IS SMALL BUSINESSFOR YOU?

WHO ARE WE?

Karen Hollenbach is a leading Communication Strategy Consultant, Workshop Facilitator and LinkedIn Specialist. As the Founder of Think Bespoke she provides a tailored approach for clients and organisations rethinking their approach to business and career.Marina Pitisano is a dedicated Career Management and Business Training and Facilitation Specialist, helping professionals and small business owners be more successful through her business, Letz Create.

OBJECTIVE

FINANCIALWhat financial factors do you need to consider?

MINDSETDo you have the mindset for business?

SKILL SETWhat strengths can you bring to your business and how will you manage your gaps?

To explore three critical areas that need to be considered before plunging into business:

FINANCIALNearly all new business owners underestimate the cost of starting their business, leaving it exposed to the risks of being underfunded.

Some points to consider:

• Service or product pricing• Start up expenses• How financially prepared you are

How financially prepared are you? 5

80%The percentage of start up businesses who fail within 18 months of starting.Source: Bloomberg

TIPS TO GET YOU STARTED

• Speak to your accountant to understand all the financial requirements to run a business• Will you need to borrow money? Speak to an appropriate lender• If you are planning to make your new business a full time job, wait until you have at least some

money put away for start up costs and to sustain yourself in the beginning before you start making a profit

• Consider and research government grants to help fund your unique business idea http://www.governmentgrantsaustralia.org

6YOUR MINDSET

FREE YOURSELFThere will be some key mindset changes you will need to make to free yourself from the constraint of ‘employee thinking.’

The mindset is something that can help you even if you don’t have the required tool in hand.

So here are nine of the most critical mindset changes you will need to make if you are to free yourself from the constraints of ‘employee thinking.’

07 Be ready to step outside yourcomfort zone

08Don’t try to please everybody

09 Be competitive

06

0403

02

01 Learn how to set your ownpriorities

Make education your life-long ally

Become a master of implementation

Start to think big picture and see yourself as the business owner you want to become

05 Refocus your efforts on seeking valuable‘outcomes’ and not just on completing tasks

Aim for progress not security

How would you describe your mindset?

What do you believe would be mindset challenges in business?

How will you overcome them?

Challenges and solutions?

Do you have the right mindset ready for business?

SKILL SETSWOT Analysis On Yourself

S W

T OWhat obstacles do you currently face in life?

Are there competing demands on your time?

Are the various roles you play in life changing?

 

THREATS

What is unique about you? What do you do better than

anyone else?What personal resources can you

access?What do others see as your

strengths?Which of your life achievements

are you most proud?

STRENGTHS

What new technology can help you?What would you like to be spending more time doing?Do you have a network of strategic contacts to help you?

OPPORTUNITIES

What activities do you usually avoid?What do others consider your weakness?Are you confident in your skills?What are your negative life habits?Do you have personality traits that hold you back in life?

WEAKNESSES

9

Action PlanWhat will you need to do to compensate for

your weaknesses and threats?

Identify the gaps Who do you know? Take action

$80

10

01 Writing a business plan. Visit Small Business Victoria for a template http://www.business.vic.gov.au

02 Consider training to upskill

03 Consider a business granthttp://www.governmentgrantsaustralia.org

04 Work with a Small Business Mentor or one of us!

NEXT STEPSIf you are ready, then consider:

THANK YOU AND GOOD LUCK