Yes I Can Develop My Idea and Start a Business

© 2012 CAPBuilder Network Group All rights reserved
Yes I Can –Start And Grow My Own
Business
Success Planning For Starting And Growing
Your Business
Facilitated by
Marc E. Parham

Marc Parham, Radio Show Host, MC/Speaker, Infopreneur
2

A Few Small Business

Small Business
EVERY BUSINESS IS STARTED TO
SOLVE SOME TYPE OF PROBLEM

Small Business
Small businesses employ 49.1% of private
sector workers
59.1% of entrepreneurs were the first in their
family to start a business
70% of entrepreneurs used their own
savings as their main source of funding

In the next 5 years, 37% of small
businesses will have more than 5
employees
13% of U.S. adults are either starting a
small business, or are a new small
business owner
69% of entrepreneurship is conducted
at home
Small Business

•In most states, somewhere between 50%
and 60% of small businesses do not have
websites
•73% of small businesses are now using
social media
•Owners serve as the main marketers for
88% of small businesses
Small Business

• Immigrant entrepreneurs launch businesses at
more than twice the rate of native-born
residents
• African-American-owned businesses have
outpaced the rest of the country’s businesses
in terms of growth.
• Between 1997 and 2007, the number of
companies owned by women grew at twice
the rate of those owned by men.
• Nine percent of all U.S. companies are
veteran-owned businesses.
Small Business

What You Will Get From This
Presentation
• The basic questions that you need to
ask and answer before you start a
business
• Discussion on each of these questions
to help you answer them
• Simple steps to developing your idea
• Simple strategies to grow your
business
• And…Why you can do this!

The Right Mindset
• Entrepreneurship Revisited
• You already are an Entrepreneur
• You are not in this alone
• You must have dedication and
passion
• You must develop and follow a
plan
• And…Yes You Can Do This

ENTREPRENEUR?
• An entrepreneur ( i/ˌɒntrəprəˈnɜr/) is an enterprising individual
who builds capital through risk and/or initiative.[1][note 1] The term was
originally a loanword from French and was first defined by the Irish-French
economist Richard Cantillon.This term first appeared in the French
Dictionary "Dictionnaire Universal de Commerce" of Jacques des Bruslons
published in 1723. Entrepreneur in English is a term applied to a person who
is willing to help launch a new venture or enterprise and accept full
responsibility for the outcome. Source:
http://en.wikipedia.org/wiki/Entrepreneur

Developing Your Idea
and Starting A Business

QUESTIONS TO ASK
1. Why should I start home based business?
2. Am I ready to start a business?
3. Do I need a business plan?
4. What are the first steps to starting a
business?
5. What do I sell?
6. Who will be my customers?
7. How much should I charge?
8. How much will it cost me to start my
business?
9. How do I develop my business idea?

1. Why should I start home
based business?
• The real question is why should I not start
my own business?
• What if, a business could use your service or
skill with about having to pay all the
additional cost?
• What if, multiple businesses used your skill
or service without having to pay all additional
cost?

2. Am I ready to start a
business?
• Do you have a skill that people will pay
to use?
• Do you have a hobby that people will
pay you to do for them?
• Do you have a new idea that to make
life easier for people?
• The fact is, if they’re not doing it
themselves, they’re paying someone to
do it, why not you?
• Most people feel that a startup business
has to replace their income. This is not
true.

3. Do I need a business plan?
• Your business plan describes these
important things
• What type of business you are starting
• Why you decided to start it,
• What you are going to sell,
• Who you are going to sell it to,
• How much are going to charge for which are selling
• How we’re going to finance your business
• How you’re going to operate your business so that it
remains successful

The Simple Strategic Plan
• ASSESSMENT -Who am I and Where am
I at Today
• YOUR OBJECTIVES – Your goals,
Where do you want to go
• THE PLAN – How you are going to get
there
• ACTION – Taking deliberate actions to
get there

4. What are the first things I should do
before it start my own business?
• The first three steps before starting a business
are;
1. Research!
2. Research!
3. Research!

5. What Do I Sell?
• The real question is, what product
or service can you do that people
are already paying for?
• If they are already paying for it why
can’t they pay you for the same
product or service?
• If you’re good at what to do,
• you take pride in your work,
• you get your work done when you say you will and
you charge a fair price,
• why should they not want to pay you for your
product or service

6. How much should I
charge?
• The first and most important factor
is how much are people already
paying for the same product or
service.
• You should have gotten this
information in your research process.
• The next important factor is how
much can you afford to do it for
and still make it worth your while.
• Just because people pay you to do
something doesn’t mean that you’re
actually making money.

