MIND YOUR OWN BUSINESS

                              You can either
                       Mind someone else's business
 ...
OBJECTIVE

                             The objective of this course is:
                                   To equip YOU t...
Introduction

                  A person who starts a business is called
                            an Entrepreneur

An e...
Introduction
                The difference between a corporate and
                     an entrepreneurial company
      ...
Introduction

                                   Company Structures

  The KEY difference between a corporate structure an...
Introduction
                                     Owner/Manager Structures

                     The dynamics of “owner/ma...
Introduction

             Because, in an owner/manager structure
      the ownership and the business are in the same han...
Course Content


Personal Goals
     Establishing a definition of Personal Wealth
     Wealth Programming
     Creating We...
Course Content (Cont)

                 Financial Wealth
                                 Relationship with Money
        ...
Course Content (Cont)
  `               Business Start Up (Cont.)

                                  What Type of Business...
Course Content (Cont)

                                 Some Final Thoughts

                                 What’s Stopp...
Personal Goals

                           Definition of Personal Wealth

True personal wealth is living your life on your...
Personal Wealth

If true personal wealth is living your life on your own terms,


                   What does Personal We...
Personal Wealth
                                 Sorting needs into 3 areas



                                           ...
Personal Wealth
Wealth is normally thought of in terms of being rich.

  Rich is normally associated with money

  So what...
Personal Wealth

  Now imagine how your life would be if you
            were seriously rich

  How would you spend your t...
Personal Wealth

  How did your seriously rich thoughts conflict with your
                      needs exercise?


“Each o...
Personal Wealth

Some people are surprised to find that their answers were the
  same and that these answers are no differ...
Wealth Programming

     If you are not rich yet, it is not the fault of
              Your parents
              Society
...
Wealth Programming
All wealth is created in the human mind
    (Napoleon Hill – Think and Grow Rich)

The difference betwe...
Wealth Programming

                              1st Key to Personal Wealth


Recognise that your riches are not in some
...
Wealth Programming
                            The Conscious and Unconscious Mind

The conscious mind is what you use all ...
Wealth Programming

                        6 Basic Needs – (Anthony Robbins)
Certainty
Uncertainty
Significance
Connectio...
Wealth Programming

When getting into the unconscious mind both Anthony
Robbins and Paul McKenna refer to 3 specific areas...
Wealth Programming

                                    Creating a rich Vision

To Achieve success in business you have to...
Wealth Programming
                                       SUMMARY

Personal Wealth has been defined as
                “Li...
Financial Wealth


So, the achievement of “Personal Wealth” is far more than
                       just money

          ...
Financial Wealth

                                   Earlier it was stated that

Wealth is normally thought of in terms of...
Financial Wealth
                                         Money

Money is a highly emotional subject

But what is money?

...
Financial Wealth
                                      Relationships with Money
  What gives money its emotional power?
  ...
Financial Wealth


    So What is your relationship with money?



                                            Complete
  ...
Financial Wealth

Money gives you the freedom to do with your time what you
want to do with it
                           ...
Financial Wealth


Even if we are giving the right meaning to money and
               we are drawing it closer,

  the cr...
Financial Wealth
To get money to work for you there are 2 key factors that
                 have to be understood.

      ...
Financial Wealth

                                            TAXATION

  Taxes are the largest single expense that you wi...
Financial Wealth

                   Personal Tax verses Company Tax

Personal Tax                                    Comp...
Financial Wealth
                                  ASSETS & LIABILITIES
Contrary to what you may have been told in an acco...
Financial Wealth

                      Examples of Assets and Liabilities

               Assets                         ...
Financial Wealth

                                 If the two principles of

                               Taxation and
 ...
Financial Wealth

    The Measurement of Personal Financial Wealth

Wealth is the measurement is the of the cash flow from...
Financial Wealth

                     Definition of Personal Financial Wealth

                       Personal Financial ...
Business Start Up




                                 Why Start a Business?




