Kimco presentation day1 morning20120923 0 (2)
73
Startup Boot Camp Kick Starting Success for California’s Retail, Restaurant and Service Entrepreneurs! Day 1 — Session 1
-
Upload
miracostabec -
Category
Documents
-
view
91 -
download
2
description
Transcript of Kimco presentation day1 morning20120923 0 (2)
Startup Boot Camp
Kick Starting Success for Californiarsquos Retail Restaurant and
Service Entrepreneurs
Day 1 mdash Session 1
WELCOMEINTRODUCTIONS
The best way to predict the future is to create it
mdash Peter Drucker
3
Goals
Designed specifically for entrepreneurs in the early stages of developing service retail or restaurant businesses
Test your business idea ndash Is It feasible given your goals values income requirements and finances
Understand and execute basic business planning concepts ndash Determine what information is important and how to get it ndash Determine what questions need to be asked
Develop an action plan
Link to free and low-cost resources that can help
Expectations
Attend entire program
Complete all of the work
Add your expertise to the discussions
Become an SBDC client for one-on-one counseling upon completion of program to refine and complete your business plan
4
Caveat
Like drinking out of a fire hose
Exposure to many concepts
Will touch on a wide variety of issues affecting startups but concentrate on producing deliverables for the elements necessary to create a well-thought out business plan
At the end of the program you should become an SBDC client to refine your business plan and build-out your support networksystems
5
One-Minute Introductions
Identify yourself
Describe your business idea
Tell us about prior experience that is relevant to your business idea
State one or two specific questions that you hope to answer as a result of the Boot Camp
6
XXXXXXXXX SBDC
Basics Business counseling training
Training free or low costcounseling free
Any stage of business growth
Founded during Carter administration
Oversight by federal Small Business Administration (SBA)
Over 1100 nationwide
8
What Is An SBDC
Assists ldquobusiness readyrdquo entrepreneurs and existing small business owners who are ready to start retain or expand their business
Focuses on businesses with potential to produce economic impact for the local community
Provides no-cost one-on-one business counseling
Offers no- or low-cost training workshops and business forums
Measures and validates (through client surveys) success against 6 criteria ndash Business starts ndash Jobs created ndash Jobs retained ndash Sales increased ndash Capital investment received ndash Loans obtained
9
What Is An SBDC (contrsquod)
Experienced independent Business Advisors
Generalists and specialists (examples) ndash Business planning ndash Market research marketing advertising ndash Loan assistancefinancial management ndash Human Resources ndash Procurementminority certification ndash Technology
Part of local economic development community providing referrals to qualified small-business resources
10
KIMCO KEYS PROGRAM
12
KEYS Program
North Americarsquos Largest Owner amp Operator of
Neighborhood amp Community Shopping Centers
History Started in 1958 | IPO that initiated modern REIT era NYSE-listed for ~20 years | SampP 500 Index (2006)
Dividend $076 annually ~39 yield (33112)
Shopping Center Properties 946 properties 1381M 895M sq ft (grosspro-rata)
Geographic Footprint 44 states Puerto Rico Canada Mexico and South America
Occupancy (pro-rata) 5-year average 939 | High 963 (123107) Low 923 (63009)
Enterprise Value $132B (33112)
Credit Rating Investment Grade BBB+ | BBB+ | Baa1 (SampP | Fitch | Moodyrsquos)
Who is Kimco
bull Kimco Entrepreneurs Year Start (KEYS) is a business incubator program for qualified startup entrepreneurs bull Approved applicants receive bull Resources and services bull One year of free rent (must pay NNN expenses only) bull This incentive accelerates the growth of their new businesses in shopping centers owned by Kimco and its joint venture partners
Kimco Entrepreneurs
What is KEYS
Year Start
Westlake Shopping Center - Daly City CA
Redhawk Towne Center ndash Temecula CA Kimco Entrepreneurs
Year Start
bull Qualified KEYS applicants will benefit from bull Substantially lower monthly overhead expenses bull Lease term flexibility bull Assistance of a Kimco counselor bull Counselor will advise and guide potential tenant through the lease store selection and planning process if desired bull After Tenantrsquos initial first year lease term the tenant has choice to exercise a four-year lease option for the existing store bull Also the lease provides for an easy exit with no long term obligation to Kimco if the startup entrepreneur finds the business unworkable
What does KEYS offer
bull Currently there are approximately bull 100 available stores bull All under 2500 square feet in size bull Located in Kimcorsquos demographically diversified California portfolio bull Of the 100 available units there is a mixture of both retail service and former restaurant build-outs
Kimco Entrepreneurs How many spaces are available
Year Start
Larwin Square Shopping Center ndash Tustin CA
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
WELCOMEINTRODUCTIONS
The best way to predict the future is to create it
mdash Peter Drucker
3
Goals
Designed specifically for entrepreneurs in the early stages of developing service retail or restaurant businesses
Test your business idea ndash Is It feasible given your goals values income requirements and finances
Understand and execute basic business planning concepts ndash Determine what information is important and how to get it ndash Determine what questions need to be asked
Develop an action plan
Link to free and low-cost resources that can help
Expectations
Attend entire program
Complete all of the work
Add your expertise to the discussions
Become an SBDC client for one-on-one counseling upon completion of program to refine and complete your business plan
4
Caveat
Like drinking out of a fire hose
Exposure to many concepts
Will touch on a wide variety of issues affecting startups but concentrate on producing deliverables for the elements necessary to create a well-thought out business plan
At the end of the program you should become an SBDC client to refine your business plan and build-out your support networksystems
5
One-Minute Introductions
Identify yourself
Describe your business idea
Tell us about prior experience that is relevant to your business idea
State one or two specific questions that you hope to answer as a result of the Boot Camp
6
XXXXXXXXX SBDC
Basics Business counseling training
Training free or low costcounseling free
Any stage of business growth
Founded during Carter administration
Oversight by federal Small Business Administration (SBA)
Over 1100 nationwide
8
What Is An SBDC
Assists ldquobusiness readyrdquo entrepreneurs and existing small business owners who are ready to start retain or expand their business
Focuses on businesses with potential to produce economic impact for the local community
Provides no-cost one-on-one business counseling
Offers no- or low-cost training workshops and business forums
Measures and validates (through client surveys) success against 6 criteria ndash Business starts ndash Jobs created ndash Jobs retained ndash Sales increased ndash Capital investment received ndash Loans obtained
9
What Is An SBDC (contrsquod)
Experienced independent Business Advisors
Generalists and specialists (examples) ndash Business planning ndash Market research marketing advertising ndash Loan assistancefinancial management ndash Human Resources ndash Procurementminority certification ndash Technology
Part of local economic development community providing referrals to qualified small-business resources
10
KIMCO KEYS PROGRAM
12
KEYS Program
North Americarsquos Largest Owner amp Operator of
Neighborhood amp Community Shopping Centers
History Started in 1958 | IPO that initiated modern REIT era NYSE-listed for ~20 years | SampP 500 Index (2006)
Dividend $076 annually ~39 yield (33112)
Shopping Center Properties 946 properties 1381M 895M sq ft (grosspro-rata)
Geographic Footprint 44 states Puerto Rico Canada Mexico and South America
Occupancy (pro-rata) 5-year average 939 | High 963 (123107) Low 923 (63009)
Enterprise Value $132B (33112)
Credit Rating Investment Grade BBB+ | BBB+ | Baa1 (SampP | Fitch | Moodyrsquos)
Who is Kimco
