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Starting Your Own
Business? 10 Questions to Consider
Before Investing a Dime.
Welcome to the
Portland chapter of SCORE
Griff Lindell
Your Counselor…
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What is SCORE?
SCORE provides professional
guidance
and information to maximize
the success
of America‟s existing and
emerging
small businesses.
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What is SCORE?
A Non-Profit Organization
– Over 390 chapters, 800 offices,
Experienced Volunteers
– 10,500+…all facets of business
Personal Counseling & Mentoring - FREE
– Face-to-Face, Telephone, On-Line
Workshops & Seminars
– About 7,000 workshops reaching >120,000 clients
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Counseling & Learning
Effective personal
counseling
plus
Powerful learning
resources.
Helping make success
happen
“For The Life Of Your
Business!”
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RISKING SAVINGS, LIFESTYLES
AND RELATIONSHIPS…
Contemplating the “Big Step” of…
…pursuing the dream of working for yourself.
This Workshop is for those who are:
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HOUSEKEEPING
• Facilitates
• Introductions
• Why this workshop?
• Kind of business you are considering
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Resources Offering
Encouragement and Guidance
• Practical material
• Personal and instant
feedback
• Performance
journaling
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Resources Offering
Encouragement and Guidance
• Practical material
• Personal and instant
feedback
• Performance
journaling
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One who
organizes,
manages, and
assumes the risks
of a business
enterprise.
Entrepreneur:
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Three Foundational Questions
What are yours?
• Why do you want to move from being employed to Self-employed?
• Are you suited to be an
entrepreneur?
• What should you do next?
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AB
C
D
E
5 Shapes: Select the one that is different from the others
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A
A: the only one with no points!
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B
B: the only one that has all straight
lines!
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C
C: the only one that is
asymmetrical.
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D
D: the only one with both a straight
line and a curved line.
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E: the only one that looks like a projection
of a non-Euclidean triangle into Euclidean
space.
E
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Do You Know the “Shape” of…
…your risk of
starting a
business?
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Starting Your Own Business?
• A business idea that recognizes:
– A need in the marketplace
– A product or solution
– A real value to the customer
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The 10 Questions
Have you counted the costs?
Are you ready, willing and able for a change in your lifestyle?
Is your support team on board?
Do you enjoy the business of business?
Are you comfortable making tough decisions on the fly?
What's your track record of making stuff happen?
How well do you communicate?
Is this new business something about which you are passionate?
Are you a person that gives others energy – a self-starter?
Do you have a “partner”?
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Question 1
Have you counted the costs?
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Kinds of Costs
What kinds of costs?
• Start-up costs
• Investor costs
• Business costs
• Personal costs
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QUESTION 1:
Have You Counted the Costs?
• Have you penciled the numbers?
– Start-up costs
– Business Capital
• Do you know your Break Even point?
– Fixed costs
– Variable costs
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Counting the Costs
• Start-Up Expenses
• Cash Considerations
• The Funding Plan People you know
Bank Loan (good credit)
Government programs
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equipment
setting up books
Some Start-Up Expenses
Rent
second & third month’s rent
licenses
merchandise
fixtures
furniture
Deposits
living expenses during start-up...
salariesStock reorders
advertising
Legal Structure
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Choosing A Legal Structure
The four (4) legal structures are:
Sole Proprietorship
Partnership
Incorporate S Corporation
C Corporation
Limited Liability
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Local, State & Federal
Business Regulations• Legal Structure
• Licenses
• Procedures
– Fictitious Name Act
• Business Tax
Information
• Insurance
• IRS - Employer
Identification Number
(866) 816-2065
• Federal Self-
Employment Tax
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Counting the Costs
• Start-Up Expenses
• Cash Considerations
• The Funding Plan People you know
Bank Loan (good credit)
Government programs
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QUESTION 1:
Have You Counted the Costs?
• Have you penciled the numbers?
– Start-up costs
– Business Capital
• Do you know your Break Even point?
– Fixed costs
– Variable costs
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Break-even Analysis
$900/75 = $12.00
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Information is PowerWhat do you want to know about your business?
How much am I putting on the books?
How much of this can I turn into money?
How much am I spending?
Is my business making any money?
What’s the value of what my
business owns?
How much does my business owe
to others?
What is my business worth?
