yes i can develop my idea and start a business

© 2012 CAPBuilder Network Group All rights reserved

Yes I Can –Start And Grow My Own Business

Success Planning For Starting And Growing Your Business

Facilitated by

Marc E. Parham

2© 2012 CAPBuilder Network Group All rights reserved

Marc Parham, Radio Show Host, MC/Speaker, Infopreneur


A Few Small Business


Small Business

EVERY BUSINESS IS STARTED TO SOLVE SOME TYPE OF PROBLEM


Small Business

Small businesses employ 49.1% of private sector workers

59.1% of entrepreneurs were the first in their family to start a business

70% of entrepreneurs used their own savings as their main source of funding


In the next 5 years, 37% of small businesses will have more than 5 employees

13% of U.S. adults are either starting a small business, or are a new small business

owner 69% of entrepreneurship is conducted

at home

Small Business


• In most states, somewhere between 50% and 60% of small businesses do not have

websites •73% of small businesses are now using

social media •Owners serve as the main marketers for

88% of small businesses

Small Business


• Immigrant entrepreneurs launch businesses at more than twice the rate of native-born residents• African-American-owned businesses have outpaced the rest of the country’s businesses in

terms of growth. • Between 1997 and 2007, the number of companies owned by women grew at twice the

rate of those owned by men. • Nine percent of all U.S. companies are veteran-

owned businesses.

Small Business


What You Will Get From This Presentation

• The basic questions that you need to ask and answer before you start a business

• Discussion on each of these questions to help you answer them

• Simple steps to developing your idea• Simple strategies to grow your

business• And…Why you can do this!


The Right Mindset• Entrepreneurship Revisited• You already are an Entrepreneur• You are not in this alone• You must have dedication and

passion• You must develop and follow a

plan• And…Yes You Can Do This


ENTREPRENEUR?•An entrepreneur ( i/ˌɒntrəprəˈnɜr/) is an enterprising individual who builds capital through risk and/or initiative.[1][note 1] The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon.This term first appeared in the French Dictionary "Dictionnaire Universal de Commerce" of Jacques des Bruslons published in 1723. Entrepreneur in English is a term applied to a person who is willing to help launch a new venture or enterprise and accept full responsibility for the outcome. Source: http://en.wikipedia.org/wiki/Entrepreneur

http://upload.wikimedia.org/wikipedia/commons/0/03/En-us-entrepreneur.ogg

http://en.wikipedia.org/wiki/File:En-us-entrepreneur.ogg

http://en.wikipedia.org/wiki/Wikipedia:IPA_for_English

http://en.wikipedia.org/wiki/Wikipedia:IPA_for_English#Key

http://en.wikipedia.org/wiki/Wikipedia:IPA_for_English#Key

http://en.wikipedia.org/wiki/Wikipedia:IPA_for_English

http://en.wikipedia.org/wiki/Entrepreneur#cite_note-0

http://en.wikipedia.org/wiki/Entrepreneur#cite_note-1

http://en.wikipedia.org/wiki/Loanword

http://en.wikipedia.org/wiki/French_language

http://en.wikipedia.org/wiki/Economist

http://en.wikipedia.org/wiki/Richard_Cantillon

http://en.wikipedia.org/wiki/Richard_Cantillon

http://en.wikipedia.org/wiki/English_language

http://en.wikipedia.org/wiki/Enterprise


REALLY??


Developing Your Idea and Starting

A Business


QUESTIONS TO ASK

1. Why should I start home based business? 2. Am I ready to start a business?3. Do I need a business plan?4. What are the first steps to starting a

business?5. What do I sell?6. Who will be my customers?7. How much should I charge?8. How much will it cost me to start my

business?9. How do I develop my business idea?


1. Why should I start home based business?

• The real question is why should I not start my own business?

• What if, a business could use your service or skill with about having to pay all the additional cost?

• What if, multiple businesses used your skill or service without having to pay all additional cost?


2. Am I ready to start a business?

• Do you have a skill that people will pay to use?

• Do you have a hobby that people will pay you to do for them?

• Do you have a new idea that to make life easier for people?

• The fact is, if they’re not doing it themselves, they’re paying someone to do it, why not you?

• Most people feel that a startup business has to replace their income. This is not true.


3. Do I need a business plan?• Your business plan describes these

important things• What type of business you are starting• Why you decided to start it,• What you are going to sell,• Who you are going to sell it to,• How much are going to charge for which are selling• How we’re going to finance your business• How you’re going to operate your business so that it

remains successful


The Simple Strategic Plan

• ASSESSMENT -Who am I and Where am I at Today

• YOUR OBJECTIVES – Your goals, Where do you want to go

• THE PLAN – How you are going to get there

• ACTION – Taking deliberate actions to get there


4. What are the first things I should do before it start my

own business?• The first three steps before starting a business

are;

1. Research!2. Research!3. Research!


5. What Do I Sell?• The real question is, what product or

service can you do that people are already paying for?

