Critical First Steps in Opening a Business

Will Corrente

PresentsLearn the Critical First Steps to Opening a Successful Business

Who is Will Corrente?

• Well known connection optimizer • Founding Director of Corrente Consulting

International Inc. (CCI). • 20 years experience creating process based

solutions for small businesses and entrepreneurs • Helps SBE’s be connection ready and poised to

reach the next level. • Featured columnist for New York Entrepreneur

Week and the Bergen News

Copyright 2009 Corrente Consulting International Inc www.WillCorrente.com

My Experiences

Serial entrepreneur: I have started, owned, managed and operated the following:– Lawn care and landscaping company– Telecommunications consulting – Cleaning service– Pet care business– Business consulting and personal development

company– Online marketing and consulting– Achieved sales of over $1million in 2 different

businesses and industries


Critical First Steps

– It takes a great idea + an ability to execute– You must be passionate and love your business– You must write a sound business plan– Your product / service must be saleable to a

large audience– You must know a thing or 2 about finances– You must be brutally honest with yourself about

your strengths and areas for improvement


Everyone has ideas, not everyone can execute them!

You must honestly assess your strengths, weaknesses and abilities to run the business

How experienced are you in the following:– Human resource process & procedure– Managing others– Accounting and bookkeeping– Sales and customer service– Computers and technology– Decision making– Working long hours


Think About This

“ A Vision Without Resources is a Hallucination”Unknown

“An Idea Without a Plan of Execution is a Dream”Will Corrente


Do What You Love

Can you make money doing what you love?Are enough people interested in it to make a sustainable business?Do you love it so much that you think about it nights, weekends, holidays, and on vacation?Would you rather be doing this than anything else?


Passion is Important Execution is a Necessity

When thinking about your passion, do you have the skills to execute?

Have you taken a critical inventory of your strengths and weaknesses to properly plan your execution strategy?

What is your plan?


Do You Have a Business Plan?

A business plan is the single most critical element of ensuring your business success


A Business Plan Answers

• What is the business purpose and who will it serve?• How will the business be marketed & who are its

customers?• Who are current and future competitors?• How will the business be operated?• What is the projected income of the business?• What the anticipated expenses?• What are the start up costs?• How will the business be financed?


What is the business and who will it serve?

In other words, Is it Viable?– Does it fill a previously untapped niche or need?– Can it be produced, manufactured or delivered

in a cost effective and profitable manner?– Will consumers pay enough or purchase

enough volume to make it a sustainable business?


How will you market? Who is your customer?

• Do you know who will buy your product/service?– Is your product/service a need or a want?– Why will they choose your product/ service

over a competitor?– What is your ideal customer profile:• Demographics: Male/female, education, income• Where do they live?• How do they spend their time, money, etc ?


What is your key differentiator?

• New products/services need to be compelling to the consumer– What makes your product/service unique?– Why would a customer choose your

product/service over another?– What are you going to do stand out in a

crowded marketplace?– What makes you the most qualified person to

operate the venture?


Who are your competitors,present & future?

• To determine viability, you must know your competition– Does your product / service have competitors?– Do they make money?– What are they doing well?– What are they doing poorly?– What will you do to beat them and gain market

share?– Who are future competitors? How will you adapt to

future competition?

Copyright 2009 Corrente Consulting International Inc. www.WillCorrente.com

How will the Business be Operated?

• Do you have an operations plan for the business?– how will the actions necessary to run the

business be carried out?– How much staff will you need?– What will their duties be?– Who is in charge of what?


What is the projected income?

• How much revenue will the business generate?– what is your products/services mix to produce

revenue?– how much revenue will you generate per

month, per quarter, per year?– How will you increase revenues or sustain

growth?


What are the projected expense?

• How much expense will the business generate?– what are your anticipated expenses?– Are they fixed or variable?– are your expenses front loaded, back loaded or

evenly distributed?– do your expenses exceed revenue? What and

when is your breakeven point?


What are the Anticipated Start Up Costs?

• How much do you need to open the business– Do you have a clear understanding of the following

costs:• construction• licenses and permits• deposits• leasing/purchasing costs• initial inventory• insurance• starting salaries• holding costs


Start Up Capital Requirements

How much money will you need to start the business, as well as operate it, paying your salary and all expenses for at least 6 months, assuming zero revenue?


How will the business be financed?

• Do you have the capital to execute your vision?– If you can’t invest in the business, it will be

difficult to convince others?– Do you have good credit?– Can you comfortably borrow money to start the

business?– Will you need investors to execute your vision?


It is better to wait until you are properly funded than to move forward underfunded!

Do you have the skills to execute your vision?

• If you cannot fund your business yourself, what makes you a good investment?– Take an honest self inventory of your skills,

knowledge, experience and abilities– Write a bio and a resume– Begin educating yourself on your market and

business in general: books, seminars, coach, and or consultant


Do you have the skills to execute your vision?

• If you cannot fund your business yourself, what makes you a good investment?– Take an honest self inventory of your skills,

knowledge, experience and abilities– Write a bio and a resume– Begin educating yourself on your market and

business in general: books, seminars, coach, and or consultant


Steps to business success

1. Honest self assessment1. sharpen skills, take courses, work with a coach, find a mentor

2. Vet your idea1. research it, make sure it has legs and is viable as a revenue

producing entity

3. Write a business plan4. Begin financing

1. clean up your credit2. settle debts3. Line up capital4. seek investors


Steps to business success

5. Create a target start date for your business launch

6. Create a project management timeline of items and deliverables

7. Build your team of mentors, coaches and consultants

8. Secure financing9. Begin premarketing /networking/list

building/sales10. Begin creating the processes and systems your

business will followCopyright 2009 Corrente Consulting International Inc www.WillCorrente.com

Some words of wisdom

1. Avoid signing a personal guarantee at all costs

2. Flesh out partner agreements, duties, responsibilities, and compensation in the business plan phase

3. Know your exit strategy4. Have a success evaluation plan in place5. Have a failure evaluation plan in place6. Go for it!


www.Will Corrente.com“Connect: Today’s Vision to Tomorrow’s Success”

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