Starting Your Own Business - Lindell...
Transcript of Starting Your Own Business - Lindell...
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How to Turn Your Dreams Into
Reality
P. Griffith “Griff” Lindell
Starting Your Own
Business
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One who organizes, manages, and
assumes the risks of a business
enterprise.
• Question for me…
– What’s really important to think about for
perspective entrepreneurs?
Entrepreneur:
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Failure Rate
• The U.S. Small Business
Administration says that more than
half of small businesses fail in their
first year.
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A Good Businessperson
Has...• Discipline
• Experience
• Patience
• People skills – make good choices in response
• Aptitude with numbers
• Ability to predict:– Costs
– Impacts on time, the market, the customer
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AB
C
D
E
5 Shapes: Select the one that is
different from the others
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Do You Know the “Shape” of:
Legal Structure?
Marketplace?
Customers?
Competition?
Distribution?
Relationships?
Your business?
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Three Foundational Questions
• Why do you want to move from
being employed to Self-employed?
• Are you suited to be an
entrepreneur?
• What should you do next?
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Your Business Idea
• Need in the marketplace?
• Solution?
• You passionate?
• Real value to the customer?
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Important Questions To Be
Answered
• Is your idea feasible?
• Do you have the experience and
background to make your idea flourish?
• Are there many companies in this line of
business?
• Is there demand for your product or
service?
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Counting the Costs
• Time costs
• Life-style cost
• Are you willing to invest your
weekends, holidays, evenings,
birthdays, anniversaries, etc.?
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Counting the Costs
• Is the market large enough to
support your business idea?
• Have you penciled the numbers?
• Have you done a B/E?
– Fixed costs
– Variable costs
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Counting the Costs
$
Output in Numbers
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Counting the Costs
• Is the market large enough to
support you business idea?
• Have you penciled the numbers?
• Have you done a B/E?
– Fixed costs
– Variable costs
• Have you written a business plan?
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The Plan Parts
• Executive Summary
Financial Analysis
The Company
Products and Services
Market Analysis
Competition
Business Strategy and Implementation
Operations
Organization
Supporting Documentation
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Planning Process
PlanPrepare for the future
Recordmeasure the results
Evaluateexplain variances from the plan
Analyzecompare results to the plan Results
something happens
Actimplement the plan
1
6
5
4
3
2Success
failure
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Planning Process
PlanPrepare for the future
Recordmeasure the results
Evaluateexplain variances from the plan
Analyzecompare results to the plan Results
something happens
Actimplement the plan
1
6
5
4
3
2Success
failure
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IN PRODUCING
A RESULT !
YOU ALWAYS SUCCEED
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Planning Process
PlanPrepare for the future
Recordmeasure the results
Evaluateexplain variances from the plan
Analyzecompare results to the plan Results
something happens
Actimplement the plan
1
6
5
4
3
2
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Planning Process
PlanPrepare for the future
Evaluate
Analyze
RecordResults
Actexplain variances from the plan
measure the results
compare results to the plan
something happens
implement the plan
1
6
5
4
3
2
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Planning Process
PlanPrepare for the future
Evaluate
Analyze
RecordResults
Actexplain variances from the plan
measure the results
compare results to the plan
something happens
implement the plan
1
6
5
4
3
2
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Planning Process
PlanPrepare for the future
Evaluate
Analyze
RecordResults
Actexplain variances from the plan
measure the results
compare results to the plan
something happens
implement the plan
1
6
5
4
3
2
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The 10 Questions
1. Have you counted the costs?
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Not yet Got it done!I have penciled it out. 1 2 3 4 5 6 7 8 9 10
I have money set aside. 1 2 3 4 5 6 7 8 9 10
I have access to money. 1 2 3 4 5 6 7 8 9 10
I have set-up a cash flow forecast. 1 2 3 4 5 6 7 8 9 10
I know my start-up costs. 1 2 3 4 5 6 7 8 9 10
I have calculated my break-even point. 1 2 3 4 5 6 7 8 9 10
36 – 40 = You are on your way!
32 – 35 = You are almost there – just a little more work to do.
28 – 32 = You have made a start: know what’s next and attack it.
27 or less = Are you sure you want to be in business?
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FinishedActivity Start Date Completed Date
□ I have penciled it out. _____________ _______________
What I have learned:
____________________________________________________________
____________________________________________________________
____________________________________________________________
____________________________________________________________
____________________________________________________________
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The 10 Questions
1. Have you counted the costs?
2. Are you ready, willing and able for a
change in your lifestyle?
3. Is your support team on board?
• Risk/reward conversation
• Family impact addresses
4. Do you enjoy the business of business?
• Language of business?
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Cash Flow
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Cash Flow defined…
1. Cash Flow is the flow of cash INTO and
OUT OF a business over a selected time
period
2. Cash Flow is:
Positive when cash receipts exceed cash
payments – YOU CAN PAY YOUR BILLS!
Negative when cash payments exceed cash
receipts – YOU HAVE TO BORROW TO PAY BILL
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CASH FLOW
($2,861)
($549)
$3,769
$5,089
($573)
($7,727)
($8,508)
($8,614)
($17,920)
($16,669)($20,000)
($15,000)
($10,000)
($5,000)
$0
$5,000
$10,000
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
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CASH FLOW
($2,861)
($549)
$3,769
$5,089
$14,427
$7,273 $6,492
$6,386
($2,920)
($1,669)($4,000)
($2,000)
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
$15,000 investment from Founders
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Local, State & Federal
Business Regulations
• Fictitious Name Act (Filing In Oregon)
www.filinginoregon.com
• Licenses
• Insurance
• IRS - Employer Identification Number
(866) 816-2065
• Federal Self-Employment Tax – if appropriate
• Business Tax Information
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The 10 Questions
1. Have you counted the costs?
2. Are you ready, willing and able fora change in your lifestyle?
3. Is your support team on board?
4. Do you enjoy the business ofbusiness?
5. Are you comfortable making toughdecisions on the fly?
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The 10 Questions
6. What's your track record of making
stuff happen?
7. How well do you communicate?
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Communicating About
Your Business
• Who are you targeting?
• What are they looking for?
• What are you offering?
• Why it is so very special?
• How it is unlike others?
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Sample Positioning Statement
FOR: Portland-area businesses
NEEDING: who are looking for a quality, sophisticated Holiday entertainment experience
WHAT: the Fireside Carolers of Vivace Voices, offer professionally trained voices
WHY US: singing {in eight part harmony} both traditional and unique jazz versions of Holiday music
WHY NOT THEM: unlike the 19th century-type Carolers, we offer a truly American entertainment experience and, in the spirit of the Season, we give back a portion of our revenue to the community.
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…The Fireside Carolers
In the Spirit of Giving
Let your holidays sparkle with the sophisticated, jazzy American sound
of…
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The 10 Questions
6. What's your track record of makingstuff happen?
7. How well do you communicate?
8. Is this new business somethingabout which you are passionate?
9. Are you a person that gives othersenergy – a self-starter?
10. Do you have a “partner”?
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Ready for Business?
‘There are no shortcuts to any
place worth going.” Beverly Sills
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$14.95
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$14.95
4.95
4.95
4.95
$29.80
$20.00