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Capacity BuildingSeminar Presentedat The University ofMkar, Benue State
Title: How To   Start andFinance a Small   Business
Presented ByChinedum Azuh
Getting StartedIs business ownership right for you?An “entrepreneur” is a person who starts his or her own businessSelf...
What Type of Business          Do You Want?A startup: A startup: – Follow your own dreamBuying an existing business: – Y...
Questions to Ask When  Starting Up A New Business Does the idea suit your personality and interests? Will you use your o...
The Business PlanA “business plan” is a roadmap that describes where you’re going and how you’re going to get thereA gui...
Key Elements    of the Business PlanDescription of your products and servicesMarket and industry analysis that demonstra...
Test Your Business  Idea Before You InvestThe greatest mistake you can make is tolaunch a new idea without testing it. Man...
Steps To Testing    Your Business IdeaBe Your Own Devil’s AdvocateSeek Out People in The Same BusinessConfirm The Deman...
Marketing Plan A “marketing plan” serves as a blueprint for you to follow to get your products and services known and rec...
Name Your             BusinessWhat is in a business name? The right business will distinguish you from a sea of multitude...
Register Your BusinessStarting a small business requires the usual  paperwork and registration. Corporate Affairs Commissi...
The Four P’s of          MarketingProduct: Describes features and benefitsPrice: Lists prices and pricing strategyPromo...
Licensing Licenses or permits are required to operate  certain types of businesses One or more licenses may be required ...
Copyrights, Trademarks,       and PatentsCopyrights, trademarks, and patents all deal with intellectual property and how ...
Copyrights Copyrights protect individual creative  expression. The Federal Copyright Act of 1976  specifies how to regist...
TrademarksA “trademark” is a brand name--a distinctive sign, logo, slogan, symbol, or other emblem used by businesses to ...
PatentsA “patent” gives an inventor exclusive use of his or her inventionPatents are issued by the United States Patent ...
AccountingSound accounting and bookkeeping practices are essential to any businessMany businesses rely on an accountant ...
Human ResourcesThe Human Resources function deals with hiring and managing employeesBe specific when interviewing candid...
Creating an Online       PresenceA Website can attract customers and boost earningsSales through the Internet can take p...
Creating an Online               Presence Put Your Business on Social Media: Facebook,  Linedin, Tweeter etc. Write Arti...
How To Raise Money To        Start Your Business  There are several sources of money that you can tap  to start and build ...
How To Raise Money To Start         Your Business6. Online Crowd Fundingwww.kickstarter.com, www.indiegogo.com or  www.Roc...
Thank You    forListening !
Direct ContactMobile: 08032069925pstchinedum@gmail.com
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How to Start and Finance a Business

