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1. how to build a million dollar business
 

1. how to build a million dollar business

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    1. how to build a million dollar business 1. how to build a million dollar business Presentation Transcript

    • How to Build a Million Dollar Business
    • What we’ll cover in this seminar
      Business planning
      Goal setting
      Developing systems
      Hiring great people
      Using technology
      Legal stuff
      Creating a strong brand
      2
    • Million $ Rules
      Develop excellent products and services
      You must persevere
      You must plan
      Never stop doing research about the market needs
      You need great systems to grow a business
      Hire the best possible people
      3
    • Million $ Rules
      You must build a brand
      You must develop great relationships with your suppliers, customers and employees
      Setting goals is absolutely necessary if you want to be successful
      4
    • Great Products and Services
      Develop products or services that satisfy your customers’ needs
      Find something somebody is doing and do it better
      Develop products and services that you can sell globally
      Develop products and services that you are proud of
      Keep improving your products and services
      5
    • To Build a Successful Business
      You must persevere – never give up
      You must believe in yourself
      You must learn to trust your gut
      You must learn to focus
      You must be prepared to listen and learn
      Being passionate about your business is not enough
      6
    • Know Your Industry
      Do market research
      Know your strengths and weaknesses
      Know who your competitors are
      Know their strengths and weaknesses
      7
    • Get Good Advisors
      Accountant – find somebody that understands you and your industry
      Lawyer – use a lawyer for contracts and agreements
      Banker – find a banker you can communicate with
      Business advisors – find advisors that can give you specific advice for unique challenges you may have
      8
    • To Succeed in Business You Need
      Mentors – find people that you can go to when you have business questions
      Inspiration – hang around with people that are positive and motivated
      Networking skills – learn to network with the right people
      Training – never stop learning and train your employees more than your competitors do
      9
    • Set Goals
      Write down your goals – use a whiteboard so that you can regularly look at your goals
      Ensure that your goals are specific
      Ensure that your goals can be measured
      Put numbers to them
      Choose goals that stretch you but are attainable
      Commit to achieving your goals
      10
    • Set Goals
      Set short, medium, and long term goals
      Set dates or time limits to all your goals
      Revise your goals regularly – every 90 days
      11
    • 12
      In preparing for battle I have always found that plans are useless, but planning is indispensable - Dwight D. Eisenhower, U.S. President
    • Business Plan
      Develop a business plan
      A business plan helps keep you on track and focussed
      A business plan answers the what, when, how and where
      It should be updated regularly
      It can help you raise finances
      13
    • Develop a Business Plan
      What market research have you done? Market analysis
      What do you know about your industry? Industry analysis
      How are you going to market your products and services? Marketing plan
      How are you going sell your product or service? Sales strategy
      14
    • Develop a Business Plan
      What tools are you going to use to promote and when? Promotional plan
      How much are you going to spend on marketing? Marketing budget
      How are you going to manage and operate the business? Operations plan
      How many people are you going to employ and what will they do? Employee plan
      15
    • Develop a Business Plan Con’t
      How much will you charge for your products and services? Pricing
      How much do you need to sell every month to survive? Break-even sales
      How much money will you need to keep the business running? Cash flow forecast
      How much profit will you make each month? Income statement projections
      16
    • Develop a Business Plan Con’t
      How much will the business be worth at the end of the year? Balance sheet forecast
      How would summarize this into 1 or 2 pages? Executive summary
      17
    • Develop Business Systems
      Develop systems, policies, and procedures to help you manage your business on a daily basis
      Good systems help you ensure that your customers get consistent products and services
      Systems enable you to delegate better
      Systems enable you as the owner to focus on growing the business
      18
    • Develop Business Systems
      Develop a proper operations manual that can be used by all employees. Include some of the following:
      How to handle incoming telephone orders
      How to pay invoices
      How to send emails
      How to deal with staff conflict
      Company vacation and holiday policy
      19
    • Develop Business Systems
      Develop systems for the following
      Sales
      Marketing
      Administration
      Staff policies
      Delivery and distribution
      Accounting
      20
    • Develop Business Systems
      Once you have implemented good systems:
      Your business can really grow as you can extricate yourself from the business and hand over your duties
      You can replicate your business model
      You can sell your business
      You need good people to manage and operate the systems
      21
    • Employ the Right People
      To build a successful business you need good people
      Develop a list of the people you need to help you achieve your goals
      Find good people through networking, online resources, and other methods
      Develop a good interview process
      Check references
      22
    • Employ the Right People
      Develop clear job descriptions
      Find people with a great attitude
      Don’t be afraid to employ people that are brighter than you
      Train your people regularly
      Develop a great working environment
      23
    • Legal Protection
      Get legal advice on how to structure your business as it grows
      Trademarks - ensure that you register your company name and any other product brand names
      Legal agreements – as your business grows getting proper legal agreements makes business sense
      If you have unique products patent them
      24
    • Technology
      Use technology to help you grow your business
      Use computers to increase your productivity and efficiency
      Use technology and software that is scalable
      Develop an internet strategy
      Use online resources
      25
    • Build a Brand
      If you really want to build a successful business you need to build a great brand
      A brand is a promise of the value a customer will receive from your business
      Your branding includes
      Your logo
      Your slogan
      Your colours
      26
    • Build a Brand
      Your brand is about:
      What makes your product or services unique
      Your customer service
      What benefits your customer gets by buying from your business
      Branding helps build trust and credibility
      Branding helps build value in your business
      27
    • 28
      Spend 80% of your time marketing and selling, it’s the only way to build a million $ business
    • Manage Customer Relationships
      Spend time with your customers
      Develop great relationships
      Turn customers from:
      Prospects
      To customers
      To raving fans
      29
    • Monitor Your Cash Flow
      To build a successful business you need to monitor the inflow and outflow of cash in your business
      Develop annual expense budgets
      Develop annual sales budgets
      Develop annual departmental budgets
      30
    • Grow Carefully
      Focus on business vision and goals
      Don’t grow your business too fast
      Learn from your mistakes
      Don’t give up
      Canada needs us to build successful businesses to create jobs
      31
    • Please help us support this seminar program!
      Use your $5 STAPLES Gift Card
      Apply for a Citi STAPLES easyRewardsMasterCard
      Present your DIVIDENDS card when you buy
      Use your coupon within 30 days to save $30 off $150
      Contact BizLaunch anytime for help!
      32
    • Thank you for attending
      To register for the next BizLaunch seminar in your area go to
      www.BizLaunch.ca
      33