Excellence in Business Seminar

Theme: Starting and Running your Business Profitably

Facilitator: Oluwatoyin Aromire

www.excelplussolutions.com

INTRODUCTIONJob opportunities or vacancies are limited with

unlimited job seekers to fill the spaces

Why become an entrepreneur?

Entrepreneurship is a way of life

CHARACTERISTICS OF AN ENTREPRENEUR Good health

A Need to Control and Direct.

Self-confidence

Sense of Urgency

Comprehensive Awareness

Realistic Outlook

Conceptual Ability

Low Need for Status

Objective Approach

Emotional Stability

Attraction to Challenges

Describing with Numbers

STEP BY STEP APPROACHStep 1: Conduct a SWOT ANALYSIS by listing out

STRENGTH

WEAKNESS

OPPORTUNITIES

THREATS

STEP BY STEP APPROACHStep 2: Identify your road/mental blocks such

as:

Staying in the comfort zoneNot being open to change: Not having an open mindAvoiding mistakes/learning from mistakesNot taking action

STEP BY STEP APPROACHStep 3: These are the things you should do such

as

Find a MentorRead BooksListen to Audio BooksAttend Courses/Seminars Keep good Companies

ExerciseIdentify your characters that are similar to an

entrepreneur’s characterIdentify those characters that you need to work

onWhat steps will you take to develop the missing

characters?What are your strengths and weaknessesUse the SCUP analysis to develop yourself furtherWhat opportunities do you envisage and what

are the perceived threats preventing you from taking advantage of the opportunities?

What do you plan to do about the threats?Develop a plan to embark on your journey (5

Points Plan)

Finding and evaluating a good idea

FINDING A GOOD IDEAYou need a good idea to start your business

Basic approach to finding an idea:

What do you enjoy doing?What skills have you developed from school and over the

years?What did you do while in employment and did you enjoy itCan you do what you do successfully without supervision?If you are in employment, does what you do make money for

your employer?If you are out of work, do you know anyone who does

something similar to what you do and makes money from it?Is there a market demand for your product or service?

FINDING A GOOD IDEAEXAMPLES OF BUSINESS IDEAS YOU CAN

START FROM HOMEMarket research and market forecastingBusiness and Financial PlanningProject managementLogo designsewingPrivate tutoring/training and developmentBook keeping and AccountingBudget planningInvoicing and BillingBusiness Centre administrator

STEPS TO EVALUATING A BUSINESS IDEADefine your product or serviceDescribe your customersIdentify your competitorsDefine your competitive advantageCreate a projected financial statementHow will you communicate Describe the things that could go wrong to

negatively impact your businessDecide

STEPS TO TEST YOUR IDEASeek the opinion of people who are in

similar/same business; find out how the market responds to their products or services

Speak to an experienced Banker preferably those who handle commercial/corporate accounts

Talk to potential customers

CHOOSING A BUSINESS NAMEWhat’s in a name?

No more than seven letters preferably five (there are exceptions to the rule)

No more than three syllables in pronunciation, preferably two

The name must look and sound rightIt must fit the purpose of the enterpriseIt must be legally acceptable

BUSINESS PLANWhy is a business plan useful?When is the best time to create my business

plan?Who else may need my business planWhat happens to my business plan after the

business commences?What should I include in your business plan?

BASIC ELEMENTS OF A BUSINESS PLANExecutive SummaryCompany BackgroundServices/ProductsIndustry, Competition and MarketMarketing PlanOperational PlanManagement and Ownership StructureGrowth StrategyFinancial Assumptions

BUSINESS BLUE PRINTWhat is a business blue print?

Recognises three main goals of the organisation

Shows the general categories of functions that should be handled by any organisation

MAIN GOALS OF AN ORGANISATION

To attract, convert/ satisfy and retain customers

To generate positive cash flows

To develop a team that will support business growth

GENERAL FUNCTIONSThe owners responsibilities

Internal Operations

Marketing and sales

Business Operations

EXERCISEWhat business idea do you have?Why do you think it is a good idea (3 reason)?Use the steps discussed to evaluate your ideaDecide on a business name using the steps

identifiedDevelop an executive summary for your business

plan using the elements of a business planDevelop a plan to achieve the 3 goals of an

organisationWhat functions would you require to get your

business to operate properly

Choosing a Choosing a

Business Structure Business Structure and Marketing and Marketing your businessyour business

Types of Business Structures speak to a lawyer or accountant before starting your business

there are different types of business structures

Each structure has its own advantage and disadvantage

Types of Business Structure

Sole Trader:

This is the easiest way to start your business

You will have complete control over your business and all profits after tax will go to you.

