1 intro, business model and business plan
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This document provides guidance on building a successful business. It discusses defining personal and business visions, researching customer needs through interviews, creating a business plan canvas to outline costs and revenues, and developing a full business plan. The business plan should include sections on the company profile, industry research, marketing plan, operations, and finances. It also describes a grant program that provides funding and support to new businesses through training, mentoring, and reviewing business plans.
1 intro, business model and business plan
- 1. How to Build a Successful Business
- 2. Brutally honest Sarcastic Sense of humour Loud Short emails Impatient Interrupt Andrew Patricio Andrew@bizlaunch.com
- 4. The freedom to do what like, when you like. Having enough money to do the things you love. To be able to spend time with your family. To love what you are doing everyday. Being the best you can be. Define your idea of success
- 5. What do you want for your life? What are things you want to do? What places in the world would you like to visit? How would you like your life to be on a daily basis? How much money will it take to achieve your goals & dreams? Write it Down
- 6. List 7 reasons why you absolutely have to succeed
- 9. What is your offer? Product or Service How large is the market?
- 11. Interview at least 50 people Understand the wants and needs of your customer What features and benefits do customers want? Don’t assume anything Test, test and test again Focus groups Customer Research
- 13. Business Plan Canvas Costs Fixed expenses Break-even Startup Costs Cash Flow Customer Acquisition costs Revenue Revenue Model Assumptions Sales forecast Gross Margin Problem What problem does your business address? Solution Unique Value Proposition What makes your business different? Marketing Tools Tools will you use to get customers Target customers Customer demographics and psychographics
- 14. Business Vision A vision is “the picture that leaps into your mind when you close your eyes and dream about what you want your business to become. It’s just over the horizon.” Adapted from: Essentials of Entrepreneurship and Small Business Management by Thomas W. Zimmer and Norman M. Scarborough
- 16. . What will your business become? Imagine your business 5 years into the future. 1. What will it look like? 2.Where will it operate? 3.How many people will it employ? 4.Who will be your clients? The clearer your business vision the better Business Vision
- 18. Business Plan
- 20. It forces you to: Arrange your thoughts in logical order Simulate reality and anticipate pitfalls before they occur Base your decision on facts and figures rather than gut feel It can eliminate potential flaws in your business It assists you in making good business decisions Why is a business plan important?
- 21. • Front page: Business name, Logo, Slogan • Page two: contact details, date • Clear contents page Use pictures, graphs, tables, flowcharts Ensure it looks professional Business Plan Outline
- 23. Most important part of your business plan If your summary is well presented, the reader will continue reading your plan. It needs to be interesting and grab the attention of the reader. Max - 1 ½ pages Write it last Executive Summary
- 24. • A simple description of the service or product. • Why you believe your business is viable. • Who are the owners and what expertise do they bring to the business? • Include your mission and business vision. • Your short, medium and long-term goals and objectives. • Key information about your industry growth, trends and competitors Executive Summary
- 25. Include a summary of: Your marketing plan. Who is your target audience? How will you get customers? Your projected sales for the first two years. Your expected gross profit margin. How much money you need to get started and how will you spend it? Executive Summary
- 27. More detail
- 28. Business overview – products/service offered Company history Business vision and mission Management experience Legal structure Goals & objectives Company Profile
- 29. Information about the industry, growth and outlook Your business SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) Competitors SWOT – Top 5 How will you overcome your weaknesses ? Target Market Customer segments Demographics and psychographics Ideal customer Market Research
- 30. Pricing Strategy Choose Two - Fast, Good and Cheap Marketing Strategy Marketing Objectives Marketing budget Detailed promotional plan Marketing Plan
- 31. One Page Marketing Plan Marketing Objectives Target Customers 2 Competitors Value Proposition Marketing Tools Customer Service Lead Nurturing Strategy Budget Metrics 1 3 4 5 6 7
- 32. Location Initial capital expenditure Legal – trademarks, patents, license etc. Human Resources – Management experience, training Process/ production - flowchart Risk Assessment Operations
- 33. Start-up costs Financing required Sales forecast assumptions Monthly operating expenses(fixed expenses) Break-even sales Cash flow – 2 years Income statement Balance sheet Finance
- 34. Milestones
- 35. Other information If this is an existing business include some history Only include accurate and relevant information You need to justify the numbers and content Ensure it’s easy enough for non-technical people to read Ideal length 10 – 20 pages Business Plan Template
- 37. Starter Company Plus Program – Grant Overview
- 38. Starter Company Plus Program Starter Company Plus Program is aimed for entrepreneurs looking to start or grow a business. It provides: •Grant of up to $3,500 •One-on-One guidance and assistance •Mentoring with local entrepreneurs •Tailored training program to fit the needs of sector specific entrepreneurs
- 39. Starter Company Plus Process Phase 1 – Training and Business Plan – Training Program – complete a detailed training program with experienced trainer and receive one-on-one advice. • Attendance – attendance at the training sessions is mandatory. – Business Plan – focus is on completing a business plan and identifying milestones that can guide the business. – Business Plan Review – to be receive a grant, the business plan must be submitted to be reviewed by the Grant Review Committee. Applicants must receive an average score of 35 out of 50 to receive a grant of up to $3,500. • Business Plan must be submitted within 30 days of completing the training. • Rejected Business Plans will have an opportunity to be resubmitted for one more review.
- 40. Starter Company Plus Process Phase 2 – Grant and Ongoing Support – Approved clients sign a grant agreement to receive the funds. – Client Assistance – bi-monthly engagement for six months with client to provide assistance with milestones. – Mentoring – monthly mentoring meetings for the client focused on helping reach their milestones. – 6 months completion – verify grant allocation expenses, milestones and mentoring .
- 41. Grant Allocation • GOOD EXAMPLES • Marketing • Equipment (necessary) • Insurance • Staffing (job creation) • Commercial office space • Inventory • Social Media/Digital Marketing • PR Advertising • BAD EXAMPLES • Car • Equipment (already have) • Personal Salary • Repayment of other loans • Personal Rent • Past debts
- 42. Contact Info Vikas Jain Enterprise Toronto Small Business Consultant support@enterprisetoronto.desk-mail.com
- 43. Summary If you have any questions please email: andrew@bizlaunch.com Understand what it takes to succeed in your own business Personal vision Business vision Business plan
- 44. Thank You