  1. 1. Capacity BuildingSeminar Presentedat The University ofMkar, Benue State
  2. 2. Title: How To Start andFinance a Small Business
  3. 3. Presented ByChinedum Azuh
  4. 4. Getting StartedIs business ownership right for you?An “entrepreneur” is a person who starts his or her own businessSelf-assessment questions: – Are you a self-starter? – How well do you plan and organize? – Can you work long hours? – How will the business affect your family?
  5. 5. What Type of Business Do You Want?A startup: A startup: – Follow your own dreamBuying an existing business: – You will have current customers and a known track record of performanceFranchising: – Brand recognition reduces marketing costs
  6. 6. Questions to Ask When Starting Up A New Business Does the idea suit your personality and interests? Will you use your own name to brand the business? Will it be financially viable? – Do you have startup money to invest? – What will your monthly expenses be? – Is there a current need in the marketplace? – Who are you competing with?
  7. 7. The Business PlanA “business plan” is a roadmap that describes where you’re going and how you’re going to get thereA guide to achieving your goalsA tool to spark investors’ interestA document that helps employees understand the company’s mission
  8. 8. Key Elements of the Business PlanDescription of your products and servicesMarket and industry analysis that demonstrates the need for your businessList of competitors, including their strengths and weaknessesMarketing strategy (sales approach)Management team and operations planFinancial analysis: the investment needed
  9. 9. Test Your Business Idea Before You InvestThe greatest mistake you can make is tolaunch a new idea without testing it. Manymillions of Naira every year on productsthey did not test before introducing them tothe market. Though entrepreneurial life isfull of risky adventures but what we shallbe discussing is how to take calculated risks.
  10. 10. Steps To Testing Your Business IdeaBe Your Own Devil’s AdvocateSeek Out People in The Same BusinessConfirm The DemandCheck With Family & FamilyCreate a Selling PromotionUse The Seminar Approach
  11. 11. Marketing Plan A “marketing plan” serves as a blueprint for you to follow to get your products and services known and recognized. It has: – Competitor and issue analysis: challenges and opportunities facing the business – Objectives: What do you want to achieve? – Action program: A “to-do” list – Budget: Detail expenses – Strategy: The Four “P’s”
  12. 12. Name Your BusinessWhat is in a business name? The right business will distinguish you from a sea of multitude of competitors, give your customers a reason to patronize you, and help in the branding of your company.
  13. 13. Register Your BusinessStarting a small business requires the usual paperwork and registration. Corporate Affairs Commission (CAC) is responsible for this. But for a startup you might not really need to incorporate. A business name registration will do. Getting a business name registration will enable you to create a corporate account.
  14. 14. The Four P’s of MarketingProduct: Describes features and benefitsPrice: Lists prices and pricing strategyPromotion: Tools or tactics to achieve marketing objectivesPlacement: Sales philosophies and methods
  15. 15. Licensing Licenses or permits are required to operate certain types of businesses One or more licenses may be required from the city, State, county, and/or Federal Government – You may need multiple licenses if you work in more than one jurisdiction Failure to obtain the proper licenses can result in fines or the loss of your business The application process varies according to jurisdiction; research the requirements in your area
  16. 16. Copyrights, Trademarks, and PatentsCopyrights, trademarks, and patents all deal with intellectual property and how to protect it“Intellectual property” is a product based on an idea and it has some type of commercial valueIntellectual property includes a wide range of products, such as books, musical compositions, and works of art.
  17. 17. Copyrights Copyrights protect individual creative expression. The Federal Copyright Act of 1976 specifies how to register a copyright; there are no State copyright laws If a work is in the “public domain,” anyone can use it without permission from the author or the author’s heirs The U.S. Copyright Office explains how to register literary works, visual art works, performance works, sound recording, serials and periodicals, and mask works
  18. 18. TrademarksA “trademark” is a brand name--a distinctive sign, logo, slogan, symbol, or other emblem used by businesses to distinguish their products from othersTrademarks do not expire and can apply indefinitelyAlthough trademarks can be registered, it is not required; just using a mark establishes a common law right to it
  19. 19. PatentsA “patent” gives an inventor exclusive use of his or her inventionPatents are issued by the United States Patent and Trade Office (USPTO)Most inventors use a patent lawyer to help with the application process
  20. 20. AccountingSound accounting and bookkeeping practices are essential to any businessMany businesses rely on an accountant to handle financial recordkeepingComputer programs such as Quicken, Peachtree, or Quickbooks can simplify some bookkeeping tasks
  21. 21. Human ResourcesThe Human Resources function deals with hiring and managing employeesBe specific when interviewing candidates – Avoid inappropriate and illegal questions during the interviewProvide competitive compensation and benefitsMaintain detailed employee records
  22. 22. Creating an Online PresenceA Website can attract customers and boost earningsSales through the Internet can take place internationally, 24 hours a dayA professional Website designer can develop your site at a relatively low costPromote your site through major search engines or a link exchange program
  23. 23. Creating an Online Presence Put Your Business on Social Media: Facebook, Linedin, Tweeter etc. Write Articles and Publish on Article Directories Like Ezine, Hubpages and Many More Create a PowerPoint Presentation of Your Business and Post it on a Site Like Slideshare.net Create an E-book and Publish it Amazon Kindle, Smashword etc. Participate in Online Forums and Blogs Related to Your Business.
  24. 24. How To Raise Money To Start Your Business There are several sources of money that you can tap to start and build your own business. I have compiled a list of creative ideas I have heard and used.1. Joint Venture2. Dip Into Your Savings3. Sell Some Assets4. Get Love Money 5. Obtain Supplier Financing
  25. 25. How To Raise Money To Start Your Business6. Online Crowd Fundingwww.kickstarter.com, www.indiegogo.com or www.RocketHub.com and www.vfinance.com.7. Sell Other People’s Stuff for Commission8. Sell Information Products Created from Your Expertise9. Take an Extra Job10. Get a Business Advisory Coach
  26. 26. Thank You forListening !
  27. 27. Direct ContactMobile: 08032069925pstchinedum@gmail.com

Inspiring, informing and motivating you to launch a successful business.

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