entrepreneur's toolkit intensive

UR ENOUGH Training

Presents

The Entrepreneur’s Tool Kit

Who’s Joining Us?

2012 is gonna be

My Year!

Count Me In!!

Hmmm…Does this bus go to

Foxwoods??

CLIMB ABOARD

Get Ready to Rumble!

• Vision and Commitments• Designing a Business Plan• Working Lunch (Elevator Pitch)/Networking Intro• Marketing Strategy• 12 Month Plan• Branding• Levels of Commitment • Social Proof and the Internet

Rules of Engagement

1.This is your show – you will get what you give

2.Small group – lots of questions3.Breaks – up to you4.Respect – we are all adults

Let’s Get Started…

Session 1 – The Formula for SuccessVision

+Commitments

=What You Want in Life

The Business Plan

• Cover Page• Confidentiality Agmnt• TOC• Executive Summary• Company Summary• Services• Market Analysis• Strategy and

Implementation

• Personnel Plan• Financial Plan• Sales Forecast Table• Personnel Table• General Assumptions• Profit and Loss• Cash Flow• Balance Sheet

The Business Plan

(Cover Page, Conf. Agreement, TOC)

• Cover page should have logo, creator, date• Confidentiality Agreement • TOC – Table of Contents

Executive Summary (BP)(Answer the following questions)

1. Are you just starting this company?A startup business plan is different from a business plan for an

ongoing business. Business plans for START-UP businesses include: Startup table and chartStartup Funding table and topicStartup Summary topic

Business plans for ONGOING businesses include: Past Performance table and chartCompany History topic

Start Date: (BP)

• This date will be used when you create headers for tables within your financial plan.

• For Start Ups – can be the first day you plan on acquiring income from the business

• For existing – will be the first month of your current fiscal year

Optional Items: (BP)

• SWOT – determine if you will include a SWOT analysis as part of your package. This can be useful for overcoming objections.

• Website – you may decide that you will have a web presence and therefore you can have section that speaks to the design and expected outcome of such a website

Financial Forecast: (BP

• Determine whether you want to create a standard (usually 3-5 yrs) or long term forecast. For the sake of this class, we will build a standard plan.

Concept Kick Start

Time to take a step back and examine the basics of what you are trying to accomplish.

Are your goals quantified?Do the numbers make sense?Do you have objections answered before they

are presented?

Think of the top three or four goals you want to achieve for your business. Choose goals which you can track and measure. For example, number of new customers, total billing, total commissions, number of sales vs. returns, and so on. Find the balancing point between realistic and challenging. Be specific and measurable, such as "increase sales by 10% this year." Then pick the time frame for each goal to measure your progress -- by day, week, month, or year.

Your mission statement is meant to be a simple, internal message for you and your employees: What is the core value and purpose of the company? What is the vision, which will guide company decisions, now and in the future?

Think of it as the rally cry for you and your employees; this is the reason why you do what you do, every day. All other goals should support this mission.

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Virtually every business has keys to success that make the difference between success and failure. This depends on who you are and what you offer: For example: If you distribute foods to local restaurants, freshness and quality might be your keys to success for one strategy, and variety and price for another. In practice, lists of more than three or four priorities are usually less effective. It is usually best to list the objectives either as a numbered list or as a set of bullet points.

Your Company

• Company Ownership• Legal Establishment• Facilities• Basic Numbers

Your Company Summary

• How the company was started. Think of it as 'introducing' your company to someone. How long have you been in business?

• What is the main company address? Are there any other locations? If this is a new business, will you be starting from a home office?

• Who owns the company? Is that ownership shared? Who else (besides yourself) are members of your management team?

Company Ownership

• Who owns the company? Is there more than one owner? If so, what percentage of the company is held by each owner?

• Is it privately owned or publicly held? For example, if you are starting the business by yourself, this is sometimes called a sole proprietorship.

• Establishing the legal structure of your business is an important first step for any new business. If you have not yet decided on the structure of your business, we recommend that you research these different ownership options, then work with your lawyer and accountant to help you decide which legal form is best.

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Past Performance Table

• This is where you will show what actual business you have done to date in your business.

• If you have yet to make any sales, or commissions…you may disregard this part

• Company History– Include how the company started, when, and by

who. Also include any major the company has undergone since its start

Products/Services

• Use this topic to explain the services you sell to your customers. You may want to group similar services together, rather than listing them individually. Describe the main features of each. What need does the service fill for your customers?

Your Market

• This is a vital part of your business plan. If you are looking to convince others to do business with you, you need to show that you did your due diligence.

• Define your market segment• Define your marketing strategy• Market needs• Trends• Growth

Marketing Plan

• Market Analysis– Define market groups of target customers– Explain why you selected these targets– Describe the market conditions, growth

• Market Segmentation– Describe the market by demographics

• Market Segment Strategy– Identify a segment, describe them in detail, and then

write how you will approach them as the best prospects

Your Industry

• Service Business Analysis–Describe the industry you are in (real

estate investing of ‘distressed’ homes–Describe what motivates a seller to do

business with someone in your industry–What are the driving forces (time,

reputation)

Competition and Buying Patterns

• Explain the nature of your competition– What makes customers work with one service

over another• How do people choose between competing

products• Are brand names important? Or is it simply

word of mouth, in which the secret is long-term, satisfied customers?

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Your Sales

• Don’t be confused – you don’t have to have a physical inventory to have sales

SALES = REVENUECreating a solid sales forecast can set you

up as ‘knowing’ your business and what can be expected over the long-term

Put into words how you decided on the numbers in your sales forecast.

What information helped you come up with your numbers?

Did you start with customers in your target group to estimate your sales?

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Did you use a % to show a rise in sales over time?

