introduction to business ownership

Introduction to

Business Ownership

111 Monument Circle, Suite 1950 Indianapolis, IN 46204317-917-3266 www.businessownership.org

Introduction to Business Ownership

This program is provided with thanks to our generous sponsors:

U.S. Small Business AdministrationCity of Indianapolis

The Fairbanks FoundationThe Glick Fund

PNC Bank

Agenda

• Discuss what planning goes into starting a business and assess your readiness.

• Understand the world of a typical business owner and determine if it’s right for you.

• What type of business is best for you.

• Identify next steps in business ownership.

Boi’s Top 10 Things You’ll Need To Start A Successful Business

1. Clear vision with measurable goals2. Desire and commitment3. Entrepreneurial character4. Operational skills5. Industry knowledge6. Handle on finances7. Resources8. Support9. A market10. A plan

Clear Vision And Goals

You’ve got to see it to believe it!

Look into your ideal future.

What does your business look like?

What role do you have in the business?

Clear vision and goals

Do your business goals support your life goals?

Why do you want to own your own business?

What will your business to provide for you?

What is the ultimate goal for your business?

Commitment and Desire

All goals are driven first by desire• Do you really want it? What is your motivation?

• Are you conditionally or unconditionally committed?

Are you prepared to do the work to make it happen?

• How will you prepare for the lifestyle changes?

• How will you prepare for sacrifices?

Commitment and Desire

Successful entrepreneurs are:

TenaciousTenacious

FocusedFocused on the goalon the goal

PatientPatient

Self-motivatedSelf-motivated

PerseveringPerseveringPersistentPersistent

Entrepreneurial Character

Do you think like an entrepreneur?Do you act like an entrepreneur?

How do your know?

WORKSHOP ACTIVITYComplete the entrepreneur’s inventory.

Entrepreneurial Character

• Customer focused

• Decision-making ability

• Reliable

• Integrity

• Good judgment

• Creative and flexible

• Self-disciplined

• Driven to improve

• Organized

• Responsible

• Independent

• Problem-solver

• Action-oriented

• Calculated risk-taker

• Always on the lookout for new opportunities

Which characteristics do your possess?

Operation Skills

• Sales

•Accounting

• Marketing

• Budgeting

•Communication

• Manage people

• Negotiating

• Leadership

Skills

Complete an asset inventory.

Be honest with yourself.

What’s in your toolbox now? What new tools do you need?

Industry Knowledge

You don’t just need to know how to run A business, you need to know

how to run THIS business.

• What will it take to successfully run a business in the industry you’ve chosen?

• Where do your access industry experience and information to assist your business?

A Good Handle On Finances

Money management skills are paramount!

You run a business right now – You, Inc.• What is your money management style?

• How do you manage your personal finances?

A Good Handle On Finances

Know your current household budget• What is your total income?

• What are your expenses? Are any negotiable?

• Does your current income cover your needs?

Define your financial goals

• What income will the business provide?

• What income will you need to replace or to cover your current employment income and benefits?

• How much financial cushion do you need to cover your living expenses until your business gets up-to-speed?

Resources• What resources do you bring to the business?

• What are your strengths, experiences, expertise?

• Analyze your financial resources:

• What money can you contribute to the business?• How much are you willing to risk?• Are you willing and able to take on debt?• What’s your credit score? Impediments to starting?

Support TeamIdentify and develop your support network:

• Friends and Family (cheerleaders & challengers)

• Mentors

• Other Entrepreneurs

• Business Counselors

• Professional Advisors

A Thriving MarketA business will not survive without customers! Market research can help answer these questions:

• Is there need or demand for your product or service?

• Who is likely to buy your product or service?

• Who is your competition?

• What is your marketplace?

• Is the time right to start a business in this industry?

A Workable Plan How are you going to get to your destination?

Your business plan includes:

• Analysis of your market

• Marketing plan

• Start-up and operating costs

• Financial projections

• Operational details

What Kind Of Business Is Right For YOU?

Consider the following:• What are your experience and skills?• What are your interests and passions?• What type of working environment is best for you?• What is the market opportunity for your business?• What aligns to your available financial resources?• What about a franchise or existing business?

Due Diligence

Can your business succeed? Yes, if it is…..

Desirable

Feasible

Viable

BOI Can Help You Get Started

Free Counseling

FastTrac NewVenture

GrowthVenture 10 week

training program

Microlending Opportunities

Skill Coaching

Business Networking

BusinessPlanning

Financial Management

Legal Issues

Sales & Marketing

Taxes and Insurance

Begin Your Entrepreneurial Journey!

Business Ownership Initiative of Indiana

workshops.businessownership.org

317-917-3266

information@businessownership.org