bull Kimco Entrepreneurs Year Start (KEYS) is a business incubator program for qualified startup entrepreneurs bull Approved applicants receive bull Resources and services bull One year of free rent (must pay NNN expenses only) bull This incentive accelerates the growth of their new businesses in shopping centers owned by Kimco and its joint venture partners
Kimco Entrepreneurs
What is KEYS
Year Start
Westlake Shopping Center - Daly City CA
Redhawk Towne Center ndash Temecula CA Kimco Entrepreneurs
Year Start
bull Qualified KEYS applicants will benefit from bull Substantially lower monthly overhead expenses bull Lease term flexibility bull Assistance of a Kimco counselor bull Counselor will advise and guide potential tenant through the lease store selection and planning process if desired bull After Tenantrsquos initial first year lease term the tenant has choice to exercise a four-year lease option for the existing store bull Also the lease provides for an easy exit with no long term obligation to Kimco if the startup entrepreneur finds the business unworkable
What does KEYS offer
bull Currently there are approximately bull 100 available stores bull All under 2500 square feet in size bull Located in Kimcorsquos demographically diversified California portfolio bull Of the 100 available units there is a mixture of both retail service and former restaurant build-outs
Kimco Entrepreneurs How many spaces are available
Year Start
Larwin Square Shopping Center ndash Tustin CA
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
3
Goals
Designed specifically for entrepreneurs in the early stages of developing service retail or restaurant businesses
Test your business idea ndash Is It feasible given your goals values income requirements and finances
Understand and execute basic business planning concepts ndash Determine what information is important and how to get it ndash Determine what questions need to be asked
Develop an action plan
Link to free and low-cost resources that can help
Expectations
Attend entire program
Complete all of the work
Add your expertise to the discussions
Become an SBDC client for one-on-one counseling upon completion of program to refine and complete your business plan
4
Caveat
Like drinking out of a fire hose
Exposure to many concepts
Will touch on a wide variety of issues affecting startups but concentrate on producing deliverables for the elements necessary to create a well-thought out business plan
At the end of the program you should become an SBDC client to refine your business plan and build-out your support networksystems
5
One-Minute Introductions
Identify yourself
Describe your business idea
Tell us about prior experience that is relevant to your business idea
State one or two specific questions that you hope to answer as a result of the Boot Camp
6
XXXXXXXXX SBDC
Basics Business counseling training
Training free or low costcounseling free
Any stage of business growth
Founded during Carter administration
Oversight by federal Small Business Administration (SBA)
Over 1100 nationwide
8
What Is An SBDC
Assists ldquobusiness readyrdquo entrepreneurs and existing small business owners who are ready to start retain or expand their business
Focuses on businesses with potential to produce economic impact for the local community
Provides no-cost one-on-one business counseling
Offers no- or low-cost training workshops and business forums
Measures and validates (through client surveys) success against 6 criteria ndash Business starts ndash Jobs created ndash Jobs retained ndash Sales increased ndash Capital investment received ndash Loans obtained
9
What Is An SBDC (contrsquod)
Experienced independent Business Advisors
Generalists and specialists (examples) ndash Business planning ndash Market research marketing advertising ndash Loan assistancefinancial management ndash Human Resources ndash Procurementminority certification ndash Technology
Part of local economic development community providing referrals to qualified small-business resources
10
KIMCO KEYS PROGRAM
12
KEYS Program
North Americarsquos Largest Owner amp Operator of
Neighborhood amp Community Shopping Centers
History Started in 1958 | IPO that initiated modern REIT era NYSE-listed for ~20 years | SampP 500 Index (2006)
Dividend $076 annually ~39 yield (33112)
Shopping Center Properties 946 properties 1381M 895M sq ft (grosspro-rata)
Geographic Footprint 44 states Puerto Rico Canada Mexico and South America
Occupancy (pro-rata) 5-year average 939 | High 963 (123107) Low 923 (63009)
Enterprise Value $132B (33112)
Credit Rating Investment Grade BBB+ | BBB+ | Baa1 (SampP | Fitch | Moodyrsquos)
Who is Kimco
bull Kimco Entrepreneurs Year Start (KEYS) is a business incubator program for qualified startup entrepreneurs bull Approved applicants receive bull Resources and services bull One year of free rent (must pay NNN expenses only) bull This incentive accelerates the growth of their new businesses in shopping centers owned by Kimco and its joint venture partners
Kimco Entrepreneurs
What is KEYS
Year Start
Westlake Shopping Center - Daly City CA
Redhawk Towne Center ndash Temecula CA Kimco Entrepreneurs
Year Start
bull Qualified KEYS applicants will benefit from bull Substantially lower monthly overhead expenses bull Lease term flexibility bull Assistance of a Kimco counselor bull Counselor will advise and guide potential tenant through the lease store selection and planning process if desired bull After Tenantrsquos initial first year lease term the tenant has choice to exercise a four-year lease option for the existing store bull Also the lease provides for an easy exit with no long term obligation to Kimco if the startup entrepreneur finds the business unworkable
What does KEYS offer
bull Currently there are approximately bull 100 available stores bull All under 2500 square feet in size bull Located in Kimcorsquos demographically diversified California portfolio bull Of the 100 available units there is a mixture of both retail service and former restaurant build-outs
Kimco Entrepreneurs How many spaces are available
Year Start
Larwin Square Shopping Center ndash Tustin CA
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Expectations
Attend entire program
Complete all of the work
Add your expertise to the discussions
Become an SBDC client for one-on-one counseling upon completion of program to refine and complete your business plan
4
Caveat
Like drinking out of a fire hose
Exposure to many concepts
Will touch on a wide variety of issues affecting startups but concentrate on producing deliverables for the elements necessary to create a well-thought out business plan
At the end of the program you should become an SBDC client to refine your business plan and build-out your support networksystems
5
One-Minute Introductions
Identify yourself
Describe your business idea
Tell us about prior experience that is relevant to your business idea
State one or two specific questions that you hope to answer as a result of the Boot Camp
6
XXXXXXXXX SBDC
Basics Business counseling training
Training free or low costcounseling free
Any stage of business growth
Founded during Carter administration
Oversight by federal Small Business Administration (SBA)
Over 1100 nationwide
8
What Is An SBDC
Assists ldquobusiness readyrdquo entrepreneurs and existing small business owners who are ready to start retain or expand their business
Focuses on businesses with potential to produce economic impact for the local community
Provides no-cost one-on-one business counseling
Offers no- or low-cost training workshops and business forums
Measures and validates (through client surveys) success against 6 criteria ndash Business starts ndash Jobs created ndash Jobs retained ndash Sales increased ndash Capital investment received ndash Loans obtained
9
What Is An SBDC (contrsquod)
Experienced independent Business Advisors
Generalists and specialists (examples) ndash Business planning ndash Market research marketing advertising ndash Loan assistancefinancial management ndash Human Resources ndash Procurementminority certification ndash Technology
Part of local economic development community providing referrals to qualified small-business resources
10
KIMCO KEYS PROGRAM
12
KEYS Program
North Americarsquos Largest Owner amp Operator of
Neighborhood amp Community Shopping Centers
History Started in 1958 | IPO that initiated modern REIT era NYSE-listed for ~20 years | SampP 500 Index (2006)