Business Solutions 4 You Ltd             ...
Business Start Up

One very good reason for starting a business is to establish a
Company so that you can legally reduce t...
Business Start Up
                                    Company Structures

                    Corporate                   ...
Business Start Up
                              3 Sound Practical Reasons

Secure your own Future

Reduce Tax

Avoidance o...
Business Start Up

                                    Emotional Reasons

To do what you really want to do
To make your ow...
Business Start Up

                     Practical and Emotional Reasons

                               You CAN choose whe...
Business Start Up
                                  Ways of starting a Business
                                        Th...
Business Start Up
                                 What type of Business


     This is what you are planning to do with
 ...
Business Start Up

                                    What type of Business
                                             ...
Business Start Up
                         Evaluating Alternative Businesses

Which are you passionate about now?

Which c...
Business Start Up

                                    Not all value is created equal.

There are 3 essential factors that...
Business Start Up

The more unique your product or service
the less competition you will have,

The greater the scope
the ...
Business Start Up

How can I add value to the lives of others an most easily make
money

What will people pay for that I c...
Business Start Up

                                   Naming your Business

Having decided on the type of business you wan...
Business Start Up
                 Point to Consider when Naming your Business

Should your name be part of your company’s...
Business Start Up
                            YOU CAN NOT DO IT ALONE

                    You will need backing in 3 crit...
Business Start Up
     You must build your own unique Dream Team

Personal – Mentor / Coach

Family – Family Support criti...
Family Business Dynamics
             Cousin
           Consortium
                          Sibling
                     ...
Business Start Up
                                      Business Support

Mentor
Bookkeeper
Accountant
Legal Team
Broker

...
Business Start Up

I Would rather have 1% of a hundred others efforts than 100% of
           my own (John Paul Getty – Oi...
Business Start Up
                                        Planning

All creative artists begin by making models of their w...
Business Start Up
                                             Planning

I would go so far as to say that developing a pla...
Business Start Up
                                        Planning

It is a blueprint for a successful company designed to...
Business Start Up
                                        Strategic Plan

Objective – one sentence statement – where, why,...
Business Start Up

                                   Creating Your Business Plan

Purpose Values and Vision
Current Reali...
Business Start Up
                                     The Numbers Game

Your plan has to be quantified
 3 years forecaste...
Business Start Up

                                   Sources of Finance
Family and Friends
Re – Mortgage Home
Overdraft
C...
Business Start Up
                                      Application for finance
Introduction
  Cover Page
  One and a half...
Business Start Up
                                    Application for finance (Cont.)

Objectives – Personal & Company
Des...
Plan For Failure

You will have both success and failure it is a question of how
                     you handle failure

...
Business Start Up

                                 Marketing and Sales

“The most important specialised skills are sales ...
Business Start Up
                                      Marketing

                                      Marketing is

   ...
Business Start Up
                                    The Marketing Mix

Product/Service
Packaging
Price
Place/Distributio...
Business Start Up
                                       Sales

Selling is one of the methods of promoting your product

S...
Business Start Up

                                         Sales
Features

Descriptions

Benefits


  Business Solutions ...
Business Start Up
                                      Promotional Activities

Develop a contact list - Social, Business,...
Minding Your Own Business

                                   Reporting Systems

Monthly accounts must make sense to YOU a...
Conclusion
              We have now looked at both
                YOU & YOUR BUSINESS
and considered both the art of ful...
Conclusion

                         You are therefore now equipped to

Create Personal Wealth by starting and successfull...
Some Final Thoughts

Do not start a business to make money.
Start a business to use your talent/gifts to add value to the ...
Final Word


                                            Stuff it

                                         Lets do it

  ...
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Entrepreneurship

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Training Course for persons considering starting their own business

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    thanks

    jmiwealthinfo@gmail.com
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Entrepreneurship

