Is Business Ownership For You? - Training Transcript

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The idea of owning running a business is exciting and can be very rewarding. However, becoming a successful business owner can also be very challenging. It requires the right mindset, perspective, attitude, traits & know-how.

Our Free Business Training is designed to give you an insight into what it means to own a business and provide you with the basics to get you started off on the path to success.

This compact but complete 10 session program will cover topics from accessing if business ownership is the right path for you,planning, opening your business to growing and expanding.

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Is Business Ownership For You? - Training Transcript

  1. 1. Is Business Ownership For You? Training TranscriptNOTICE: You DO NOT Have the Right to Reprint, Re-Distribute or Resell the Information Herein. YouAlso MAY NOT Give Away, Sell, or Share the Content Herein Without Written ConsentCopyright © Baanabaana Business AgencyALL RIGHTS RESERVED. No part of this material may be reproduced or transmitted in any form whatsoever, electronic,or mechanical, including photocopying, recording, or by any informational storage or retrieval system without expressedwritten, dated and signed permission from the author and/or without proper accreditation.DISCLAIMER AND/OR LEGAL NOTICES: The information presented in this report represents the views of the publisher asof the date of publication. The publisher reserves the rights to alter and update their opinions based on new conditions.This report is for informational purposes only. The author and the publisher do not accept any responsibilities for anyliabilities resulting from the use of this information. While every attempt has been made to verify the informationprovided here, the author and the publisher cannot assume any responsibility for errors, inaccuracies or omissions. Anysimilarities with people or facts are unintentional.AFFILIATE DISCLAIMER: Baanabaana Business Agency may receive compensation from some of the entities listed in thisreport for referrals, as their “thank you” for sending you their way. However, Baanabaana Business Agency neverrecommends any service or product solely for the reason of receiving commissions (and neither should you) –Baanabaana Business knows our reputation is on the line.
  2. 2. (Slide 1)WelcomeHello and welcome to our free business training webinar series. My name is Sirra Ndow and Iwill be your trainer for the training sessions.I would like to start by thanking you all you taking the time to register, for sharing the trainingdetails and especially for being here.Working with and being part of something new, something being nurtured, something that isgrowing is a passion for me so I am very excited to be here with you all today and I very muchlook forward to the coming weeks and hopefully following you on your journey beyond that.(Slide 2)About Baanabaana Business AgencyThis training is compacted from 2-3 hour material that generally takes about 12-16 weeklysessions to complete so I plan to make the most of the hour we have to pass along what Ibelieve are key areas to cover and refer you to sites, books etc. for other “non” vitalinformation that you can look up later thus for more information about Baanabaana BusinessAgency, please visit our website. For more information about me and my credentials, you canlook me up on linkIn.com/sirrandow.Why this trainingThis training is partly as a result of what I wished I had when I started out; partly because I loveto share what I know; partly because my business vision includes helping entrepreneurs set asolid business foundation to build upon and grow quite frankly, partly because my clients arebusiness owners themselves and there is no better client than a business savvy client. Itmakes providing quality and effective services and building a business relationship much easierfor everyone in my opinion.I must disclose that the content for this training is not yet certified. It is sourced from my owntraining, experiences and research on starting and running a business. My company is on thepath to getting certified by various business training organizations, including one that partnerswith the World Bank. We will be offering the full course for a fee later on in the year but wedo plan to continue this free version for as long as I can.
