how to start your own business in canada
TRANSCRIPT
If I can be a farmer......
Patti Pokorchak. MBA
Entrepreneur Quiz
How Did You Score?What Does It Mean?
Patti Pokorchak, Speakers With Impact! [email protected]
IBM....
Least Likely Million $$$
Sales Success
I had it all.....
BUT I was NOT Happy!
How to Start-up Your Own Small Business
Starting Your Own Business
1.Finance2.Marketing3.Sales
What Will People Pay For?
• What annoys you?• Where could you
do better?• What could you
get paid for doing that you love to do?
Business Model
• How will your business will make money?
• Revenue Streams
What is YOUR Unique Selling Proposition
• What makes you different from your competitors?
• What makes you better?
• How do you compare?
Know your Target Market• EVERYONE is NOT a
Target Market!
• Who are they? • Where? • How to reach them?
• The more you know the more you will sell
Good Enough is Good EnoughIt Will NEVER:
• Be Perfect!• Be Done
Strategy vs Execution
Good Plan Brilliantly Executed is 10x better than a Brilliant but NOT
Executed Plan!
Learn From Mistakes
• You will make mistakes
• Try to only make the same mistake once
• Fail Fast• Recover Quickly
Build Your Dream Team
• Hire to your Weaknesses – NOT your Strengths
• No ‘Yes’ people• BUT Learn How to Sell
Your Own “Stuff”• $Million Dollar Mis-
Hire Mistake!
Realistic Expectations
• 1st Year – Savings/Funding• 2nd Year – Break Even• 3rd Year – Make Some Money $$• 4th Year – Make More Money• 5th+ Year – Make More Than Being
Employed!
I had it all.....
BUT I was NOT Happy!
European Travels
Patti Pokorchak, Speakers With Impact! [email protected]
Europe 1980s Startup #1
Frankfurt Startup #2
Munich Startup #3
My Last Employer
Plans• Business Plan• Strategy/Tactics• Marketing Plan• JUST DO IT!
PLan vs Execution
Good Plan Brilliantly Executed is
10x better than a Brilliant but
NOT Executed Plan!
Company Name
• If you want to sell your company later, do not use your own name
• Make it meaningful to your target audience
Legal Forms
• Solopreneur• Partnership• Company• Incorporated Limited Company
TAXES!
• $30,000 in Sales = HST• Retail = Provincial Taxes (PST in
BC, MAN, QC, SK)• Payroll Taxes
Insurance
• Liability• Errors & Omissions• WSIB
Cash Flow
• KNOW your Numbers!• Trust no one else• Profit• Cash is King!
SalesYou Cannot Hire A
Sales Person UNTIL You
Can Sell Your ‘Stuff’!
If I Can Be A Farmer....
You Can Be Anything
You Want To Be!
As Long As You Know How To Sell
And Market!
SALES!
• NO Sales = NO Business• Mindset – Get over it!• Learn how to sell your stuff
SALES!
Elevator Pitch (Prospecting)
What you do for whom and what benefit
I help entrepreneurs be clear and confident in their value so that they can close more business faster and more profitably.
OR
I help you sell more stuff!
Exercise• Partner With Someone You Do Not Know Well• Pick who goes first • 1st Person: Elevator Pitch and Ask Your
Qualifying Questions• Get Feedback from 2nd Person • Switch and Repeat
Feedback
Who got an Order?Found a Prospect?Got a Referral?What else did you learn?
Marketing
• Use Brain not $$• Spend Wisely• Guerrila Marketing• Marketing Plan• TGTBT
Marketing -Branding
Marketing
Resources
Business Startup -Checklisthttp://www.entreprisescanada.ca/
eng/page/2749/
TorontoMunich
London, EnglandFrankfurt
Ottawa
Burritt's Rapids (South)
Burritt's Rapids
Patti Pokorchak, Speakers With Impact! [email protected]
Patti Pokorchak, Speakers With Impact! [email protected]
Patti Pokorchak, Speakers With Impact! [email protected]
Patti Pokorchak, Speakers With Impact! [email protected]
#4 Down to Earth Marketing
Make Your
Passion Profitable
#5 Speakers With Impact!#6 Future Voices Speakers Bureau#7 Down To Earth Marketing#8 Gardener’s Tour Book GTA#9 Recruiter Patti
*#10 Small Biz Sales Coach
Five 5 5 Years in Toronto in Toronto
PAIR UP & Share ONE thing you
learned today that You will take ACTION ON!
Questions
Have Fun & Make Money
Patti Pokorchak, MBA 416-951-3842