How to create your million $ idea

Bell BizLaunch Seminar

www.bell.ca/startup

How to Create Your Million $ Idea

| YYYY MM DD | CONFIDENTIAL

Welcome to the Era of the Entrepreneur!

• Some small biz facts & figures: 2.5 Million small businesses in Canada 139,000 launched last year 866,000 women entrepreneurs (60% of startups) 75% of businesses are service-based 15% of working Canadians work for themselves

– 75% of North American millionaires are self-employed


Where do entrepreneurs come from?

Corporate escapees leaving their jobs Grad students right out of school New Canadians People between jobs Early retirees 55+

Ontario, Quebec and Alberta home to most start-ups

How new business owners got their ideas

• 34% copied or modified an idea

• 24% built a business from their hobby

• 18% had an “a-ha” moment

• 13% were inspired by someone else’s experience

• 11% did market research

Where ideas are born

• Untapped market• An invention ( a better mousetrap)• Improving an existing idea• Technology changes• Trends (shift in buying behaviour)• Social changes (shifts in societal behaviour)

– (e.g. environmentalism boosts hybrid car sales)

Three ways to get into business

1. Buy a franchise

2. Buy a private business for sale by owner

3. Start from scratch• Always get advice from an accountant and lawyer when

buying a business or franchise.• Like most entrepreneurs, let’s focus on the third option

“Starting from scratch” …

The first secret to success is ….you!

• What do you want out of your life?• What do you want to achieve?• Where do you want to live and travel?• How much money will you need to retire, and when?• What are your personal priorities?

Family, faith, friends, career success, community

• Know what you want before you start….and design your business to support your goals

Next step: unleash your passion

Assess your interests, skills and hobbies to identify: What you love to do What you’re good at doing

• The magical mix? A business that combines your passion with marketplace opportunity!

• Passion allows you to survive tough times & never “work” another day in your life

• Next, apply your passion to a business trend…

Hot trends

• Multiculturalism• Personal indulgences• Keeping middle-aged women young• Toddlers, tweens & teens• Luxury items• Selling to India and China• Cocooning – stay at home trend• Condo dwellers

More hot trends

• Organic foods• Adventure travel packages• VIP pet treatment ($36 Billion in North America)• Personal shopper or personal concierge service • Exercise fusion (“Yoga for Golfers”, “Running Room”)• Selling anything on the ‘net (online purchases now

exceed $50 billion)• Financial planning for women• Exotic foods, wines, tastes

Specific Businesses to Consider

• Coaching, training and education• Senior care• Home security• Health and beauty products• Pet products and services• Plus-size clothing• Outsourcing (saying “we can do that for you”)• Staff recruitment• Cleaning services

Businesses to consider

• Home entertainment and automation• Home renovations and décor• Private health care• Hobby and recreation products• Exciting mini-vacations• Social networks and community websites (think

Facebook)

Secrets of a Big Idea…

It’s not WHAT you do, but HOW you do it…• Do something better, faster or differently

Quizno’s: “Toasted tastes better” (BETTER) Pizza Pizza: “30 minutes or free” (FASTER) Dell: Direct to consumer (DIFFERENT)

• R & D = “Rob and Duplicate”! Combine business ideas to create a new one eBay (buyers + sellers + Internet)

Ingredients of a Million $ Idea

Your business makes $ while you sleep It delivers customers more in value than they pay cash

Example: A $50 course on bookkeeping saves your client $1000 in taxes and makes their business more successful

Develops a recognized brand Your business can be exported, duplicated or sold Supports your lifestyle Makes you proud!

Ingredients of a Million $ Idea

Low start-up costs Minimal direct competition Easy to operate by yourself at first Saves people time, effort or $$ Rides a trend; strong future Holds your passion … every day! Can be duplicated People understand it Service business is less risky than manufacturing or retail

Summary of start-up steps

• Step 1: Decide which business is right for you• Step 2: Develop a great product or service• Step 3: Do your market research

Who will buy your product/service? Who are your competitors & what do they charge? What are your competitors’ strengths & weaknesses How will your target customers pay? Which trends support your business?