  1. 1. MIND YOUR OWN BUSINESS You can either Mind someone else's business or you can Mind your own The choice is yours Business Solutions 4 You Ltd 1 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  2. 2. OBJECTIVE The objective of this course is: To equip YOU to Start and Successfully manage Your own Business Business Solutions 4 You Ltd 2 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  3. 3. Introduction A person who starts a business is called an Entrepreneur An entrepreneur is one who undertakes a business or enterprise (Concise Oxford Dictionary) The word entrepreneur simply means “someone who gets paid for adding value” (Peter Jones – British Entrepreneur) Business Solutions 4 You Ltd 3 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  4. 4. Introduction The difference between a corporate and an entrepreneurial company Corporate Entrepreneur Ownership Ownership Business Business Business Solutions 4 You Ltd 4 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  5. 5. Introduction Company Structures The KEY difference between a corporate structure and an entrepreneurial structure is that, in an entrepreneurial structure “OWNERSHIP” and “THE BUSINESS” are in the same hands. Consequently, the strategic plan for the Company will ultimately, consciously or unconsciously, Reflect the personal goals of the owner. Business Solutions 4 You Ltd 5 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  6. 6. Introduction Owner/Manager Structures The dynamics of “owner/manager” businesses “owner/manager” are ignored by most business schools. Core topics such as management, strategy, finance, marketing, production and accounting are taught without differentiating between the corporate and entrepreneurial business. The economic models, underlying most management science, depend upon interchangeability of decision makers so that it does not make any difference “who” anybody is. This is clearly not the case in “owner/manager” businesses. Business Solutions 4 You Ltd 6 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  7. 7. Introduction Because, in an owner/manager structure the ownership and the business are in the same hands, the strategic plan for the Company will ultimately, consciously or unconsciously, reflect the personal goals of the owner, Consequently, the content of this course will cover 2 overlapping themes YOU & YOURPERSONAL GOALS & YOU & YOUR BUSINESS Business Solutions 4 You Ltd 7 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  8. 8. Course Content Personal Goals Establishing a definition of Personal Wealth Wealth Programming Creating Wealth is an inside Job Conscious & Unconscious Mind 6 Basic Needs Anchors/Focus &Flow/Wealth Thermostat Creating a Rich Vision Business Solutions 4 You Ltd 8 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  9. 9. Course Content (Cont) Financial Wealth Relationship with Money Taxation Company Tax Personal Tax Assets & Liabilities Personal Financial Statements Measurement of Personal Wealth Definition of Personal Financial Wealth Business Start Up Practical Reasons Emotional Reasons How to start a Business Business Solutions 4 You Ltd 9 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  10. 10. Course Content (Cont) ` Business Start Up (Cont.) What Type of Business Not all Value is Equal What’s in a Name You Can not do it alone Dream Team/Business support Family Business Dynamics Business Plan Sources of Finance Application for Finance Marketing and Sales Plan for Failure Minding you Business Business Solutions 4 You Ltd 10 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  11. 11. Course Content (Cont) Some Final Thoughts What’s Stopping You Conclusion Final Word Business Solutions 4 You Ltd 11 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  12. 12. Personal Goals Definition of Personal Wealth True personal wealth is living your life on your own terms According to your possibilities not your limitations Business Solutions 4 You Ltd 12 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  13. 13. Personal Wealth If true personal wealth is living your life on your own terms, What does Personal Wealth mean to you? Needs Exercise Business Solutions 4 You Ltd 13 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  14. 14. Personal Wealth Sorting needs into 3 areas PERSONAL FAMILY SPIRITUAL Business Solutions 4 You Ltd 14 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  15. 15. Personal Wealth Wealth is normally thought of in terms of being rich. Rich is normally associated with money So what does being rich mean to you? Fancy Cars Large home Expensive Clothes Donations to charities Business Solutions 4 You Ltd 15 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  16. 16. Personal Wealth Now imagine how your life would be if you were seriously rich How would you spend your time? Who would you spend it with? What would you do on a daily basis? What are the most important things you would have in your life? Business Solutions 4 You Ltd 16 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  17. 17. Personal Wealth How did your seriously rich thoughts conflict with your needs exercise? “Each one of your rich daydreams reveals your current thinking which is either holding you back or propelling you forward towards experiencing greater riches in your life“ (Richard Branson I Can Make You Rich) Business Solutions 4 You Ltd 17 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  18. 