Presentation for startup entrepreneur discussing critical first steps when planning to open a business

1. Will CorrentePresents Learn the Critical First Steps to Opening a Successful Business

2. Who is Will Corrente? Well known connection optimizer Founding Director of Corrente Consulting International Inc. (CCI). 20 years experience creating process based solutions for small businesses and entrepreneurs Helps SBE’s be connection ready and poised to reach the next level. Featured columnist for New York Entrepreneur Week and the Bergen News Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

3. My Experiences Serial entrepreneur: I have started, owned, managed and operated the following: Lawn care and landscaping company Telecommunications consulting Cleaning service Pet care business Business consulting and personal development company Online marketing and consulting Achieved sales of over $1million in 2 different businesses and industries Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

4. Critical First Steps It takes a great idea + an ability to execute You must be passionate and love your business You must write a sound business plan Your product / service must be saleable to a large audience You must know a thing or 2 about finances You must be brutally honest with yourself about your strengths and areas for improvement Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

5. Everyone has ideas, not everyone can execute them! You must honestly assess your strengths, weaknesses and abilities to run the business How experienced are you in the following: Human resource process & procedure Managing others Accounting and bookkeeping Sales and customer service Computers and technology Decision making Working long hours Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

6. Think About This “ A Vision Without Resources is a Hallucination” Unknown “An Idea Without a Plan of Execution is a Dream” Will Corrente Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

7. Do What You Love Can you make money doing what you love? Are enough people interested in it to make a sustainable business? Do you love it so much that you think about it nights, weekends, holidays, and on vacation? Would you rather be doing this than anything else? Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

8. Passion is Important Execution is a Necessity When thinking about your passion, do you have the skills to execute? Have you taken a critical inventory of your strengths and weaknesses to properly plan your execution strategy? What is your plan? Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

9. Do You Have a Business Plan? A business plan is the single most critical element of ensuring your business success Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

10. A Business Plan Answers What is the business purpose and who will it serve? How will the business be marketed & who are its customers? Who are current and future competitors? How will the business be operated? What is the projected income of the business? What the anticipated expenses? What are the start up costs? How will the business be financed? Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

11. What is the business and who will it serve? In other words, Is it Viable? Does it fill a previously untapped niche or need? Can it be produced, manufactured or delivered in a cost effective and profitable manner? Will consumers pay enough or purchase enough volume to make it a sustainable business? Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

12. How will you market? Who is your customer? Do you know who will buy your product/service? Is your product/service a need or a want? Why will they choose your product/ service over a competitor? What is your ideal customer profile: Demographics: Male/female, education, income Where do they live? How do they spend their time, money, etc ? Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

13. What is your key differentiator? New products/services need to be compelling to the consumer What makes your product/service unique? Why would a customer choose your product/service over another? What are you going to do stand out in a crowded marketplace? What makes you the most qualified person to operate the venture? Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

14. Who are your competitors,present & future? To determine viability, you must know your competition Does your product / service have competitors? Do they make money? What are they doing well? What are they doing poorly? What will you do to beat them and gain market share? Who are future competitors? How will you adapt to future competition? Copyright 2009 Corrente Consulting International Inc. www.WillCorrente.com

15. How will the Business be Operated? Do you have an operations plan for the business? how will the actions necessary to run the business be carried out? How much staff will you need? What will their duties be? Who is in charge of what? Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

16. What is the projected income? How much revenue will the business generate? what is your products/services mix to produce revenue? how much revenue will you generate per month, per quarter, per year? How will you increase revenues or sustain growth? Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

17. What are the projected expense? How much expense will the business generate? what are your anticipated expenses? Are they fixed or variable? are your expenses front loaded, back loaded or evenly distributed? do your expenses exceed revenue? What and when is your breakeven point? Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

18. What are the Anticipated Start Up Costs? How much do you need to open the business Do you have a clear understanding of the following costs: construction licenses and permits deposits leasing/purchasing costs initial inventory insurance starting salaries holding costs Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

19. Start Up Capital Requirements How much money will you need to start the business, as well as operate it, paying your salary and all expenses for at least 6 months, assuming zero revenue? Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

20. How will the business be financed? Do you have the capital to execute your vision? If you can’t invest in the business, it will be difficult to convince others? Do you have good credit? Can you comfortably borrow money to start the business? Will you need investors to execute your vision? Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

21. It is better to wait until you are properly funded than to move forward underfunded!

22. Do you have the skills to execute your vision? If you cannot fund your business yourself, what makes you a good investment? Take an honest self inventory of your skills, knowledge, experience and abilities Write a bio and a resume Begin educating yourself on your market and business in general: books, seminars, coach, and or consultant Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

23. Do you have the skills to execute your vision? If you cannot fund your business yourself, what makes you a good investment? Take an honest self inventory of your skills, knowledge, experience and abilities Write a bio and a resume Begin educating yourself on your market and business in general: books, seminars, coach, and or consultant Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

24. Steps to business success Honest self assessment sharpen skills, take courses, work with a coach, find a mentor Vet your idea research it, make sure it has legs and is viable as a revenue producing entity Write a business plan Begin financing clean up your credit settle debts Line up capital seek investors Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

25. Steps to business success Create a target start date for your business launch Create a project management timeline of items and deliverables Build your team of mentors, coaches and consultants Secure financing Begin premarketing /networking/list building/sales Begin creating the processes and systems your business will follow Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

26. Some words of wisdom Avoid signing a personal guarantee at all costs Flesh out partner agreements, duties, responsibilities, and compensation in the business plan phase Know your exit strategy Have a success evaluation plan in place Have a failure evaluation plan in place Go for it! Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

29. Will Corrente Corrente Consulting International, Inc www.WillCorrente.com © copyright 2009 All Rights Reserved