Getting my idea to Fly
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All businesses great and small begin with an idea. Microsoft, Apple, Amazon, Walmart, and Starbucks began with an idea conceptualized in the mind of their creators. The question is how to turn an idea into a successful business? My work with hundreds of entrepreneurs led me to create this presentation. Read More https://earlboyd.com/?page_id=606&preview=true
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Getting my idea to Fly
- 1. Getting Your Idea To Fly FIRST STEPS IN STARTING A BUSINESS 1Copyright 2018 The Prime Group, LLC
- 2. Getting Your Idea to Fly… Why Businesses Fail Why Businesses Fail… Inadequate planning ·no plan ·copy template ·plan targeted to others Inadequate research ·industry ·market ·competition Under resourced ·money ·tools of the trade ·network Unprepared owner ·lack of knowledge ·no clear goals ·not thought thru Start by doing the wrong things first 2Copyright 2018 The Prime Group, LLC
- 3. Overcoming the Monster Business Plan Process for Starting 3Copyright 2018 The Prime Group, LLC
- 4. Getting Your Idea to Fly… Define the Business Define the Business… What need you’re meeting or problem you’re solving What is the product/service? How’s it different? Who’s the customer? Why will they buy it? What’s the revenue model? Where will it be sold? How will it be promoted? When will you start? 4Copyright 2018 The Prime Group, LLC
- 5. Getting Your Idea to Fly What Need/Problem • Define your business around the need or problem solved not the product! 5Copyright 2018 The Prime Group, LLC
- 6. Getting Your Idea to Fly What Need/Problem Example: 1990’s Cassette Tapes/Players “I’m in the cassette tape business” 6Copyright 2018 The Prime Group, LLC
- 7. Getting Your Idea to Fly What Need/Problem DEFINE BUSINESS PRODUCT 2018 – “I’m in the cassette tape business” DEFINE BUSINESS NEED/PROBLEM 1990 - “I help people organize, manage, access content” 2018 - 7Copyright 2018 The Prime Group, LLC
- 8. Getting Your Idea to Fly What Need/Problem Blockbusters •Convenient store locations for video content Netflix •Access to content Google •Organizing information for the world Starbucks •Third place other than home or works to meet, play, network, etc. Time Magazine •Provide audiences to product/service producers 8Copyright 2018 The Prime Group, LLC
- 9. Getting Your Idea to Fly What Need/Problem • Benefit • Remain competitive • Avoid obsolescence • Opens up what your business can be 9Copyright 2018 The Prime Group, LLC
- 10. Getting Your Idea to Fly How is Your Product/Service Different How are you different from same product, something similar or a substitute (i.e. competition) What is competition? Meeting the same need for same people you are targeting! 10Copyright 2018 The Prime Group, LLC
- 11. Getting Your Idea to Fly How is Your Product/Service Different Hamburger, Fries, Drink $6.99 Fast and convenient $10.99 Meat Fresh, Fresh Cut Fries, 12 Free Toppings, Peanuts $12.75 Gourmet Burgers, More Upscale Furnishings, Dinner/Flatware, Waiters/Waitresses 11Copyright 2018 The Prime Group, LLC
- 12. Getting Your Idea to Fly Who’s the Customer? Everybody Anybody Those that want to… Don’t want to discriminate 12Copyright 2018 The Prime Group, LLC
- 13. Getting Your Idea to Fly Who’s the Customer? 13 • Demographics (who they are) – age, race, gender, occupation, education, etc. • Geographic (where they are) – city, region, community, etc. • Psychographic (what they do) – recreation, TV shows, read, lifestyle, etc. • Behavioral – Benefits, patterns, usage rates Copyright 2018 The Prime Group, LLC
- 14. Fact Finding: Primary Research • Consumers • Likes, dislikes • Evaluate your idea/product/service • What they buy Businesses ◦ How business works ◦ Business facts ◦ Issues to be aware of Test the Idea ◦ Small scale ◦ Limited investment ◦ Gather data/fact finding 14Copyright 2018 The Prime Group, LLC
- 15. Fact Finding: Secondary Research Industry ◦ Trends ◦ Statistics ◦ Participants Market ◦ Size of market ◦ Competition ◦ Who is customer 15Copyright 2018 The Prime Group, LLC
- 16. Getting Your Idea to Fly Plan It Plan It Marketing-How will you get customers and generate money Operations –Duties and processes to provide for customers and business functions Financials-Profit margin, cash flow, breakeven 16Copyright 2018 The Prime Group, LLC
- 17. The 5 Step Business Start •Define It •Research It •Plan It •Stage It •Start It •What to do, when to do it, and how to do it •Easy business planning process •Shows how to conduct research and use it to beat the competition •Shows you how to create realistic financial projections •Helps you determine how much money you need to start •Case study that demonstrates how to start your business 17Copyright 2018 The Prime Group, LLC
- 18. Getting Your Idea to Fly 18Copyright 2018 The Prime Group, LLC
Editor's Notes
- Objectives Get % of viewers to download free offer and into sales funnel Convert % of prospects to customers For the past 15 years I assisted hundreds of business owners in starting and growing their businesses. During that time I’ve found that most people’s greatest challenge is knowing how to get started. They usually start by doing the wrong things first which end up costing a lot of money and wasting valuable time. The key to having a successful, money making business is to start it the right way. During the next few minutes I will share with you a proven method for “Getting Your Idea to Fly” by starting your business the right way. Here’s what you’ll learn. First, I’ll review “why businesses fail.” What separates business success from business failure; what are the issues that will prevent you from enjoying prosperity and longevity. The second thing you’ll learn is how to determine if business ownership is right for you. Saying you want to be in business is one thing doing it is another. And to top it all off, you will walk away from this presentation with the answer to the question that haunts many a prospective business owner, that is, how do I start my business? I’ll reveal the secret behind what to do, when to do it and how to do it when starting a business. So let’s get started. And for those of you who have started a business and you are experiencing some struggles or not growing the business the way you would like, this lesson is for you as well.
- No one goes into business with the intent of failing, however studies have shown that 70% or more of all businesses fail within 5 years. Why is that? What drives these businesses into a state of being out of business, into failure? Well here are the major reasons. Inadequate planning - First you have those with No Plan – Most of us can wake in the morning with a dozen things in mind to get done. However, it the things are written down to remind us, we’ve forgotten half of them by noon. Now consider a business where you have to sale the product/service, replenish the inventory, calculate the pricing, develop advertising, collect the money, pay the bills, manage the staff, handle the finances, and on and on. A business has too many issues involved to keep in all in your head. No plan usually means no business. Then you have those that copy the template. The problem this creates is a fantasy business that has no relationship with what the business owner’s business is about or what he/she plans to do. I was assisting a young man starting a business. He emailed me his plan a few days ahead of our scheduled appointment. The plan he sent me to read and what he explained to me about
- The first step is define your business or idea. That is, take your idea and structure it in business terms by answering a series of questions.