18. Personal Wealth Some people are surprised to find that their answers were the same and that these answers are no different to what they are experiencing now If this is you CONGRATULATIONS????????? You are already rich Business Solutions 4 You Ltd 18 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  19. 19. Wealth Programming If you are not rich yet, it is not the fault of Your parents Society Government It is just an indication that your current wealth programming is faulty Business Solutions 4 You Ltd 19 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  20. 20. Wealth Programming All wealth is created in the human mind (Napoleon Hill – Think and Grow Rich) The difference between the rich and poor is that the rich have learned to recognise the value of their thoughts. Wealth is a product of man’s ability to think (Ayn Rand – Novelist and Philosopher) Creating Wealth is an Inside Job Business Solutions 4 You Ltd 20 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  21. 21. Wealth Programming 1st Key to Personal Wealth Recognise that your riches are not in some far off place but they are waiting for you in your mind So it is important to understand how your mind works Business Solutions 4 You Ltd 21 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  22. 22. Wealth Programming The Conscious and Unconscious Mind The conscious mind is what you use all day long but it is limited and studies have shown that it can only process a few ideas at a time The unconscious mind is what runs the majority of your life. It is you operating on autopilot – driving a car It can process millions of images every second It contains all your wisdom, memories, intelligence But, it also the centre of all your habits, prejudices, fears If we are to upgrade our lives we have to upgrade our unconscious mind Business Solutions 4 You Ltd 22 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  23. 23. Wealth Programming 6 Basic Needs – (Anthony Robbins) Certainty Uncertainty Significance Connection & Love Contribute to others Emotion Business Solutions 4 You Ltd 23 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  24. 24. Wealth Programming When getting into the unconscious mind both Anthony Robbins and Paul McKenna refer to 3 specific areas that have to be explored Anchors The Power Of Focus & Flow Wealth Thermostat Business Solutions 4 You Ltd 24 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  25. 25. Wealth Programming Creating a rich Vision To Achieve success in business you have to have an outrageously rich vision (Sol Kerzner) Business Solutions 4 You Ltd 25 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  26. 26. Wealth Programming SUMMARY Personal Wealth has been defined as “Living your life on your own terms” And we have seen that the achievement of wealth Is an inside job Because it is an inside job we discussed the need to understand how our mind works and specifically the need to and how to programme our unconscious mind Business Solutions 4 You Ltd 26 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  27. 27. Financial Wealth So, the achievement of “Personal Wealth” is far more than just money BUT Financial Wealth is important Business Solutions 4 You Ltd 27 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  28. 28. Financial Wealth Earlier it was stated that Wealth is normally thought of in terms of being rich. Rich is normally associated with money So lets get back to the question of money Business Solutions 4 You Ltd 28 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  29. 29. Financial Wealth Money Money is a highly emotional subject But what is money? Money is simply a commodity that facilitates the smooth exchange of goods and services The amount of money paid for an item or a service is directly related to the amount of value it adds to the lives of others. Business Solutions 4 You Ltd 29 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  30. 30. Financial Wealth Relationships with Money What gives money its emotional power? We do This emotion can be literal – This Note = Lunch Or it can be Metaphoric – Money is the root of all evil Money is freedom of choice Whatever meaning you are giving to money is either drawing it closer to you or pushing it away Business Solutions 4 You Ltd 30 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  31. 31. Financial Wealth So What is your relationship with money? Complete “My relationship with Money Exercise” Business Solutions 4 You Ltd 31 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  32. 32. Financial Wealth Money gives you the freedom to do with your time what you want to do with it Richard Branson Money doesn’t make you happy. Last year I earned $ 40 million this year I earned $50 million, I’m not any happier Arnold Schwarzenegger The lack of money is the root of all evil George Bernard Shaw Business Solutions 4 You Ltd 32 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  33. 33. Financial Wealth Even if we are giving the right meaning to money and we are drawing it closer, the creation of financial wealth is dependant upon making money work for you as opposed to you working for it. Business Solutions 4 You Ltd 33 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  34. 34. Financial Wealth To get money to work for you there are 2 key factors that have to be understood. Taxation The Difference between Assets and Liabilities The problem is that they are so obvious that they are usually overlooked Business Solutions 4 You Ltd 34 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  35. 