Dividend $076 annually ~39 yield (33112)
Shopping Center Properties 946 properties 1381M 895M sq ft (grosspro-rata)
Geographic Footprint 44 states Puerto Rico Canada Mexico and South America
Occupancy (pro-rata) 5-year average 939 | High 963 (123107) Low 923 (63009)
Enterprise Value $132B (33112)
Credit Rating Investment Grade BBB+ | BBB+ | Baa1 (SampP | Fitch | Moodyrsquos)
Who is Kimco
bull Kimco Entrepreneurs Year Start (KEYS) is a business incubator program for qualified startup entrepreneurs bull Approved applicants receive bull Resources and services bull One year of free rent (must pay NNN expenses only) bull This incentive accelerates the growth of their new businesses in shopping centers owned by Kimco and its joint venture partners
Kimco Entrepreneurs
What is KEYS
Year Start
Westlake Shopping Center - Daly City CA
Redhawk Towne Center ndash Temecula CA Kimco Entrepreneurs
Year Start
bull Qualified KEYS applicants will benefit from bull Substantially lower monthly overhead expenses bull Lease term flexibility bull Assistance of a Kimco counselor bull Counselor will advise and guide potential tenant through the lease store selection and planning process if desired bull After Tenantrsquos initial first year lease term the tenant has choice to exercise a four-year lease option for the existing store bull Also the lease provides for an easy exit with no long term obligation to Kimco if the startup entrepreneur finds the business unworkable
What does KEYS offer
bull Currently there are approximately bull 100 available stores bull All under 2500 square feet in size bull Located in Kimcorsquos demographically diversified California portfolio bull Of the 100 available units there is a mixture of both retail service and former restaurant build-outs
Kimco Entrepreneurs How many spaces are available
Year Start
Larwin Square Shopping Center ndash Tustin CA
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Caveat
Like drinking out of a fire hose
Exposure to many concepts
Will touch on a wide variety of issues affecting startups but concentrate on producing deliverables for the elements necessary to create a well-thought out business plan
At the end of the program you should become an SBDC client to refine your business plan and build-out your support networksystems
5
One-Minute Introductions
Identify yourself
Describe your business idea
Tell us about prior experience that is relevant to your business idea
State one or two specific questions that you hope to answer as a result of the Boot Camp
6
XXXXXXXXX SBDC
Basics Business counseling training
Training free or low costcounseling free
Any stage of business growth
Founded during Carter administration
Oversight by federal Small Business Administration (SBA)
Over 1100 nationwide
8
What Is An SBDC
Assists ldquobusiness readyrdquo entrepreneurs and existing small business owners who are ready to start retain or expand their business
Focuses on businesses with potential to produce economic impact for the local community
Provides no-cost one-on-one business counseling
Offers no- or low-cost training workshops and business forums
Measures and validates (through client surveys) success against 6 criteria ndash Business starts ndash Jobs created ndash Jobs retained ndash Sales increased ndash Capital investment received ndash Loans obtained
9
What Is An SBDC (contrsquod)
Experienced independent Business Advisors
Generalists and specialists (examples) ndash Business planning ndash Market research marketing advertising ndash Loan assistancefinancial management ndash Human Resources ndash Procurementminority certification ndash Technology
Part of local economic development community providing referrals to qualified small-business resources
10
KIMCO KEYS PROGRAM
12
KEYS Program
North Americarsquos Largest Owner amp Operator of
Neighborhood amp Community Shopping Centers
History Started in 1958 | IPO that initiated modern REIT era NYSE-listed for ~20 years | SampP 500 Index (2006)
Dividend $076 annually ~39 yield (33112)
Shopping Center Properties 946 properties 1381M 895M sq ft (grosspro-rata)
Geographic Footprint 44 states Puerto Rico Canada Mexico and South America
Occupancy (pro-rata) 5-year average 939 | High 963 (123107) Low 923 (63009)
Enterprise Value $132B (33112)
Credit Rating Investment Grade BBB+ | BBB+ | Baa1 (SampP | Fitch | Moodyrsquos)
Who is Kimco
bull Kimco Entrepreneurs Year Start (KEYS) is a business incubator program for qualified startup entrepreneurs bull Approved applicants receive bull Resources and services bull One year of free rent (must pay NNN expenses only) bull This incentive accelerates the growth of their new businesses in shopping centers owned by Kimco and its joint venture partners
Kimco Entrepreneurs
What is KEYS
Year Start
Westlake Shopping Center - Daly City CA
Redhawk Towne Center ndash Temecula CA Kimco Entrepreneurs
Year Start
bull Qualified KEYS applicants will benefit from bull Substantially lower monthly overhead expenses bull Lease term flexibility bull Assistance of a Kimco counselor bull Counselor will advise and guide potential tenant through the lease store selection and planning process if desired bull After Tenantrsquos initial first year lease term the tenant has choice to exercise a four-year lease option for the existing store bull Also the lease provides for an easy exit with no long term obligation to Kimco if the startup entrepreneur finds the business unworkable
What does KEYS offer
bull Currently there are approximately bull 100 available stores bull All under 2500 square feet in size bull Located in Kimcorsquos demographically diversified California portfolio bull Of the 100 available units there is a mixture of both retail service and former restaurant build-outs
Kimco Entrepreneurs How many spaces are available
Year Start
Larwin Square Shopping Center ndash Tustin CA
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
One-Minute Introductions
Identify yourself
Describe your business idea
Tell us about prior experience that is relevant to your business idea
State one or two specific questions that you hope to answer as a result of the Boot Camp
6
XXXXXXXXX SBDC
Basics Business counseling training
Training free or low costcounseling free
Any stage of business growth
Founded during Carter administration
Oversight by federal Small Business Administration (SBA)
Over 1100 nationwide
8
What Is An SBDC
Assists ldquobusiness readyrdquo entrepreneurs and existing small business owners who are ready to start retain or expand their business
Focuses on businesses with potential to produce economic impact for the local community
Provides no-cost one-on-one business counseling
Offers no- or low-cost training workshops and business forums
Measures and validates (through client surveys) success against 6 criteria ndash Business starts ndash Jobs created ndash Jobs retained ndash Sales increased ndash Capital investment received ndash Loans obtained
9
What Is An SBDC (contrsquod)
Experienced independent Business Advisors
Generalists and specialists (examples) ndash Business planning ndash Market research marketing advertising ndash Loan assistancefinancial management ndash Human Resources ndash Procurementminority certification ndash Technology
Part of local economic development community providing referrals to qualified small-business resources
10
KIMCO KEYS PROGRAM
12
KEYS Program
North Americarsquos Largest Owner amp Operator of
Neighborhood amp Community Shopping Centers
History Started in 1958 | IPO that initiated modern REIT era NYSE-listed for ~20 years | SampP 500 Index (2006)
Dividend $076 annually ~39 yield (33112)
Shopping Center Properties 946 properties 1381M 895M sq ft (grosspro-rata)
Geographic Footprint 44 states Puerto Rico Canada Mexico and South America
Occupancy (pro-rata) 5-year average 939 | High 963 (123107) Low 923 (63009)
Enterprise Value $132B (33112)
Credit Rating Investment Grade BBB+ | BBB+ | Baa1 (SampP | Fitch | Moodyrsquos)
Who is Kimco
bull Kimco Entrepreneurs Year Start (KEYS) is a business incubator program for qualified startup entrepreneurs bull Approved applicants receive bull Resources and services bull One year of free rent (must pay NNN expenses only) bull This incentive accelerates the growth of their new businesses in shopping centers owned by Kimco and its joint venture partners
Kimco Entrepreneurs
What is KEYS
Year Start