Revenue
Cash
Expenses
Revenue –Expenses
Assets
Liabilities
Equity
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Dashboard Dials
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Cash Flow defined…
1. Cash Flow is the flow of cash INTO and
OUT OF a business over a selected time
period
2. Cash Flow is:
Positive when cash receipts exceed cash
payments – YOU CAN PAY YOUR BILLS!
Negative when cash payments exceed cash
receipts – YOU HAVE TO BORROW TO PAY BILL
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Cash Flow Rules
• Rule Nº 1: Cash is the most important resource you have…
– More cash is better than less cash
– Collect Cash now is better than later
– Pay out Cash later is better than now
• Rule Nº 2:
– Focus on Cash Flow rather than Operating Statement (P&L) profits
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Cash Flow Projection
• Plot anticipated cash flow positions
• Anticipate shortfalls
• Help you spot sales trends
• Tell if your customers are slow pay
• Help you plan for major asset purchases
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Cash Flow Flow Forecast
Week 1 Week 2 Week 3 Week 4 Week 5 Week 6
Week of:
Beginning Cash Balance 0 0 0 0 0
Cash Receipts:
Estimated Cash in from A/R
Estimated Cash in from Sales Counter
Decrease (Increase) in Savings
Miscellaneous
Borrowing from Line of Credit
Sub total 0 0 0 0 0 0
Total Cash Available 0 0 0 0 0 0
Disbursements:
Payroll (Net)
Payroll Taxes
Sales Tax
Rent
Purchases for Resale
Utilities
Total Cash Out 0 0 0 0 0 0
Balance Forward 0 0 0 0 0 0
Mus
t Pay
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Mar Apr May Jun Jul Aug
Beginning Cash -$ (2,861)$ (549)$ 3,769$ 5,089$ (573)$
Loans from Founder 5,000$ 3,000$ 5,000$ 2,000$ -$
Beginning Cash available 5,000$ 139$ 4,451$ 5,769$ 5,089$ (573)$ OUTFLOWS
THAILAND Program Services 1,208$ 534$ 597$ 368$ 1,319$ 1,319$
Administrative 94$ 145$ 105$ 109$ 144$ 144$
Fund Raising 2,625$ -$ -$ 193$ 107$ 108$
Total Thailand Project Expenses 3,927$ 679$ 702$ 670$ 1,570$ 1,570$ CORPORATE
Payroll -$ -$ -$ -$ -$ -$
0.16 Payroll burden -$ -$ -$ -$ -$ -$
Minus Allocated Payroll
MARKETING 57$ -$ -$ -$ -$ -$
Travel -$ -$ -$ -$ 3,500$ -$
Phones -$ -$ -$ -$ -$ -$ WEB 3,500$ -$ -$ -$ -$
Insurance -$ -$ -$ -$ -$ -$
Training/conferrences 352$ -$ -$ -$ -$
OTHER 25$ 10$ 10$ 10$ 10$ 10$
Total corporate expenses 3,934$ 10$ 10$ 10$ 3,510$ 10$
Total Expenses 7,861$ 689$ 712$ 680$ 5,080$ 1,580$
Capital expenses 1,000$ 6,000$
Total outflow 7,861$ 689$ 712$ 680$ 6,080$ 7,580$
Mar Apr May Jun Jul AugEstimated Revenue by source
Loans from Directors 5,000$ 3,000$ 5,000$ 2,000$ -$ -$
Corporate Donations $0 $0 $0 $0 $0 $0
Foundation Grants $0 $0 $0 $0 $0 $0
Special Events $0 $0 $0 $0 $0 $0
Public Donations $0 $0 $30 $0 $0 $0
Web DONATIONS $0 $0 $0 $0 $418 $427
Interest Income $0 $0 $0 $0 $0 $0
Other Income $0 $0 $0 $0 $0 $0
Total est revenue $0 $0 $30 $0 $418 $427
Cash available in period $5,000 $139 $4,481 $5,769 $5,507 ($147)
Cash balance ($2,861) ($549) $3,769 $5,089 ($573) ($7,727)
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CASH FLOW
($2,861)
($549)
$3,769
$5,089
($573)
($7,727)
($8,508)
($8,614)
($17,920)
($16,669)($20,000)
($15,000)
($10,000)
($5,000)
$0
$5,000
$10,000
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
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CASH FLOW
($2,861)
($549)
$3,769
$5,089
$14,427
$7,273 $6,492
$6,386
($2,920)
($1,669)($4,000)
($2,000)
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
$15,000 investment from Founders
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SCORE Planner
• Software that will
help you manage
your cash.