35. Financial Wealth TAXATION Taxes are the largest single expense that you will incur throughout your life! It therefore makes sense to do everything possible to legally minimise them To what extent have you studied this subject? Business Solutions 4 You Ltd 35 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  36. 36. Financial Wealth Personal Tax verses Company Tax Personal Tax Company Tax Tax Income Expenses Expenses Income Tax Business Solutions 4 You Ltd 36 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  37. 37. Financial Wealth ASSETS & LIABILITIES Contrary to what you may have been told in an accounting class An asset is something that puts money in your pocket A liability is something that takes money out of your pocket. Rich people buy assets, poor people buy liabilities”. (Robert T. Kiyosaki – Rich Dad Poor Dad) Business Solutions 4 You Ltd 37 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  38. 38. Financial Wealth Examples of Assets and Liabilities Assets Liabilities Business not requiring Mortgaged property no income my presence Consumer Loans Stocks / Bonds Credit Cards Income generating property Royalties Business Solutions 4 You Ltd 38 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  39. 39. Financial Wealth If the two principles of Taxation and Assets and Liabilities are combined we end up with A Personal Financial Statement Business Solutions 4 You Ltd 39 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  40. 40. Financial Wealth The Measurement of Personal Financial Wealth Wealth is the measurement is the of the cash flow from assets compared to total expenses (Robert t. Kiyosaki – Rich Dad Poor Dad) Wealth is a persons ability to survive so many number of days forward or if I stopped working today for how many days could I survive (Buckminster Fuller) Business Solutions 4 You Ltd 40 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  41. 41. Financial Wealth Definition of Personal Financial Wealth Personal Financial Wealth is achieved when The Cash Flow from Personal Assets exceeds Personal Expenses Money (Financial Wealth) gives you the freedom to do with your time what you want to do with it Richard Branson Business Solutions 4 You Ltd 41 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  42. 42. Business Start Up Why Start a Business? Business Solutions 4 You Ltd 42 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  43. 43. Business Start Up One very good reason for starting a business is to establish a Company so that you can legally reduce taxation There are also many other reasons which can be broadly divided into 2 main groups Practical Reasons Emotional Reasons Remember the conscious and unconscious mind Business Solutions 4 You Ltd 43 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  44. 44. Business Start Up Company Structures Corporate Small & Medium Ownership Ownership Business Business Business Solutions 4 You Ltd 44 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  45. 45. Business Start Up 3 Sound Practical Reasons Secure your own Future Reduce Tax Avoidance of downsizing Business Solutions 4 You Ltd 45 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  46. 46. Business Start Up Emotional Reasons To do what you really want to do To make your own decisions To take control of your future Business Solutions 4 You Ltd 46 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  47. 47. Business Start Up Practical and Emotional Reasons You CAN choose whether You want to climb the Corporate ladder or own it Business Solutions 4 You Ltd 47 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  48. 48. Business Start Up Ways of starting a Business There are 4 alternatives Keep working and establish a business to manage your assets (Works best if you earn commission) Keep working and start a business in your spare time (Works best with a partner but beware of partnership agreements) Work out your cost to company and offer your services on a contractual basis (Can seriously reduce growth potential if contract is full time) Plan, Plan, Plan and then go for it Make sure that your choice is not based on fear – look again at your relationship with money Business Solutions 4 You Ltd 48 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  49. 49. Business Start Up What type of Business This is what you are planning to do with THE REST OF YOUR LIFE so it makes no sense if you are not truly PASSIONATE about it Business Solutions 4 You Ltd 49 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  50. 50. Business Start Up What type of Business List Everything you have done that has raised income The things you thought of doing whilst at school The things that you would like to have done List 30 ideas each day for the next 30 days The best way to come up with a really good idea is to come up with a lot of ideas (Linus Pauling – Nobel prize winning scientist) Business Solutions 4 You Ltd 50 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  51. 51. Business Start Up Evaluating Alternative Businesses Which are you passionate about now? Which can be started quickly? Which are easily scalable? (Ones you will get far more out of than you put in) Business Solutions 4 You Ltd 51 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  52. 