Startup Boot Camp     Kick Starting Success forCalifornia’s Retail, Restaurant and      Service Entrepreneurs!          Da...
"The best way to predict           the future is to create it."                      — Peter DruckerWELCOME/INTRODUCTIONS
Goals   Designed specifically for entrepreneurs in the early stages of    developing service, retail or restaurant busine...
Expectations   Attend entire program   Complete all of the work   Add your expertise to the discussions   Become an SB...
Caveat   Like drinking out of a fire hose   Exposure to many concepts   Will touch on a wide variety of issues affectin...
One-Minute Introductions   Identify yourself   Describe your business idea   Tell us about prior experience that is rel...
XXXXXXXXX SBDC
Basics          Business counseling, training          Training free or low cost/counseling           free          Any...
What Is An SBDC?   Assists “business ready” entrepreneurs and existing small business owners    who are ready to start, r...
What Is An SBDC (cont’d)   Experienced, independent Business Advisors   Generalists and specialists (examples)    –   Bu...
KIMCO KEYS PROGRAM
KEYS Program12
North America’s Largest Owner & Operator of                   Neighborhood & Community Shopping Centers.                  ...
Westlake Shopping Center - Daly City, CA                                           Kimco Entrepreneurs                    ...
Redhawk Towne Center – Temecula, CAKimco Entrepreneurs           Year Start    What does KEYS offer? • Qualified KEYS appl...
Larwin Square Shopping Center – Tustin, CA                                             Kimco Entrepreneurs                ...
KEYS Locations
The District at Tustin Legacy – Tustin, CAKimco Entrepreneurs           Year Start   Who can apply to KEYS? • KEYS is open...
The District at Tustin Legacy – Tustin, CA                                             Kimco Entrepreneurs                ...
Westlake Shopping Center - Daly City, CA                                                           How do I get started?Ki...
THE BASICS
The Textbook “Entrepreneur”   Recognition of available opportunities   The long-term will, motivation, and    endurance ...
The Real World Entrepreneur Many Responsibilities                 Many Benefits• Bookkeeping                 •   Do what y...
The Owner’s Mindset   Understand the tasks that need to be performed   To the extent possible, focus on the “drivers” of...
Your Commitment — You . . .   May need to make financial sacrifices   Will have less free time   Must understand the op...
Is This The Right Path For You?   Are You:    –   Comfortable taking risks?    –   Independent?    –   Persuasive?    –  ...
A Couple Interesting Quotes          Steve Jobs                           Michael Jordan “I’m proud of what I’ve done.    ...
20 Starting Questions   Why am I starting a business?   What kind of business do I want?   Who is my ideal customer?  ...
20 Starting Questions (cont’d)   How much money do I need to get started?   Will I need to get a loan?   How soon will ...
LET’S GET STARTED
At A Minimum . . .   Get legal advice when . . . .    –   Determining the business structure    –   Adding your first emp...
Business Structures   Sole Proprietorship:    – Owned and operated by one person    – Easy to start (report income and lo...
Business Structures (cont’d)   Corporation:    –   Structured and formal    –   Complex filing with state    –   Bylaws g...
Business Structure (cont’d)   Factors to consider:     – Number one consideration is YOUR PERSONAL LIABILITY     – Outsid...
Additional Considerations   Business Licenses Required: city, county, state   Federal Employer Identification Number (EI...
Fictitious Business Name   DBA (“doing business as”)    –   Not necessary if doing business under own name    –   Allows ...
Taxes   Self-employment tax    – Social Security and Medicare   Income taxes   State and local taxes   Property tax  ...
Sale of Tangible Goods   Apply for seller’s permit through the Board of Equalization     – California state sales tax of ...
Business Insurance   Property – buy based on replacement value     – Named peril     – All-risks policy   Liability – da...
Checklist   Be Legal    – Seek the advice of an attorney when necessary   Know your Tax Responsibilities    – Determine ...
Reference   Three great resources     – www.sba.gov     – www.business.ca.gov     – (Insert local SBDC website here!)    ...
Reference (cont’d)   Business structure: http://www.taxes.ca.gov/Income_Tax/incbus.shtml   Trademarks and service marks:...
