how to create your million $ idea
Post on 13-Jan-2015
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DESCRIPTIONA great presentation for anyone thinking about starting a business, you'll learn about trends, discover some great businesses to launch and find out how to differentiate your business in the marketplace.
2. Bell BizLaunchSeminar www.bell.ca/startup 3. How to Create Your Million $ Idea 4. Welcome to the Era of the Entrepreneur!
- Some small biz facts & figures:
- 2.5 Million small businesses in Canada
- 139,000 launched last year
- 866,000 women entrepreneurs (60% of startups)
- 75% of businesses are service-based
- 15% of working Canadians work for themselves
- 75% of North American millionaires are self-employed
5. Where doentrepreneurscome from?
- Corporate escapees leaving their jobs
- Grad students right out of school
- New Canadians
- People between jobs
- Early retirees 55+
- Ontario, Quebec and Alberta home to most start-ups
6. How new business owners got their ideas
- 34% copied or modified an idea
- 24% built a business from their hobby
- 18% had an a-ha moment
- 13% were inspired by someone elses experience
- 11% did market research
7. Where ideas are born
- Untapped market
- An invention ( a better mousetrap)
- Improving an existing idea
- Technology changes
- Trends (shift in buying behaviour)
- Social changes (shifts in societal behaviour)
- (e.g. environmentalism boosts hybrid car sales)
8. Three ways to get into business
- Buy a franchise
- Buy a private business for sale by owner
- Start from scratch
- Always get advice from an accountant and lawyer when buying a business or franchise.
- Like most entrepreneurs, lets focus on the third option Starting from scratch
9. The first secret to success is .you!
- What do you want out of your life?
- What do you want to achieve?
- Where do you want to live and travel?
- How much money will you need to retire, and when?
- What are your personal priorities?
- Family, faith, friends, career success, community
- Know what you want before you start.and design your business to support your goals
10. Next step: unleash your passion
- Assess your interests, skills and hobbies to identify:
- What you love to do
- What youre good at doing
- The magical mix? A business that combines your passion with marketplace opportunity!
- Passion allows you to survive tough times & never work another day in your life
- Next, apply your passion to a business trend
11. Hot trends
- Personal indulgences
- Keeping middle-aged women young
- Toddlers, tweens & teens
- Luxury items
- Selling to India and China
- Cocooning stay at home trend
- Condo dwellers
12. More hot trends
- Organic foods
- Adventure travel packages
- VIP pet treatment ($36 Billion in North America)
- Personal shopper or personal concierge service
- Exercise fusion (Yoga for Golfers, Running Room)
- Selling anything on the net (online purchases now exceed$50billion)
- Financial planning for women
- Exotic foods, wines, tastes
13. Specific Businesses to Consider
- Coaching, training and education
- Senior care
- Home security
- Health and beauty products
- Pet products and services
- Plus-size clothing
- Outsourcing (saying we can do that for you)
- Staff recruitment
- Cleaning services
14. Businesses to consider
- Home entertainment and automation
- Home renovations and dcor
- Private health care
- Hobby and recreation products
- Exciting mini-vacations
- Social networks and community websites (think Facebook)
15. Secrets of a Big Idea
- Its not WHAT you do, but HOW you do it
- Do something better, faster or differently
- Quiznos: Toasted tastes better (BETTER)
- Pizza Pizza: 30 minutes or free (FASTER)
- Dell: Direct to consumer (DIFFERENT)
- R & D = Rob and Duplicate! Combine business ideas to create a new one
- eBay (buyers + sellers + Internet)
16. Ingredients of a Million $ Idea
- Your business makes $ while you sleep
- It delivers customers more in value than they pay cash
- Example: A $50 course on bookkeeping saves your client $1000 in taxes and makes their business more successful
- Develops a recognized brand
- Your business can be exported, duplicated or sold
- Supports your lifestyle
- Makes you proud!
17. Ingredients of a Million $ Idea
- Low start-up costs
- Minimal direct competition
- Easy to operate by yourself at first
- Saves people time, effort or $$
- Rides a trend; strong future
- Holds your passion every day!
- Can be duplicated
- People understand it
- Service business is less risky than manufacturing or retail
18. Summary of start-up steps
- Step 1: Decide which business is right for you
- Step 2: Develop a great product or service
- Step 3: Do your market research
- Who will buy your product/service?
- Who are your competitors & what do they charge?
- What are your competitors strengths & weaknesses
- How will your target customers pay?
- Which trends support your business?
19. Steps to Launch Your Business
- Step 4: Develop a Business Plan. Include
- A marketing plan
- Your monthly break-even sales
- A cash flow forecast
- An operations plan
- Step 5: Get legal requirements in place
- Register your business (www.Cyberbahn.ca)
- Obtain licenses or permits (visit City Hall & ask about their new BizPal service)
20. Steps to Launch Your Business
- Step 6: Spend 80% of your time marketing & selling!
- Without customers, youre in trouble!
- Get publicity, develop promotions & sell, sell, sell
- Step 7: Watch your cash flow
- Cash flow more important than profits for early years
- Monitor your bank balance daily
- Collect receivables fast, delay payables
- Over estimate expenses, under estimate revenues
21. Steps to Launch Your Business
- Step 8: Find advisers to help you to grow your business
- Its impossible to know everything
- Smart people bring in other smart people
- Advisers should include a banker, lawyer, accountant, coach, marketer
- Find an experienced business person to mentor you
22. www.CanadaBusiness.ca www.entrepreneur.com www.trendwatching.com www.scotiabank.com www.bell.ca/startup The Art of the Startby Guy Kawasaki Guerrilla Marketingseries by Jay Conrad Levinson Boom, Bust and Echoby Dr David Foot The E-Myth Revisitedby Michael Gerber Books and Websites 23. Closing remarks
- Your business must hold your passion
- Your business should support the wayyouwant to live
- Focus on a narrow target market
- Develop your business to eventually run without you
- Its not what you do in business, buthowyou do it
- Over-estimate your expenses & under-estimate revenues
- Reach out for advice
- Start small, think big & act now!
24. Bell is Your Start-up Expert
- Starting a small bus