Starting a company extended version
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Starting a business requires diligent planning and execution. Develop a step-by-step plan and stick to it. Conduct thorough market research to understand customer needs and competitors. Create a professional business plan that includes an executive summary, product/service analysis, market strategy, management/staff details, and financial projections. Obtain necessary funding to launch your business idea and begin promotion. Anticipate challenges around cash flow, customer service, and staff management to ensure long-term success.
Starting a company extended version
- 3. Starting a business Have an idea, write it down, share with others.
- 4. Starting a business Make a step by step plan and stick to it no matter what
- 6. Starting a business Make a professional business plan Include: An Executive Summary Service Provided / Product Analysis Market Strategy (Competitor Analysis, Pricing, Location, Barriers to entry etc) Management & Staff Financial Data (Pro-forma Income statement, Balance Sheet, & Cash flow statement)
- 7. Starting a business Executive Summary: The executive summary is often the most important part of your business plan. Positioned at the front of the document, it is the first part to be read. However, as a summary it makes sense to write it last. It may be the only part that will be read. Faced with a large pile of funding requests, venture capitalists and banks have been known to separate business plans into 'worth considering' and 'discard' piles based on this section alone. What is it? The executive summary is a synopsis of the key points of your entire plan. It should include highlights from each section of the rest of the document - from the key features of the business opportunity through to the elements of the financial forecasts. Its purpose is to explain the basics of your business in a way that both informs and interests the reader. If, after reading the executive summary, an investor or manager understands what the business is about and is keen to know more, it has done its job.
- 8. Starting a business Product / Service Analysis: Here you should explain in detail the reason for your businesses existence. What is the economic value that your business will provide? Why would potential customers be interested in your business and how will these product and / or services be created and provided.
- 9. Starting a business Market Analysis: What differentiates your business from others that already exist in the marketplace? Here you need to provide synopsis of all the market research you have done and give a very detailed competitor analysis. Remember potential investors exist all over the world and come from various different backgrounds – there is a good chance they know nothing about your industry and your business plan needs to give them a more- than—general idea. Pricing strategy is also added into this section of the plan a well as details of the demographic you are targeting using this pricing strategy.
- 10. Starting a business Management & Staff: In reality, a business is no more than the sum of the people involved. It does not matter how good your product or service is unless you have enough skill and talent in your workforce to be able to execute all business operations in an efficient manner.
- 11. Starting a business Financial Data, or Pro-Forma Financial Data: Here you need a balance sheet, income statement, and a cash flow statement. Each of these documents will provide a different angle to see the financial health of your company. Although these pages will be at the end of your Business Plan, usually a venture capitalist will read this immediately after reading the executive summary. If the Executive summary looks attractive, the investor will want to see if the numbers look like something they would like to entertain. Only after seeing the numbers would they bother to get into the nit and gritties of your plan.
- 12. Starting a business Get funding
- 15. Starting a business Government restrictions Margins Things to think about... Taxes Proper delegation procedures Company website Marketing Training programs Recruitment Sales Dividends & retainment Salaries Bonuses Special Events Cash flow issues Social Security Back up plans Financials Motivating staff Polices Office supplies Customer Service Advertising 3rd party agents Information Technology Cost analysis Managing multiple personality types Commissions Scheduling Sick leaves Meetings Graphic design Promotions Appraisals Non-reoccuring expenses SocialMedia Daily operations Accounting Location Audits Human resources logistics
- 17. Starting a business Discussion Questions: 1 – What are some common traits of an entrepreneur? Do you possess any of these? Why do you think so? 2 – If you were to start your own company what would it be? What industry? Why? What market analysis have you already done? Why do you think you would be successful? 3 – Failure is the mother of success. Give an example of why this sentence is true. 4 – If you do want to start your own business, what are some of the things that are preventing you to do so at the moment? How will you overcome these obstacles? 5 – What is the difference between wanting to do something, trying to do it, and actually doing it? Give examples. 6 – When have you every really wanted to do something but not do it because you were too “scared” for some reason?