Reference (cont’d)   Business permits, licenses and registration requirements in California:    http://www.calgold.ca.gov...
“If you dont know where you are going,                 any road will take you there.”                               — Lewi...
Purpose: Business Plan   Secure capital   Roadmap to success   Negotiate deals with landlords and channel partners   W...
Simplicity is Key    “People don’t read anymore;      Make it easy for them!”                 46
47
Success Factors   10 or fewer written pages   Plus financials and supporting documents   Formula works for all companie...
WHAT IS YOUR MISSION?
Define your Mission   Summary of your business and your plan?    – Short and Sweet.    – 100 words, hopefully less.    – ...
Answer these Questions   What will your company do?   Who is your core customer?   How will your reach them?   Why are...
Example   Take out a blank piece of paper   Assume this Day Spa is your business:     Take 3 minutes and write a Mission...
Sample Mission StatementOur mission is to run a profitable business by providing high-end therapeuticmassage and aesthetic...
Write Down Your Mission   Take out a sheet of paper and write “Mission” on it.    – Write down your first draft of your b...
Startup Boot Camp — LUNCH     Ask not what you can do for your     country. Ask whats for lunch.                      – Or...
“I dont know the key to success,             but the key to failure is trying to                    please everybody.”    ...
Customer Definition   Specifies your market AND your role in it   Identifies your customers and why they will buy from y...
Types Of Customer Information   Demographic Information - The study of human    populations:    –   Size    –   Density a...
Market Segmentation   The process of dividing the total market into a subgroup    which consist of customers who share a ...
Market Segmentation   Simple segmentation scheme                           61
Identify Your Heavy User Group   Specialty chocolate and women between 25 and 44   Domestic beer and blue collar males ...
Example   Take out a blank sheet of paper.   Assume this is your bicycle shop:    Take 3 minutes and write down everythi...
Example  Is this your customer?         How about this?Or is this your customer?            Or this?                      ...
ExampleIf this is your customer, what do we know/can we find outabout him/her?                            • Age?          ...
Identify Your Customer   Take out a sheet of paper and write “Customer” on it.   Take 3 minutes and write down everythin...
WHAT IS YOUR PRODUCT/SERVICE?
What is this?                A Camera!         What is its purpose!         Capturing Memories!                    69
Product   What is it?   What does it do? What problem does it solve?    – If you can explain in 3 steps = you are golden...
Example   Take out a blank sheet of paper and over the next 2    minutes list sample features of a camera.   fea⋅ture: n...
Example   ben⋅e⋅fit: noun. something that is advantageous or good;    an advantage    –   Better sports pictures    –   Q...
More On Benefits   The most compelling product benefits are those that    provide:    – Emotional rewards, or    – Financ...
Services   Can a service have benefits?   Of course! Name 5 potential features/benefits for a    dentist.    –   Years i...
Define your Product/Service   Take out a sheet of paper and write “Product/Service” on    it.   Take 3 minutes and write...