52. Business Start Up Not all value is created equal. There are 3 essential factors that affect your ability to make money from adding value UNIQUENESS SCOPE IMPACT Business Solutions 4 You Ltd 52 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  53. 53. Business Start Up The more unique your product or service the less competition you will have, The greater the scope the more people you will reach and the greater the impact it has on someone’s business, relationship or life, the more your clients will be prepared to pay. Business Solutions 4 You Ltd 53 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  54. 54. Business Start Up How can I add value to the lives of others an most easily make money What will people pay for that I can easily and happily provide What are the ways that I can most easily and happily reach financial freedom What would I love to create that people would love to pay me for When you have exhausted all possibilities, remember this you haven’t. (Thomas Edison – inventor?) Business Solutions 4 You Ltd 54 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  55. 55. Business Start Up Naming your Business Having decided on the type of business you want to start you now need to choose a name for your business Business Solutions 4 You Ltd 55 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  56. 56. Business Start Up Point to Consider when Naming your Business Should your name be part of your company’s name – Exit strategy Should the name describe the business – tag lines Should the name reflect the uniqueness of the business Can the name be registered as a Company Can the name be registered as a domain – Email & Web Site Is it a name you are proud of What will be your corporate image – text, Font & colours Structure – Trading as, cc, Ltd Business Solutions 4 You Ltd 56 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  57. 57. Business Start Up YOU CAN NOT DO IT ALONE You will need backing in 3 critical areas PERSONAL FAMILY BUSINESS Business Solutions 4 You Ltd 57 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  58. 58. Business Start Up You must build your own unique Dream Team Personal – Mentor / Coach Family – Family Support critical Business – Mentor & Expertise No one person can be an expert in all aspects of business Business Solutions 4 You Ltd 58 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  59. 59. Family Business Dynamics Cousin Consortium Sibling Partnership 2 Controlling Owner Ownership 4 5 7 Family Business 6 Enter Start up Work Business 1 3 Together Growth Passing Baton Maturity Business Solutions 4 You Ltd 59 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  60. 60. Business Start Up Business Support Mentor Bookkeeper Accountant Legal Team Broker Budget to pay good rates for good advice (remember you are prepared to tip a waiter 10%) Business Solutions 4 You Ltd 60 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  61. 61. Business Start Up I Would rather have 1% of a hundred others efforts than 100% of my own (John Paul Getty – Oil Billionaire) The master key to riches is knowing how to harness the collective efforts of a truly great team (Paul McKenna) You can not do it all yourself. Don’t be afraid to rely on others to help you accomplish your goals (Oprah Winfrey – Billionaire talk- talk-show host) Business Solutions 4 You Ltd 61 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  62. 62. Business Start Up Planning All creative artists begin by making models of their work before creating them in the world. These models or mock-ups allow the artist to see their vision mock- more clearly It makes it easier to see what is already there and what is still missing Business Solutions 4 You Ltd 62 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  63. 63. Business Start Up Planning I would go so far as to say that developing a plan and putting that plan into action is often the only difference between a good idea and a life changing journey (Paul McKenna) Failure to plan is planning to fail (Robert Schuller – Pastor) Business Solutions 4 You Ltd 63 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  64. 64. Business Start Up Planning It is a blueprint for a successful company designed to be constantly adapted as things change and new information becomes available It is not so much about what you write but rather about how your thinking evolves as you are writing it down The changes that a clear plan makes in your thinking and ultimately your destiny can be profound Some people think that something magical takes place because even before you take a single action events often turn in your favor Business Solutions 4 You Ltd 64 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  65. 65. Business Start Up Strategic Plan Objective – one sentence statement – where, why, when Scenario Development – different methods of achieving the objective Methodology SWOTTING PESTS WITH SWAG NUMBERS Business Solutions 4 You Ltd 65 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  66. 66. Business Start Up Creating Your Business Plan Purpose Values and Vision Current Reality One year Outcomes Strategies Action Plan Business Solutions 4 You Ltd 66 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  67. 67. Business Start Up The Numbers Game Your plan has to be quantified 3 years forecasted Profit and Loss Accounts 1ST Years Cash Flow “If one of you is planning to build a tower, he sits down first and works out what it will cost, to see if he has enough money to finish the job.” Business Solutions 4 You Ltd 67 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  68. 