Your SlideShare is downloading. ×
Critical First Steps in Opening a Business
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Saving this for later?

Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime - even offline.

Text the download link to your phone

Standard text messaging rates apply

Critical First Steps in Opening a Business

639
views

Published on

Presentation for startup entrepreneur discussing critical first steps when planning to open a business

Presentation for startup entrepreneur discussing critical first steps when planning to open a business

Published in: Business

0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
639
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
22
Comments
0
Likes
1
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide
  • www.OperationEntrepreneur.comwill@WillCorrente.com
  • Transcript

    • 1. Will CorrentePresents
      Learn the Critical First Steps to Opening a Successful Business
    • 2. Who is Will Corrente?
      Well known connection optimizer
      Founding Director of Corrente Consulting International Inc. (CCI). 
      20 years experience creating process based solutions for small businesses and entrepreneurs
      Helps SBE’s be connection ready and poised to reach the next level.
      Featured columnist for New York Entrepreneur Week and the Bergen News
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 3. My Experiences
      Serial entrepreneur: I have started, owned, managed and operated the following:
      Lawn care and landscaping company
      Telecommunications consulting
      Cleaning service
      Pet care business
      Business consulting and personal development company
      Online marketing and consulting
      Achieved sales of over $1million in 2 different businesses and industries
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 4. Critical First Steps
      It takes a great idea + an ability to execute
      You must be passionate and love your business
      You must write a sound business plan
      Your product / service must be saleable to a large audience
      You must know a thing or 2 about finances
      You must be brutally honest with yourself about your strengths and areas for improvement
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 5. Everyone has ideas, not everyone can execute them!
      You must honestly assess your strengths, weaknesses and abilities to run the business
      How experienced are you in the following:
      Human resource process & procedure
      Managing others
      Accounting and bookkeeping
      Sales and customer service
      Computers and technology
      Decision making
      Working long hours
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 6. Think About This
      “ A Vision Without Resources is a Hallucination”
      Unknown
      “An Idea Without a Plan of Execution is a Dream”
      Will Corrente
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 7. Do What You Love
      Can you make money doing what you love?
      Are enough people interested in it to make a sustainable business?
      Do you love it so much that you think about it nights, weekends, holidays, and on vacation?
      Would you rather be doing this than anything else?
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 8. Passion is Important Execution is a Necessity
      When thinking about your passion, do you have the skills to execute?
      Have you taken a critical inventory of your strengths and weaknesses to properly plan your execution strategy?
      What is your plan?
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 9. Do You Have a Business Plan?
      A business plan is the single most critical element of ensuring your business success
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 10. A Business Plan Answers
      What is the business purpose and who will it serve?
      How will the business be marketed & who are its customers?
      Who are current and future competitors?
      How will the business be operated?
      What is the projected income of the business?
      What the anticipated expenses?
      What are the start up costs?
      How will the business be financed?
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 11. What is the business and who will it serve?
      In other words,
      Is it Viable?
      Does it fill a previously untapped niche or need?
      Can it be produced, manufactured or delivered in a cost effective and profitable manner?
      Will consumers pay enough or purchase enough volume to make it a sustainable business?
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 12. How will you market? Who is your customer?
      Do you know who will buy your product/service?
      Is your product/service a need or a want?
      Why will they choose your product/ service over a competitor?
      What is your ideal customer profile:
      Demographics: Male/female, education, income
      Where do they live?
      How do they spend their time, money, etc ?
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 13. What is your key differentiator?
      New products/services need to be compelling to the consumer
      What makes your product/service unique?
      Why would a customer choose your product/service over another?
      What are you going to do stand out in a crowded marketplace?
      What makes you the most qualified person to operate the venture?
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 14. Who are your competitors,present & future?
      To determine viability, you must know your competition
      Does your product / service have competitors?
      Do they make money?
      What are they doing well?
      What are they doing poorly?
      What will you do to beat them and gain market share?
      Who are future competitors? How will you adapt to future competition?
      Copyright 2009 Corrente Consulting International Inc. www.WillCorrente.com
    • 15. How will the Business be Operated?
      Do you have an operations plan for the business?
      how will the actions necessary to run the business be carried out?
      How much staff will you need?
      What will their duties be?
      Who is in charge of what?
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 16. What is the projected income?
      How much revenue will the business generate?
      what is your products/services mix to produce revenue?
      how much revenue will you generate per month, per quarter, per year?
      How will you increase revenues or sustain growth?
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 17. What are the projected expense?
      How much expense will the business generate?
      what are your anticipated expenses?
      Are they fixed or variable?
      are your expenses front loaded, back loaded or evenly distributed?
      do your expenses exceed revenue? What and when is your breakeven point?
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 18. What are the Anticipated Start Up Costs?
      How much do you need to open the business
      Do you have a clear understanding of the following costs:
      construction
      licenses and permits
      deposits
      leasing/purchasing costs
      initial inventory
      insurance
      starting salaries
      holding costs
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 19. Start Up Capital Requirements
      How much money will you need to start the business, as well as operate it, paying your salary and all expenses for at least 6 months, assuming zero revenue?
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 20. How will the business be financed?
      Do you have the capital to execute your vision?
      If you can’t invest in the business, it will be difficult to convince others?
      Do you have good credit?
      Can you comfortably borrow money to start the business?
      Will you need investors to execute your vision?
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 21. It is better to wait until you are properly funded than to move forward underfunded!
    • 22. Do you have the skills to execute your vision?
      If you cannot fund your business yourself, what makes you a good investment?
      Take an honest self inventory of your skills, knowledge, experience and abilities
      Write a bio and a resume
      Begin educating yourself on your market and business in general: books, seminars, coach, and or consultant
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 23. Do you have the skills to execute your vision?
      If you cannot fund your business yourself, what makes you a good investment?
      Take an honest self inventory of your skills, knowledge, experience and abilities
      Write a bio and a resume
      Begin educating yourself on your market and business in general: books, seminars, coach, and or consultant
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 24. Steps to business success
      Honest self assessment
      sharpen skills, take courses, work with a coach, find a mentor
      Vet your idea
      research it, make sure it has legs and is viable as a revenue producing entity
      Write a business plan
      Begin financing
      clean up your credit
      settle debts
      Line up capital
      seek investors
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 25. Steps to business success
      Create a target start date for your business launch
      Create a project management timeline of items and deliverables
      Build your team of mentors, coaches and consultants
      Secure financing
      Begin premarketing /networking/list building/sales
      Begin creating the processes and systems your business will follow
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 26. Some words of wisdom
      Avoid signing a personal guarantee at all costs
      Flesh out partner agreements, duties, responsibilities, and compensation in the business plan phase
      Know your exit strategy
      Have a success evaluation plan in place
      Have a failure evaluation plan in place
      Go for it!
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 27. www.Will Corrente.com“Connect: Today’s Vision to Tomorrow’s Success”
      • visit my blog http://www.willcorrente.com/blog
      • 28. keep in touch with me by signing up for my newsletter
      http://www.WillCorrente.com
      • Contact me for one on one consulting
      Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com
    • 29. Will Corrente
      Corrente Consulting International, Inc
      www.WillCorrente.com
      © copyright 2009 All Rights Reserved