Westlake Shopping Center - Daly City CA
Redhawk Towne Center ndash Temecula CA Kimco Entrepreneurs
Year Start
bull Qualified KEYS applicants will benefit from bull Substantially lower monthly overhead expenses bull Lease term flexibility bull Assistance of a Kimco counselor bull Counselor will advise and guide potential tenant through the lease store selection and planning process if desired bull After Tenantrsquos initial first year lease term the tenant has choice to exercise a four-year lease option for the existing store bull Also the lease provides for an easy exit with no long term obligation to Kimco if the startup entrepreneur finds the business unworkable
What does KEYS offer
bull Currently there are approximately bull 100 available stores bull All under 2500 square feet in size bull Located in Kimcorsquos demographically diversified California portfolio bull Of the 100 available units there is a mixture of both retail service and former restaurant build-outs
Kimco Entrepreneurs How many spaces are available
Year Start
Larwin Square Shopping Center ndash Tustin CA
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
XXXXXXXXX SBDC
Basics Business counseling training
Training free or low costcounseling free
Any stage of business growth
Founded during Carter administration
Oversight by federal Small Business Administration (SBA)
Over 1100 nationwide
8
What Is An SBDC
Assists ldquobusiness readyrdquo entrepreneurs and existing small business owners who are ready to start retain or expand their business
Focuses on businesses with potential to produce economic impact for the local community
Provides no-cost one-on-one business counseling
Offers no- or low-cost training workshops and business forums
Measures and validates (through client surveys) success against 6 criteria ndash Business starts ndash Jobs created ndash Jobs retained ndash Sales increased ndash Capital investment received ndash Loans obtained
9
What Is An SBDC (contrsquod)
Experienced independent Business Advisors
Generalists and specialists (examples) ndash Business planning ndash Market research marketing advertising ndash Loan assistancefinancial management ndash Human Resources ndash Procurementminority certification ndash Technology
Part of local economic development community providing referrals to qualified small-business resources
10
KIMCO KEYS PROGRAM
12
KEYS Program
North Americarsquos Largest Owner amp Operator of
Neighborhood amp Community Shopping Centers
History Started in 1958 | IPO that initiated modern REIT era NYSE-listed for ~20 years | SampP 500 Index (2006)
Dividend $076 annually ~39 yield (33112)
Shopping Center Properties 946 properties 1381M 895M sq ft (grosspro-rata)
Geographic Footprint 44 states Puerto Rico Canada Mexico and South America
Occupancy (pro-rata) 5-year average 939 | High 963 (123107) Low 923 (63009)
Enterprise Value $132B (33112)
Credit Rating Investment Grade BBB+ | BBB+ | Baa1 (SampP | Fitch | Moodyrsquos)
Who is Kimco
bull Kimco Entrepreneurs Year Start (KEYS) is a business incubator program for qualified startup entrepreneurs bull Approved applicants receive bull Resources and services bull One year of free rent (must pay NNN expenses only) bull This incentive accelerates the growth of their new businesses in shopping centers owned by Kimco and its joint venture partners
Kimco Entrepreneurs
What is KEYS
Year Start
Westlake Shopping Center - Daly City CA
Redhawk Towne Center ndash Temecula CA Kimco Entrepreneurs
Year Start
bull Qualified KEYS applicants will benefit from bull Substantially lower monthly overhead expenses bull Lease term flexibility bull Assistance of a Kimco counselor bull Counselor will advise and guide potential tenant through the lease store selection and planning process if desired bull After Tenantrsquos initial first year lease term the tenant has choice to exercise a four-year lease option for the existing store bull Also the lease provides for an easy exit with no long term obligation to Kimco if the startup entrepreneur finds the business unworkable
What does KEYS offer
bull Currently there are approximately bull 100 available stores bull All under 2500 square feet in size bull Located in Kimcorsquos demographically diversified California portfolio bull Of the 100 available units there is a mixture of both retail service and former restaurant build-outs
Kimco Entrepreneurs How many spaces are available
Year Start
Larwin Square Shopping Center ndash Tustin CA
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Basics Business counseling training
Training free or low costcounseling free
Any stage of business growth
Founded during Carter administration
Oversight by federal Small Business Administration (SBA)
Over 1100 nationwide
8
What Is An SBDC
Assists ldquobusiness readyrdquo entrepreneurs and existing small business owners who are ready to start retain or expand their business
Focuses on businesses with potential to produce economic impact for the local community
Provides no-cost one-on-one business counseling
Offers no- or low-cost training workshops and business forums
Measures and validates (through client surveys) success against 6 criteria ndash Business starts ndash Jobs created ndash Jobs retained ndash Sales increased ndash Capital investment received ndash Loans obtained
9
What Is An SBDC (contrsquod)
Experienced independent Business Advisors
Generalists and specialists (examples) ndash Business planning ndash Market research marketing advertising ndash Loan assistancefinancial management ndash Human Resources ndash Procurementminority certification ndash Technology
Part of local economic development community providing referrals to qualified small-business resources
10
KIMCO KEYS PROGRAM
12
KEYS Program
North Americarsquos Largest Owner amp Operator of
Neighborhood amp Community Shopping Centers
History Started in 1958 | IPO that initiated modern REIT era NYSE-listed for ~20 years | SampP 500 Index (2006)
Dividend $076 annually ~39 yield (33112)
Shopping Center Properties 946 properties 1381M 895M sq ft (grosspro-rata)
Geographic Footprint 44 states Puerto Rico Canada Mexico and South America
Occupancy (pro-rata) 5-year average 939 | High 963 (123107) Low 923 (63009)
Enterprise Value $132B (33112)
Credit Rating Investment Grade BBB+ | BBB+ | Baa1 (SampP | Fitch | Moodyrsquos)
Who is Kimco
bull Kimco Entrepreneurs Year Start (KEYS) is a business incubator program for qualified startup entrepreneurs bull Approved applicants receive bull Resources and services bull One year of free rent (must pay NNN expenses only) bull This incentive accelerates the growth of their new businesses in shopping centers owned by Kimco and its joint venture partners
Kimco Entrepreneurs
What is KEYS
Year Start
Westlake Shopping Center - Daly City CA
Redhawk Towne Center ndash Temecula CA Kimco Entrepreneurs
Year Start
bull Qualified KEYS applicants will benefit from bull Substantially lower monthly overhead expenses bull Lease term flexibility bull Assistance of a Kimco counselor bull Counselor will advise and guide potential tenant through the lease store selection and planning process if desired bull After Tenantrsquos initial first year lease term the tenant has choice to exercise a four-year lease option for the existing store bull Also the lease provides for an easy exit with no long term obligation to Kimco if the startup entrepreneur finds the business unworkable
What does KEYS offer
bull Currently there are approximately bull 100 available stores bull All under 2500 square feet in size bull Located in Kimcorsquos demographically diversified California portfolio bull Of the 100 available units there is a mixture of both retail service and former restaurant build-outs
Kimco Entrepreneurs How many spaces are available
Year Start
Larwin Square Shopping Center ndash Tustin CA
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
What Is An SBDC
Assists ldquobusiness readyrdquo entrepreneurs and existing small business owners who are ready to start retain or expand their business
Focuses on businesses with potential to produce economic impact for the local community
Provides no-cost one-on-one business counseling
Offers no- or low-cost training workshops and business forums
Measures and validates (through client surveys) success against 6 criteria ndash Business starts ndash Jobs created ndash Jobs retained ndash Sales increased ndash Capital investment received ndash Loans obtained
