Final presentation 071510
- 2. Agenda About Me Finding Your Passion Deciding on an Idea The Business Plan Putting it into Action
- 4. Slogan I Live By From the historically Black University Clark Atlanta University ‘FIND A WAY OR MAKE ONE’
- 5. Introducing: Corey Holmes • Entrepreneur: owned a franchise and an e-commerce business • Educational background in business, accounting, and international business • Current role: Consultant to the CEO of the Randburg Chamber of Commerce & Industry • South African Trade Delegate • Writer for the Randburg Sun • Personal goal: ‘to develop leaders to change the culture in underdeveloped societies
- 7. Why am I here? For I know the plans I have for you," declares the LORD, "plans to prosper you and not to harm you, plans to give you hope and a future. Jeremiah 29:11 God has a plan for you, knows your purpose (before you were born) You have to tap into what that plan/ purpose is God’s plan/ purpose is your passion It’s what you were designed to do Everyone has a different and unique role to play
- 8. Finding Your Passion What keeps you up at night? What problem would you like to solve? Where would you like to be a year from now? What would you love to be doing? Ask your friends/ families what your strengths/ natural skills to be? As a child, what types of things did you enjoy? Invest a little time in some daily journaling. Example: Desire to start a nonprofit focused on uplifting disadvantaged communities around the world
- 10. Passion to Idea Once you’ve determined your passion and purpose, turn it into an idea Everyone has an idea and while they are the start to any endeavor they must be clear concise and well thought out. Example: After starting HIF, the first initiative came because of a personal community service project.
- 11. Testing your idea Make Time Write about your ideas. What comes easy? What kinds of skills do you need? Meet, research, read about others who have similar stories/ passions. Offer ‘free’ or discounted services Pick one thing to be GREAT at… NO FEAR Example: It took one month to develop a proposal for HIF. Sent it out to get feedback. It helped to fuel the next steps of developing the actual business plan.
- 13. What is an Entrepreneur? An entrepreneur is a person who has possession of a new enterprise, venture or idea, and assumes accountability for the inherent risks and the outcome. He or she is an ambitious leader who often combines land, labor, and capital to often create and market new goods or services. 3 things every entrepreneur must do Envision – Execute - Receive feedback from consumer/client 3 resources every entrepreneur must have Attorney – Accountant – Insurance It is important to align with a mentor or someone in your sector or field who has more knowledge than you do
- 14. Part One – The Setting Executive Summary Synopsis of the entire plan usually one page Someone should be able to understand the plan just by reading this Write LAST Company Description Where/ When/ Why founded, registered, start-up plans What are your strengths, weaknesses, opportunities, threats? Target market niche, and provide proof i.e. awards, certifications, or verifications Product/Service What are you selling (what problem are you solving) and how it benefits the customer 4 p’s (product, placement, price, and promotion)
- 15. Part Two – How to Operate Organization & Management Describe organization, how many personnel, key management, and their responsibilities Provide an Organization chart Operations How are you handling accounting, legal, insurance, and security
- 16. Part Three - Marketing Marketing Market Analysis - Target market, competition, and how to price, place, and promote, the product, trends, research Is the industry/market ready for your product? How will growth or decline in the market affect you? Strategy – What methods are you using to get the message out about your business? Customer Service Performance – Does the Marketing strategy work? Annual marketing budget Revisit marketing plan monthly to make sure everything aligns E-commerce (Optional although it is a global e-commerce world) discuss cost, operation, sales, and marketing strategies of site South Africa ‘is’ an open market and many joint ventures and partnerships are facilitated and communicated through Skype, email, LinkedIn, face book, and 5 linx
- 17. Financial Planning Prepare a simple cash budget quarterly or annually Financials- VERY IMPORTANT IF YOU CAN AFFORD IT HIRE AN ACCOUNTANT/BOOKKEEPER IF NOT HERE IS A SIMPLE CASH BUDGET Beginning cash balance beginning month Add - Collections on accounts receivable (money collected from business) and Cash sales Deduct - Accounts payable, expenses, contractual payments on long term debt A cash budget is needed for accurate and consistent financial records and most lending institutions require them to acquire new assets (building or equipment). The budget tracks where money from the business is coming in and being spent. The budget allows the owner to see a comparison of actual cash inflow and outflow of the business. Not preparing is preparing to fail.
- 19. Implementation Business proposal Filing necessary paperwork; 501c3 limited pty., or corporation papers Having a vested board who can contribute and have similar goals as the organization Finding financial resources but not coming to the table empty such as intellectual capital but preferably startup capital Angel investors, banks, corporate socially responsible investment programs, and etc.,
- 20. Value of a Network Networks are important to learn new knowledge and gather new ideas in the industry (Peer support groups, Chambers of commerce, stokvels and etc.,) Its imperative that every South African small business is BEE verified, makes barriers easier to deal with Maybe your product or service is better served in other African Countries or Eastern regions (China or India). Do the research Randburg Chamber offers a woman’s forum, youth initiative, Certificates of Origin, access to SACCI and import export training access