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Can You Make A Business Out of Your Business Idea?
Do You Have What It Takes?
Thank You For Joining Us
• Nancy OKeefe
• Business owner since 1995
• MBA with a focus on Entrepreneurship
• Certified Executive and Career Coach
• Over 30 years of management and business operations experience
• Laura Willis
• Business owner since 2004
• BFA in Advertising and Design
• Over 20 years of experience in advertising agencies and corporate environment with focus on strategic and integrative approach to branding solutions
Thank You For Joining Us
• Why are we doing this?• Believe entrepreneurs bring innovation,
new ideas, new technologies • These new ideas will turn this economy
around.• Small business will generate the needed
jobs
What Is Entrepreneurship?
• Risk Assessment• Risk must be a calculated risk
• Research idea, market, costs
• Set goals. How will you get there?
• Plan for success – Business Plan
• Reward • What do you want out of this?
• Business idea must be feasible• ROI & reach goals in reasonable timeframe?
• Is it worth the risk?
Do You Have What It Takes?
Personality
• Passion for your idea• Unlimited energy• Values
• Assess what’s important to you at this point in your life
• Strengths• What will you need to be
successful?• How do your personal
strengths match up?
Skills
• Three Types of Skills• Knowledge Based
• Formal or on the job training
• Transferrable• What you have learned
how to do during your life• Paid or volunteer
• Personality Based Skills• Inherent in who you are
Who’s In Your Corner?
• Support of family • Personal life changes• Time
• Personal finances
• Support of friends• Time for socializing, hobbies, clubs
• Financial support• Where will the money come from?
• Who makes up your business team?
Is Your Idea Feasible?
• What Is Your Business Idea?• Does it solve a problem or fill a need?• Do people recognize it as a problem or a
need?
• How many people?• Who are they?• Where are they?• How will you measure success?
What Is Your Business Model?
• What Kind of Business Are You Building?• Why does it exist?• How does it solve the problem identified?
• What products & services would be offered?• For profit or non-profit?• What is the right legal structure?
• Are licenses required?• Why should people do business with you?• How would you service your customer?
Start Up Considerations
• Business Structure Registration & Licenses
• Website & Marketing Materials • Your Professional Team
• Legal, Accounting, Banking, Insurance
• Technology and Support
• Physical Office? Staff? Telephone? Web?
• Depends on your business model and products and services offered
Financial Considerations
• How Much Will You Need To Invest?• Seed Capital
• What is the payback period?
• How will you raise the capital?
• Marketing and Sales Costs• Operating Costs
• What will your operating costs be for 1 year?
• When will you begin to generate income?• When will you begin to generate profit?
• When will you be able to take a salary?
Are You Ready To Hatch?
• How Will You Let People Know What You Do?• Marketing – Telling the world you are here
• What is your message?
• Who are you trying to reach?
• Networking – Getting out there• What will you say to people you meet?• How will you gauge interest?
• Sales – Making contact• How many do you need to make one sale?
Getting Ready To HatchWhat’s the buzz about marketing?
Problems/SolutionsThe Competition
You Need to Stand OutThe Tactical Approach
What’s the buzz about Marketing?
• Businesses don’t sell themselves, you can't hide your head in the sand!
• Budget for marketing
• Start with a niche
Problems/Solutions
• Old-fashioned sales pitches don’t work
• What problems/issues does your target have?
• How does your business help them?
• What is your solution?
Problems/Solutions
• The “so what” theory
• What you do is important, but not as important as what you can do for THEM.
The Competition
• Are there companies doing or selling the same thing you are?
• How are they attracting customers?• Why you vs. them?
• What makes you different?
You Need to Stand Out
• Can’t be a “me too” company
• Get into your customers’ heads
• What is their frame of mind?• Connect on an emotional level
You Need to Stand Out
• What do they feel now?
• How do you want them to feel?
• What are the potential results for them?• What need do you fulfill that the others
don’t?
You Need to Stand Out
• Does your business “personality” make the difference?
• What is your business personality? • Once you determine the voice, then you
can work on the message.
You Need to Stand Out
• What is the “message” and how do you use it?
• Tag line • Headline
• Imagery
• Overall look and feel
You Need to Stand Out
• Brand Positioning – your authentic story
• Key promise (top benefit to customer)
• List of additional benefits that support the promise
• Go back to customer frame of mind & what will resonate with them
• Features vs. benefits, remember the “so what” test.
You Need to Stand Out
• Creating a perception about your
business
• How will your customers or potential customers think, feel and act about your business based on what they are seeing or hearing?
You Need to Stand Out
• Once the message is developed it should constantly be reinforced no matter what the media– consistency is key.
• You are developing a “brand”.
You Need to Stand Out
The Tactical Approach
• What are the key ways to market your business?
• Where do you start?• Small tool, big impact – your business
card.
The Tactical Approach
• The importance of networking
• A variety of media• If/when you have employees – it’s critical
they are on board with “brand”
The Tactical Approach
• Social media - a great way to get started
• Blogging
• Your web site• Interactive & lead generation tools
• Customer relationship building rather than “selling”
• Need to “draw them in”• PR – online & print
The Tactical Approach
• Integrate your media
• Traditional media: radio, TV, print, DM
• One good idea – endless opportunity• Think out of the box
Selling Your Wares
• Sales is making direct contact with the people who need what you are offering. • Generating leads from your market• Building relationships with prospects• Getting appointments • Listening to needs & offering solutions
• Successfully delivering your solution• Delighting the customer & getting referrals
How will you make direct contact?
Entrepreneurship Is. . .
• One of the most rewarding experiences
• A great way to create wealth• Investing in yourself
• You have more control over the outcome
• An exciting lifestyle
• The ability to create an asset that can be sold
So What Is The Next Step?
Next Steps – Get Ready
Hatch Your Business In 90 Days
An 8 session, weekly webinar series.
What you will accomplish:• Do a guided self assessment – what
strengths & skills do you bring to the table?
• Test the feasibility of your business idea
• Forecast the financial possibilities• Hone in on your product or service
Next Steps – Get Ready
Hatch Your Business in 90 Days• Identify and research your market and the
competition• Craft your marketing message and decide
how to get the message out to your market
• Learn how to use social media and other marketing tactics
• Create a business action plan for launch
Next Steps – Get Ready
Hatch Your Business in 90 DaysBegins 1/12/11
Eight 1½ hour web sessionsDesigned to give you results.
In 60 days you will put your mission, vision, product/service description, marketing message, marketing plan, budget and business launch action plan together
Next Steps - Get Ready
Hatch Your Business in 90 DaysWebinar Series - $449.00
Special Offer For Today’s AttendeesRegister Now
$399.00A $50.00 Savings
Next Steps - Hatch
Business Hatch Package• Start up action plan• Customized marketing message• Coordinating business cards• Customized URL and web site • Business email• Only $750.00 for webinar series
participants. Regular Price $1,500.00
Any Questions?
Thank You, Contact Us At
• Nancy OKeefe• Life By Design• (888)307-3553• Executive and Career
Coaching• www.lifeandcareerbydesign.com
• Laura Willis• Willis Works
Communication• Marketing & Branding• www.willis-works.com
Email Nancy at [email protected]
Email Laura at [email protected]