9
What Is An SBDC (contrsquod)
Experienced independent Business Advisors
Generalists and specialists (examples) ndash Business planning ndash Market research marketing advertising ndash Loan assistancefinancial management ndash Human Resources ndash Procurementminority certification ndash Technology
Part of local economic development community providing referrals to qualified small-business resources
10
KIMCO KEYS PROGRAM
12
KEYS Program
North Americarsquos Largest Owner amp Operator of
Neighborhood amp Community Shopping Centers
History Started in 1958 | IPO that initiated modern REIT era NYSE-listed for ~20 years | SampP 500 Index (2006)
Dividend $076 annually ~39 yield (33112)
Shopping Center Properties 946 properties 1381M 895M sq ft (grosspro-rata)
Geographic Footprint 44 states Puerto Rico Canada Mexico and South America
Occupancy (pro-rata) 5-year average 939 | High 963 (123107) Low 923 (63009)
Enterprise Value $132B (33112)
Credit Rating Investment Grade BBB+ | BBB+ | Baa1 (SampP | Fitch | Moodyrsquos)
Who is Kimco
bull Kimco Entrepreneurs Year Start (KEYS) is a business incubator program for qualified startup entrepreneurs bull Approved applicants receive bull Resources and services bull One year of free rent (must pay NNN expenses only) bull This incentive accelerates the growth of their new businesses in shopping centers owned by Kimco and its joint venture partners
Kimco Entrepreneurs
What is KEYS
Year Start
Westlake Shopping Center - Daly City CA
Redhawk Towne Center ndash Temecula CA Kimco Entrepreneurs
Year Start
bull Qualified KEYS applicants will benefit from bull Substantially lower monthly overhead expenses bull Lease term flexibility bull Assistance of a Kimco counselor bull Counselor will advise and guide potential tenant through the lease store selection and planning process if desired bull After Tenantrsquos initial first year lease term the tenant has choice to exercise a four-year lease option for the existing store bull Also the lease provides for an easy exit with no long term obligation to Kimco if the startup entrepreneur finds the business unworkable
What does KEYS offer
bull Currently there are approximately bull 100 available stores bull All under 2500 square feet in size bull Located in Kimcorsquos demographically diversified California portfolio bull Of the 100 available units there is a mixture of both retail service and former restaurant build-outs
Kimco Entrepreneurs How many spaces are available
Year Start
Larwin Square Shopping Center ndash Tustin CA
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
What Is An SBDC (contrsquod)
Experienced independent Business Advisors
Generalists and specialists (examples) ndash Business planning ndash Market research marketing advertising ndash Loan assistancefinancial management ndash Human Resources ndash Procurementminority certification ndash Technology
Part of local economic development community providing referrals to qualified small-business resources
10
KIMCO KEYS PROGRAM
12
KEYS Program
North Americarsquos Largest Owner amp Operator of
Neighborhood amp Community Shopping Centers
History Started in 1958 | IPO that initiated modern REIT era NYSE-listed for ~20 years | SampP 500 Index (2006)
Dividend $076 annually ~39 yield (33112)
Shopping Center Properties 946 properties 1381M 895M sq ft (grosspro-rata)
Geographic Footprint 44 states Puerto Rico Canada Mexico and South America
Occupancy (pro-rata) 5-year average 939 | High 963 (123107) Low 923 (63009)
Enterprise Value $132B (33112)
Credit Rating Investment Grade BBB+ | BBB+ | Baa1 (SampP | Fitch | Moodyrsquos)
Who is Kimco
bull Kimco Entrepreneurs Year Start (KEYS) is a business incubator program for qualified startup entrepreneurs bull Approved applicants receive bull Resources and services bull One year of free rent (must pay NNN expenses only) bull This incentive accelerates the growth of their new businesses in shopping centers owned by Kimco and its joint venture partners
Kimco Entrepreneurs
What is KEYS
Year Start
Westlake Shopping Center - Daly City CA
Redhawk Towne Center ndash Temecula CA Kimco Entrepreneurs
Year Start
bull Qualified KEYS applicants will benefit from bull Substantially lower monthly overhead expenses bull Lease term flexibility bull Assistance of a Kimco counselor bull Counselor will advise and guide potential tenant through the lease store selection and planning process if desired bull After Tenantrsquos initial first year lease term the tenant has choice to exercise a four-year lease option for the existing store bull Also the lease provides for an easy exit with no long term obligation to Kimco if the startup entrepreneur finds the business unworkable
What does KEYS offer
bull Currently there are approximately bull 100 available stores bull All under 2500 square feet in size bull Located in Kimcorsquos demographically diversified California portfolio bull Of the 100 available units there is a mixture of both retail service and former restaurant build-outs
Kimco Entrepreneurs How many spaces are available
Year Start
Larwin Square Shopping Center ndash Tustin CA
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
KIMCO KEYS PROGRAM
12
KEYS Program
North Americarsquos Largest Owner amp Operator of
Neighborhood amp Community Shopping Centers
History Started in 1958 | IPO that initiated modern REIT era NYSE-listed for ~20 years | SampP 500 Index (2006)
Dividend $076 annually ~39 yield (33112)
Shopping Center Properties 946 properties 1381M 895M sq ft (grosspro-rata)
Geographic Footprint 44 states Puerto Rico Canada Mexico and South America
Occupancy (pro-rata) 5-year average 939 | High 963 (123107) Low 923 (63009)
Enterprise Value $132B (33112)
Credit Rating Investment Grade BBB+ | BBB+ | Baa1 (SampP | Fitch | Moodyrsquos)
Who is Kimco
bull Kimco Entrepreneurs Year Start (KEYS) is a business incubator program for qualified startup entrepreneurs bull Approved applicants receive bull Resources and services bull One year of free rent (must pay NNN expenses only) bull This incentive accelerates the growth of their new businesses in shopping centers owned by Kimco and its joint venture partners
Kimco Entrepreneurs
What is KEYS
Year Start
Westlake Shopping Center - Daly City CA
Redhawk Towne Center ndash Temecula CA Kimco Entrepreneurs
Year Start
bull Qualified KEYS applicants will benefit from bull Substantially lower monthly overhead expenses bull Lease term flexibility bull Assistance of a Kimco counselor bull Counselor will advise and guide potential tenant through the lease store selection and planning process if desired bull After Tenantrsquos initial first year lease term the tenant has choice to exercise a four-year lease option for the existing store bull Also the lease provides for an easy exit with no long term obligation to Kimco if the startup entrepreneur finds the business unworkable
What does KEYS offer
bull Currently there are approximately bull 100 available stores bull All under 2500 square feet in size bull Located in Kimcorsquos demographically diversified California portfolio bull Of the 100 available units there is a mixture of both retail service and former restaurant build-outs
Kimco Entrepreneurs How many spaces are available
Year Start
Larwin Square Shopping Center ndash Tustin CA
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
12
KEYS Program
North Americarsquos Largest Owner amp Operator of
Neighborhood amp Community Shopping Centers
History Started in 1958 | IPO that initiated modern REIT era NYSE-listed for ~20 years | SampP 500 Index (2006)
Dividend $076 annually ~39 yield (33112)
Shopping Center Properties 946 properties 1381M 895M sq ft (grosspro-rata)
Geographic Footprint 44 states Puerto Rico Canada Mexico and South America
Occupancy (pro-rata) 5-year average 939 | High 963 (123107) Low 923 (63009)
Enterprise Value $132B (33112)
Credit Rating Investment Grade BBB+ | BBB+ | Baa1 (SampP | Fitch | Moodyrsquos)
Who is Kimco
bull Kimco Entrepreneurs Year Start (KEYS) is a business incubator program for qualified startup entrepreneurs bull Approved applicants receive bull Resources and services bull One year of free rent (must pay NNN expenses only) bull This incentive accelerates the growth of their new businesses in shopping centers owned by Kimco and its joint venture partners
Kimco Entrepreneurs
What is KEYS
Year Start
Westlake Shopping Center - Daly City CA