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  1. 1. Startup Boot Camp Kick Starting Success forCalifornia’s Retail, Restaurant and Service Entrepreneurs! Day 1 — Session 1
  2. 2. "The best way to predict the future is to create it." — Peter DruckerWELCOME/INTRODUCTIONS
  3. 3. Goals Designed specifically for entrepreneurs in the early stages of developing service, retail or restaurant businesses Test your business idea – Is It feasible given your goals, values, income requirements, and finances? Understand and execute basic business planning concepts – Determine what information is important and how to get it – Determine what questions need to be asked Develop an action plan Link to free and low-cost resources that can help 3
  4. 4. Expectations Attend entire program Complete all of the work Add your expertise to the discussions Become an SBDC client for one-on-one counseling upon completion of program to refine and complete your business plan 4
  5. 5. Caveat Like drinking out of a fire hose Exposure to many concepts Will touch on a wide variety of issues affecting startups, but concentrate on producing deliverables for the elements necessary to create a well-thought out business plan At the end of the program, you should become an SBDC client to refine your business plan and build-out your support network/systems. 5
  6. 6. One-Minute Introductions Identify yourself Describe your business idea Tell us about prior experience that is relevant to your business idea State one or two specific questions that you hope to answer as a result of the Boot Camp 6
  7. 7. XXXXXXXXX SBDC
  8. 8. Basics  Business counseling, training  Training free or low cost/counseling free  Any stage of business growth  Founded during Carter administration  Oversight by federal Small Business Administration (SBA)  Over 1,100 nationwide 8
  9. 9. What Is An SBDC? Assists “business ready” entrepreneurs and existing small business owners who are ready to start, retain or expand their business Focuses on businesses with potential to produce economic impact for the local community: Provides no-cost, one-on-one business counseling Offers no- or low-cost training, workshops and business forums Measures and validates (through client surveys) success against 6 criteria – Business starts – Jobs created – Jobs retained – Sales increased – Capital investment received – Loans obtained 9
  10. 10. What Is An SBDC (cont’d) Experienced, independent Business Advisors Generalists and specialists (examples) – Business planning – Market research, marketing, advertising – Loan assistance/financial management – Human Resources – Procurement/minority certification – Technology Part of local economic development community providing referrals to qualified small-business resources 10
  11. 11. KIMCO KEYS PROGRAM
  12. 12. KEYS Program12
  13. 13. North America’s Largest Owner & Operator of Neighborhood & Community Shopping Centers. Who is Kimco?History Started in 1958 | IPO that initiated modern REIT era; NYSE-listed for ~20 years | S&P 500 Index (2006)Dividend $0.76 annually, ~3.9% yield (3/31/12)Shopping Center Properties 946 properties; 138.1M / 89.5M sq. ft. (gross/pro-rata)Geographic Footprint 44 states, Puerto Rico, Canada, Mexico and South AmericaOccupancy (pro-rata) 5-year average: 93.9% | High: 96.3% (12/31/07) / Low: 92.3% (6/30/09)Enterprise Value $13.2B (3/31/12)Credit Rating Investment Grade  BBB+ | BBB+ | Baa1 (S&P | Fitch | Moody’s)
  14. 14. Westlake Shopping Center - Daly City, CA Kimco Entrepreneurs Year Start What is KEYS? • Kimco Entrepreneurs Year Start (KEYS) is a business incubator program for qualified startup entrepreneurs. • Approved applicants receive: • Resources and services • One year of free rent (must pay NNN expenses only) • This incentive accelerates the growth of their new businesses in shopping centers owned by Kimco and its joint venture partners.
  15. 15. Redhawk Towne Center – Temecula, CAKimco Entrepreneurs Year Start What does KEYS offer? • Qualified KEYS applicants will benefit from: • Substantially lower monthly overhead expenses • Lease term flexibility • Assistance of a Kimco counselor • Counselor will advise and guide potential tenant through the lease, store selection and planning process, if desired. • After Tenant’s initial first year lease term, the tenant has choice to exercise a four-year lease option for the existing store. • Also, the lease provides for an easy exit with no long term obligation to Kimco if the startup entrepreneur finds the business unworkable.
  16. 16. Larwin Square Shopping Center – Tustin, CA Kimco Entrepreneurs Year Start How many spaces are available? • Currently, there are approximately: • 100 available stores • All under 2,500 square feet in size • Located in Kimco’s demographically diversified California portfolio • Of the 100 available units, there is a mixture of both retail, service, and former restaurant build-outs.
  17. 17. KEYS Locations
  18. 18. The District at Tustin Legacy – Tustin, CAKimco Entrepreneurs Year Start Who can apply to KEYS? • KEYS is open to: • New startup retail ventures • Service operations • Restaurants • The entrepreneur should have the training, skill, enthusiasm, and adequate funding to launch a new business. • Franchisees or product license agreement participants may not apply to the program.
  19. 19. The District at Tustin Legacy – Tustin, CA Kimco Entrepreneurs Year Start What’s the catch? • There is NO catch! • Kimco benefits by bringing new and exciting tenants to its vacancies, while new entrepreneurs benefit from lower startup costs, favorable lease terms, and the help of a counselor, if desired. • Studies found that 87% of ‘incubator graduates’ stayed in business, in contrast to 44% of all firms.
