Date post: | 13-Sep-2014 |
Category: |
Business |
View: | 294 times |
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10 Steps to Starting a Successful
Small Business
Presented by
Melinda Schoenfeld
Melinda Schoenfeld - L00168990
Summary Slide
• Create a Life Plan• Choosing a Business Model• Create a Business Plan• Select a Business Structure• Create Key Business Assets• Find the Funding• Organize Logistics• Find Great People• Establish a Brand• Market and Sell
Melinda Schoenfeld - L00168990
Create a Life PlanSome of the most successful and happy people we know are
entrepreneurs who created a business that’s in perfect synchronicity with what they want
out of life. If you do what you love, you’ll work harder, better and more happily.1
Elements of Your Life Plan:
• Your current status• Your ideal life• Your loves• Your skills & capabilities• Your track record
Melinda Schoenfeld - L00168990
Choosing a Business Model
• Home-based• Brick-and-
Mortar• e-Commerce• eBay• Franchising
The key is to choose a business model that fits your Life Plan.
This will ensure that you spend the right
number of hours each week, take the right
level of risk, are practical in terms of
your financial wherewithal, and gain the kind of satisfaction
and success you’re after.1
Melinda Schoenfeld - L00168990
Create a Business Plan
• What’s your idea• How does your idea address a need• What’s so different about what you
offer?• How big is the market • Start-up money
The process of creating and writing a business plan is as valuable as the end product itself – a document that will
provide the priorities, context and sanity you’ll need as you start up your business.1
Ask yourself these important questions:
Melinda Schoenfeld - L00168990
Select a Business Structure
• Sole Proprietorships
• Partnerships• Corporations• Limited Liability
Companies
14%
21%
28%
37%
Sole Proprietors Parterships
Corporations LLCs
Melinda Schoenfeld - L00168990
Create Key Business Assets
• Website Address
• Trademarks• Copyrights• Patents• Confidentiality
Agreements
Your company assets are only as good as your ability to protect them.1
Melinda Schoenfeld - L00168990
Find the Funding
• Bootstrapping• Debt Financing• Angel Investors• Friends and Family• Venture Capitalists
Ways to fund your business
Melinda Schoenfeld - L00168990
Organize Logistics
• Accounting• Legal Services• Insurance• Banking• Information
Technology
Have your books in order, your contracts buttoned up, your money safely managed, and your downside covered are
each critical to your personal and business future.1
Melinda Schoenfeld - L00168990
Find Great People
• Understanding the Power of People
• Find the stars to bring onto your team
• Keep your stars• Importance of a m
entor
The single most important factor in the success of a company is its people.1
Melinda Schoenfeld - L00168990
Establish a Brand
• Draft your brand DNA or essence• Define and relate to your target audience• Choose a brand name and logo• Make a list of other touch points• Create a demand for your brand2
One of the most important assets you can develop for your business is a powerful brand.1
Melinda Schoenfeld - L00168990
Market and SellGet the word out about your business
Research & Strategy
Marketing Materials
Marketing Methods
How many people in the overall market?
Business cards Grassroots Marketing
Who is your typical buyer?
Letterhead Public Relations
Customer’s habits and behaviors
Brochures Affiliate Marketing
How much are they willing to pay?
Online Marketing
Why you instead of your competitor?
Traditional Marketing2
1The Sloan Brothers, 10 Steps to Open for Business. www.startupnation.com, 2008.
2Small Business Administration, www.sba.gov, 2008
Resources