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Talent Hub WEEK TWO

Talent Hub WEEK TWO. Presented by workforce connection & college of central Florida. THE BUSINESS PLAN (BASICS). JUMP-START YOUR PLANNING PROCESS. Clearly define your business idea. Be able to state the purpose and goal of your business using clear and simple language .

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Talent Hub WEEK TWO

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  1. Talent Hub WEEK TWO Presented by workforce connection & college of central Florida WEEK TWO – SECTION TWO

  2. THE BUSINESS PLAN (BASICS)

  3. JUMP-START YOUR PLANNING PROCESS • Clearly define your business idea. Be able to state the purpose and goal of your business using clear and simple language. • Examine your motives. Make sure you have a passion for owning a business and for this particular business. • Be willing to commit to the hours, discipline, learning and frustrations that are common to owning a business. • Conduct a competitive analysis in your market, including products, prices, promotions, advertising, distribution, quality and service. • Seek help from other small businesses, vendors, professionals, government agencies, employees, associations and trade shows.

  4. FIVE CRITICAL ELEMENTS – MUST HAVE! • Description of product(s) and/or service(s) you will offer in terms of business problem(s) to solve • Market description including target customers and your sales channels to reach the market • Overview of your business model and structure • Your financial requirements and pro forma for determining break-even analysis, profitability • A basic SWOT analysis to determine positioning and starting point

  5. WHAT’S YOUR HOOK? • A simple statement that highlights the business problem you are able to solve • Ideally, ties in your personal experience and differentiation • Basic way to frame the “pain” or market opportunity Have you ever been away from your office and you suddenly realized that you needed a file that you forgot to save on your laptop?

  6. http://abc.go.com/shows/shark-tank/entrepreneurs

  7. Summarize Your Idea • Test Your Idea • Create a Business Plan • Choose a Structure • Focus on Funding • Get a Fix on Financing • Build a Team • Pin Down Your Company Name • Five Steps to Compliance • Control Cash and Credit • Project Your Cash Flow • Chart Your Business Progress • http://www.incorporate.com/score www.incorporate.com/cms/content/start_a_biz_guide.pdf

  8. BUSINESS PLANNING BASICS • Executive Summary. A two-page, succinct explanation of your business and its activities, with an overview of your key objectives and business goals. • Business Description. Describes your perception of the company. How will your business grow and profit? • The Market and Competition. Largest section. Honestly acknowledges competition and describes how your company will differ from other providers. • The Product or Service. Describes the core of your business. • Marketing/Selling. Explains how you will access the marketplace. Will you advertise, attend trade shows, establish a Web site?

  9. BUSINESS PLANNING BASICS • Management and Personnel. Explains how you will staff and manage your business. It includes one-paragraph profiles—or biographies—of yourself, partners and any other key team members. • Financial Data. Contains the balance sheet, profit-and-loss statement, break-even chart and cash flow analysis. • Investment. Based on cash flow, it includes what the investor will receive as a return. • Appendices. Includes testimonials from potential customers, research clips, charts and graphs relevant to your business.

  10. Complying With the Rules and Regulations • Federal taxes (e.g., corporate income, Social Security, Medicare, unemployment) • State taxes (corporate income; annual franchise; payroll, including unemployment, disability and workers’ compensation; sales; certain property) • Licenses and permits Federal, state and local licenses and permits (certification, operating and safety) • Shareholder agreements • Company records (articles of incorporation and bylaws; personnel; key transactions; minutes of meetings; etc.) • State annual reports

  11. Cash is King!

  12. Areas to consider for performance measures include: • Sales growth (number of calls, close rations, etc.) • Cash management (accounts receivable/payable, cash balances, inventory levels, future projections) • Profit measures (key drivers of profitability) • Customer feedback scores (e.g., service ratings)

  13. SMALL GROUP EXERCISE: MARKET PULSE CHECK • Form small groups of 3-4 • Each person has 2 minutes to explain their business in terms of business problem to solve, your unique value proposition, product(s) and/or service(s). • In rapid iteration, brainstorm/discuss the potential customer base for this product/service and how to best reach them. • You have 20 minutes total … approx. 5 minutes each.

  14. BREAK!

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