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Overheads and Handouts

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Title: Overheads and Handouts


1
Youth Enterprise Academy
  • Overheads and Handouts

2
Module 1
Orientation
OHD 1-1
3
After-School Overview3-hr. Module1 Session per
week
  • Week 1 Orientation/Introduction to
    Entrepreneurship
  • Week 2 Developing Your Business Concept
  • Week 3 Using the Internet
  • Week 4 Teamwork and Community Responsibility
  • Week 5 Starting a Business
  • Week 6 Negotiating and Deal Making
  • Week 7 Testing Your Idea Market Research
    Analysis
  • Week 8 Getting to the Market Marketing
    Strategies
  • Break Option
  • Week 9 Business Fundamentals
  • Week 10 Understanding Budgets Financials
  • Break Option
  • Week 11 Raising the Money
  • Week 12 Getting Started Managing the Future

OHD 1-2b
4
After-School Overview2-hr. Module2 days per week
  • Week 1 Orientation
  • Week 1 Introduction to Entrepreneurship
  • Week 2 Developing Your Business Concept
  • Week 2 Developing Your Business Concept (contd)
  • Week 3 Using the Internet
  • Week 3 Using the Internet (contd)
  • Week 4 Teamwork and Community Responsibility
  • Week 4 Starting a Business
  • Week 5 Negotiating and Deal Making
  • Week 5 Market Research Analysis Testing Your
    Idea
  • Week 6 Getting to the Market Marketing
    Strategies
  • Week 6 Business Fundamentals
  • Week 7 Business Fundamentals (contd)
  • Week 7 Understanding Budgets Financials
  • Week 8 Understanding Budgets Financials
    (contd)
  • Week 8 Raising the Money
  • Week 9 Getting Started Managing the Future
  • Week 9 Graduation

OHD 1-2c
5
Participant Materials
  • Handbook and Worksheets
  • Text
  • Worksheets
  • Glossary
  • Resource Guide
  • Writing Your Plan
  • Class Handouts
  • Sample Start-up Business Plan
  • Supplemental Material

OHD 1-3
6
Class Agenda
  • Class Activity
  • Instructor Topics
  • Guest Speaker
  • Break
  • Refreshments
  • Networking Activity
  • Work Time
  • Discussion Groups
  • Worksheet Activities
  • Business Plan Sections
  • Computer Lab

OHD 1-4
7
Expectations and Ground Rules
  • Attendance
  • Absenteeism
  • Being on time
  • Participation
  • Discussion
  • Confidentiality
  • Listening
  • Assignments
  • Reading
  • Worksheets
  • Written Plan Sections
  • Format
  • General
  • Safe environment to test ideas
  • Ask questions
  • Student contract or job description

OHD 1-5
8
Participant Contract
  • To Date ______________________
  • From
  • You are hereby requested to properly prepare for
    and perform the following, relating to this
    NxLeveL Youth Enterprise Class
  • Description of Work
  • Reading of all chapters assigned, completion of
    all written assignments, feasibility or business
    plans sections, extensive participation in all
    class discussions, networking in addition,
    perfect attendance and being on time to all
    classes.
  • In return, you will be paid many great honors,
    praise and encouragement, not to mention a
    certificate upon receipt and acceptance of your
    work. You understand that the work performed
    will be a labor of love in pursuit of being in
    business for yourself. You understand and agree
    that the work will be original, meaning not in
    public domain or previously created, and that it
    will be free of unauthorized excerpts from other
    sources. You further understand that the Class
    will involve a sharing of ideas, and will seek
    your opinions and expertise.
  • Please signify your acceptance of this agreement
    by signing below and returning to the
    Facilitator/Instructor prior to your departure
    from this class session.
  • I agree to perform the work listed herein, and I
    gladly accept the responsibilities and challenges
    as stated above.
  • ___________________ __________________________
  • Name Signature
  • (Please Print)
  • Business Name (or business idea)
    ____________________________________

Handout 1-1
9
Participant Job Description
  • Job Title
  • Young, Hopeful Entrepreneur
  • Dates Hours Required
  • Session 1 Month, Day, Time Session 6 Month,
    Day, Time
  • Session 2 Month, Day, Time Session 7 Month,
    Day, Time
  • Session 3 Month, Day, Time Session 8 Month,
    Day, Time
  • Session 4 Month, Day, Time Session 9 Month,
    Day, Time
  • Session 5 Month, Day, Time Session 10 Month,
    Day, Time
  • Plus additional evening hours to be used
    completing homework assignments.
  • Position Reports to
  • Camp Instructor
  • Job Summary
  • This position requires individuals who are
    interested in increasing their awareness of
    business ownership as a viable career option and
    dedicated to the development of a business plan
    in the specific industry in which they have that
    interest.
  • Job Duties and Responsibilities
  • Respect and abide policies set forth by the host
    institution of the Youth Entrepreneurial Camp.
  • Be willing to meet time requirements as outlined
    on daily schedules.
  • Participate in classroom discussions by sharing
    ideas, opportunities and opinions.
  • Be willing to ask questions anytime there may be
    confusion.