• If they are already paying for it why can’t they pay you for the same product or service?

• If you’re good at what to do, • you take pride in your work, • you get your work done when you say you will and

you charge a fair price, • why should they not want to pay you for your

product or service


6. How much should I charge?

• The first and most important factor is how much are people already paying for the same product or service.

• You should have gotten this information in your research process.

• The next important factor is how much can you afford to do it for and still make it worth your while.

• Just because people pay you to do something doesn’t mean that you’re actually making money.


6. How much should I charge?

1. How much money do you want to make?

2. How much time do you plan to spend in your business?

3. How much are people already paying for your product or service?


6. How much should I charge?• The following is a very basic calculation to get an idea of how to

figure out what to charge• You would like to make $10,000 dollars this year• You plan on spending 10 hours a week

• 10 hours per week X 52 weeks = 520 hours

• Divide $10,000 hours X 520 hours = • $19.23 or about $20 per hour• This is a good estimate of what you need to charge for your

service or product


7. How much will it cost to start my business?

• There are a number of standard cost to legally set up a business.

• These costs along with the money that you would need to spend to buy the other items that will be needed are considered your startup costs.


Some Basic Cost• Incorporation with the State - $125• Employer Identification Number (EIN) - $0• Basic Website $500-$1500• Business Cards $50 - $100• Bank Account Setup - $100• Business Plan Development $0 - $700• Business Phone $50 per month• Computer, Printer $400 - $1000


STARTUP COST• To determine your startup costs, you must

identify all the expenses your business will incur during its startup phase.

• Some of these expenses will be one-time costs, such as the fee for incorporating your business and the price of a sign for your building.

• Some expenses will be ongoing, such as the cost of utilities, inventory, insurance, etc.


STARTUPBUDGET

• Enter the est. cost• Use other plans• Research• Research• Research

Startup BudgetJune 8, 2010

Cash Neededto Start

Monthly CostsSalary of owner-manager $6,000All other salaries and wages 7,000Rent 1,000Advertising 2,000Delivery expense 400Supplies 500Telephone 500Other utilities 500Insurance 600Taxes, including social security 1,000Interest 500Maintenance 300Legal and other professional fees 3,000Miscellaneous 500 Subtotal $23,800

One-Time CostsFixtures and Equipment $10,000Decorating and remodeling 1,000Installation charges 500Starting inventory 5,000Deposits with public utilities 1,000Legal and other professional fees 500Licenses and permits 500Advertising and promotion for opening 500Cash 750Other 200 Subtotal $19,950

Totals $43,750


Simple Strategies to Grow Your Business


TIME• How are you using your time?• Are you spreading yourself to thin?

• Are you doing the things that you know you should?

CREATE A TIME MANAGEMENT PLAN AND STICK TO IT FOR TWO WEEKS


The Plan• Review or Develop A Basic Plan

• It doesn’t have to be big• It doesn’t have to be long• It just has to be….

DEVELOP A NEW PLAN


Marketing• Really figure out who your REAL customers

WILL be• Why are they buying from who they are buying

from right now?• How do you get them to buy from YOU• Have you every asked your existing customer

to refer you to their friends

DEVELOP YOUR UNIQUE SELLING POSITION STATEMENT?


TEAM• Who are your GO TO People?• Do they understand your plan? Do you

have a plan?• Have you asked them how they want to

help you?

HAVE A TEAM MEETING AND GO OVER YOUR PLAN


MONEY• Are you growing with no plan?• Are you looking for customers that

can afford to do business with you?• Do you have a Cash Gap Plan?• Do you have a USP and Guarantee.

DEVELOP A CASH FLOW PLAN


PERSONAL DEVELOPMENT• What are you doing to develop

YOU.• Business Development• Personal Development• Life Development• Family Development

GET OUT AND DO SOMETHING?


Lets Talk About Your Business Idea!


STEPS TO DEVELOP YOUR IDEA

1. The Problem – What problem will your business solve 2. The Customer – Who are the people that have the

problem3. The Solution – What is your solution to the problem4. Unique Selling Proposition- Why buy from you?5. Marketing – How will you reach your customer6. The Cost – How much does it cost to make your product7. The Price – How much will you sell it for8. The Revenue Projections – How much money are you

going to make?


SUMMARY• Yes You Can Start And Grow Your Business

• Research, Research, Research

• Ask for Help• Take Training Workshops• Research, Research, Research

• Start Today!


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