How to Start a Small Business


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Brief Power Point presentation for starting a Small Business.

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How to Start a Small Business

  1. 1. 10 Steps to Starting a Successful Small Business Presented by Melinda Schoenfeld
  2. 2. 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
  3. 3. Create a Life Plan Some 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
  4. 4. 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
  5. 5. Create a Business Plan 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: • 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 Melinda Schoenfeld - L00168990
  6. 6. Select a Business Structure 21% 28% • • • • Sole Proprietorships Partnerships Corporations Limited Liability Companies 14% 37% Sole Proprietors Parterships Corporations LLCs Melinda Schoenfeld - L00168990
  7. 7. Create Key Business Assets Your company assets are only as good as your ability to protect them.1 • Website Address • Trademarks • Copyrights • Patents • Confidentiality Agreements Monetary Company Assets Physical Melinda Schoenfeld - L00168990 Intellectual
  8. 8. Find the Funding Ways to fund your business • • • • • Bootstrapping Debt Financing Angel Investors Friends and Family Venture Capitalists Melinda Schoenfeld - L00168990
  9. 9. Organize Logistics 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 • • • • • Accounting Legal Services Insurance Banking Information Technology Melinda Schoenfeld - L00168990
  10. 10. Find Great People The single most important factor in the success of a company is its people.1 • Understanding the Power of People • Find the stars to bring onto your team • Keep your stars • Importance of a mentor Melinda Schoenfeld - L00168990
  11. 11. Establish a Brand One of the most important assets you can develop for your business is a powerful brand.1 • • • • • 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 brand 2 Melinda Schoenfeld - L00168990
  12. 12. Market and Sell Get 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 Melinda Schoenfeld - L00168990
  13. 13. Resources 1The Sloan Brothers, 10 Steps to Open for Business., 2008. 2Small 2008 Business Administration,,