1. how to build a million dollar business


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1. how to build a million dollar business

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