Considering your business

• Intro & orientation (5 mins)

• Revisit - Key points from workbook (25 mins)

• Refer – To points noted from your questionnaire feedback (throughout)

• Review – Key questions asked (5 mins)

• Opportunity to Ask Questions (10 mins)

Format

Yvette Adams• Award winning business owner• Have started 4 businesses from scratch,

some of which have since been sold• Now owner/director/franchisor of The

Creative Collective. • Work with start-ups through to large

corporates locally, nationally and internationally

• Mother of 2 - aged 3 years and 6 years• Love training and assisting others

Introduction

• Skills – financial, marketing, management• Am I ready & able to conduct a business?• Why am I going into business?• Goals & actions• Example – Tikanga Teeshirts versus

The Creative Collective

Consider your suitability

YOUR AIM SHOULD BE TO THRIVE, NOT SURVIVE!

IS YOUR IDEA A GOOD ONE?

• How will you go into business?

• Is there demand for your product/service and what are you basing this on?

Consider your ideas…

• Identify your target market – be specific• Consider customer needs• Attracting customers• Customer service• What is marketing &

what are your options?

Consider the market

PRODUCT, PRICE, PLACE, PROMOTION

The cold hard factsBusiness failures rose by 12 percent in 2009 on 2008 and 28 percent on 2007 figures, while personal bankruptcies increased by seven and ten percent respectively.

It’s very difficult to get good figures on business closures and failures; however, more common reasons include inability to manage growth and inadequate cash flow.

An ASIC report showed 40% of Australian businesses fail because of inadequate cash flow.

Queensland accounted for the highest number of business related personal bankruptcies in 2009 at more than 1,000. NSW and Victoria followed with just more than 800 and 560 respectively.

• Many ways to analyse your competitors• What will be your USP?

Consider your competition

CAN YOU COMPETE, OR BEAT, THE COMPETITION?

STRENGTHS WEAKNESSES

OPPORTUNITIES THREATS

Internal factors

External factors

SWOT (Strengths, Weaknesses, Opportunities, Threats) ?

Consider the environment

Volunteers for a live SWOT

Environmental factors

How will you go into business?

Consider your finances

CAN YOU AFFORD TO BE IN BUSINESS?

Is there demand for your product/service and what are you basing this on?

What will you charge?Are your finances

in order?

Can we make an income to survive?

• Legal and regulatory issues• Do you have the necessary resources• Where will you work from – location is

important

Consider your start-up

IS YOUR IDEA A GOOD ONE?

• What is your biggest fear of starting your own business?

• What is your main motivating factor to start your own business?

• What sort of action points are highest on your priority list?

• What areas do you feel you need help in?

Discussion points

IS YOUR IDEA A GOOD ONE?

www.business.qld.gov.au

Business Hotline - 1300 363 711

Help is available…

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