Will CorrentePresents<br />Learn the Critical First Steps to Opening a Successful Business<br />
Who is Will Corrente?<br />Well known connection optimizer <br />Founding Director of Corrente Consulting International In...
My Experiences<br />	Serial entrepreneur: I have started, owned, managed and operated the following:<br />Lawn care and la...
Critical First Steps<br />It takes a great idea + an ability to execute<br />You must be passionate and love your business...
Everyone has ideas, not everyone can execute them!<br />You must honestly assess your strengths, weaknesses and abilities ...
Think About This<br />“ A Vision Without Resources is a Hallucination”<br />Unknown<br />“An Idea Without a Plan of Execut...
Do What You Love<br />	Can you make money doing what you love?<br />	Are enough people interested in it to make a sustaina...
Passion is Important Execution is a Necessity<br />	When thinking about your passion, do you have the skills to execute?<b...
Do You Have a Business Plan?<br />A business plan is the single most critical element of ensuring your business success<br...
A Business Plan Answers<br />What is the business purpose and who will it serve?<br />How will the business be marketed & ...
What is the business and who will it serve?<br />In other words, <br />Is it Viable?<br />Does it fill a previously untapp...
How will you market? Who is your customer?<br />Do you know who will buy your product/service?<br /> Is your product/servi...
What is your key differentiator?<br />New products/services need to be compelling to the consumer<br />What makes your pro...
Who are your competitors,present & future?<br />To determine viability, you must know your competition<br />Does your prod...
How will the Business be Operated?<br />Do you have an operations plan for the business?<br />how will the actions necessa...
What is the projected income?<br />How much revenue will the business generate?<br />what is your products/services mix to...
What are the projected expense?<br />How much expense will the business generate?<br />what are your anticipated expenses?...
What are the Anticipated Start Up Costs?<br />How much do you need to open the business<br />Do you have a clear understan...
Start Up Capital Requirements<br />How much money will you need to start the business, as well as operate it, paying your ...
How will the business be financed?<br />Do you have the capital to execute your vision?<br />If you can’t invest in the bu...
It is better to wait until you are properly funded than to move forward underfunded!<br />
Do you have the skills to execute your vision?<br />If you cannot fund your business yourself, what makes you a good inves...
Do you have the skills to execute your vision?<br />If you cannot fund your business yourself, what makes you a good inves...
Steps to business success<br />Honest self assessment<br />sharpen skills, take courses, work with a coach, find a mentor<...
Steps to business success<br />Create a target start date for your business launch<br />Create a project management timeli...
Some words of wisdom<br />Avoid signing a personal guarantee at all costs<br />Flesh out partner agreements, duties, respo...
www.Will Corrente.com“Connect: Today’s Vision to Tomorrow’s Success”<br /><ul><li>visit my blog http://www.willcorrente.co...
keep in touch with me by signing up for my newsletter </li></ul>http://www.WillCorrente.com<br /><ul><li>Contact me for on...
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Critical First Steps in Opening a Business

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

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  • www.OperationEntrepreneur.comwill@WillCorrente.com
  • Critical First Steps in Opening a Business

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