  3. 3. What to expectFor today and the upcoming sessions: The training will be conducted in listen only mode i.e, there will not be live interactions with me. You will not be able to make comments or ask questions. I made this decision because I have a tendency to be really lengthy and verbose and sometimes go off tangent and we’ll probably need many more hours to get through the material I will be happy to answer any questions you may have but because of the large number of attendees and limited resources, I cannot promise to answer every single question but I will be talking about each week’s training on our blog on our website within 48 hours after each session and encourage to ask your question as a comment which I will answer. If your questions are in regards to accessing the webinar site, please refer to your registration confirmation email for how and where to get support. I am not help with that We will endeavor to provide with and/or refer you to as many resources including a recording and transcript of each session and interviews with other entrepreneurs but again, will do this en mass via our blog We will be sending you a survey after each session to get your feedback on content, delivery, benefits to you etc. with a view to enhancing and maximizing the experience overall for the next sessions Another disclosure is that I tend to speak fast with a corrupted accent and use of language that sometimes even I have difficulty understanding myself but will endeavor to speak slower and clearer Lastly, while I will be taking about me and my business experiences, please note that this is not intended to pitch my services to you nor are you expected to do business with us or even follow us after this. This truly is mostly a fulfillment of a dream that I hope I can continue to realize. Thank you again for being here and making my dream happen.(Slide 3)Training OverviewAs we mentioned, we will be covering the following areas in this weekly training series, onesection per week.TopicsIs Business Ownership For you?Writing Your Business PlanBusiness OrganizationRegistration, Licenses, Permits InsuranceBusiness Finances & Financing
  4. 4. Business LocationTools, Technology & EquipmentStaffingMarketing & OpeningGrowing & Expanding(Slide 4)Week One Topics - Is Business Ownership For you?In today’s session, we will cover the following:Personal EvaluationYour Business VisionBusiness Selection RecommendationChoosing The Right Path For YouGet the skillsWhat To Do / What Not To DoAlthough the ensuing information may apply mainly to aspiring entrepreneurs more, it can stillbe very relevant and useful to some of you that already own a business. Going through thisprocess can help you in tweaking your current business and also in preparing for growth andexpansion.(Slide 5)Personal EvaluationCharacteristics Of An EntrepreneurWe came up with this list of personal characteristics that makes a successful business person.A long list no doubt and it is almost certainly impossible to find all of these in a singleindividual. Thankfully, no one needs or wants all of these  It is important however to assesswhich traits you have and which ones you might need to work on (depending on the type ofbusiness you are in.)(Slide 6)Personal EvaluationCritical TraitsAmong all these, the most important traits critical to being a successful entrepreneur areperhaps the ones highlighted in red.
  5. 5. Gutsy Risk-taker– Becoming an entrepreneur takes courage, determination, nerve, intensedesire/need to take the risk and leap toward having your own business.Expertise – Owning a business is not rocket science but it is essential you have a workingknowledge about the business industry you plan to be in before you start. You are less likelyto a successfully business own and operate a neighborhood diner if you cannot cook or if knownothing about cooking for example. In addition, a good dose of common sense, willingness tolearn, combined with appropriate experience, is also necessary.Patience – Becoming successful takes time. You may also fail a number of times before youmake it and even if you hit it the first time, you need patience so you don’t grow too much tooand fast to run your business off the cliff. It took me almost a year to land my first steadyclient.Adaptable Opportunist – No matter how much you research or how detail your plan is, there isa good chance that things may not go as you envisioned so being adaptable and ready to takeadvantage of opportunities and/or the ability to turn a failure into an opportunity is critical forsuccess. Be like a catfish, one of the most adaptable creatures in the sea. For example inSouthwestern France where they are not native, the catfish in the river Tarn saw anopportunity for more food and started hunting and eating pigeons on land on the river bank.You can see a video of the pigeon hunting catfish here.There are many free online personality tests you can check out to help you pin-point some ofyour characteristics. I will share some of these on our blog later(Slide 7)Personal EvaluationWhy would you need to evaluate yourself?Because everything about owning and running a small business revolves around one thing andthat is YOU. You may also be about to invest quite a bit of yourself and your net worth into arisky venture so knowing that you’ve got what it takes to do it helps.You also want to check for other readiness factors before you launch including your currentcircumstances and that of your loved ones such as personal or family turmoil, health issuesetc. Starting a business is stressful enough. Having to deal with illness or divorce for examplewill not be helpful. Not having a support system can also make it harder
  6. 6. The relationship your business has with your customers, suppliers, employees; and yourproducts, services, money etc. depends on you. How you interact with and manage thosepeople and things makes a difference.There are many aspects of your business and personal life that you are responsible for, butover which you have little or no control. For example, you won’t be able to control if yourvirtual assistant gets sick or stops dong business without notice; or if a competitor moves indown the block. But you will have control over how you react to these things.(Slide 8)Business VisionWe are assuming that you have completed your self evaluation and decided that you arebusiness ready. If you do want to be in business but your personal circumstances are not inorder yet, consider waitingYour business vision is about taking time to think about your business dream, what youvisualize when you think about owning a businessSome of the questions you may want to ask yourself may include: Where will you work – home, shop, factory, outdoors, indoors> How many hours per day do you want to work – full time part-time? What do you want to do daily – making things, travelling, interacting with customers? When do you want to work – daytime, evening, night owl? How do you want to dress for work – formal professional suites, in your pajamas, casual clothes? Solopreneur or working with others? What would you love/hate doing - love to cook and do the books but hate cleaning up for example? Moonlighting* or full fully fledged – If you already have a job/career you enjoy or need, you may want to run your business on the side for a short time or even as long as possible. Do make sure that there is no conflict of interest that may jeopardize your job, be unethical or even violate your employment contract. For example if you work for the largest cake bakery business in your town, you’ll probably not want to moonlight on side baking cake at home for sale EtcEven though I could not name it as such at that time, my vision when I started my businesswas working from home online and/or on the phone part time for 2 to 3 years while I ride outthe recession and take care of my 3 young children (all of them under 7 at that time).
