BizStartNow
Who is Ariana Ulloa-Olavarrieta? Born in Mexico City, immigrated to the United States at 5 years old. Her passion has always been to help the Latino community empower itself. Active in the community as a board member for the MidOhio Foodbank, ACEnet (Appalachian Center for Economic Networks), CEDCO and member of the scholarship committee for the Fund for Appalachian Ohio. Small business owner; launching an organic baby food company in 2010. A graduate of Ohio University, with a Masters in Financial Economics and a BA in Economics with specializations in Latin American Studies, Spanish and German
Who is the Ohio SBDC at Columbus State? An experienced & award winning team providing no-cost, one-onone business management advice with four centers to serve you at one location: Core SBDC Manufacturing & Technology SBDC International Trade Assistance Center Latino SBDC
Next Steps BizStart Session Two Legal side of structure Financing Business Operations Business Plan BizStart Session Three Small Business Tax Workshop
Visit Mike s small business blog at Ideas2Deals.com
PowerPoint Presentation
Introduce Yourself What type of business are you starting? Why do you want to be a small business owner? Why are you here?
Are You Willing to Fail? Being Safe Is Bad
4 Types of People Starting Businesses Product Focused: The sun rises and sets on their product and business be damned. People will flock to the product because it is so great. Vision Focused: These people have a dream that has taken almost mythical proportions in their mind. Odds are that the business will never launch or grow because it can never attain the heights that the founder envisions. Money Focused: All they need is money and the business will be a success. Odds are that there are a number of holes in the plan that they are not addressing because they are so focused on funding.
4 Types of People Starting Businesses Entrepreneurs: These people are focused on EXECUTION They do what it takes to move the business forward. They focus on milestones and are efficient in the use of their funds. They recognize their strengths/weaknesses. They build their team based on needs of the business and not ego. They strive to mitigate risk, not just rush ahead. They realize they don't have all of the answers and seek support and counsel from people who have been there, done that.
It s All About The Story What s Your Story?
Seth Godin, Getting Your Ideas To Spread http://www.youtube.com/watch?v=xbivlm435zg
Key To Success Be Remarkable
Traditional Advertising Won t Work There are so many options and media now that are competing for consumers attention that it is easy for them to ignore traditional Push advertising
Being Good Is Easy To Ignore
Work The Edges Want To Hear From You Want To Ignore You
Key To Success Earn Attention Of People That Want To Talk To You Build Trust With Them They Will Share With Their Friends
Questions To Ask Yourself? What is your product or service? Who is your primary customer? Do you need financing to start your business? Where do you see your business in 5 years? Why do you want to own your own business?
Quick Tips To Starting A Business Everything takes longer than expected Don t be in a hurry to get started Everything costs more than expected Be flexible. Your plan will often change Consider other sources of income
Entrepreneurship The process through which you pursue opportunity, use resources to create value.
Entrepreneurship Entrepreneurs are not risk takers. Entrepreneurs recognize risks and are able to minimize the risks associated with their opportunity to optimize their chances of success.
Entering Start-Up Make Meaning Make a difference Make Value
Entering Start-Up It s not about you. It s about who you serve Your Customer
Profitable Process of P s Perceive ~ The Ah-Ha Moment Pleat & Prove ~ Research and prove it works Plan ~ Create your plan of action Process ~ Start to make things happen Proceed ~ Do it!
In preparing for battle I have always found that plans are useless, but planning is indispensable. - Dwight D. Eisenhower
Building a Business Planning separates a hobby and a business. Hobbies cost money while businesses make money.
Key to Writing an Operating Plan Do it for you Keep it simple Keep it real Internalize it Work it
Everyone is NOT your Target You need to target and focus on what will be most successful You can not focus your attention on Everyone and Everything
Vision / Mission Vision statement ~ a picture of your company in the future. Your vision statement is your inspiration, the framework for all your strategic planning Mission statement ~ articulates the company's purpose. It is why you do what you do
Marketing Analysis Who is your Target Customer? What do you know about your customer? What markets are you competing in? How are you positioned? What is your competitive edge? How does price affect your positioning?
Market Research Prove or Disprove There is someone out there to buy your product? There is someone out there to buy your product at your price?
Market Research WHO: Demographics: the statistical data of a population, especially those showing average age, income, education, etc. Examples: Age, gender, race, location, education, occupation, income level, marital status, household type and number of children
Market Research WHY: Psychographics: the hot button words of your customers that reflect their reason for buying. This is the basis of your overall messaging.
Market Research Examples: Needs (security, love, esteem, acceptance) Values (status, success, greed, simplicity) Why buy (price, fad, quality, technology, status) Lifestyles (luxury, convenience, uniqueness) Cultures (religious, liberal, conservative) Interests (sports, fitness, leisure activities)
Market Research How To http://www.columbuslibrary.org/
Source of Research Information Main Library 96 S. Grant Ave., Columbus, OH 43215 645-2ASK columbuslibrary.org Science, Business and News is located on the 3rd floor. Hours are: Mon.-Thu. 10-8, Fri. & Sat. 10-4, Sun. 1-5.
It s All About Customers
What is Marketing? Everything you do to promote your business to get customers to buy your product / services on a regular basis
Marketing Is Building Activity Above Your Sales Funnel
Marketing Your Business Set Goals Identify your target market Establish your objectives Map out your tactics Construct your budget Build your timeline Execute - Evaluate - Execute
Are You Marketing Or Selling?
What is Marketing? Everything you do to promote your business to get customers to buy your product / services on a regular basis
What is Sales? The exchange of goods or services for money
Why Sales? Marketing costs money ~ Sales makes money
Why Sales? Nothing happens in a business until someone sells something.
What Makes a Sales Person?
Key to Sales Create Value For The Customer Find the customers pain and solve it!
Key to Sales Sales Presentations Build Rapport = Trust Probe / Question Prescribe a Solution
Biggest Key to Sales CLOSING ~ Ask for the sale Logical conclusion to the sales process
More Keys To Sales Each stage of the sales process is about customer commitment. It s not a problem until the customer says it is. Define an economic consequence to the problem. If not, the customer may choose to live with the problem. Is there committed funding? Note Budgeted and committed are not the same thing. Who makes the final decision?
Are You Marketing AND Selling?
Marketing and Sales You need to do both but remember they are separate activities connected by your brand and your messaging.
Running Your Own Business Is
Don t Go It Alone Use the resources that are available to you. Get a coach, an advisor or just hangout with us at the SBDC but don t think you have to figure this out by yourself.
Final Thoughts (Almost Done)
Next Steps BizStart Session Two Legal side of structure Financing Business Operations Business Plan BizStart Session Three Small Business Tax Workshop
Connect E-mail aulloaol@cscc.edu Twitter @arianauo @Ohio_SBDC and @LatinoSBDC Facebook https://www.facebook.com/sbdc.columbus https://www.facebook.com/latinosbdc LinkedIn http://www.linkedin.com/in/arianauo Ohio SBDC http://www.sbdccolumbus.com/
THANK YOU (614) 287-5294 sbdc@cscc.edu www.sbdccolumbus.com