Redhawk Towne Center ndash Temecula CA Kimco Entrepreneurs
Year Start
bull Qualified KEYS applicants will benefit from bull Substantially lower monthly overhead expenses bull Lease term flexibility bull Assistance of a Kimco counselor bull Counselor will advise and guide potential tenant through the lease store selection and planning process if desired bull After Tenantrsquos initial first year lease term the tenant has choice to exercise a four-year lease option for the existing store bull Also the lease provides for an easy exit with no long term obligation to Kimco if the startup entrepreneur finds the business unworkable
What does KEYS offer
bull Currently there are approximately bull 100 available stores bull All under 2500 square feet in size bull Located in Kimcorsquos demographically diversified California portfolio bull Of the 100 available units there is a mixture of both retail service and former restaurant build-outs
Kimco Entrepreneurs How many spaces are available
Year Start
Larwin Square Shopping Center ndash Tustin CA
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
North Americarsquos Largest Owner amp Operator of
Neighborhood amp Community Shopping Centers
History Started in 1958 | IPO that initiated modern REIT era NYSE-listed for ~20 years | SampP 500 Index (2006)
Dividend $076 annually ~39 yield (33112)
Shopping Center Properties 946 properties 1381M 895M sq ft (grosspro-rata)
Geographic Footprint 44 states Puerto Rico Canada Mexico and South America
Occupancy (pro-rata) 5-year average 939 | High 963 (123107) Low 923 (63009)
Enterprise Value $132B (33112)
Credit Rating Investment Grade BBB+ | BBB+ | Baa1 (SampP | Fitch | Moodyrsquos)
Who is Kimco
bull Kimco Entrepreneurs Year Start (KEYS) is a business incubator program for qualified startup entrepreneurs bull Approved applicants receive bull Resources and services bull One year of free rent (must pay NNN expenses only) bull This incentive accelerates the growth of their new businesses in shopping centers owned by Kimco and its joint venture partners
Kimco Entrepreneurs
What is KEYS
Year Start
Westlake Shopping Center - Daly City CA
Redhawk Towne Center ndash Temecula CA Kimco Entrepreneurs
Year Start
bull Qualified KEYS applicants will benefit from bull Substantially lower monthly overhead expenses bull Lease term flexibility bull Assistance of a Kimco counselor bull Counselor will advise and guide potential tenant through the lease store selection and planning process if desired bull After Tenantrsquos initial first year lease term the tenant has choice to exercise a four-year lease option for the existing store bull Also the lease provides for an easy exit with no long term obligation to Kimco if the startup entrepreneur finds the business unworkable
What does KEYS offer
bull Currently there are approximately bull 100 available stores bull All under 2500 square feet in size bull Located in Kimcorsquos demographically diversified California portfolio bull Of the 100 available units there is a mixture of both retail service and former restaurant build-outs
Kimco Entrepreneurs How many spaces are available
Year Start
Larwin Square Shopping Center ndash Tustin CA
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
bull Kimco Entrepreneurs Year Start (KEYS) is a business incubator program for qualified startup entrepreneurs bull Approved applicants receive bull Resources and services bull One year of free rent (must pay NNN expenses only) bull This incentive accelerates the growth of their new businesses in shopping centers owned by Kimco and its joint venture partners
Kimco Entrepreneurs
What is KEYS
Year Start
Westlake Shopping Center - Daly City CA
Redhawk Towne Center ndash Temecula CA Kimco Entrepreneurs
Year Start
bull Qualified KEYS applicants will benefit from bull Substantially lower monthly overhead expenses bull Lease term flexibility bull Assistance of a Kimco counselor bull Counselor will advise and guide potential tenant through the lease store selection and planning process if desired bull After Tenantrsquos initial first year lease term the tenant has choice to exercise a four-year lease option for the existing store bull Also the lease provides for an easy exit with no long term obligation to Kimco if the startup entrepreneur finds the business unworkable
What does KEYS offer
bull Currently there are approximately bull 100 available stores bull All under 2500 square feet in size bull Located in Kimcorsquos demographically diversified California portfolio bull Of the 100 available units there is a mixture of both retail service and former restaurant build-outs
Kimco Entrepreneurs How many spaces are available
Year Start
Larwin Square Shopping Center ndash Tustin CA
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Redhawk Towne Center ndash Temecula CA Kimco Entrepreneurs
Year Start
bull Qualified KEYS applicants will benefit from bull Substantially lower monthly overhead expenses bull Lease term flexibility bull Assistance of a Kimco counselor bull Counselor will advise and guide potential tenant through the lease store selection and planning process if desired bull After Tenantrsquos initial first year lease term the tenant has choice to exercise a four-year lease option for the existing store bull Also the lease provides for an easy exit with no long term obligation to Kimco if the startup entrepreneur finds the business unworkable
What does KEYS offer
bull Currently there are approximately bull 100 available stores bull All under 2500 square feet in size bull Located in Kimcorsquos demographically diversified California portfolio bull Of the 100 available units there is a mixture of both retail service and former restaurant build-outs
Kimco Entrepreneurs How many spaces are available
Year Start
Larwin Square Shopping Center ndash Tustin CA
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
bull Currently there are approximately bull 100 available stores bull All under 2500 square feet in size bull Located in Kimcorsquos demographically diversified California portfolio bull Of the 100 available units there is a mixture of both retail service and former restaurant build-outs
Kimco Entrepreneurs How many spaces are available
Year Start
Larwin Square Shopping Center ndash Tustin CA
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
KEYS Locations
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
The District at Tustin Legacy ndash Tustin CA Kimco Entrepreneurs
Year Start
bull KEYS is open to bull New startup retail ventures bull Service operations bull Restaurants bull The entrepreneur should have the training skill enthusiasm and adequate funding to launch a new business bull Franchisees or product license agreement participants may not apply to the program
Who can apply to KEYS
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
bull There is NO catch bull Kimco benefits by bringing new and exciting tenants to its vacancies while new entrepreneurs benefit from lower startup costs favorable lease terms and the help of a counselor if desired bull Studies found that 87 of lsquoincubator graduatesrsquo stayed in business in contrast to 44 of all firms
Kimco Entrepreneurs
Whatrsquos the catch
Year Start
The District at Tustin Legacy ndash Tustin CA
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Kimco Entrepreneurs Year Start
bull Applicants can submit their business plan online at httpwwwKimcoKeyscom
How do I get started
bull Applicants may also apply by calling 1-888-668-1690
bull A printable application form can be found online by clicking here
Westlake Shopping Center - Daly City CA
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
THE BASICS
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
The Textbook ldquoEntrepreneurrdquo
Recognition of available opportunities
The long-term will motivation and endurance to stick with it to deliver a product or service to capitalize on the identified opportunities
Identification of the resources needed
Ability to acquire resources required but not currently controlled
22
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
The Real World Entrepreneur
Many Responsibilities bull Bookkeeping bull Record Retention bull Reporting bull Bill Paying bull Regulations bull Tax filing bull Employees bull Administration bull Customer service bull etc etc etc
