Starting your own business: a presentation for university students in Victoria, Australia

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Starting your own business and working for yourself is immensely challenging but potentially the most rewarding activity you'll ever do. This presentation for final year arts students at Victoria University in Melbourne, Australia, look at the 'nuts and bolts' of the process.

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Starting your own business: a presentation for university students in Victoria, Australia

  1. 1. Starting your own business Alan Howell Victoria University 2012 www.slideshare.com, search for “Alan Howell”© 2012 alanhowell.com.au Starting your own business 2012 1
  2. 2. Being self-employed:• 1969 - 1983 Designer & printer• 1979 - 1987 Bookbinder & conservator• 2005 - Business consultant, project manager, trainer© 2012 alanhowell.com.au Starting your own business 2012 2
  3. 3. 8 things need to work:• Something that you are passionate about• Customers• Financial plan• Legal plan• Communications plan• Marketing plan• Education + training plan• Wellness plan© 2012 alanhowell.com.au Starting your own business 2012 3
  4. 4. 1. Decide the business Achieving self- actualisation is a strong driver for people who take up self-employment Hierarchy of needs (Maslow 1954)© 2012 alanhowell.com.au Starting your own business 2012 4
  5. 5. • Self-actualisation - becoming more and more what one is (Maslow 1954)• Have something special to offer - something that you are passionate about• What do dream about doing? Is it making a product or providing a service?• Self-employment can be a good „fit‟ for people that are risk tolerant, positive and creative/entrepreneurial© 2012 alanhowell.com.au Starting your own business 2012 5
  6. 6. 2. Customers (changing behaviour)shock action denial acceptance anger relief worry Kluber-ross change curve© 2012 alanhowell.com.au Starting your own business 2012 6
  7. 7. • Your customers should know that you are the person to go to about …• Get into as many networks as possible - join everything (clubs, societies, associations)• Everyone that you know - and have known - should know that you are in business to supply your product or service• Always say yes when someone asks you if you can do something• Use the 4 ‘Cs’ of social marketing© 2012 alanhowell.com.au Starting your own business 2012 7
  8. 8. © 2012 alanhowell.com.au Starting your own business 2012 8
  9. 9. 3. Financial plan and skills• Income lags behind expenditure. Income is „lumpy‟; you need a plan to smooth out the lumps• On average, self-employed earn 70% of equivalent employed persons. Are you comfortable with this?• High admin. overhead (60%?): 1 quote in 5 accepted• Possible answer = diversification / portfolio career• Fees: what‟s the „industry‟ rate?, competitors $?• Business Victoria (www.business.vic.gov.au)• Never compete on price: customers are prepared to pay for quality (something „special‟)• Get a financial adviser + accountant (due diligence)© 2012 alanhowell.com.au Starting your own business 2012 9
  10. 10. 4. The basic„legals‟• How to start a business (Business Victoria website)• (advice on business structures eg sole trader, licensing, buying/leasing, franchising, insurance, etc)• GST: +$75K turnover ($150K not-for-profit) but can voluntarily register, ATO website (www.ato.gov.au)• Registered Business Name: Consumer Affairs Victoria, $85.50 (www.consumer.vic.gov.au)• Australian Business Number (ABN): Australian Business Register (www.business.gov.au). Free.© 2012 alanhowell.com.au Starting your own business 2012 10
  11. 11. 5. Communicate• Memorise the 10 second elevator conversation• Carry a notebook/pen or recorder at all times• Get your own domain name and email. MelbourneIT $140 - 2 years (.com.au needs ABN)• Get a website. Hosting from $3 a month (JustHost). Use WordPress (free) with paid theme• Use Facebook, LinkedIn, Twitter, etc professionally („4Cs‟ + content, content, content…)• Business cards (1st and last impression, use reverse)• Write and talk about what you do and your ideas© 2012 alanhowell.com.au Starting your own business 2012 11
  12. 12. • You are the best recommendation for your product• Look the part• Look the part …© 2012 alanhowell.com.au Starting your own business 2012 12
  13. 13. 1963 - 1969 Art student 1966© 2012 alanhowell.com.au Starting your own business 2012 13
  14. 14. 1975© 2012 alanhowell.com.au Starting your own business 2012 14
  15. 15. 1983© 2012 alanhowell.com.au Starting your own business 2012 15
  16. 16. 1986© 2012 alanhowell.com.au Starting your own business 2012 16
  17. 17. 6. Market(ing)• This is about knowing your target• Every market is changing: market intelligence leads to new opportunities• Use your contacts, groups, industry association, local business group, state government websites, libraries, newspapers, internet, etc• Who are your competitors? Get to know them• Talk to the market influencers, ask 3 questions: what are the critical issues?, what do I need to do to get into this market?, who else should I talk to?© 2012 alanhowell.com.au Starting your own business 2012 17
  18. 18. everyone you know referrals market influencers© 2012 alanhowell.com.au Starting your own business 2012 18
  19. 19. 7. Keep learning• Cert. IV in Small Business Management BSB40407 (Skills Victoria website)• Improve Excel skills (budgets, proposals). Know about names, pivot tables, vlookup, solver, macro language VBA. Short Courses Victoria website, CAE• Improve bookkeeping skills, eg MYOB. Know about accounting to BAS level (local community centres)• Improve knowledge about tax + allowable expenses• Skills and knowledge in area of specialisation• Keep learning …© 2012 alanhowell.com.au Starting your own business 2012 19
  20. 20. 8. Wellness plan• All employment is stressful: the self-employed carry an extra level of risk as there‟s no built-in downtime and if work slackens off you worry whether there‟s going to be any more• Wellness plan – list what you like to do to relax and its frequency – block out time to do this in your diary before adding your work/study commitments – Don‟t change this!© 2012 alanhowell.com.au Starting your own business 2012 20
  21. 21. 2004© 2012 alanhowell.com.au Starting your own business 2012 21
  22. 22. Conclusion• Everyone should experience self-employment during his or her career• Probably the most challenging activity that you will ever do• Incredibly rewarding• Can be stressful• Have a „Plan B‟ (and „C‟… ?)© 2012 alanhowell.com.au Starting your own business 2012 22
  23. 23. Alan‟s 10 essential business skills• „mental modeling‟ / narrating - story telling• writing (particularly executive summaries)• researching / studying• presenting• training• project managing• advanced excel / data visualising• business case writing• analysing risks• budgeting© 2012 alanhowell.com.au Starting your own business 2012 23
  24. 24. Starting your own business Alan Howell Victoria University 2012 www.slideshare.com, search for “Alan Howell”© 2012 alanhowell.com.au Starting your own business 2012 24

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