On the other hand this business structure comes without a security net. You will be personal accountable for any liabilities that your business incurs

As far as administrative burdens go you will simply have to file an annual self-assessment tax return and keep records of your business income and expenses.

The only way to raise money as a sole trader is by obtaining loans from banks or other lenders such as friends and families.

Partnership:

A partnership allows two or more people to join forces and set up a business together.

The partners will share the risks and liabilities, the management and also the profits of the business.

Again, as a partner you will be personally liable for any debt of the partnership so you stand to lose not only what you have invested in the business but also any other property that you own.

You should only form a partnership with people that you trust.

Although statutory provisions can provide you with a basic set of internal rules it is strongly recommend that you sign a partnership agreement before you start business.

Types of Business Structure (Contd.)

Types of Business Structure

Limited Liability CompanyThis type of structure will allow you to keep your

business distinct from your personal affairs .Increased administrative burdenAdherence to statutory provision reduces chances

of being very flexibleThe company is a separate legal entity and only

the company itself is liable for its debts.Generally, the running costs of a company can be

significantly more than those of a partnership or a sole trader

Types of Business StructureLimited Liability Partnership

This is a cross between a partnership and a limited liability company.

Like a company a LLP has a distinct legal personality and the liability of individual partners is limited.

However, limited liability comes with similar filing and disclosure requirements as for companies.

A LLP retains the flexibility of a partnership as opposed to the more rigid structure of a company.

As with partnerships the members of the LLP are taxed direct.

Marketing your BusinessMarketing can make a small business large (Jay

Conrad Levinson)

There are two ways to get business for your company

Go out to get it

Get it to come to you, AKA Critical-mass marketing (CMM)

Critical Mass Marketing (CMM)It is a strategy that avails you and your

business the opportunity to become knownIt works for both born marketers and non

marketersSlower than traditional marketing in the

short runGets you into the eyes, ears and mouth of

customers and prospectsOperates on the principles of success

attracting success

Steps to Building your CMMIdentify your unique advantage

Find a platform to show off your unique advantage

Give away samples

Showcase what you offer in as many media as possible

Getting Business To Come To YouNetworkingMentorsVolunteerismSponsorshipsReferralsProduct packagingSamplingIncentivesDiscount pricingNewslettersTradeshows and ExhibitionsWriting articles (Magazine, Newspaper, Radio and TV)AdvertsBusiness DirectoriesSocial media networking (online), etc

SummaryYou should talk to a lawyer or accountant for

an appropriate structureThere are four major structures to decide onEach of the structures have their advantages

and disadvantagesYou can market your product or services by

either traditional or critical mass Each marketing method has its advantages

and disadvantagesCMM operates on the premise of success

attracts success

PLANNING FOR PLANNING FOR SUCCESSSUCCESS

Stages of SuccessStage one: The Dream/Desire

Stage two: The Preparation and Planning

Stage three: The action/Doing

Stage four: The Survival and Growth

Stage five: The Attainment and Celebration

Steps to Entrepreneurial SuccessKnow and understand yourself

Get things done

Apply yourself

Be organised or learn to be organised

Keep your emotions in check

Manage your money

Keep Success Under ControlKeep Success manageable

Know your success is here to stay

Adjust your relationship to your success

Feel worthy

Acknowledge yourself

Success is a beginning, not an end

AUTOMATING YOUR AUTOMATING YOUR BUSINESSBUSINESS

IntroductionWhat is business automation?

Importance of automating your business

Things to consider before automation:How large will my organisation be in three years?Create an organisational chartCreate an organisation manualMaintain the organisation manual

Automation techniquesAdopt technologies to your work easier faster

and professionalSet up a performance measurement systemSet up routines to take care of detailsSelect a good team with the following

attributes (Skills, Habits, Abilities and Knowledge)

Continuous education and training

Make up your mind to make the right choice....

Thank You!