Small Business Opportunities in a Down Market
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41% of Americans live paycheck to paycheck. Unemployment is high. Many jobs in IT industry have been outsourced or automated. Some of you are looking for ways to turn your knowledge and passion into a business. Unfortunately, 80% of all small businesses fail within the first 5 years. This workshop will provide you with information that you need to avoid 7 common traps that all entrepreneurs and small business owners face.
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Small Business Opportunities in a Down Market
- 1. Small Business Opportunities in a Down Market: How to Avoid 7 Common Traps! National BDPA Technology Conference Date: August 2, 2012 Presenter: Wayne Hicks
- 2. …Wayne Hicks • CEO, Hicks Enterprises July 2002 – Present • President, Cincinnati Business Incubator - 2003-2007 • Executive Director, BDPA Education and Technology Foundation 2006-Present 2
- 3. Small Business Facts 41% Americans live paycheck to paycheck 80% of Businesses Fail Within 5 Years Only 1 in 7 Businesses that Fail have Debt 99.7% of all US firms are “small business enterprises” The Difference Between Working IN the Business and Working ON the Business. 3
- 4. 7 Traps (Mistakes) to Avoid 1. Lack of Business Planning 2. Poor Market Research 3. Starting Business for the Wrong Reason 4. Bad Money Management 5. Not Changing with Markets or Customer Needs 6. Doing Everything By Yourself 7. Ignoring Yourself or Your Family 4
- 5. 1. Lack of Business Planning What should you do? Invest time, and effort in planning to: • Design a money making model • Set specific, measurable, attainable, realistic and time-bound goals • Calculate accurately, the initial investment needed, and running costs • Assess labor and work-force needs • Sketch business emergency plan and exit strategy, and more... 5
- 6. 2. Poor Market Research What should you do? Take the time and spend the money it needs to research your market. It will help you understand different aspects about your target market such as: • Market Trends • How your prospects buy the products you will sell • Where will you find your prospects & where do they shop • How you will reach your customers • Your competitors, and more... 6
- 7. 3. Starting Business for Wrong Reasons What should you do? Do some soul searching and find out if you'd really be happy running a business. Some reasons that make business a right thing for you include •A passion for what you would be doing •Good physical health and mental endurance •Perseverance, an ability to motivate yourself, bounce back from failures •Good people skills, and relationship skills •Self-confidence, discipline, a drive for 'being your own boss,' and more... 7
- 8. 4. Bad Money Management What should you do? Learn basic concepts of managing money. Make every penny count, you should know where you're spending and why. And don't underestimate your costs. Good money management will help you: • To fairly & accurately determine your capital needs • Spend wisely on office infrastructure and supplies • Make good hiring, rewarding, and firing decisions • Better manage your daily cash spending • Better control your costs, and more... 8
- 9. 5. Not Changing with Market & Customers' Needs What should you do? You should track changing customer needs by listening to customers, tracking competitors, asking customers about their wants. And monitoring the business environment to: • Stay abreast of any new competing or substitute products • Learn about technological innovations and advances • Get new product ideas • Keep a tab on laws and regulations governing your business • Prepare a better marketing plan, and more... 9
- 10. 6. Doing Everything by Yourself What should you do? Even if you're the sole manager, try to do just the essential things by yourself. Consider outsourcing some administrative tasks. Delegating will: • Leave you with more time for long-term planning • Give you more time for performing crucial business activities • Give you time to spend with your family and friends 10
- 11. 7. Ignoring Yourself and Your Family! What should you do? Make sure you don't become so engrossed in your work that it strains your close relationships such as with your spouse, or leads to unhealthy lifestyles. As a result you should. • Make time for your friends & family • Eat well, relax enough and exercise •Take a weekend or a couple of days off to recharge your batteries, and more... 11
- 12. Small Business Resources 1. The E-Myth by Michael Gerber 2. The 4-Hour Workweek by Timothy Ferriss 3. Tuned In by Craig Stull, Phil Myers & David Meerman Scott 4. Think And Sell like a CEO by Anthony Parinello 5. Jump Start Your Business Brain by Doug Hall 6. Small Business Administration – www.sba.gov 7. Service Corps of Retired Executives – www.score.org 12
- 13. Questions? 13
- 14. Contact Information Twitter: http://twitter.com/Villager E-Mail: wayne@elecvillage.com My Profile: www.linkedin.com/in/waynehicks Handouts: www.slideshare.net/bdpafoundation Phone: (513) 284-4968 14
Editor's Notes
- R. Wayne Hicks is the CEO of Hicks Enterprises, a consulting firm based in Cincinnati that focuses on Internet online marketing, leadership development consultation and product sales. Prior to starting his own business Wayne served as the Director of the Cincinnati Submission Processing Center (CSPC) in Covington, Kentucky. In 2001, the CSPC processed individual tax returns from Ohio and Michigan, and business returns from 13 states—a total of nearly 16.9 million returns. In 2002, Wayne’s center became one of only two business-return centers in the nation. Employing more than 3,600 people in Covington and Florence, Kentucky, and Dayton, Ohio, Wayne’s center was one of the largest employers in the area. Mr. Hicks began his IRS career in 1979 as a tax auditor in Laguna Niguel, California, and has served in increasingly responsible positions in California, Michigan, Kentucky, and New York. In 2000, Mr. Hicks was the Acting Director of the Fresno Service Center. Wayne received a Bachelor of Arts Degree in political science from the University of California, Riverside. He is currently National BDPA President-Elect. He served from 1999-2001 as the President of the Cincinnati Chapter of BDPA [ http://www.bdpa-cincy.org ] Information Technology Thought Leaders. BDPA Cincinnati chapter was recognized as back-to-back BDPA Chapter of the Year for their efforts in 2001 and 2002 under Wayne’s leadership. Wayne is active on a number of community-based initiatives including the Regional Technology Initiative [http://www.cincytechusa.com] and the Cincinnati Telecommunications Advisory Council. He was recognized by the Business Courier as one of the “Forty Under 40” leaders in Cincinnati and in 2000 was a finalist for the Applause Magazine ImageMaker Award for his work in the technology arena. Wayne has been a frequent workshop presenter at regional & national training seminars discussing topics such as, "Vanishing Black Male," "Dealing With Office Politics," "Bridging the Digital Divide," and "Strategies for Success." Wayne is a past winner of the EEO Meritorious Service Award from National AIM-IRS. Wayne lives with his two children near Cincinnati.
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- Introduce yourself and thank the Council for the opportunity to update them
- Introduce yourself and thank the Council for the opportunity to update them
- Introduce yourself and thank the Council for the opportunity to update them