View
213
Download
0
Category
Preview:
Citation preview
Business Development Services1
WELCOME!Introduction to Business Feasibility & Ownership
Session 1
Business Development Services2
To help you make a thoughtful decision about whether or not to start a business
Overall Goal of Course
Business Development Services3
Discovering what it will take to run your business Figuring out if the business can be successful Deciding if you are ready to do what it takes to
make this happen Doing your due diligence Not a guarantee of success – but improves chances Tells you if it’s worth it to spend more time and
money on the idea
Feasibility planning is a process
Business Development Services4
Will this business meet my financial needs? (This is different for each of us)
Is this business a good fit for me? (Am I Qualified)
Am I cut out for the entrepreneurial lifestyle? (Am I Ready)
This course is designed to answer 3 questions:
Business Development Services5
Introduce the Business Feasibility Training course and SEED Winnipeg’s approach
Establish group expectations Consider business ownership as a lifestyle transition
and what this change will mean for you Review the components of a business feasibility plan Describe your business idea Set a benchmark for feasibility: what does “business
success” mean to you?
Session 1 goals
Business Development Services6
Share information with each other, for example: What’s your name? What’s your business idea? Why do you want to start a business?
Introductions
Business Development Services7
CED is a way to look at economic systems and their impact on a community.
CED looks at how money moves through a neighbourhood or community and what impact that has on people in that community.
CED is about using local resources to meet local needs, and creating healthy, happy communities in the process.
CED – key points
Business Development Services8
Social goals - people
Environmental goals - planet
Financial goals - profit
CED Triple Bottom Line
Business Development Services9
Can be very rewarding – personally and professionally
Can also be devastating Unplanned events can work against us, no matter how hard we work
The decision not to start a business is a good decision, if the research shows your idea may not work
Business ownership/entrepreneurship
Business Development Services10
What was the experience like for you?
What were the most powerful images you saw?
Did you learn anything new about your life as a business owner? What excites you? What concerns you?
Imagining yourself as a business owner
Business Development Services11
In 2012, 2.6 million Canadians were self-employed (over 15% of the workforce)
Self-employment is very different from working for a “boss”
Many people focus on the positive aspects of owning a business, and forget about the negative parts
Many are shocked at the lifestyle changes of self-employment
Self-employment in Canada
Business Development Services12
July 2012 study by Industry Canada: 85% of business launched in 2005 survived
one year of operations 70% survived for 2 years 62% survived 3 years 51% survived after 5 years.
Only half the businesses started in 2005 were around after 5 years.
Self-employment in Canada (cont’d)
Business Development Services13
Experienced business owners often talk about what they “wish they’d known” before starting a business.
Knowing and thinking about these realities can help avoid costly mistakes.
Self-employment in Canada (cont’d)
Business Development Services14
What exactly are you selling? Will anybody buy it? How will you get your product/service to
your customers? Who can help you be successful? Will you make enough money? Are you ready to go ahead with this
business?
6 key questions your feasibility plan should answer
Business Development Services15
The business triangle
Product or
service
Sales & Marketi
ng
Your busines
s
Finance
Business Development Services16
The product or service (operational & organizational feasibility)
Sales & marketing (market feasibility) Finance (financial feasibility)
The business triangle
Business Development Services17
Read your group’s section In your own words, answer these questions, and
write up on flipchart Briefly describe your section of the business
triangle. What feasibility area(s) are included? What feasibility question(s) will you answer in
this section of the business triangle? What does this area of feasibility include?
(choose up to 5 key points from the list)
Activity – The Business Triangle
Business Development Services18
Business name and structure (if known) Mission or value statement Type of business (retail, manufacturing,
wholesale, etc.) Type of product/service provided The customer problem solved by this
product/service What makes this product/service different?
What’s in a business description?
Business Development Services19
Keep information logical and organized A few paragraphs or a few pages, depending on
how complex your plan is If you have a business name, include it If you know your business structure and type,
include it Clearly describe your product or service, and the
customer problem it solves. Use plain, simple language.
Tips to write a business description
Business Development Services20
Your business description Defining success
Feasibility Builder 1
Recommended