6. How much should I
charge?
1. How much money do you want to
make?
2. How much time do you plan to spend in
your business?
3. How much are people already paying
for your product or service?

6. How much should I charge?
• The following is a very basic calculation to get an idea of how to
figure out what to charge
• You would like to make $10,000 dollars this year
• You plan on spending 10 hours a week
• 10 hours per week X 52 weeks = 520 hours
• Divide $10,000 hours X 520 hours =
• $19.23 or about $20 per hour
• This is a good estimate of what you need to charge for your
service or product

7. How much will it cost to start my
business?
• There are a number of
standard cost to legally set up
a business.
• These costs along with the
money that you would need to
spend to buy the other items
that will be needed are
considered your startup costs.

Some Basic Cost
• Incorporation with the State - $125
• Employer Identification Number (EIN) - $0
• Basic Website $500-$1500
• Business Cards $50 - $100
• Bank Account Setup - $100
• Business Plan Development $0 - $700
• Business Phone $50 per month
• Computer, Printer $400 - $1000

STARTUP COST
• To determine your startup costs, you must
identify all the expenses your business will
incur during its startup phase.
• Some of these expenses will be one-time
costs, such as the fee for incorporating your
business and the price of a sign for your
building.
• Some expenses will be ongoing, such as
the cost of utilities, inventory, insurance, etc.

STARTUP
BUDGET
• Enter the est. cost
• Use other plans
• Research
• Research
• Research
Startup Budget
June 8, 2010
Cash Needed
to Start
Monthly Costs
Salary of owner-manager $6,000
All other salaries and wages 7,000
Rent 1,000
Advertising 2,000
Delivery expense 400
Supplies 500
Telephone 500
Other utilities 500
Insurance 600
Taxes, including social security 1,000
Interest 500
Maintenance 300
Legal and other professional fees 3,000
Miscellaneous 500
Subtotal $23,800
One-Time Costs
Fixtures and Equipment $10,000
Decorating and remodeling 1,000
Installation charges 500
Starting inventory 5,000
Deposits with public utilities 1,000
Legal and other professional fees 500
Licenses and permits 500
Advertising and promotion for opening 500
Cash 750
Other 200
Subtotal $19,950
Totals $43,750

Simple Strategies to Grow Your
Business

TIME
• How are you using your time?
• Are you spreading yourself to
thin?
• Are you doing the things that you
know you should?
CREATE A TIME MANAGEMENT PLAN AND STICK TO IT FOR TWO WEEKS

The Plan
• Review or Develop A Basic
Plan
• It doesn’t have to be big
• It doesn’t have to be long
• It just has to be….
DEVELOP A NEW PLAN

Marketing
• Really figure out who your REAL customers
WILL be
• Why are they buying from who they are buying
from right now?
• How do you get them to buy from YOU
• Have you every asked your existing customer
to refer you to their friends
DEVELOP YOUR UNIQUE SELLING POSITION
STATEMENT?

TEAM
• Who are your GO TO People?
• Do they understand your plan? Do you
have a plan?
• Have you asked them how they want to
help you?
HAVE A TEAM MEETING AND GO OVER YOUR
PLAN

MONEY
• Are you growing with no plan?
• Are you looking for customers that
can afford to do business with you?
• Do you have a Cash Gap Plan?
• Do you have a USP and Guarantee.
DEVELOP A CASH FLOW PLAN

PERSONAL DEVELOPMENT
• What are you doing to
develop YOU.
• Business Development
• Personal Development
• Life Development
• Family Development
GET OUT AND DO SOMETHING?

Lets Talk About Your Business
Idea!

STEPS TO DEVELOP YOUR
IDEA
1. The Problem – What problem will your business solve
2. The Customer – Who are the people that have the
problem
3. The Solution – What is your solution to the problem
4. Unique Selling Proposition- Why buy from you?
5. Marketing – How will you reach your customer
6. The Cost – How much does it cost to make your
product
7. The Price – How much will you sell it for
8. The Revenue Projections – How much money are you
going to make?

SUMMARY
•Yes You Can Start And
Grow Your Business
•Research, Research,
Research
•Ask for Help
•Take Training Workshops
•Research, Research,
Research
•Start Today!

Yes I Can Develop My Idea and Start a Business

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