  7. 7. (Slide 9)Business VisionWhy You Need A Business VisionYou need to have a vision of what you want to do in order to plan and implement effectively!Not knowing if you want to travel out of town or stay local can impact you business planning agreat deal for exampleHaving a vision also gives you direction. If you know that you definitely don’t see yourselfworking on your own for example, this helps when considering the types of business you canbe involved inA vision let’s you know when you have reached destination success!Don’t forget to envision an exist plan. If things don’t work out as you expected you should beable to have a plan B. I planned on and found a part time job working late evenings when Istarted. Good thing I did because I made under $700 the first 6 months into my business.That is like gas money only when you live in California!(Slide 10)Business VisionCreate Your Vision & Write Your Vision StatementSound BiteYour business plan may not be much use to you it stays up in your head only. You need to beable to communicate it to others.Write down the answers to the list of questions you compiled earlier as best as you can.Expect to do a quick research of your industry, market and competition to be better able toanswer some of your questions.Create your sound bite. This is a short (20-30secs) promotional speech intended to give youraudience a brief, clear, compelling and memorable description of who you are, what yourbusiness idea is, what products/services you provide, when you intend to start a business orhow long you’ve been in business. Sound bites can be very useful when you are exploringfunding or partnerships options for example. A sound bite is also called an elevator pitchYou should try not to repeat your sound bite verbatim every time you say. It can make itsound mechanical and fake. I would recommend writing the same thing in 2 to 3 differentways and interchange them from time to time. The key is saying it like you mean it, saying it
  8. 8. with passion and tailoring it to your audience. Giving a banker your elevator pitch shouldsound a little differently than when you are talking to a potential customer for example.A sound bite may read like this:Hello, my name is Sally. I am a chef, a food blogger and winner of the 2012 Healthy Chefcompetition in Johannesburg, South Africa. I graduated from one of the region’s top culinaryschools and have been in the food and beverage industry for over eight years, working withinternationally chefs.I plan to open a one-of-a-kind restaurant in Cape Town, called The Skinny Chef in the next 3months, providing a combination of healthy eating with perfectly prepared and portioned foodand outstanding service that creates an extraordinary healthy, gourmet dining experience.You can follow my blog at www.skinnychef.com or reach me at 45-555-1212It takes time and effort to perfect your sound bite and it may need several re-writes andsharing but your efforts will only serve to give you more clarity about your business idea andwhat you want to achieve.Vision StatementTo create your business vision, you want to pick a time frame to get your destination i.e reachyour goals. It can be anywhere from 1-20 years but shorter time times are recommended e.g3-5 yearsOnce you’ve got your sound bite perfected, decide on the time frame you want to achieveyour goals and then write your vision statementA Vision Statement based on the above might read like this:In the next three years, The Skinner Chef will be rated as a "five star" restaurant in theManhattan area by consistently providing a combination of healthy eating with perfectlyprepared and portioned food and outstanding service that creates an extraordinary healthy,gourmet dining experience.
