Starting Your Own Business
Download
Report
Transcript Starting Your Own Business
TAAC 9
Las Vegas, NV
October 23, 2004
Starting Your Own Business
Mark Steiner
http://www.marksteinerinc.com
Why should you start your own business?
Freedom
Being able to choose what you do
when you get up in the morning
Flexibility
Ambition to succeed
Tired of your Boss, or a boss
2
Who should start their own business?
Traits
•
•
•
•
•
•
•
3
Self-starter
Plenty of determination and perseverance
Enjoy challenges
Dedication and structure
Niche of knowledge/skills
Project management skills
Know how to say “Yes” and how to say
“No”
Who should start their own business?
Ten Abilities of Winners
•
•
•
•
•
•
•
•
•
•
4
An eye for opportunity
Independence
An appetite for hard work
Self-confidence
Discipline
Judgment
Ability to accept change
Make stress work for you
Need to achieve
Focus on profits
What does it take to get up and running?
A business plan
•
•
•
•
•
•
•
•
•
5
A reality check
A performance tool
A message sender
A motivation tool
A management development tool
A road map
Evidence of focus
Understanding of who your target customers are
An appreciation of investor or lender needs
What does it take to get up and running?
Get a good lawyer and accountant
Determine business type (For example: Sole
Proprietor, Partnership, LLC, C Corp, S Corp.)
Acquire corporation status and any relevant
business licenses
Cash Reserve
Equipment
Software
Taxes
Insurance
Subcontractors
6
What does it take to get up and running?
Processes and Documents
•
•
•
•
•
•
•
•
•
Contracts
Proposals
Statements of Work
Storyboards
White Papers
Sign-off Forms
Marketing Plans and Materials
Methodologies
Elevator speech
Client-base
Website, demos
7
How do you find and attract clients?
Think of all of the people that you know . . .
Your previous employer
Your previous clients
Professional organizations and communities
Local organizations
Professional orgs not directly related to
training
Job websites
AWARE list
8
How do you retain clients?
Say What You Do - Do What You Say
Underpromise and overdeliver, don’t be too
optimistic with estimates
Manage expectations
Successfully manage all essential project
details
Make your clients’ problems your problems
Document and follow-up on everything
9
How much do you charge ?
You’re covering everything now: insurance,
taxes, benefits, equipment, facilities, risk,
downtime, continuing education, contracts,
hiring/firing, sales/marketing
Charge what you’re worth, and what the
project requirements dictate
Don’t lowball
Fixed Bid, or Time and Materials?
Responding to RFP’s
10
How do you bid work?
Cover all activities across all phases
(ADDIE)
Clearly define roles on development
and client teams
Clearly define all deliverables
Are there new tools / technologies /
techniques being used?
Document all that you can, cover the
rest with assumptions and constraints
11
How will you execute the projects?
Just you? You and a helper? You and a host
of subcontractors?
Initiate appropriate review and sign-off’s
throughout the project life cycle. Don’t move
forward without sign-off’s.
Get an accurate and complete scope of work
and contract. What is in the scope and what
is not in scope?
Other documents: Non-disclosure form, signoff forms, storyboards, scripts, etc.
What is the payment schedule?
What about warranty and support?
12
How will you stay current?
13
Conferences
User Groups
Books
Websites
News Groups and Lists
What will you miss?
All of the support functions of a mid/large
company:
•
•
•
•
•
•
HR
IT
Accounting
Law
Sales
Marketing
Praise from co-workers and boss
General social interaction
Interaction professionally with a wide array of
individuals
Predictability
14
What won’t you miss?
Forms, paperwork, etc.
A regimented schedule
Attending meetings that you don’t
need/want to be at
Being nice to your boss (though
everyone but God has a boss ;)
15
Any suggestions?
16
Don’t lie/cheat/steal
Don’t take work you can’t deliver
Treat everyone with respect
Strive for a work/life balance
Happiness is a personal daily choice
How could you possibly fail?
Inadequate cash reserves
Failure to clearly define and understand your
market
Failure to price your product or service
correctly
Failure to anticipate or react to competition,
technology, or other changes in the
marketplace
Overgeneralization
Overdependence on a single customer
Uncontrolled growth
Believing you can do everything yourself
17
What are some myths?
Woo Hoo! I’m gonna be rich!!!!!!!!
It’s going to be really, really easy!
Let’s get as big as we can as soon as
we can!
The work and projects are just going
to roll in.
18
What are key future considerations?
When to get office space?
When to try to grow?
How to ramp up sales?
How to stay current with knowledge,
tool, technologies?
When to update/change service
offerings?
19
Questions?
Questions and Answers
Contact Info
Mark Steiner
3036 N. Leavitt
Chicago, IL 60618
[email protected]
(773) 392-7967
20