How will the business be operated?• What is the projected income of the business?• What the anticipated expenses?• What are the start up costs?• How will the business be financed?
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
What is the business and who will it serve?
In other words, Is it Viable?– Does it fill a previously untapped niche or need?– Can it be produced, manufactured or delivered
in a cost effective and profitable manner?– Will consumers pay enough or purchase
enough volume to make it a sustainable business?
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
How will you market? Who is your customer?
• Do you know who will buy your product/service?– Is your product/service a need or a want?– Why will they choose your product/ service
over a competitor?– What is your ideal customer profile:• Demographics: Male/female, education, income• Where do they live?• How do they spend their time, money, etc ?
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
What is your key differentiator?
• New products/services need to be compelling to the consumer– What makes your product/service unique?– Why would a customer choose your
product/service over another?– What are you going to do stand out in a
crowded marketplace?– What makes you the most qualified person to
operate the venture?
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
Who are your competitors,present & future?
• To determine viability, you must know your competition– Does your product / service have competitors?– Do they make money?– What are they doing well?– What are they doing poorly?– What will you do to beat them and gain market
share?– Who are future competitors? How will you adapt to
future competition?
Copyright 2009 Corrente Consulting International Inc. www.WillCorrente.com
How will the Business be Operated?
• Do you have an operations plan for the business?– how will the actions necessary to run the
business be carried out?– How much staff will you need?– What will their duties be?– Who is in charge of what?
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
What is the projected income?
• How much revenue will the business generate?– what is your products/services mix to produce
revenue?– how much revenue will you generate per
month, per quarter, per year?– How will you increase revenues or sustain
growth?
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
What are the projected expense?
• How much expense will the business generate?– what are your anticipated expenses?– Are they fixed or variable?– are your expenses front loaded, back loaded or
evenly distributed?– do your expenses exceed revenue? What and
when is your breakeven point?
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
What are the Anticipated Start Up Costs?
• How much do you need to open the business– Do you have a clear understanding of the following
costs:• construction• licenses and permits• deposits• leasing/purchasing costs• initial inventory• insurance• starting salaries• holding costs
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
Start Up Capital Requirements
How much money will you need to start the business, as well as operate it, paying your salary and all expenses for at least 6 months, assuming zero revenue?
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
How will the business be financed?
• Do you have the capital to execute your vision?– If you can’t invest in the business, it will be
difficult to convince others?– Do you have good credit?– Can you comfortably borrow money to start the
business?– Will you need investors to execute your vision?
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
It is better to wait until you are properly funded than to move forward underfunded!
Do you have the skills to execute your vision?
• If you cannot fund your business yourself, what makes you a good investment?– Take an honest self inventory of your skills,
knowledge, experience and abilities– Write a bio and a resume– Begin educating yourself on your market and
business in general: books, seminars, coach, and or consultant
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
Do you have the skills to execute your vision?
• If you cannot fund your business yourself, what makes you a good investment?– Take an honest self inventory of your skills,
knowledge, experience and abilities– Write a bio and a resume– Begin educating yourself on your market and
business in general: books, seminars, coach, and or consultant
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
Steps to business success
1. Honest self assessment1. sharpen skills, take courses, work with a coach, find a mentor
2. Vet your idea1. research it, make sure it has legs and is viable as a revenue
producing entity
3. Write a business plan4. Begin financing
1. clean up your credit2. settle debts3. Line up capital4. seek investors
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
Steps to business success
5. Create a target start date for your business launch
6. Create a project management timeline of items and deliverables
7. Build your team of mentors, coaches and consultants
8. Secure financing9. Begin premarketing /networking/list
building/sales10. Begin creating the processes and systems your
business will followCopyright 2009 Corrente Consulting International Inc www.WillCorrente.com
Some words of wisdom
1. Avoid signing a personal guarantee at all costs
2. Flesh out partner agreements, duties, responsibilities, and compensation in the business plan phase
3. Know your exit strategy4. Have a success evaluation plan in place5. Have a failure evaluation plan in place6. Go for it!
Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
www.Will Corrente.com“Connect: Today’s Vision to Tomorrow’s Success”
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Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
Will CorrenteCorrente Consulting International, Inc
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