how to create your million $ idea

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Post on 13-Jan-2015

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A 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.

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  • 1.

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

  • Multiculturalism
  • 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