User:Vtaylor/SCORE/Home business/outline

Introduction
small businesses
 * SBA - fewer that 500 employees
 * LLCs, partnerships, s-corporations
 * for the purposes of this discussion - solopreneurs / nonemployers
 * full time, part time, gig, independent contractor

we are here to help
 * SCORE
 * government - SBA, departments
 * business development - state / county / city
 * associations - chamber, trade / industry, entrepreneurs

"home" assumptions
 * just you in your own home - no other location, no employees

POLL - who's here?

w's - simple steps
 * who
 * what
 * where
 * why
 * how
 * when

engineering design process
 * diagram
 * How might we WHAT for WHOM in order to CHANGE something?

SCORE Simple Steps for Starting Your Business series
 * help reach a “go or no-go” decision for a start-up
 * concepts involved with assessing a business idea
 * marketing your product or service,
 * understanding business financials and how they work
 * how to fund and finance your business

Sprint
 * 45 minutes + questions
 * 5 3-hour workshops or with several 1-on-1 SCORE mentoring sessions

. https://www.score.org/getstarted . [https://score.app.box.com/s/azqa2sbr5k24hdb3rzaxussk11xaokcw 1. startup basics slides]

ASK
I want to own my own business and provide
 * WHAT product and/or services to
 * WHOM. I know that I can provide services better than my competitors because
 * WHY. I will provide products/services, initially in
 * WHERE geographic area. My competitors are:
 * COMPETITORS. My services will be better than my competitors because
 * HOW.

What you bring . what is your WHY
 * interest, passion
 * time, effort, family support
 * money
 * expertise, experience, knowledge
 * goals, drive, resilience, flexibility

Explore ideas
 * products / services
 * local / online
 * your place / clients' place
 * your role
 * existing business
 * franchise

Evaluate candidates
 * brainstorm, research
 * select 3 + 1 - conservative, reasonable, riskier + moonshot
 * 1 page business plan for each
 * compare / contrast
 * iterate, improve

Selecting the idea . the idea is the opportunity So what - need a business model
 * income goals
 * lifestyle goals
 * type of work goals
 * purpose of the business
 * how will it make money

https://youtu.be/06WwH9D_ZCw

Product / Service . 1-page Business Model Canvas
 * 9 areas of consideration
 * ask - customers, value
 * imagine - big picture, ideas, examples
 * plan - operation overview
 * create - some specifics
 * improve -

[https://sumo.com/stories/business-model-canvas

IMAGINE
1. Customer Segments . model personae - name friend acquaintance . be specific - "everyone" is not a good answer
 * For whom are we creating value?
 * Is it everyone or a special group (a niche)
 * Consider age gender, family size, income, education
 * Who are our most important customers?
 * How would you describe them?
 * Where are they?

2. Value Propositions
 * What are all your products or services?
 * What do potential customers want or need?
 * What specific value(s) are we supplying?
 * What do potential customers really want or need?
 * What is unique about your product?
 * Is the price right?
 * What customer problem are we solving?

3. Customer Relationships . support, returns, followup
 * How will we get, keep, and grow customers?
 * Why will they like us?
 * How can we form relationships with our customers?
 * Follow-ups?

4. Channels . promotions, marketing, orders, fulfillment
 * How do our customers want to be reached?
 * How are we reaching them now?
 * Separate channels for different segments?

Test the Market
 * Industry Research
 * Competitive Intelligence
 * Target Market Characteristics

https://www.youtube.com/watch?v=W_B5wZRCDUs&t=0s

PLAN
5. Key Activities
 * What activities do our value propositions require?
 * Examples - operations, marketing, production, problem-solving, administration
 * Customer management - contacts
 * Record-keeping - measurement, assessment, taxes

6. Key Resources
 * What resources do our products require?
 * Physical Location - office, storage, zoning, use limitations, client access
 * License, registration, certification
 * Distribution
 * Brand - identity
 * People - contractors
 * Revenue streams
 * Customer relationships

7. Key Partners . businesses or people you need to be successful, benefits from the relationship
 * What Key resources do they provide?
 * What key activities do they perform?
 * What might we give them in return?

CREATE
Team
 * Banker
 * Lawyer
 * Accountant
 * Insurance Agent
 * Business Mentor

Money
 * Startup capital - setup, initial investment, WSJ calculator
 * Working capital - open for business
 * Cashflow projections - month / quarter, money in/out
 * Balance sheet - where's the money
 * Profit & Loss (P&L)

https://youtu.be/jqxdhBY1UAw https://www.wsj.com/articles/SB10001424052748703580904575132121921803004

8. Cost Structure . cost of good sold . cost of services provided . customer acquisition
 * What are the important and critical expenses. Look at both fixed and variable costs.
 * What resources are most expensive?
 * What activities are most expensive?

9. Revenue Streams / Cashflow . initially, future, scale
 * How do we make money?
 * How much will we make?
 * How are we setting prices?
 * Will customers pay for your products?
 * What are they paying now?
 * Are you selling products, services or both?

Legal
 * Federal
 * State
 * Local - county, city
 * license, permits, zoning, inspections
 * certification
 * TAXES - quarterly

https://youtu.be/z3ZteN_HFIQ

IMPROVE
wash rinse repeat

Improve
 * Review
 * Research
 * Revise
 * Reiterate

SWOT . time, money, experience, support, credentials, competition, partners, product/service, market
 * Strengths
 * Weaknesses
 * Opportunities
 * Threats

Critical friend
 * trusted, supportive
 * asks difficult questions
 * another perspective
 * fully understands the context
 * critiques work
 * advocates for success

https://en.wikipedia.org/wiki/Critical_friend

Points of failure . be realistic
 * time management
 * organization, prioritization
 * money management, cashflow - where many small businesses fail
 * customer care

Critical Success Factors . revisited
 * Well thought-out idea
 * Realistic expectations
 * Demonstrated customer need
 * Comprehensive overview of entire business operation
 * Money enough to start, emergency fund
 * Record keeping, cash flow, taxes, withholding, sales tax

Learn more...
 * groups, associations, publications, newsletters
 * trade / industry
 * government - federal, state, county, city
 * professional

NEXT...
Go / No go
 * not for me
 * not now
 * just do it
 * minimum viable product
 * phased implementation
 * scale

https://blog.appsumo.com/minimum-viable-product-example/

What we covered
 * help reach a “go or no-go” decision for a start-up
 * concepts involved with assessing a business idea
 * marketing your product or service,
 * understanding business financials and how they work
 * how to fund and finance your business

SCORE - mentors, workshops, library

contacts

questions