68. Business Start Up Sources of Finance Family and Friends Re – Mortgage Home Overdraft Clients Suppliers Loans Equity Government Grants Business Solutions 4 You Ltd 68 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  69. 69. Business Start Up Application for finance Introduction Cover Page One and a half page summary Amount Required The Company Reason for Funding & Benefits Type of Funding Repayment Period Security Banking Details Business Solutions 4 You Ltd 69 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  70. 70. Business Start Up Application for finance (Cont.) Objectives – Personal & Company Description of Industry – PEST & SWOT Analysis Marketing Strategy – Target Market & Marketing Mix USP & Positioning Conclusion - Why sound Investment Attachments – Sales Forecasts Financial Forecasts Cash Flow Patents/Licenses/Trademarks Business Solutions 4 You Ltd 70 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  71. 71. Plan For Failure You will have both success and failure it is a question of how you handle failure Schools teach that to fail is wrong Life teaches that we learn through failure How did you learn to walk? How did you learn to ride a bicycle? When you fail Pick yourself up, dust yourself off and start all over again Business Solutions 4 You Ltd 71 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  72. 72. Business Start Up Marketing and Sales “The most important specialised skills are sales and understanding marketing. It is the ability to sell, to communicate to another human being, that is the base skill of personal success” ROBERT T. KIYOSAKI Business Solutions 4 You Ltd 72 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  73. 73. Business Start Up Marketing Marketing is Defining the needs of the Target Market Developing a marketing mix that will satisfy these needs PROFITABLY Business Solutions 4 You Ltd 73 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  74. 74. Business Start Up The Marketing Mix Product/Service Packaging Price Place/Distribution Promotion is the method/s used to tell the target market that you have developed a marketing mix to satisfy their needs Business Solutions 4 You Ltd 74 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  75. 75. Business Start Up Sales Selling is one of the methods of promoting your product Selling can be defined as helping other make the correct decision Business Solutions 4 You Ltd 75 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  76. 76. Business Start Up Sales Features Descriptions Benefits Business Solutions 4 You Ltd 76 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  77. 77. Business Start Up Promotional Activities Develop a contact list - Social, Business, Sport, School, Clubs, Societies E-mailing entire contact list Networking – Social, Business Clubs, Networking groups, Direct Mail Cold calling Reciprocal Business – Dream Team Referrals Advertise - Local Papers/Brochures Articles/Talks/Books Trade Shows Web Site/ Monthly news letters Business Solutions 4 You Ltd 77 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  78. 78. Minding Your Own Business Reporting Systems Monthly accounts must make sense to YOU and must highlight key activities Consider how financial reports can be linked to other activities Numbers without comparison are meaningless Monthly accounts and cash flow must always be compared to your original business plan Do not be afraid to change your plan but preferably upwards Monthly reports must show YOU whether you are moving towards or away from your plans to achieve PERSONAL WEALTH. Business Solutions 4 You Ltd 78 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  79. 79. Conclusion We have now looked at both YOU & YOUR BUSINESS and considered both the art of fulfillment and the science of achievement. Many of the more technical areas, for example production, market research, establishing accounting systems, have deliberately not been included in the course because information in theses areas is feely available either from specialists or on line. Business Solutions 4 You Ltd 79 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  80. 80. Conclusion You are therefore now equipped to Create Personal Wealth by starting and successfully running your own business BUT The defining factor will be not the resources you have been given, but your resourcefulness Business Solutions 4 You Ltd 80 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  81. 81. Some Final Thoughts Do not start a business to make money. Start a business to use your talent/gifts to add value to the lives of others You need a reason greater than reality Give and you will receive - learn the power of giving Teach and you will receive - the power of learning The 3 most important management skills are the management of: CASH FLOW PEOPLE YOUR TIME Choose friends carefully – the power of association TAKE MASSIVE ACTION NOW Business Solutions 4 You Ltd 81 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved
  82. 82. Final Word Stuff it Lets do it (Title of a book by Richard Branson) Business Solutions 4 You Ltd 82 Structuring Businesses to Create Personal Wealth Copyright © NKS & Associates 2008 All rights reserved

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