What % did you choose, and why?

Will there be higher (or lower) sales at different times of the year?

Is this seasonal change common for your type of business?

Your Marketing Plan

• This section will vary based upon your business, your budget, and your resources

• You will also defer to your Marketing Plan as a separate document unless you do not have a standalone Marketing Plan

• This is also where you would include the results of your SWOT Analysis

SWOT Analysis (Optional)

• Strengths, Weaknesses, Opportunities and Threats

• The Analysis allows you to show that you have considered your business from the view of the outside, and have built in measures to take advantage of it.

• The SWOT Analysis is best served if provided by a 3rd Party such as UR ENOUGH!

Your Competitive Edge

• What is your competitive edge? • How is your company different from all others? • Is there a sustainable value that you can maintain and

develop over time? • Sometimes market share and brand acceptance are just as

important, and know-how doesn't have to be protected by patent to be a competitive edge.

• The competitive edge might be different for any given company, even between one company and another in the same industry.

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Marketing Strategy

• Be Specific• What will you do first• How will you measure its success• What is the next thing you will do• What percentages are you using for

your different methods

Milestones

This is where you explain how it all comes together

Create measurable activities with datesBe as granularly as necessary to make it

concreteBe sure to include who is responsible for the

activityAlso include a budget for the activity

Your Web Plan

• This can be a whole separate document depending on how extensive it will be included in your overall strategy

• For the sake of time, we will not cover this today.

• To implement a full ecommerce solution you can ask about the BiGIM.

Your Management Team

• This can be virtual or physical• Ultimately, you can’t manage it all effectively,

and delegation will become necessary• In order to taken seriously, readers of your

plan must see that you recognize that• Create a personnel summary– It is better to plan for growth than just react– There will be certain things that you can unload

The Bottom Line

• Now that you have listed out – Income projections– Expenses – Personnel needs

• You can now show what your cash flow is, and how and when your company will be profitable

The Details

• General Assumptions – interest rates, use of short and long term loans, as well as taxes, insurance, etc

• Create a Profit and Loss Statement – explain how you came to the numbers

• Create a Breakeven Analysis – investors want to know when they can start seeing a return on their money

Allow me to Introduce Myself…

• Elevator Pitch• Networking Intro techniques

Marketing 101 & Branding

• Your Business Card• Your Reputation• Your Dress• The Experiment – Mall• The Marketing Plan


FRONT OF CARD BACK OF CARD

“Since working with Ray, I have seen a dramatic increase in my business. I can see that I will reach my goals soon”.- Suzanne Dyer

ABUNDANCEGUARANTEED!

Ray GiumentaroCEO, Speaker, Coach, Author

UR ENOUGHwww.ur-enough.com508-353-0098

http://www.ur-enough.com/

The Marketing Plan

Components - MP

• Just like the BP, you need a start date

• Your Ideal Customer• Differentiators• Core Strategy• Product/Service

Innovation• Lead Generation• Lead Conversion

• Marketing Materials• Your Web Plan• Your Service Experience• Your Marketing

Calendar• Critical Numbers• Your Marketing Vision

Your 12 Month Plans

• The Basics• The Tools• Assumptions• The Reasoning• The Process

The 3 Personalities

Entrepreneur:• Someone who creates freely, loves to take

risks and make decisions, as well as invent. Someone who usually does not like to get tied down doing things and does not like organizing or managing. Someone who is a starter; a visionary.

The 3 Personalities

Manager:• Someone who really enjoys managing people,

organizing and administrating tasks; who enjoys doing many things at the same time. A “natural” problem solver.

The 3 Personalities

Technician:• Someone who is an expert at a particular task

or discipline, like an engineer, designer, scientist, repairman or sales person.

Levels of Commitment

Enrolled and Committed:● Completely aligned with the company vision

and see it on their own(authorship)● See their personal commitments as being

fulfilled with the company vision● They promise the vision will be realized and

will alter the universe if needed


Enrolled:● Aligned with the vision (maybe not full

agreement but aligned)● See their own personal commitments be

fulfilled in the company vision● They will “Do the very best they can”


Strongly Accepting:● Aligned with company vision and works

diligently toward its realizationMildly Accepting:● Generally aligned with the vision● Compliant and will do what is expected


Submissive:● Company vision isn’t seen as consistent with their own

personal commitments● Does just enough to get by; may be hesitant or holding

back thoughAntagonistic:● Overtly or Covertly; “I wont do it and you can’t make

me.”Disinterested:● I don’t care; and I don’t care if you know it

Social Proof

Social Proof

Bernadette Trafton, Owner Boston AREIA Ray, Seeing the reactions of the people that were in the

room was phenomenal. People really made progress this weekend whether they bought a course or not. For short money they got an incredible weekend and I had probably the best feedback that I've ever had at an event. It was an absolute shame that more people, particularly the ones that paid and didn't show up, weren't there. They missed a great weekend. Your sessions were the absolute glue that pulled the whole event together

Conclusion

Six Ways to Re-Engineer your work life:1. Consolidate several smaller tasks into one single task2. Assign several tasks to one person rather than over several

people3. Outsource what you don’t do well to those who specialize

in it4. Delegate to other people and other departments often5. Eliminate certain tasks that produce little or no client value6. Change the order of tasks to reduce bottlenecks and

increase efficiency

Follow Up

• All attendees will get the link to the recording of the event for review. ($79.00 value)

• All attendees will have access to a set of web classes run by me for advanced discussion on what was covered (Starting at $47 value)

• All attendees are entitled to a set of 4 Strategy Sessions with me Personally! ($297 value)

• Special Discount on Finalizing documents!

Conclusion

…in short

Start working ON your business and stop working IN your business!

Thank You!!