  20. 20. Westlake Shopping Center - Daly City, CA How do I get started?Kimco Entrepreneurs • Applicants can submit their • Applicants may also apply by • A printable application form Year Start business plan online at http://www.KimcoKeys.com calling 1-888-668-1690 can be found online by clicking here
  21. 21. THE BASICS
  22. 22. The Textbook “Entrepreneur” Recognition of available opportunities The long-term will, motivation, and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities Identification of the resources needed Ability to acquire resources required but not currently controlled 22
  23. 23. The Real World Entrepreneur Many Responsibilities Many Benefits• Bookkeeping • Do what you enjoy• Record Retention • Do what you’re good at• Reporting • Freedom• Bill Paying • Be in control• Regulations • Be your own boss• Tax filing • Make more money• Employees • Build an asset for• Administration retirement• Customer service • Be the decision maker• etc., etc., etc. 23
  24. 24. The Owner’s Mindset Understand the tasks that need to be performed To the extent possible, focus on the “drivers” of your growth and profitability When possible, hire professionals to handle other tasks (e.g., bookkeeping, taxes, insurance, etc.) Know your customer Know your competition Plan, act, assess . . . Adjust plan, act, assess . . . repeat Constantly innovate (do something different that can positively impact your business) Watch cash flow constantly 24
  25. 25. Your Commitment — You . . . May need to make financial sacrifices Will have less free time Must understand the opportunities and risks Need to involve your family – it’s their commitment too! 25
  26. 26. Is This The Right Path For You? Are You: – Comfortable taking risks? – Independent? – Persuasive? – Able to negotiate? – Creative? – Supported by others? If interested, numerous self-assessment tools can be found on the Internet – Google “entrepreneurship self assessment” to find some – A sample: http://www.youronestopcenter.com/entrepreneur-test.php 26 26
  27. 27. A Couple Interesting Quotes Steve Jobs Michael Jordan “I’m proud of what I’ve done. “Ive failed over and over and But I’m most proud of what I over again in my life and that is decided not to do.” why I succeed.” 27
  28. 28. 20 Starting Questions Why am I starting a business? What kind of business do I want? Who is my ideal customer? What products or services will my business provide? Am I prepared to spend the time and money needed to get my business started? What differentiates my business idea and the products or services I will provide from others in the market? Where will my business be located? How many employees will I need? What types of suppliers do I need? 28
  29. 29. 20 Starting Questions (cont’d) How much money do I need to get started? Will I need to get a loan? How soon will it take before my products or services are available? How long do I have until I start making a profit? Who is my competition? How will I price my product compared to my competition? How will I set up the legal structure of my business? What taxes do I need to pay? What kind of insurance do I need? How will I manage my business? How will I advertise my business? 29
  30. 30. LET’S GET STARTED
  31. 31. At A Minimum . . . Get legal advice when . . . . – Determining the business structure – Adding your first employee – Reviewing leases and other agreements/contracts – Protecting intellectual property (e.g., trademarks) 31
  32. 32. Business Structures Sole Proprietorship: – Owned and operated by one person – Easy to start (report income and loss on Schedule C) – High personal liability Partnership: – Multiple owners – Partnership agreement defines control – Pass through of profits and loss to personal tax return (Form k-1) 32
  33. 33. Business Structures (cont’d) Corporation: – Structured and formal – Complex filing with state – Bylaws govern operations and annual meetings – Strictly limits liability – Two forms: • C Corp: unlimited shareholders, double taxation • S Corp: less than 100 shareholders, profit and loss pass through Limited Liability Company – Any number of owners – Structure protects personal liability – Pass through of profits and losses 33
  34. 34. Business Structure (cont’d) Factors to consider: – Number one consideration is YOUR PERSONAL LIABILITY – Outsider investors – Cost – Ease of formation – Taxes 34
  35. 35. Additional Considerations Business Licenses Required: city, county, state Federal Employer Identification Number (EIN) – Only required if you have employees, but should be considered for all businesses 35
  36. 36. Fictitious Business Name DBA (“doing business as”) – Not necessary if doing business under own name – Allows use of descriptive name for business – Prevent others from using your name in business – Can use assumed name for bank accounts, credit cards, telephone listings, etc. Process – Confirm name is available – File with county clerk 36
  37. 37. Taxes Self-employment tax – Social Security and Medicare Income taxes State and local taxes Property tax Unemployment taxes 37
