Day 7
Making money, now what?

It’s time to meet a banker.


Get the money: You took care of your customer now take care of your business. Check/cash/credit card Each method carries a process for conversion into funds for your business, but the goal is to get paid.

Record the payment: You are new and learning but the important thing at this point is keep a record of all expenses and revenue. Start with software or write it on paper...but keep records.

Go to the bank: Most banks love small business. Ask to see their small business banker. Explain your position and get services that fit your business. You do not want fees to eat up your profits, and in most cases a personal checking account will work when you’re just a start-up.

Set up a Sole Proprietorship : If you haven’t by this point… please set up some legal format for your business. Most states allow for things as simple as posting a notice in the local paper saying “Jane Smith will be doing business as ABC company.” Check with your state.

Accounting 101: “$ in” minus “$ out “equals profit and loss.

$100 Revenue  ($ from sale)
-$ 90  Expenses (cost of product and operation)
$ 10 or 10% profit


My name is                    and I am the owner of                  !


Check out Biz's list of Services Providers.(click here)
Day 1
Finding Your Passion.

You want to own a business. Why?

I never did a day's work in my life. It was all fun. Thomas A. Edison
To find your business passion, answer the following questions;

  • What you would do even if no money were involved?
  • What activities have you done over the past month?

Was it something you could do for someone? How?
What product/ service was involved?
Who would use your product or service?


My business should provide        because I enjoy doing       .
Day 2
Define Your Business

What type of business, who’s your customer and how do you make money?

Businesses are make money because of one thing...customers! Before you do anything else, you must first decide who are your customers and how you will find them. Simply put, it’s revenue before expense!

  • My business provides what?
  • Who would buy that ?
  • How would they find me? … Do I have to find them?
  • Is it repeat business? Keep finding customers?
  • What does it cost to find customers?
  • What would customers pay?


My business will sell             and I will charge $             when I find my customers by          .

Day 3
Your Customer.

Ever been to an amusement park or a stadium and thought…
“That’s expensive and the quality is terrible”?

The service or quality doesn’t need to be great for a business to make money. It just needs customers!

  • Is my product for businesses or consumers?
  • Who am I selling too and why?
  • How do I reach them?

They come to me.

  • Internet... Build a website and start a business online.
  • Newspaper... Advertise the "old fashioned" way.
  • Direct Mail... Like 1800Postcards.

I go to them.

  • Phone..Need a business line? Phone.com virtual office.
  • Networking... Like Prgenie.com



Why would they use me? Ex; Bulk packaging (feature) means a lower total cost (benefit).

Product features:                                                                                   

Benefits for client:                                                                                    

  • Who do they use now?
  • Why would they switch?
  • What would customers pay?

My customer is                   and their need is                         . I will reach them by                  to explain how my                  will help them __________.


Day 4
"Your Name Here"

You know what you do but what are you called?

Name, cards, phone numbers, license, insurance and yes incorporation. It’s your identity, so make it clear.

Thanks for calling                 . Create your business name.

1.Try out some names but remember to keep it simple.
2.Two words are great but one is better.
3.Use what you do or how you are.
4.Combine two words...make up a word.
5.Names can be modified, so don’t over-think this part.

Try this:  Name Generator from Netsubstance.com

Should I incorporate?

Generally this is a question for legal counsel but not yet.

Should I spend any money?

You need:
1.Business cards- MOO.com
2.Phone– Use your cell phone.

Anything else can be bought once you make your first sale.

Insurance?
Ask your agent but again I say not yet. ..get your first sale.

Do I need an office?
No. Meetings can take place anywhere and usually work best in your clients space.

Website or email.
Yes, if it is required to bring in business.
Day 5
Extra, Extra ... Read all about it!

You found you passion, now it’s time to follow it to profitability.

All successful businesses make money because of one thing...customers! Before you do anything else, you must first decide who your customer and how you will find them. Sell first...spend later.

Marketing 101: Telling someone about your business.

Today you will attempt to find your first customer. You know who you are, you know what you sell and you know why your customer use you. Now go tell the world. From this day forward you will establish a minimum goal of attempting a sale at least 1 time a day. Some people are tempted to increase this number and some can but... WARNING: Minimum goals must be hit. You wouldn’t call in sick for work if you were employed by a company so at least give your own company the same dedication.

Today I will                         (pick as many that apply):

  • Set up online advertising.
  • Advertise in publications.
  • Find a place to sell.
  • Go out and COLD CALL anywhere and to anyone.
  • Find places where my customers gather.
  • Spread the word about my business– social media
  • E-mail campaign
  • Signs on my car.
  • Hang flyers in local businesses.
  • Find a “complimentary” business & swap referrals.
  • Talk to all your family members and friends.
  • Offer something for free...just to get a foot in the door.
  • Pass free samples.
  • Run out of ideas?....Ask someone for help.

Sales is a numbers game. Play it!


I Made my first sale by                and it resulted in my customer buying                         for $              .  My minimum goal of attempts per day is                 .
Day 6
Production

You made the sale… now what.

Sales> Production> Revenue= A Business.

What do you have to produce a quality product?


Schedule Delivery: Why start here? Work expands to the time allotted.

Ask the following:
  • When does my client need the product?
  • When would I like to deliver?

Timeline: Depending on your product, it may take  one step or several.
  • Service: Just set up the delivery date.
  • Product: Find a manufacturer and work out a deal.

  • Are there up front cost?
  • Can you “share” revenue?
  • You proved you can sell, leverage that with manufacturers.
  • Work a deal and set the date.

Deliver Quality: The first sale is more about education and less about profit. Make certain your customer is satisfied.

Invoice: There are various form of invoices try some for free with Quickbooks.

Learn: Treasure this experience!

Analyze:  Take some time after the sale and determine.
  • Was client satisfied?
  • Did I produce quality?
  • Did I make a profit?


I delivered the goods to my client and they were                  . Next time I will change              _but at least I              !

Day 2
Define Your Business

What type of business, who’s your customer and how do you make money?

Businesses are make money because of one thing...customers! Before you do anything else, you must first decide who are your customers and how you will find them. Simply put, it’s revenue before expense!

  • My business provides what?
  • Who would buy that ?
  • How would they find me? … Do I have to find them?
  • Is it repeat business? Keep finding customers?
  • What does it cost to find customers?
  • What would customers pay?


My business will sell             and I will charge $             when I find my customers by          .

Jump to Day 3