Steps to Launch Your Business

• Step 4: Develop a Business Plan. IncludeA marketing planYour monthly break-even salesA cash flow forecastAn operations plan

• Step 5: Get legal requirements in placeRegister your business (www.Cyberbahn.ca)Obtain licenses or permits (visit City Hall & ask about

their new BizPal service)


• Step 6: Spend 80% of your time marketing & selling!Without customers, you’re in trouble!Get publicity, develop promotions & sell, sell, sell

• Step 7: Watch your cash flowCash flow more important than profits for early yearsMonitor your bank balance dailyCollect receivables fast, delay payables“Over estimate expenses, under estimate revenues”


• Step 8: Find advisers to help you to grow your business It’s impossible to know everythingSmart people bring in other smart peopleAdvisers should include a banker, lawyer, accountant,

coach, marketerFind an experienced business person to mentor you


Books and Websiteswww.CanadaBusiness.ca

www.entrepreneur.comwww.trendwatching.com

www.scotiabank.comwww.bell.ca/startup

The Art of the Start by Guy KawasakiGuerrilla Marketing series by Jay Conrad Levinson

Boom, Bust and Echo by Dr David FootThe E-Myth Revisited by Michael Gerber


Closing remarks…

• Your business must hold your passion• Your business should support the way you want to live• Focus on a narrow target market• Develop your business to eventually run without you• It’s not what you do in business, but how you do it• Over-estimate your expenses & under-estimate revenues• Reach out for advice • Start small, think big & act now!

| YYYY MM DD | CONFIDENTIAL Bell RestrictedDate

Bell is Your Start-up Expert• Starting a small business takes time, energy & money! • Bell wants to make your life easier with smart technology

choices, convenience, affordable services & start-up expertise.

• As your Startup Expert, Bell offers specialized information, tools, resources, customized solutions and cutting-edge services.

• Why is Bell offering this seminar? It’s good business to support your small business success.

• Here’s a brief look at how Bell can help you start smart…

How Bell helps you to start-up

Essentials Bundle

The Essentials Bundle offers a perfect mix of services:

• Business Internet High Speed access + Phone line + Voicemail

• No installation charges

• Add a line and get 10$ off monthly and no installation charges

• Select your own prestige phone number and we waive the $35 search fee

• Free business listing in both White and Yellow Pages directories

• Enjoy savings of 33% for Internet access for the first 6 months

• Choose DSL high-speed or Internet Unplugged Bonus!

250 free business cards Free Branding Tips for Dummies booklet

Starting from $65.95 a month


Web Site Hosting Services

Affordable Web site hosting with powerful online self serve tools and business email

• A wide variety of plans intended for all types of business customers– ranging from a the businesses that is hosting a web site for the first time to businesses

that want to support ecommerce online• All plans include self serve tools to quickly and easily build a web site, promote

your web site or improve how you service your customers online

Tools include: EasySiteWizard (Web site building tool) Announcer Pro (Email Marketing tool) EasyStoreMaker Pro (Ecommerce tool)

Bell help Start ups get online quickly and easily – Every new hosting customer gets a

free 1 page Online Business card to promote their business


Web Site Design Services

Professional web site design at an affordable price • Select from over 3000 professionally designed high quality templates developed

in HTML/Partial Flash and Full Flash• Templates available in over 25 different business vertical categories• Our team of Web site experts will redesign the Web site template and give you

site that mirrors your corporate image From $499.99 (or $50 a month) 5-page professionally developed website Completed within 10 business days

• Also available: Web site maintenance and Custom Web site development Ecommerce Content Management Systems Reservation Systems


Bell Mobility - Keeping You Connected Outside the Office

• Stay accessible for your customers and your employees with a Blackberry from Bell - Access your email, your Contact list and your Calendar when you’re not in the office

– Starting at $15 for Unlimited email!

• Keep your team connected with the SmallBiz shared rate plans – get big business abilities as you grow by sharing a large pool of airtime minutes with as many as fifteen employees

– Share and save with as few as 450 minutes to 15,000 minutes!



Bell Business Internet Security Pack

Protect your valuable business data with these services:• Anti-virus software to eliminate infected files• Firewall to block out intruders• Anti-spyware• Business Vault to automatically backup and safely store your data offsite• Online file sharing to connect your team…and more!

Think Bell to help you start-up

• Bell has a team of dedicated Start-up Experts to serve customers who are launching & growing a new business

• Bell already serves more start-up businesses than any competitor in the market

• More and more entrepreneurs are trusting Bell to help get their ventures up and running

• Contact Bell anytime!

www.Bell.ca/startup

Introducing Scotia Running Start for business

Get out of the gate fast with the Scotia Running Start for business™ banking package. The package gives you everything you need to start your business, including savings on bundled personal and business banking services and other special offers.

Drop by your local Scotiabank branch to speak with a Small Business Banker. Or, visit www.scotiabank.com/startup.

Enjoy your free how-to guide, The Starting Line for business!

How to create your million $ idea

Business

Transcript of How to create your million $ idea