  38. 38. Sale of Tangible Goods Apply for seller’s permit through the Board of Equalization – California state sales tax of 8.25% – Additional local sales taxes may apply 38
  39. 39. Business Insurance Property – buy based on replacement value – Named peril – All-risks policy Liability – damage to property or injury to someone – Look at similar businesses – Consult a professional insurance agent Professional Liability/Errors and Omissions Employment Practices Liability Insurance – e.g., wrongful termination, sexual harassment, race, gender Workers’ Compensation Optional Medical/Dental/Vision 39
  40. 40. Checklist Be Legal – Seek the advice of an attorney when necessary Know your Tax Responsibilities – Determine what taxes your are responsible for Determine insurance needs Hire qualified professionals to help 40
  41. 41. Reference Three great resources – www.sba.gov – www.business.ca.gov – (Insert local SBDC website here!) 41
  42. 42. Reference (cont’d) Business structure: http://www.taxes.ca.gov/Income_Tax/incbus.shtml Trademarks and service marks: http://www.sos.ca.gov/business/ts/ Business name search: http://kepler.sos.ca.gov/ Registering a fictitious business name: http://business.ca.gov/StartaBusiness/RegisteringaBusiness/FictitiousBusin essName.aspx Insert url for local licensing and permits here Starting a business overview: http://business.ca.gov/StartaBusiness.aspx Board of equalization: http://business.ca.gov/StartaBusiness/OperatingaBusiness/SellingMerchand ise.aspx 42
  43. 43. Reference (cont’d) Business permits, licenses and registration requirements in California: http://www.calgold.ca.gov/ Business incentives: http://business.ca.gov/Portals/0/RelocateExpand/Docs/%5BCalBIS%5D%2 0Investment%20Guide%206-12.pdf Tools for business: (others as appropriate) http://alamedacowib.toolsforbusiness.info/california/0b/?CFID=20047345&C FTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F- FD33E2DE24B108AC Basic information on employees: http://business.ca.gov/StartaBusiness/AdministeringEmployees.aspx Apply for an EIN: http://www.irs.gov/businesses/small/article/0,,id=102767,00.html 43
  44. 44. “If you dont know where you are going, any road will take you there.” — Lewis CarrollSUCCESSFUL BUSINESS PLANS
  45. 45. Purpose: Business Plan Secure capital Roadmap to success Negotiate deals with landlords and channel partners Written execution plan Solidifies thinking Makes “vision” in your head real The 3 C’s: Clear, Compelling, Concise 45
  46. 46. Simplicity is Key “People don’t read anymore; Make it easy for them!” 46
  47. 47. 47
  48. 48. Success Factors 10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize 48
  49. 49. WHAT IS YOUR MISSION?
  50. 50. Define your Mission Summary of your business and your plan? – Short and Sweet. – 100 words, hopefully less. – Think of it as “your reason for being.” Clearly define your market and your role in it. How are your different from your competition? 50
  51. 51. Answer these Questions What will your company do? Who is your core customer? How will your reach them? Why are you better than the competition? What are your product benefits? What are your key features? 51
  52. 52. Example Take out a blank piece of paper Assume this Day Spa is your business: Take 3 minutes and write a Mission Statement for your business 52
  53. 53. Sample Mission StatementOur mission is to run a profitable business by providing high-end therapeuticmassage and aesthetician services in a caring, upscale, professionalenvironment. We offer massage in a variety of styles – traditional SwedishMassage, Sports Massage, Deep Tissue work, Sports Massage, Hot StoneMassage, Reflexology, and others. Our licensed aestheticians offer the latest inskin treatments, body treatments and anti-aging therapies.Our goal is to tailor the client’s experience based on initial interviewinformation, as well as feedback during the treatments, to ensure the client’scomfort and satisfaction, and to increase repeat business. We are mindful ofthe overall experience – using only the finest oils and lotions, beauty treatmentsand aromatherapies. Special lighting, music, decor, and textiles are usedthroughout the spa to complete the comfortable, plush environment andenhance the client’s overall spa experience. 53
  54. 54. Write Down Your Mission Take out a sheet of paper and write “Mission” on it. – Write down your first draft of your business’ mission statement – Make it great! Remember . . . . – Short and Sweet. – 100 words, hopefully less. – Think of it as “your reason for being.” Does it define your market and your role in it? Does it define how you differ from your competition? Write it and rewrite it over time as you gather new information 54
  55. 55. Startup Boot Camp — LUNCH Ask not what you can do for your country. Ask whats for lunch. – Orson Welles
  56. 56. “I dont know the key to success, but the key to failure is trying to please everybody.” — Bill CosbyWHO IS YOUR CUSTOMER?
