Business Plan Two ways to see if a business idea will work: Write a business plan and see if the idea makes sense… 2. Open up a business and hope you made the correct decision… “Guess which one has the greatest chance of success?”
Business Plan Your Roadmap to Success A good business plan helps set you on the road to financial success. By mapping out your goals and strategies, you’ll get a clearer picture of what your business really needs. Business Profile: This introduction to your business plan provides important information about your company’s business structure, key principals, professional advisors, and financial history. Business Plan:
Business Success Rates “Writing a business plan increases your chances of success by 25%.”
Assistance? Brett Vandyke, Assistant Joyce G. Kinder, Director (276)964-7345 Email: firstname.lastname@example.org Located on the campus of SWCC, Tazewell Hall Room 349
Business License & Registration Determine legal entity Check name availability with SCC (trademarks also) Register with the SCC your corporation, LLC or/and fictitious name (www.scc.virginia.gov) Check to see if a URL is available (www.internic.net) Get your FEIN with the IRS (www.irs.gov) Register with VA Dept of Tax (www.tax.virginia.gov) Register with VEC (www.vec.virginia.gov) Check with Dept of Professional & Occupational Regulation to see if you need any special permits. (www.dpor.virginia.gov) Obtain Business License from local Commissioner of Revenue Local fictitious name registration with courthouse
Legal Entity One of the most important decisions you need to make before starting your business is determining what legal form your business will take. Effects personal liability Effects taxes – personal & business Effect the way the IRS treats you Marketing reasons
Ownership Structures – Determine What is Right for Your Business Deciding on a business structure that is right for you is an important decision for your business. The form of ownership you select will depend on what your future business plans are. Sole Proprietors:
Simple & easy to start
If no employees no additional payroll reporting or unemployment taxes
Fully responsible for the debts and obligations of their business
16 Ownership Structures – Determine What is Right for Your Business Deciding on a business structure that is right for you is an important decision for your business. The form of ownership you select will depend on what your future business plans are. Partnerships:
An agreement between two or more persons often protected by a partnership agreement
Profits are shared according to their agreement
Owner must pay self employment tax on 100% of earnings from business
Legal Entity Accountants & Attorneys Consider talking to your accountant and attorney before deciding which is best for your company. Other considerations: Operating Agreement Partnership Agreement Buy/Sell Agreement
3 Faces of Customers(External and Internal) 1. *Advocate --- 2. *Apathetic -------------- 3. *Assassin ----- *Satisfaction Chris Denove and James D. Power IV
Become an Advocate One that supports or promotes the interests of another
7 out of 10 complaining customers WILL do business with you again IF you resolve the complaint in their favor._______________________ If you resolve it on the spot, 95% will do business with you again.
ATTITUDE The greatest discovery of my generation is that a human being can alter his life by altering his attitude. William James (1842-1910)
How to deal with Challenging Customers Stay calm yourself Let the customer vent Deal with the emotion first Avoid emotional trigger words Gently confront abusive customers Delay action or consult a second opinion
Avoid Emotional Triggers Triggers Calmers Here’s what we can do Can Thank you for telling us I’ll find out I understand why… That’s not our policy Can’t I’m sorry you feel that way I don’t know You should have…
TEAMWORK Not finance. Not strategy. Not technology. It is TEAMWORK that remains the ultimate competitive advantage, both because it is so powerful and so rare. Patrick Lencioni The Five Dysfunctions of a Team
How we get our news ▪ The first pictures of the crash were posted online via Twitpic on the microblogging site Twitter by a user who had witnessed the accident. ▪ The pictures traveled around the world in only a couple of minutes.
What brand name comes to mind when I say ‘hamburger’?
What brand name comes to mind when I say ‘soft drink’?
What brand name comes to mind when people think of your product or service? Your Name/Company? Or Your Competitor’s?
Time to Re-think Your Marketing Strategy! Old/Outbound Marketing
People with incomes over $150,000 of $200K + were seven times more likely to have 150 plus connections than lower income users.
145 million users 300,000 new users each day 64 million tweets/day 140 character message max The average number of tweets per hour is around 2.7 million. 1382% Growth rate from in 2009 2 billion average tweets per month
4. It takes too much time 1. It’s a waste of time 2. Why do I need this nonsense? ACCOUNTING 5 Top Excuses For Not Joining Social Media 3. My customers aren't using social media 5. Don’t want to give people opportunity to talk negative about me Twitter & Facebook makes networking easy, painless, and powerful. Lines between personal and business networks are blurring. Have you checked to see? You have the ability to stay on top of the people you want to hear from. People are already talking about you. It's better to know what they are saying then to not know.
Quick Start Dedicate 15 minutes each day Start posting and sharing news, interests and information Post your professional self on LinkedIn, connect to Facebook, develop a Twitter following Learn about each tool. See how users Interact in communities Build up your network (aim for 10).
Why Social Media for my Business? Buy attention (with advertising) Beg for attention from the media (with PR) Bug people one at a time to get attention (with direct sales). Or you can EARN attention by creating something interesting and valuable and then publishing it online for free: a YouTube video, photo’s, a Twitter stream, a Facebook page, a presentation on SlideShare.
Radar Types/Track Branding Google Alerts Search.twitter Tweetbeep.com
Other Business Resources Sandy Ratliff, Business Services Manager Virginia Department of Business Assistance 276-676-3768 email@example.com www.vdba.virginia.gov www.vastartup.org
Virginia’sBusiness One Stop Are you starting a business? Virginia’s Business One Stop system can help you determine your business formation requirements and can pre-fill your business registration forms. Winner of the 2009 Governor's Technology Awards
Visit http://www.virginia.gov/bos/index.html to access the Business One Stop System.
One–on-One Counseling Sessions Need Based: Accessing New Markets/Sales Growth Tailored Sales Development Solutions Financing Resources Social Media for Your Business To schedule an appointment, contact: Sandy Ratliff, Business Services Manager 276-676-3768 Email: firstname.lastname@example.org
Small businesses that are retooling and installing new technologies
Company must retrain minimum 10 full-time employees.
OTHER AVAILABLE RESOURCES Turn to SCORE Counselors for Small Business Advice Visit the SCORE Small Business Web Site: www.score.org How-to Advice & Info Ask SCORE for business advice online Find SCORE to locate any chapter in the country 2,000 pages of content for small business owners How-to articles offer practical business tips
Business Incubator Commercial Kitchen Light Manufacturing Space Shared Amenities
OTHER AVAILABLE RESOURCES Virginia Economic Bridge, Inc.
Non-profit organization to promote the economic vitality of SWVA and the Commonwealth.
Virginia’s Business Pipeline – Online searchable database of more than 24,000 Virginia based companies, business to business marketing & RFP resource
Virginia’s Linked Workforce Showcase – Designed to create business partnerships yielding contracts between SWVA and Northern Virginia by connecting companies in specific industry sectors.
Marketing Resources SCORE = www.score.org Virginia Tourism Corporation = www.vatc.org Virginia Economic Bridge, Inc. = www.virginiabusiness.org Virginia Department of Agriculture – Virginia’s Finest Trademark = www.vdacs.virginia.gov
“ If you don’t believe in your dreams who will?”
Cindy Green Business Trainer 276-274-2181 email@example.com Whatcanpeopledo.org Website http://twitter.com/CindyDGreen http://linkedin.com/in/cindygreen2010 http:www.facebook.com/CindyGreen2010