  9. 9. (Slide 11)Business VisionSample Sound Bite & Vision StatementA sound bite may read like this:Hello, my name is Sally. I am a chef, a food blogger and winner of the 2012 Healthy Chefcompetition in Manhattan, New York. I graduated one of San Francisco’s top culinary schoolsand have been in the food and beverage industry for over eight years, working withinternationally chefs.I plan to open my own restaurant called The Skinny Chef in the next 3 months, providing acombination of healthy eating with perfectly prepared and portioned food and outstandingservice that creates an extraordinary healthy, gourmet dining experience.You can follow my blog at www.skinnychef.com or reach me at 202-555-1212(Slide 12)A Vision Statement based on the above may read like this:In the next three years, The Skinner Chef will be rated as a "five star" restaurant in theManhattan area by consistently providing a combination of healthy eating with perfectlyprepared and portioned food and outstanding service that creates an extraordinary healthy,gourmet dining experience.Please Take a minute to look at this sound bite that I came up with and evaluate it for brevity,clarity and impact. Let me know what you think via our blog later.(Slide 13)Selecting A Business - RecommendationI know firsthand that being in the wrong business is one of the top mistakes business ownersmake. If you take a little time and do a little planning, you can easily avoid this"Find a job you love and you will never work a day in your life. " – Confucius. Look for abusiness that matches your interests, skills and expectations -Find a need to fill – you love to bake but there are already 4 bakeries in Smalltown Ville andyou’ve noticed that they are usually empty when you pass by. Chances are the residents ofSmalltown Ville do not need another bakery. Perhaps you can look into selling those specialty
  10. 10. cookies from Great Grandma’s recipe chest that you know everyone would love on theInternetDon’t rush, take your time - - You will not be penalized for missed opportunities. If you feelyou haven’t found the business idea that speaks to you, wait until the right business comesalong.Make sure you have enough capital – not only startup capital and enough money to maintain apositive business cash flow until you start breaking even and making money but make sure youhave enough capital (or an alternate way) to take care of your basic personal / family needsStart simple and grow – an elaborate business plan can turn into a much more elaboratednightmare. Keep it simple and remember you are in control and can grow as quickly or asslowly as you likeLook for long term potential – there is nothing wrong with making a quick dollar and then it’sover but it means that you’ll be going back to the drawing board sooner to research new ideas.This costs time you could have been using to make money.Go for a business industry you know over one that is brand new to youSpecialize if possible – if all the 4 bakeries in Smalltown Ville make the best local bread, andpastries, specialize in making the best pies if you still want to bake in Smalltown Ville.Specialists tend to fare better in general(Slide 14)Choosing The Right Path For YouThere are many roads that can lead you to business ownership. You will need to weigh youoptions and select the one that would work best for youStart from scratch – build a business from the ground up.Buy an existing business – millions of businesses are bought and sold annually. An existingbusiness obviously has its advantages – existing client base, being established etc. It may notjive with your vision howeverBuy a Franchise – Franchise are ready made, proven business plans and model that are licenseto you with limitations on control over operations and other aspects and what you can change.For example owning a Macdonald’s Fast Food restaurant can be achieved by buying afranchise
  11. 11. Choosing the best business path is much like home ownership – build to spec or buy anexisting home or rent(Slide 15)Getting The Skills You NeedAt this point you are almost ready to go but if you don’t have the skills to do the core activities,you will need to get them somehow. You can hire someone else to do the work while youmanage but you having a working knowledge of the core business can make or break you.Work for someone else in the same business – this probably the best way to get trained.Nothing beats hands on practical trainingTake courses – especially the core ones to you business. If you want to provide bookkeepingservices for example, you will need to take a bookkeeping class firstRead books / online material – there are many how-to books, blogs and website to learn fromranging from free to high end paying classes. Do be aware of information overload howeverGet a mentor – having someone who knows the business you are in to guide you in yourjourney is a good way to get the knowledge you need. This however may be best if you alreadyhave some basic skills already(Slide 16)What To Do / What Not To DoA quick overview of this session can be summarized as follows:Do Don’t evaluate your business readiness  rush into business ownership research industry, market and competitors  neglect research and testing get the skills you need  get caught in a conflict of interest test your market  mortgage everything you own objectively compare all your options  do something you don’t enjoy ensure you have enough capital  spend, spend, spend be patient  be in business by yourself
  12. 12. (Slide 17)This completes our session today. Many thanks to you all for being here. I sincerely hope youfound this session useful enough to join us again next week to talk about writing your businessplan. Please help us improve this training by giving your feedback on the survey we will besending along.Have a great weekend!

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