  57. 57. Customer Definition Specifies your market AND your role in it Identifies your customers and why they will buy from you Defines your “target” consumer 57
  58. 58. Types Of Customer Information Demographic Information - The study of human populations: – Size – Density and location – Age and gender – Race – Occupation, Income and other statistics Psychographic Information - Dividing a market into different groups based on: – Social class – Lifestyle – A personality characteristic 58
  59. 59. Market Segmentation The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs and/or wants. 59
  60. 60. Market Segmentation Simple segmentation scheme 61
  61. 61. Identify Your Heavy User Group Specialty chocolate and women between 25 and 44 Domestic beer and blue collar males Imported beer and white collar males Any Others Come To Mind? 62
  62. 62. Example Take out a blank sheet of paper. Assume this is your bicycle shop: Take 3 minutes and write down everything you know about your target consumer. 64
  63. 63. Example Is this your customer? How about this?Or is this your customer? Or this? 65
  64. 64. ExampleIf this is your customer, what do we know/can we find outabout him/her? • Age? • Income? • Other Activities? • What do they watch/read? • Where do they get product information? • Who influences their decisions? • What brands do they like? 66
  65. 65. Identify Your Customer Take out a sheet of paper and write “Customer” on it. Take 3 minutes and write down everything you think you know about your customer. 67
  66. 66. WHAT IS YOUR PRODUCT/SERVICE?
  67. 67. What is this? A Camera! What is its purpose! Capturing Memories! 69
  68. 68. Product What is it? What does it do? What problem does it solve? – If you can explain in 3 steps = you are golden! Create a competitive product matrix and show what the others are missing Demonstrate your added value 70
  69. 69. Example Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera. fea⋅ture: noun. a prominent or conspicuous part or characteristic – 8x Optical Zoom with 28mm Wide-Angle Lens – Optical Image Stabilizer – 720p HD Video – Lithium-ion Battery – Warranty/Customer support Remember: Features don’t sell Products; Benefits sell Products! 71
  70. 70. Example ben⋅e⋅fit: noun. something that is advantageous or good; an advantage – Better sports pictures – Quality images – Longer time between charges – Affordability – Easy return policy Marketing and sales: Think . . . . Feature → Advantage → BENEFIT! Remember to ask Yourself: What problem are you solving for your customer? 72
  71. 71. More On Benefits The most compelling product benefits are those that provide: – Emotional rewards, or – Financial rewards. Example: It’s not the brighter smile that the toothpaste offers; it’s what the smile might bring you (e.g. friends, a better job, etc.). 73
  72. 72. Services Can a service have benefits? Of course! Name 5 potential features/benefits for a dentist. – Years in practice: “The dentist knows what he/she is doing” – Name dental school: “They are smart and, therefore, better” – Location: “No hassle, saves time” – Parking: “Convenient, saves time” – In Network, Preferred provider: “Saves money and hassle” 74
  73. 73. Define your Product/Service Take out a sheet of paper and write “Product/Service” on it. Take 3 minutes and write down your product/service and the associated features and benefits. Create a competitive matrix and show what your competitors are missing that you offer “Anything that wont sell, I dont want to invent. Its sale is proof of utility, and utility is success.” — Thomas Edison 76
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