3 Basic Steps To Starting Your Own Business

This Presentation offers simple step-by-step guide to those who are thinking about starting a business but not sure of the process.

Transcript

1. 3 Basic Steps To Starting Your Own Business
2. Businesses are born from a single thought that stimulates your creative juices. It is simply thought turned into action which can lead to multi million dollar companies like Apple or amazon. Though the task may be great, just know you have the power to create what you want. Often times your current skills are the best options to lead you to success. So lets get down to it! You might be full of ideas but are unsure of how to bring them to life which can become a road block to starting your business. However, it is important to write down each idea and evaluate how viable it is. Have your friends, family and people you trust be apart of the market research process. It starts with an idea... Copyright © 2019 iamcoyetta. www.coyetta.com Page 1 All rights reserved.
3. In order to generate good ideas start by thinking about the following questions. 1. What skills/talents do I naturally have? 2. What are the skills i'm good at in my current job field? 3. What new skills have I acquired through a training program or courses? 4. What information do my friends and family generally ask me for? 5. What skills or talents do other people tell me that I have? 6. What are some things that I like to do? 7. What are somethings that I want to learn more about? Copyright © 2019 iamcoyetta. www.coyetta.com Page 2 All rights reserved.
4. These questions are sure to get your creative juices flowing and should generate many ideas. Slowly work your way through each idea until you are satisfied with your choice. While the idea is to narrow your ideas down to one great idea, having a top 3 or 4 might work great as well. This will allow you to conduct thorough market research so you can find the idea/s that best suits you. Don't forget use the circle you currently have that is your friends, family and people you trust to gather more information. Ask them what product or services they would pay for from your list but be prepared that you might receive some new ideas. Copyright © 2019 iamcoyetta. www.coyetta.com Page 3 All rights reserved.
5. My Ideas Idea #4 Idea #3 Idea #2 Idea #1 Copyright © 2019 iamcoyetta. www.coyetta.com Page 4 All rights reserved.
6. Time to Research Now that have an understanding of what you want to do, its time to take the next step and do the research. Find out who who’s already doing what you want to do and evaluate the current market using the 5 W method. Who, What, Where, When and Why. Ask as many questions as possible that are relevant to your business as this will allow you to know how to position yourself and products or services. This will also help you understand how to make business stand out and be more unique. Copyright © 2019 iamcoyetta. www.coyetta.com Page 5 All rights reserved.
7. Here are some possible research questions: Who . Who is currently doing what I want to do? . Who are the vendors/manufacturers of the this product? . Who are their customers? What . What product/service are they offering? . What is their message? . What social media platforms do they use? . What problem are they solving? . What platforms do they use to promote their products/services? . What are some statics about the business? . What others platforms do they use? Where . Where do they sell their products/services? . Where do they find their customers? .Where do they interact with their customers? Copyright © 2019 iamcoyetta. www.coyetta.com Page 6 All rights reserved.
8. When . When do they post on social media? . When do they promote their products or have sales? . When do they restock? Why . Why do customers like the products/services . Why are they successful? . Why they do what they do? Use these questions as a guide to understand the environment as well as the ins and outs of the business. This will help you narrow down your "why" for your business and also help you develop your marketing plan. Take what you've learned and apply it to your business Now it's time for you to narrow your list down and start planning your business! Copyright © 2019 iamcoyetta. www.coyetta.com Page 7 All rights reserved.
9. Research results.... Copyright © 2019 iamcoyetta. www.coyetta.com Page 8 All rights reserved.
10. Plan & Execute Time to plan your business! After all of the information you've gathered you should now be able put the information about your business together. 1. Start by understanding what problem you are trying to solve, what your mission (your "why") is and who your target audience is. 2. Develop a road map for your business so you can understand where you're going and the steps you'll take to accomplish it "aka" a business plan. A business plan can often feel like a tedious or extremely time consuming process. Though it can be both of those things, it can also be rewarding and simple. Copyright © 2019 iamcoyetta. www.coyetta.com Page 9 All rights reserved.
11. Put together a plan for your business that provides daily actionable goals that helps you plan and maintain your business. 3. Set up all the social media platforms that you want to use for your business even if you haven't finished planning. The key is to start before you're ready so that people will get familiar with you and your brand. What products/services am I offering? What problem am trying I to solve? Copyright © 2019 iamcoyetta. www.coyetta.com Page 10 All rights reserved.
12. Who is my Target Audience? What Social media platforms do I want to use for my business? Don't be afraid if you haven't figured everything out or you don't have all the answers. You can always learn, change and even throw out ideas that no longer serve you as you go along. Copyright © 2019 iamcoyetta. www.coyetta.com Page 11 All rights reserved.
13. 4. In order to have an online business, you'll need to create a website. You will need to purchase a domain which is your website name and decide who will host your site. Consider which web hosting service will work best for you as some are more tailored to small businesses and entrepreneurs. They also provide integrations that can make setting up your website a breeze! Keep in mind the payment option you'll use to take payments as well as the costs you will incur to deliver your products/services. 5. To conduct transactions you will need a business number. Start by registering your business as this signifies that your business is legitimate. A business number is also important for tax purposes. Check with your Province or state to make sure you have the proper licenses for your business. Copyright © 2019 iamcoyetta. www.coyetta.com Page 12 All rights reserved.
14. How will I take payment from my customers? Which web hosting service will I use? What is the name of my business? Have I purchased the name? What is the cost to deliver my products/services? Copyright © 2019 iamcoyetta. www.coyetta.com Page 13 All rights reserved.
15. What do I need to register my business? At this stage you should have a clear understanding of your products/services and how it will be delivered (if working with vendors, manufacturers etc). Use all your resources to gather more information if necessary and remember google is your best friend. 6. Your products/services need to get into the hands of your customers. Consider all the ways you can effectively communicate with your customers. Put together a marketing strategy like using promotions to generate sales, create brand awareness and brand loyalty. Copyright © 2019 iamcoyetta. www.coyetta.com Page 14 All rights reserved.
16. What colours & fonts represent my brand? Don't forget the aesthetics of your business like your company logo, fonts, and colours as these elements all help create brand recognition. Now that you have gone through all the steps to start a business, you should be proud of yourself! Use this information as a blueprint to your new business and get ready to launch! You can post your progress via social using #iamcoyetta. Best Wishes to you. Copyright © 2019 iamcoyetta. www.coyetta.com Page 15 All rights reserved.
17. Simple Business Plan Business model-How you make money.... Describe the problem and how you plan to solve it (your product/service).... Copyright © 2019 iamcoyetta. www.coyetta.com Page 16
18. Competitive Advantage-What makes you unique.... Target market-Who is your customer.... Copyright © 2019 iamcoyetta. www.coyetta.com Page 17 All rights reserved.
19. Cash flow-How do you use the money you have.... Financial Summary- Profits and losses .... Copyright © 2019 iamcoyetta. www.coyetta.com Page 18 All rights reserved.
20. Sales forecast-How much money do you think you make 1-5 years.... Copyright © 2019 iamcoyetta. www.coyetta.com age 19 All rights reserved.