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Simple.
Easy to use.
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Question 2
Are you ready, willing and able for a change in your lifestyle?
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Lifestyle Change
• New hours
• New pressure
• Less family time
• Less play time
• More work calls
• More financial pressure
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Have you prepared yourself and
your family for a change in
lifestyle?
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Can you pay
current bills
without
drawing
funds from
the new
business?
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Question 3
Is your support team on board?
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Just WHO is the Support
Team?
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Just WHO is the Support
Team?
Journal!!!
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Support Team
Have you written a
business plan; has
your S.O. read it;
does your S.O
understand the
impact on your
current
RELATIONSHIPS ?
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Support Team
Have your talked about your hopes, dreams, fears,
finances – and how they can best support you?
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Question 4
Do you enjoy the business of business?
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Business of Business
• Business Plan
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Business of Business
• Business Plan
• Business tools
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Business of Business
• Business Plan
• Business tools
• Market research
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Business of Business
• Business Plan
• Business tools
• Market research
• Competitive Analysis
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Business of Business
• Business Plan
• Business tools
• Market research
• Competitive Analysis
• Sales Skills
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Business of Business
• Business Plan
• Business tools
• Market research
• Competitive Analysis
• Sales Skills
• Elevator Pitch
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Business of Business
• Business Plan
• Business tools
• Market research
• Competitive Analysis
• Sales Skills
• Elevator Pitch
• Book-keeping
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Business of Business
• Business Plan
• Business tools
• Market research
• Competitive Analysis
• Sales Skills
• Elevator Pitch
• Book-keeping
• Negotiating
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BUSINESS PLAN
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The Plan Parts
• Executive Summary
The Company
Products and Services
Market Analysis
Competition
Business Strategy and Implementation
Operations
Organization
Financial Analysis
• Supporting Documentation
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Planning Process
PlanPrepare for the future
Recordmeasure the results
Evaluateexplain variances from the plan
Analyzecompare results to the plan Results
something happens
Actimplement the plan
1
6
5
4
3
2
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Planning Process
PlanPrepare for the future
Recordmeasure the results
Evaluateexplain variances from the plan
Analyzecompare results to the plan Results
something happens
Actimplement the plan
1
6
5
4
3
2Success
FAILURE
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IN PRODUCING
A RESULT !
YOU ALWAYS
SUCCEED
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Planning Process
PlanPrepare for the future
Recordmeasure the results
Evaluateexplain variances from the plan
Analyzecompare results to the plan Results
something happens
Actimplement the plan
1
6
5
4
3
2
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Planning Process
PlanPrepare for the future
Evaluate
Analyze
RecordResults
Actexplain variances from the plan
measure the results
compare results to the plan
something happens
implement the plan
1
6
5
4
3
2
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Planning Process
PlanPrepare for the future
Evaluate
Analyze
RecordResults
Actexplain variances from the plan
measure the results
compare results to the plan
something happens
implement the plan
16
5
4
3
2
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Planning Process
PlanPrepare for the future
Evaluate
Analyze
RecordResults
Actexplain variances from the plan
measure the results
compare results to the plan
something happens
implement the plan
16
5
4
3
2
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Planning Process
PlanPrepare for the future
Recordmeasure the results
Evaluateexplain variances from the plan
Analyzecompare results to the plan Results
something happens
Actimplement the plan
16
5
4
3
2
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Help in Writing Your Plan
• Community groups
• SCORE
• SBDCs
• Free templates online
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Persistence
• Plan carefully
• Execute vigorously.
• Persist continuously.
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Plan
You always must be planning.
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UNDERSTANDING THE
COMPETITIVE LANDSCAPEMarket Research &
Competitive Analysis
BUSINESS OF BUSINESS
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Understand the Competitive
Topography• Who is in YOUR market?
• What do they offer?
• How different?
• What is unique?
• Why do people use them?
• What do they communicate?
– Copies of brochures, Web, Ads, etc.
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Collection of competitive
Marketing Communications
War-wall
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What To Look For
• Battles chosen
• Comparisons made
• Claims made
• Areas ignored
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CompetitorsKeep your friends close and
your competitors closer.
