Business Development Services 1 WELCOME! Introduction to Business Feasibility & Ownership Session 1

Business Development Services1

WELCOME!Introduction to Business Feasibility & Ownership

Session 1


To help you make a thoughtful decision about whether or not to start a business

Overall Goal of Course


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


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:


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


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


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


Social goals - people

Environmental goals - planet

Financial goals - profit

CED Triple Bottom Line


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


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


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


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)


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)


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


The business triangle

Product or

service

Sales & Marketi

ng

Your busines

s

Finance


The product or service (operational & organizational feasibility)

Sales & marketing (market feasibility) Finance (financial feasibility)

The business triangle


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 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?


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


Your business description Defining success

Feasibility Builder 1

Documents

Business Development Services 1 WELCOME! Introduction to Business Feasibility & Ownership Session 1