start me up - 6 steps to launching your own startup company
DESCRIPTION
Have a great idea for a business but don’t know how to get it off the ground? Join us in this session for a lively discussion on how to launch a new internet based startup business from the ground up.TRANSCRIPT
START ME UP6 Steps to Launching Your Own Startup Company
Clint Edmonson, Co-founder of Zootography.com
Disclaimer!
• IANAL I am not a lawyer!
• CALOTMAAYOR Consult a lawyer or take my advice at your own
risk!
Step 1:Have a
Great Idea
Step 1:Have a
Great Idea
Compelling
Realistic
Profitable
Solve a pain
Change the world
Make meaning
Step 2: Have A Plan
Step 2: Have A Plan
Market AnalysisCustomer Profile - Market Size & Growth Potential - Major Competitors & Participants
Product OfferingPricing - Differentiators & Positioning
Marketing PlanMessage - Marketing Plan
Financial Projection5 Year Earnings Prediction
Exit Strategy?
A market without competition aint!
Profit = Revenue - Costs
The Fundamental Business Equation
What do you call it when costs exceed revenue?A hobby!
Step 3: Found Your Company
Step 3: Found Your Company
Choose a business structureProprietorship Partnership Corporation (S,C,Non-Profit, etc,) LLC …
Get an Employer Identification Number (EIN)For tax returns, even if you won’t hire employees
Get a bank accountSeed with initial funding for up front costs
Register your trademarkUse TM right away for some protection, get it formally registered for more protection
Step 4: Build Your Profit Engine
Step 4: Build Your Profit Engine
Realize your dream!Buckle down and get to work. Build value!
Leverage your alliesAngel Investors Venture Capitalists Gov’t Assistance Programs Vendor Incentives
Step 5: Tell the World About It
Step 5: Tell the World About It
What percentage of your budget should be spent on marketing? 30% 50% 70%
How many impressions turn into leads for a typical marketing campaign? 3% 10% 18%
Understand the three marketing power tools Impressions Leads Mavens
Marketing Impression Example #1
Are you a technology start-up?BizSpark is an innovative new program that unites Startups with entrepreneurial and technology resources in a global community with a common goal of supporting and accelerating the success of a new generation of high-potential Startups.
http://www.microsoft.com/bizspark
Marketing Impression Example #2
Step 6: Make $$$
Step 6: Make $$$
Favor regular, recurring transactionsCompanies live and die by monthly cash flow
Keep good books and pay your taxesEstimated quarterly taxes Others – Federal, State, City, Franchise, Sales, Use
Find a good lawyer…They say every company gets sued at some point
and a better accountantProvide consultation on financial best practices and tax laws
Resources
The Art of the Start – Guy Kawasaki
How to Start A Business In Missouri – Entrepreneur Press
Streetwise Business Tips – Bob Adams
The Tipping Point – Malcolm Gladwell
Thank You
Clint EdmonsonCofounder - Zootography.comEmail: [email protected]: http://www.zootography.comTwitter: @clinted