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http://www.marksteinerinc.com Chicago eLearning & Technology Showcase August 11, 2010 Starting Your Own eLearning Business Mark Steiner

Chicago eLearning & Technology Showcase August 11, 2010 Starting Your Own eLearning Business Mark Steiner

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Page 1: Chicago eLearning & Technology Showcase August 11, 2010 Starting Your Own eLearning Business Mark Steiner

http://www.marksteinerinc.com

Chicago eLearning & Technology Showcase

August 11, 2010

Starting Your Own

eLearning Business

Mark Steiner

Page 2: Chicago eLearning & Technology Showcase August 11, 2010 Starting Your Own eLearning Business Mark Steiner

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Agenda

Introductions Why should you? Who should? What does it take? How to attract and retain clients? What to charge, how to bid? How to get the work done? How to stay current? What will you miss/not miss? Debunking some myths . . . How could you possibly fail? Future considerations Q & A

Page 3: Chicago eLearning & Technology Showcase August 11, 2010 Starting Your Own eLearning Business Mark Steiner

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Speaker Background

BS Industrial Tech. ‘88 MS Instructional Design ‘92 15+ years eLearning & interactive media

des./dev. experience Successfully competed 100+

eLearning/interactive media projects Presenter - eLearning Confs. US & Europe Started mark steiner, inc. in March 2001

Page 4: Chicago eLearning & Technology Showcase August 11, 2010 Starting Your Own eLearning Business Mark Steiner

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Audience Background

Project Manager/ID/Developer mix? eLearning experience? What are some expectations from this

session?

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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

Why should you start your own business?

Ability is what you’re capable of doing. Motivation determines what you do. Attitude determines how well you do it.–Lou Holts

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Who should start their own business?

Traits• Self-starter• Plenty of determination and perseverance• Enjoy challenges• Dedication and structure• Niche of knowledge/skills• Project management skills• Selling yourself• Know when/how to say “Yes” and

when/how to say “No”

Luck is not chance, it’s toil. Fortune’s expensive smile is earned.–Emily Dickenson

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Who should start their own business?

Ten Abilities of Winners• 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

If you believe in yourself and have dedication and pride - and never quit, you'll be a winner. The price of victory is high but so are the rewards. –Paul Bryant

Page 8: Chicago eLearning & Technology Showcase August 11, 2010 Starting Your Own eLearning Business Mark Steiner

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What does it take to get up and running?

A business plan• 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

To accomplish great things, we must not only act but also dream, not only plan but also believe.–Anatole France

Page 9: Chicago eLearning & Technology Showcase August 11, 2010 Starting Your Own eLearning Business Mark Steiner

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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

In the successful organization, no detail is too small to escape close attention. –Lou Holtz

Page 10: Chicago eLearning & Technology Showcase August 11, 2010 Starting Your Own eLearning Business Mark Steiner

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What does it take to get up and running?

Processes and Documents• Methodologies• White Papers• Contracts• Proposals• Statements of Work• Design Document• Storyboards• Sign-off Forms• Marketing Plans and Materials• Elevator speech

Website, demos Clients!!!!!!

We think in generalities, but we live in detail. –Alfred North Whitehead

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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 Speak at conferences LinkedIn and other social tools Write your own blog / newsletter or even a

book Network, network, network!!!

You can’t build a reputation on what you are going to do.–Henry Ford

A modest man is usually admired, if people ever hear of him. –Ed Howe

Page 12: Chicago eLearning & Technology Showcase August 11, 2010 Starting Your Own eLearning Business Mark Steiner

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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 Easiest clients to get are the ones you

already have. KEEP THEM HAPPY!!!

Honesty is one thing you can’t wear out.–Waylon Jennings

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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, what the project requirements dictate, and what the prevailing market rate is

Don’t lowball Fixed Bid, or Time and Materials? Responding to RFP’s

Price is what you pay. Value is what you get. –Warren Buffett

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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

You don't get paid for the hour. You get paid for the value you bring to the hour. –Jim Rohn

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How will you execute the projects?

Just you? You and some employees? 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?

A fixed bid doesn’t mean the price is fixed and can’t move; it means the price is fixed to a scope. 1) You can define scope 2) If scope moves, so does price

Other documents: Non-disclosure form, sign-off forms, storyboards, scripts, etc.

What is the payment schedule? What about warranty and support?

Lots of folks confuse bad management with destiny.–Kin Hubbard

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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

Know yourself. Don’t accept your dog’s admiration as conclusive evidence that you are wonderful.–Ann Landers

Page 17: Chicago eLearning & Technology Showcase August 11, 2010 Starting Your Own eLearning Business Mark Steiner

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What won’t you miss?

A regimented schedule Forms, paperwork, etc. Attending meetings that you don’t

need/want to be at Being nice to your boss (though

everyone but God has a boss ;) All things “corporate”

If the individual is a unit in a corporate mass, his life is not merely brutish and short, but dull and mechanical. –Herbert Read

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How will you stay current?

Conferences Local events User Groups Books Websites News Groups and Lists Blogs Social networking sites Beta testing

It is an all-too-human frailty to suppose that a favorable wind will blow forever.–Rick Bode

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Any suggestions?

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

Smooth seas do not make skillful sailors.–African proverb

Success is getting what you want. Happiness is liking what you get.–H. Jackson Brown

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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.

A professional is someone who can do their best work when he doesn’t feel like it.–Alistair Cooke

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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

I didn't fail the test, I just found 100 ways to do it wrong.–Benjamin Franklin

Failure is not a single, cataclysmic event. You don't fail overnight. Instead, failure is a few errors in judgement, repeated every day.–Jim Rohn

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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?

The future is something which everyone reaches at the rate of 60 minutes an hour, whatever he does, whoever he is. –C. S. Lewis

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Questions?

Questions and Answers Contact Info

Mark Steiner

3036 N. Leavitt

Chicago, IL 60618

[email protected]

(773) 392-7967

He who is afraid to ask is afraid of learning.–Danish proverb