Many Benefits bull Do what you enjoy bull Do what yoursquore good at bull Freedom bull Be in control bull Be your own boss bull Make more money bull Build an asset for retirement bull Be the decision maker
23
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Understand the tasks that need to be performed
To the extent possible focus on the ldquodriversrdquo of your growth and profitability
When possible hire professionals to handle other tasks (eg bookkeeping taxes insurance etc)
Know your customer
Know your competition
Plan act assess Adjust plan act assess repeat
Constantly innovate (do something different that can positively impact your business)
Watch cash flow constantly
The Ownerrsquos Mindset
24
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Your Commitment mdash You
May need to make financial sacrifices
Will have less free time
Must understand the opportunities and risks
Need to involve your family ndash itrsquos their commitment too
25
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
26
Is This The Right Path For You
Are You ndash Comfortable taking risks ndash Independent ndash Persuasive ndash Able to negotiate ndash Creative ndash Supported by others
If interested numerous self-assessment tools can be found on the Internet
ndash Google ldquoentrepreneurship self assessmentrdquo to find some ndash A sample httpwwwyouronestopcentercomentrepreneur-testphp
26
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
A Couple Interesting Quotes
ldquoIrsquom proud of what Irsquove done But Irsquom most proud of what I
decided not to dordquo
Steve Jobs Michael Jordan
ldquoIve failed over and over and over again in my life and that is
why I succeedrdquo
27
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
20 Starting Questions Why am I starting a business
What kind of business do I want
Who is my ideal customer
What products or services will my business provide
Am I prepared to spend the time and money needed to get my business started
What differentiates my business idea and the products or services I will provide from others in the market
Where will my business be located
How many employees will I need
What types of suppliers do I need
28
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
20 Starting Questions (contrsquod)
How much money do I need to get started
Will I need to get a loan
How soon will it take before my products or services are available
How long do I have until I start making a profit
Who is my competition
How will I price my product compared to my competition
How will I set up the legal structure of my business
What taxes do I need to pay
What kind of insurance do I need
How will I manage my business
How will I advertise my business
29
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
LETrsquoS GET STARTED
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Get legal advice when ndash Determining the business structure ndash Adding your first employee ndash Reviewing leases and other agreementscontracts ndash Protecting intellectual property (eg trademarks)
At A Minimum
31
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Sole Proprietorship ndash Owned and operated by one person ndash Easy to start (report income and loss on Schedule C) ndash High personal liability
Partnership ndash Multiple owners ndash Partnership agreement defines control ndash Pass through of profits and loss to personal tax return (Form k-1)
Business Structures
32
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Business Structures (contrsquod)
Corporation ndash Structured and formal ndash Complex filing with state ndash Bylaws govern operations and annual meetings ndash Strictly limits liability ndash Two forms
bull C Corp unlimited shareholders double taxation bull S Corp less than 100 shareholders profit and loss pass through
Limited Liability Company ndash Any number of owners ndash Structure protects personal liability ndash Pass through of profits and losses
33
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Business Structure (contrsquod)
Factors to consider ndash Number one consideration is YOUR PERSONAL LIABILITY ndash Outsider investors ndash Cost ndash Ease of formation ndash Taxes
34
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Additional Considerations
Business Licenses Required city county state Federal Employer Identification Number (EIN)
ndash Only required if you have employees but should be considered for all businesses
35
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Fictitious Business Name
DBA (ldquodoing business asrdquo) ndash Not necessary if doing business under own name ndash Allows use of descriptive name for business ndash Prevent others from using your name in business ndash Can use assumed name for bank accounts credit cards telephone
listings etc
Process ndash Confirm name is available ndash File with county clerk
36
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Taxes
Self-employment tax ndash Social Security and Medicare
Income taxes
State and local taxes
Property tax
Unemployment taxes
37
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Sale of Tangible Goods
Apply for sellerrsquos permit through the Board of Equalization ndash California state sales tax of 825 ndash Additional local sales taxes may apply
38
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Business Insurance Property ndash buy based on replacement value
ndash Named peril ndash All-risks policy
Liability ndash damage to property or injury to someone ndash Look at similar businesses
ndash Consult a professional insurance agent
Professional LiabilityErrors and Omissions
Employment Practices Liability Insurance ndash eg wrongful termination sexual harassment race gender
Workersrsquo Compensation
Optional MedicalDentalVision
39
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Checklist
Be Legal ndash Seek the advice of an attorney when necessary
Know your Tax Responsibilities ndash Determine what taxes your are responsible for
Determine insurance needs Hire qualified professionals to help
40
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Reference
Three great resources ndash wwwsbagov ndash wwwbusinesscagov ndash (Insert local SBDC website here)
41
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Reference (contrsquod) Business structure httpwwwtaxescagovIncome_Taxincbusshtml
Trademarks and service marks httpwwwsoscagovbusinessts
Business name search httpkeplersoscagov
Registering a fictitious business name httpbusinesscagovStartaBusinessRegisteringaBusinessFictitiousBusinessNameaspx
Insert url for local licensing and permits here
Starting a business overview httpbusinesscagovStartaBusinessaspx
Board of equalization httpbusinesscagovStartaBusinessOperatingaBusinessSellingMerchandiseaspx
42
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Reference (contrsquod) Business permits licenses and registration requirements in California
httpwwwcalgoldcagov
Business incentives httpbusinesscagovPortals0RelocateExpandDocs5BCalBIS5D20Investment20Guide206-12pdf
Tools for business (others as appropriate) httpalamedacowibtoolsforbusinessinfocalifornia0bCFID=20047345ampCFTOKEN=48228e477ea10bf9-CBBF2EC4-080A-5D4F-FD33E2DE24B108AC
Basic information on employees httpbusinesscagovStartaBusinessAdministeringEmployeesaspx
Apply for an EIN httpwwwirsgovbusinessessmallarticle0id=10276700html
43
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
SUCCESSFUL BUSINESS PLANS
ldquoIf you dont know where you are going any road will take you thererdquo
mdash Lewis Carroll
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Purpose Business Plan
Secure capital
Roadmap to success
Negotiate deals with landlords and channel partners
Written execution plan
Solidifies thinking
Makes ldquovisionrdquo in your head real
The 3 Crsquos Clear Compelling Concise
45
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Simplicity is Key
ldquoPeople donrsquot read anymore Make it easy for themrdquo
46
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
47
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Success Factors
10 or fewer written pages Plus financials and supporting documents Formula works for all companies At any stage of development Easy to customize
48
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
WHAT IS YOUR MISSION
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Define your Mission
Summary of your business and your plan ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Clearly define your market and your role in it
