Simple Steps THE BUZZ ABOUT CREATING YOUR OWN BUSINESS
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1 Simple Steps THE BUZZ ABOUT CREATING YOUR OWN BUSINESS
2 What Is SCORE? How Can We Help? 11,000+ mentors Experienced executives as volunteers Seminars Free Mentoring o One-on-one o Resources for small business:
3 Meet Your Facilitators Today s SCORE Mentors: Dave Miller Bill Robinson Doug Whitney!
4 Myth #1 Start-Up Myths Myth: All I need is a good idea Myth: On your own, you won t have to work hard or long hours Myth: You won t have to report to a boss. Myth: Business owners do the work they want to do Myth: Self employment limits what you achieve.!!
5 Key Success Factors Cash Commitment Advice Not alone Not fast growth Innovate Communication skills Multi-task ability Education/experience Time and location Work ethic Time management Willingness to ask Viable business plan! 6
6 Self-starter Resourceful Responsible Organized Hard worker Persistent Decisive Healthy Family support Are You an Entrepreneur?
7 Reality: Business Success Chart Title Percent New Businesses After 33% Successful Successful Failed Five Years Failed Source: U.S Dept. of Commerce, Bureau of the Census, Business Dynamics Statistics
8 Business Start Your Own Business ADVANTAGES DISADVANTAGES Not held back by old Choose location, name, logo, alliances Explore new markets and directions See a dream come true No base Greater risk No track record financing Dream can become a nightmare
9 Buy a Business ADVANTAGES Established clientele Known quantity Help in running business Available records Easier financing DISADVANTAGES Hidden issues: o Debts, transfer issues o Taxes o Reputation o Loyalty to owner o inventory No guarantee of success
10 Home Home-Based Businesses Business ADVANTAGES Convenient location Less expensive Flexible schedule Tax Advantages DISADVANTAGES Zoning restrictions Isolation Difficult financing Distractions IRS scrutiny Possible scams * Not all organizations in these businesses are scams, but many individuals have been cheated by numerous unscrupulous operators in these fields.
11 Online Business Online Business ADVANTAGES Lower startup costs Greater geographic reach Convenience & accessibility Flexibility! DISADVANTAGES Low conversion rates Higher competition No personal contact Limited information (e.g., taste, texture, odor)
12 \Franchise Franchise a Business ADVANTAGES Proven product or service Marketing power Training, guidance Continuing relationship Access to others for help DISADVANTAGES Loss of control Franchise = royalty plus other costs Operational boundary Binding contract Franchisor problems are your problems Franchise Disclosure Document FDD
13 What Is A Business Plan Your business plan is your road map. It lays out the route to your business future.
14 Why You Need A Business Plan To sell yourself on the business! focus financing key employees keep you aimed in the right direction To define why buyers will prefer you 15
15 Business Plan Process Goal - not just to write a plan / It is a to complete the process Research the big picture - industry, market, competition, etc Document data & draw conclusions Determine actions (strategies & tactics) to achieve a successful business Develop a detailed outline for yourself End with an Action Plan long view / 3 years 16
16 Operating Constructing Cash Needs Your Plan Define product or service Define Target Market Analyze competition Clarify business model Develop marketing / sales tactics Forecast sales/ P&L/Cash Flow Develop operations tactics!
17 Operating Constructing Cash Needs Your Plan Create implementation schedule Develop start-up expenses Forecast P & L Estimate Cash flow Create budget -> $$$ Required Owner Worker Worker competitive wage Owner Profit
18 : What s In Your SWOT? Strengths assets Weaknesses - liabilities Opportunities current and future customers Threats - competition 19
19 Know The Competition Their advantages? Location / promotion? Client base? Visit competitors How do you compare to them? What are your F-A-Bs? o Features, Advantages, Benefits WHY WILL BUYERS PREFER YOU? 20
20 Competitive Advantages - Examples Product attributes Unique Service Better Value Convenience Experience What makes you special? KNOW WHY BUYERS WILL PREFER YOU?
21 Your Plan Deals With Key Issues Your experience Your purpose The problem in the marketplace The solutions you offer Customer benefits The market, your marketing plan Competition Proof of profitability
22 What Business Are You Really In? Who is the customer? What do they want? How will you reach them? What value is provided? What s the competition? How does the company actually make money?
23 Your Product or Service! What is it?! Who needs it?! Why do they need it?! Who are the competitors! How is yours different/better!! than the competition?
24 Business Model Business Design: How You... Generate revenue Attract customers Configure resources Make money Capture profits Business Strategy: How You Cope with competition Differentiate yourself Provide a value proposition Select niche or target markets Gain and hold your U.S.C.A.
25 Business Model. Caters to moderate income market Lower cost goods Large, easy to park Print ads in newspapers
26 Business Model. Caters to high-end market High cost, gourmet goods Boutique feel Full color circulars to specific zip codes
27 Marketing Plan Your Target Market! Product / benefits delivered How are you different?! How are customers reached! Costs to reach customers?! Price/Value relationship! Distribution / Advertising / Sales Who & where are your competitors Will market price = profit? At what volume?