Business of Business
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Question 5
Are you comfortable making tough decisions on the fly?
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Mountain Climbing
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Frozen Falls Climbing
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A New Boss
• YOU make the
decisions
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A New Boss
• YOU make the
decisions
• No “team” to turn to
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A New Boss
• YOU make the
decisions
• No “team” to turn to
• You don’t report to
anyone who couldguide or help
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A New Boss
• YOU make the
decisions
• No “team” to turn to
• You don’t report to
anyone who couldguide or help
• The buck stops
with you.
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How Well Do You Handle
Just a little uncertainty…
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Question 6
What's your track record of making stuff happen?
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Getting Stuff Done
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GOALS
• S.M.A.R.T.
• Specific
• Measurable
• Accountable
• Realistic
• Timely
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Ideas Have Power
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Question 7
How well do you communicate?
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Communicating to People
in Ways They Prefer
High
AssertivenessCholeric
Dominant
Driver
Controlling-Taking
Competing
Low
Assertiveness
Low
Responsiveness
High
Responsiveness
Phlegmatic
Accommodating
Adapting-dealing
Amiable
Steadiness
Melancholic
Compliant
Analytical
Conserving/Holding
Avoiding
Sanguine
Influencer
Excelling
Supporting-giving
Expressive
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Communicating to People in Ways They Prefer
Melancholic
Compliant
Analytical
Conserving/Holding
Avoiding
Choleric
Dominant
Driver
Controlling-Taking
Competing
Phlegmatic
Accommodating
Adapting-dealing
Amiable
Steadiness
Influencer
Excelling
Sanguine
Expressive
Supporting-giving
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Communicating to People in Ways They Prefer
Melancholic
Compliant
Analytical
Conserving/Holding
Avoiding
Choleric
Dominant
Driver
Controlling-Taking
Competing
Phlegmatic
Accommodating
Adapting-dealing
Amiable
Steadiness
Influencer
Excelling
Sanguine
Expressive
Supporting-giving
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Communicating to People in Ways They Prefer
Melancholic
Compliant
Analytical
Conserving/Holding
Avoiding
Choleric
Dominant
Driver
Controlling-Taking
Competing
Phlegmatic
Accommodating
Adapting-dealing
Amiable
Steadiness
Influencer
Excelling
Sanguine
Expressive
Supporting-giving
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If you want to learn more…
…contact me after the class for
my LIFO® (life orientations) offer.
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Question 8
Is this new business something about which you are
passionate?
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“Each of us has a fire in our
heart for something. It’s our goal
in life to find it and keep it lit.”
- Mary Lou Retton
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Passion is not a substitute…
…for business understanding
…for market intelligence
…for product knowledge
…for positioning strategy
…for planning excellence
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What is positioning?
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Do You Have the Passion to
Discover the Dominant Paradigm?
• Core Beliefs – Dominant Paradigm– Cotton is cooler than wool
– All sugar is the same
• What are the Core Beliefs that must be
managed in your market?
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Reason to Buy
• What is unique about your offering?
– Location?
– People?
– Other characteristics?
– Service?
– ? ? ?
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Passion to Position Your Value
What is unique about your offering?
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Passion is a choice!
A daily choice.
Passion Drives the Discipline to
Learn, Grow and Produce Great
Results!
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Question 9
Are you a person that gives others energy – a self-starter?
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Self-starter Tips
• Do you know your purpose?
• Why are you on earth?
• How does this business
help you fulfill your
purpose?
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Business / Happiness
5 Paths to Giving Others Energy February 2011 Reader’s Digest
1. “Use your resources
wisely”
2. “Create a family culture”
3. “Avoid „just this once‟”
4. “Remember to be
humble”
5. “Choose the right
yardstick”
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Question 10
Do you have a “partner”?
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Advisory Board – Why?
• Networking Potential
• Industry Trends
• Educated Opinion-makers
• Business Advice
• Emotional Support
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Advisory Boards - Who
• Suppliers
• Retailers
• Wholesalers
• Lawyers / CPA
• Retired Small Business People
• Professors
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In the counsel of
many there is wisdom.
Advisory Boards
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ARE YOU READY TO
CHANGE?
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Today’s offer
Any 3 eBooks
$4.95
$4.95
$4.95
$14.95
$29.80
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Today’s offer
Book + 3