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How to start your own business

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Originally presented to the Boulder Entrepreneurs Meetup

How to start your own business

  1. 1. How to Start a Business
  2. 2. What is a business? A Business is a group of people who have form a legally recognized organization designed to provide goods and/or services to consumers or other businesses. Business is people centric. Organized efficient effort.
  3. 3. Why? Reason to be? Desire Lifestyle Necessity Write down your motivations Control of your time Follow your dreams Money See Opportunity Do what you love!
  4. 4. SWOT Strengths Weaknesses Opportunities Threats Internal External
  5. 5. Determination Choose to succeed. Declare it. Look in the mirror and say: “ I am in the business of __________.” or “I am a __________.” Congratulations you’re a Sole Proprietor! No additional paperwork required. “ The difference between the impossible and the possible lies in a man's determination.” Tommy Lasorda
  6. 6. Define the path What kind of business are you going to have? What is it going to look like? Visualize it. Are you selling a product or a service? What is the benefit / advantage you provide? Who is going to benefit? What problem does your product or service solve ? “ Little by little one walks far” Peruvian Proverb Your business plan will include these.
  7. 7. “ Dealing with people is probably the biggest problem you face, especially if you are in business. Yes, and that is also true if you are a housewife, architect or engineer.” Dale Carnegie Build Your Team For your business to be successful you will need to work with people. <ul><li>Suppliers
  8. 8. Vendors
  9. 9. Clients

  10. 10. Strategic partners
  11. 11. Accountants
  12. 12. Lawyers
  13. 13. Technicians
  14. 14. Designers
  15. 15. Business coaches
etc.... </li></ul>Determine who you will need on your team
  16. 16. Organizing <ul><li>Business Name Registration </li></ul><ul><ul><li>Sole Proprietor
  17. 17. Limited Liability Partnership
  18. 18. Limited Liability Company
  19. 19. S-Corp
  20. 20. C-Corp </li></ul></ul><ul><li>EIN Employer Identification Number </li></ul>(the social security for your business) Get started @ Secretary of State website http://www.sos.state.co.us/ http://www.irs.gov Local city site Bank Account Special Licenses? Insurance?
  21. 21. Funding <ul><li>Friends / Family and Fools
  22. 22. Part time job or part time business
  23. 23. Credit Card
  24. 24. Personal loan
  25. 25. Savings
  26. 26. Angel investor
  27. 27. Bootstrap
  28. 28. Business sales
  29. 29. Venture Capital </li></ul>
  30. 30. Marketing <ul><li>Business Name
  31. 31. Logo
  32. 32. Website
  33. 33. Business Cards
  34. 34. Flyers / Brouchures
  35. 35. Newpaper
  36. 36. Social Networks </li></ul><ul><ul><li>Facebook,
  37. 37. Twitter
  38. 38. Linkedin etc.. </li></ul></ul><ul><li>Radio
  39. 39. TV
  40. 40. Magazines
  41. 41. Billboards
  42. 42. Car wraps
  43. 43. Google ads
  44. 44. Google local </li></ul>Identify Your Target Market
  45. 45. Sales <ul><li>Negotiations
  46. 46. Contracts
  47. 47. Fulfillment
  48. 48. Collecting the Money! </li></ul><ul><ul><li>Credit Cards
  49. 49. Checks
  50. 50. Cash
  51. 51. Payments
  52. 52. Terms
  53. 53. Collections
  54. 54. Write offs </li></ul></ul>
  55. 55. Accounting
  56. 56. Management Vision <ul><li>Evaluate Current Financial Statement
  57. 57. Evaluate the Market
  58. 58. Compare Vision (internal) to Market Reality (external)
  59. 59. Invest / Grow / Maintain
  60. 60. Advisors
  61. 61. Board of Directors
  62. 62. Desire </li></ul>Scientific Method Compare Results to your Hypothesis. Change as necessary.
  63. 63. Goal Setting Meaningful and measurable Example: $XXXXX a month in retainer income 10 new clients this month Internal
  64. 64. Business Cycles Seasonal Honeymoon period Market location Market change Competition External
  65. 65. Where to Start / What to do next Startup Internal vs External Vision compared to the Market reality Maintain or Grow Plan vs Execute Steering the Ship Mile high view
  66. 66. Focus / GTD
  67. 68. Take Action “ The secret of getting ahead is getting started. The secret of getting started is breaking your complex overwhelming tasks into small manageable tasks, and then starting on the first one.” Mark Twain
  68. 69. Your not alone Mark D. Lusher Omnidant LLC 1035 Pearl St. Fourth Floor Boulder, CO 80302 tel. 303.731.6072 cel 720.940.6629 [email_address] http://www.omnidant.com http://www.marklusher.com http://www.prosperingnow.com http://www.mindscapehosting.com &quot;Entrepreneurs are simply those who understand that there is little difference between obstacle and opportunity and are able to turn both to their advantage.” Niccolo Machiavelli

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