28 Marketing Plan Data Sources Chambers of Commerce! Banks Civic Organizations Census Data Internet Focus groups Reference library Government websites Trade associations
29 Your Marketing Management Plan Plan Responsibilities Relevant experience o use names o verify information o include yourself Identify management needs and strategies o technical, finance o marketing, operations, other
30 Financial Plan Forecast 3 years of projections Why Forecast? Hobby or Business Impact of assumptions NOT exercise in accuracy Cash needed Focus P&L Cash Flow Communicate in financial terms
31 Personal Personal Budget Monthly cost of living Costs you can cut back Outstanding debt Amount in savings Total needed to cover 6 to 12 months of expenses
32 Start-up Essential Cash Needs Cash Needs Start-up Needs: Tools and equipment Leasehold improvements Licenses and permits Professional fees Initial inventory Working capital reserve fund Operating Needs: Salaries Rent Insurance Taxes and fees Marketing Loan interest/principal Utilities Maintenance
33 The Executive Summary Most important section Max two pages Written last Viewed first. Enthusiastic snapshot Explains who you are, what you do, how, why.
34 The Executive Summary! Describes customers & market needs you meet Tells how you make money Stresses your unique sustainable competitive advantage Tells where you are now / Where the company will go Your 15 minutes of fame
35 A Good Business Plan Ensures you fully understand cash requirements Guides to keep you on track to success Provides you with a powerful management tool for life of your business Shows you as a smart and business owner Is your dream in your own words! serious
36 A Good Business Plan Is a dynamic, evolving, living document Focuses on the work to be done Has SMART Goals Details action plans Cycles through plan several times Changes actions to change results
37 Why Financials Understand & manage business Understand impact of changes Plan financials are PROJECTIONS! Key. Financials Income: Profit & Loss Balance Sheet: Own & Owe Cash Flow: Where is the CASH!37 38
38 Profit and Loss Sample Sales $500 Cost of sales: Materials 50 Labor 75 Overhead 25 Total Cost of Sales 150 Gross Profit 350 Operating Expenses 150 Depreciation expense 50 Total expenses 200 Earnings before tax $150
39 Owner s Equity ASSETS - LIABILITIES = EQUITY! What your business OWNS minus what your business OWES = EQUITY! You can think of equity as the NET WORTH of the business Greater Phoenix
40 Balance Sheet Sample ASSETS LIABILITIES Cash $550 Accounts Payable $400 Accounts Receivable 300 Payable to Credit Card Co. 50 Inventory 450 Total Liabilities $450 Office Equipment 250 Less: Depreciation (50) Total equipment 200 Utility Deposits 100 Total Assets $1600 OWNER'S EQUITY Owner's Investment 1,000 Retained Earnings -- Current Year's Earnings 150 Total Owner's Equity 1,150 Total Liabilities & Equity $1600
41 Cash Flow Statement Sample Beginning Cash $ 0 Receipts: Owner Investment 1,000 Cash Sales 200 Total Receipts 1200 Payments: Make Utility Deposit 100 Payment of Expenses 150 Payment on Payables 400 Total Payments 650 Cash Flow for the Period 550 Ending Cash $ 550
42 Cash: Most Important Cash Is Key! Asset Open a separate bank account for your business ASAP Deposit all receipts intact Use a petty cash fund Separate sales tax receipts on your books Hang on to cash as long as you possibly can Reconcile bank account monthly
43 A Business Owner Needs Trusted Advisors Your Business Attorney Banker CPA SCORE Mentor Insurance
44 Types of Business Structures To protect personal assets?! Sole Proprietorship: no Partnership: no Corporation: possibly yes Limited Liability Company (LLC): possibly yes SCORE seminar facilitators do not represent themselves as Legal or Tax Experts. The information being provided to you is correct to the best of our knowledge at the time of presentation. We strongly urge you to seek advice from an attorney and/or a CPA. 45
45 Government Government Regulations Regulations Business Licenses Approvals Labor Laws Immigration Laws and IRS and Social Security Withholding & Payments IRS Employer Identification No. (EIN)
46 Sources of Funds Equity - Signifies Ownership Personal savings Family and friends Partners contributions Retained profits Investors Angels VC
47 Sources of Funds Debt - Does NOT Signify Ownership Banks* and credit unions Credit cards (not recommended) Community Express Micro Loans* *Usually guaranteed by SBA!!
48 Sources of Funds Crowdfunding Currently Donations Kickstarter Indiegogo SEC equity rules to be defined!
49 Lender s Lenders View View of Borrower of Borrowers Character Commitment Credit rating Cash flow Collateral Capital Competition Conditions
50 SBA Guaranteed Loan Advantages Banks hesitate to approve a loan for a start up business without an SBA Guarantee SBA may guarantee up to 75% Banks may lend for a longer time (depends on use) You must present a viable Business Plan to an SBA qualified lender 51
51 Use of SBA Loan Proceeds Eligible: Working capital Inventory Machinery & equipment Land & building Debt refinancing Change of ownership Floor plan financing Ineligible: Real estate held for investment Purchase part of the business Payment to principals Delinquent payroll taxes
52 Summary Do your homework Be prepared to work hard Be prepared for success Meet with a SCORE Counselor frequently to help you reality-check the progress of your plan in face to face meetings Attend workshops on facets of planning Nothing great is ever achieved without enthusiasm Ralph Waldo Emerson 53
53 Before You Start Small Business Readiness Self Assessment Topic Question My product/service is servicing an unmet need. Idea Feasibility Market Identification Implementation Funding My product/service could be expanded to gain additional customer groups. I know who my potential buyers are. I have a clear value proposition for my potential buyers. I know what it will take to start my business. I know what it will take to run my business. I understand what it will take to obtain funding. I have a plan to fund my business start. I am ready to work hard to achieve my business goals. Personal Readiness I understand the challenges ahead and have a plan to tackle them.
54 Before You Go Do you have any questions? If not, thanks for attending! For a follow-up meeting: Call SCORE office: (602) Office Hours 9am to 1pm M-F Greater Phoenix
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