How are your different from your competition
50
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Answer these Questions
What will your company do
Who is your core customer
How will your reach them
Why are you better than the competition
What are your product benefits
What are your key features
51
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Example Take out a blank piece of paper Assume this Day Spa is your business
Take 3 minutes and write a Mission Statement for your business
52
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Sample Mission Statement
Our mission is to run a profitable business by providing high-end therapeutic massage and aesthetician services in a caring upscale professional environment We offer massage in a variety of styles ndash traditional Swedish Massage Sports Massage Deep Tissue work Sports Massage Hot Stone Massage Reflexology and others Our licensed aestheticians offer the latest in skin treatments body treatments and anti-aging therapies Our goal is to tailor the clientrsquos experience based on initial interview information as well as feedback during the treatments to ensure the clientrsquos comfort and satisfaction and to increase repeat business We are mindful of the overall experience ndash using only the finest oils and lotions beauty treatments and aromatherapies Special lighting music decor and textiles are used throughout the spa to complete the comfortable plush environment and enhance the clientrsquos overall spa experience
53
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Write Down Your Mission
Take out a sheet of paper and write ldquoMissionrdquo on it ndash Write down your first draft of your businessrsquo mission statement ndash Make it great
Remember ndash Short and Sweet ndash 100 words hopefully less ndash Think of it as ldquoyour reason for beingrdquo
Does it define your market and your role in it Does it define how you differ from your competition Write it and rewrite it over time as you gather new
information
54
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Startup Boot Camp mdash LUNCH
Ask not what you can do for your country Ask whats for lunch ndash Orson Welles
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
WHO IS YOUR CUSTOMER
ldquoI dont know the key to success but the key to failure is trying to
please everybodyrdquo mdash Bill Cosby
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Customer Definition
Specifies your market AND your role in it
Identifies your customers and why they will buy from you
Defines your ldquotargetrdquo consumer
57
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Types Of Customer Information
Demographic Information - The study of human populations ndash Size ndash Density and location ndash Age and gender ndash Race ndash Occupation Income and other statistics
Psychographic Information - Dividing a market into different groups based on ndash Social class ndash Lifestyle ndash A personality characteristic
58
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Market Segmentation
The process of dividing the total market into a subgroup which consist of customers who share a similar set of needs andor wants
59
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Market Segmentation Simple segmentation scheme
61
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Identify Your Heavy User Group
Specialty chocolate and women between 25 and 44
Domestic beer and blue collar males
Imported beer and white collar males
Any Others Come To Mind
62
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Example Take out a blank sheet of paper
Assume this is your bicycle shop
Take 3 minutes and write down everything you know about your target consumer
64
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Example
Is this your customer How about this
Or is this your customer Or this
65
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Example If this is your customer what do we knowcan we find out about himher
bull Age bull Income bull Other Activities bull What do they watchread bull Where do they get product information bull Who influences their decisions bull What brands do they like
66
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Identify Your Customer
Take out a sheet of paper and write ldquoCustomerrdquo on it Take 3 minutes and write down everything you think you
know about your customer
67
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
WHAT IS YOUR PRODUCTSERVICE
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
What is this
Capturing Memories
A Camera
What is its purpose
69
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Product
What is it
What does it do What problem does it solve ndash If you can explain in 3 steps = you are golden
Create a competitive product matrix and show what the others are missing
Demonstrate your added value
70
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Example
Take out a blank sheet of paper and over the next 2 minutes list sample features of a camera
Remember Features donrsquot sell Products Benefits sell Products
feasdotture noun a prominent or conspicuous part or characteristic ndash 8x Optical Zoom with 28mm Wide-Angle Lens ndash Optical Image Stabilizer ndash 720p HD Video ndash Lithium-ion Battery ndash WarrantyCustomer support
71
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Example bensdotesdotfit noun something that is advantageous or good
an advantage ndash Better sports pictures ndash Quality images ndash Longer time between charges ndash Affordability ndash Easy return policy
Marketing and sales Think Feature rarr Advantage rarr BENEFIT
Remember to ask Yourself What problem are you solving for your customer
72
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
More On Benefits
The most compelling product benefits are those that provide ndash Emotional rewards or ndash Financial rewards
Example Itrsquos not the brighter smile that the toothpaste offers itrsquos what the smile might bring
you (eg friends a better job etc)
73
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Services
Can a service have benefits
Of course Name 5 potential featuresbenefits for a dentist
ndash Years in practice ldquoThe dentist knows what heshe is doingrdquo ndash Name dental school ldquoThey are smart and therefore betterrdquo ndash Location ldquoNo hassle saves timerdquo ndash Parking ldquoConvenient saves timerdquo ndash In Network Preferred provider ldquoSaves money and hasslerdquo
74
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
Define your ProductService Take out a sheet of paper and write ldquoProductServicerdquo on
it
Take 3 minutes and write down your productservice and the associated features and benefits
Create a competitive matrix and show what your competitors are missing that you offer
ldquoAnything that wont sell I dont want to invent Its sale is proof of utility
and utility is successrdquo mdash Thomas Edison
76
- Startup Boot Camp
- WelcomeIntroductions
- Goals
- Expectations
- Caveat
- One-Minute Introductions
- XXXXXXXXX SBDC
- Basics
- What Is An SBDC
- What Is An SBDC (contrsquod)
- KIMCO Keys Program
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- The Basics
- The Textbook ldquoEntrepreneurrdquo
- The Real World Entrepreneur
- The Ownerrsquos Mindset
- Your Commitment mdash You
- Is This The Right Path For You
- A Couple Interesting Quotes
- 20 Starting Questions
- 20 Starting Questions (contrsquod)
- LETrsquoS GET STARTED
- At A Minimum
- Business Structures
- Business Structures (contrsquod)
- Business Structure (contrsquod)
- Additional Considerations
- Fictitious Business Name
- Taxes
- Sale of Tangible Goods
- Business Insurance
- Checklist
- Reference
- Reference (contrsquod)
- Reference (contrsquod)
- Successful business plans
- Purpose Business Plan
- Simplicity is Key
- Slide Number 47
- Success Factors
- What is your Mission
- Define your Mission
- Answer these Questions
- Example
- Sample Mission Statement
- Write Down Your Mission
- Startup Boot Camp mdash LUNCH
- Who is your Customer
- Customer Definition
- Types Of Customer Information
- Market Segmentation
- Market Segmentation
- Identify Your Heavy User Group
- Example
- Example
- Example
- Identify Your Customer
- What is your Productservice
- What is this
- Product
- Example
- Example
- More On Benefits
- Services
- Define your ProductService
-