Handout 1-2
10
Module 2
  • Entrepreneurship

OHD 2-1
11
What Does It Take To Be an Entrepreneur?
  • 1. Passion
  • 2. Persistence
  • 3. Good Health/Energy
  • 4. Creativity/Innovation
  • 5. Independence/Self-reliance
  • 6. Intuition
  • 7. Self-confidence
  • 8. Market Awareness
  • 9. Ability to Accept Challenges
  • 10.Hard Work Ethics

OHD 2-2
12
Press On
  • Nothing in the world can take the place of
    persistence.
  • Talent will not nothing is more common than the
    unsuccessful men with talent.
  • Genius will not unrewarded genius is almost a
    proverb.
  • Education will not the world is full of educated
    derelicts.
  • Persistence and determination alone are
    omnipotent.
  • The slogan Press On has solved and always will
    solve the problems of the human race.
  • -Calvin Coolidge

OHD 2-3
13
Why Would a Business Fail?
  • 1. Not understanding the amount of money needed
    to get started right
  • 2. Failure to develop goals and strategies (a
    business plan)
  • 3. Lack of understanding the customers needs
  • 4. Poor knowledge of the product or services
    offered
  • 5. Bad or no marketing of the business
  • 6.
  • 7.
  • 8.
  • 9.
  • 10.

OHD 2-4
14
Do you know who this person was?
  • Here is a sorry record of a persistent man who
    after repeated failures eventually triumphed.
  • In 1831 he failed in a business.
  • 1832 was defeated for legislature
  • 1833 again failed a business
  • 1834 was elected to legislature
  • 1836 he suffered a nervous breakdown
  • 1838 was defeated as Speaker of the House
  • 1840 was defeated as an electoral candidate
  • 1846 was elected to Congress
  • 1855 was defeated for Vice President
  • 1858 was defeated for Senate
  • Can you guess what happened in 1860?

OHD 2-6
15
Why Does a Business Succeed?
  • 1.
  • 2.
  • 3.
  • 4.
  • 5.
  • 6.
  • 7.
  • 8.
  • 9.
  • 10.

OHD 2-7
16
The Six Ds of Success
  • Desire
  • With vision
  • Diligence
  • Making the most of opportunity
  • Details
  • Organizational skills
  • Discipline
  • Making sacrifices
  • Dedication
  • Commitment to a purpose
  • Determination
  • Seeing dreams through to completion

Handout 2-1
17
Some Very Good Advice
  • Go to bed early, get to work early, keep yourself
    physically fit and mentally alert.
  • Manage your personal finances properly. Keep
    accurate checking and savings account balances.
  • Dress to do business. Keep a neat appearance.
    You never know when youre going to meet a
    customer.
  • Keep your appointments and always be on time.
  • Call everyone you say you are going to call
    only promise what you can do and always do what
    you promise.
  • Strive to be happy in your work, friendly, fair
    honest in your personal matter. People will
    judge your business by how you conduct yourself.
  • Learn to love hard work and strive always to
    achieve the goals you have set for yourself!

Handout 2-2
18
Notable Quotes
  • Any man who wants to succeed must begin by
    believing wholeheartedly in his own ability. He
    cannot expect others to believe in him unless he
    believes in himself, for it is a cardinal rule of
    life that the world takes a man at his own
    valuation.
  • The ultimate in wisdom is to live in the
    present, plan for the future, and profit from the
    past.
  • -Jacob M. Braude
  • Without one single exception, successful
    business results from the power released by the
    positive attitude of mind. With scarcely a
    single exception, the failures analyzed have been
    dominated by the negative attitude. I have yet
    to find a failure who had positive qualities
    overweighing the negative. Success adores the
    positive.
  • -Douglas Lurton
  • The key to the future can be summed up in one
    wordadaptability. In a rapidly changing world
    it is often a matter of survival to change ones
    mind, ones attitude, ones way of thinking and
    doing things. Even when survival is not at
    issue, we should all know how to adjust to
    changed circumstances in order to capitalize on
    new opportunities.
  • -Dudley Dowell
  • A keen sense of humor helps us overlook the
    unbecoming, understand the unconventional,
    tolerate the unpleasant, overcome the unexpected,
    and outlast the unbearable.
  • -Dr. William A. Ward
  • We have a choice every day regarding the
    attitude we will embrace for that day. I am
    convinced that life is 10 what happens to me and
    90 how I react to itwe are in charge of our
    attitudes.
  • -Charles Swindoll
  • Business is a combination of speculation and
    compensation, and success is simply the desired
    ratio between the two.
  • -Daryl Berstein
  • Destiny is not a matter of chance, it is a
    matter of choice.
  • -unkown

Handout 2-3
19
Essential Ingredient
  • To Start a business, what is the only ESSENTIAL
    ingredient?
  • a) Money
  • b) A Product or Service
  • c) Customers
  • d) Management Skill

OHD 2-8
20
Key to Success
  • A Customer-Driven Philosophy
  • Ahead of competitive wave
  • Increase customer loyalty
  • Value-based competitive advantage
  • Learning business
  • Long-term survival
  • Faster turn-around
  • Clearer goals and focused decision making
  • Increased business with existing customers
  • Increased incentive for innovative learning

OHD 2-9
21
Some Questions About Business Plans
  • Isnt this for big companies only?
  • How does planning help management?
  • Cant I hire someone to do this for me?
  • Why is planning so important?
  • How can I know all the answers?
  • How often do I have to do this?
  • What is in it for me?

OHD 2-10
22
Eight Reasons To Do A Business Plan
1. Will force you to take a good look at the
business 2. Can be used as feasibility study or
help continue success
  • 3. A good tool for better management
  • 4. Helps communicate your ideas
  • 5. Helps you to move from reactive to
    proactive
  • 6. Points everyone in same direction
  • 7. Helps identify opportunities
  • 8. Focuses attention on important questions

OHD 2-11
23
Planning Terms
  • Mission Statement
  • The organizations purpose or reason for being.
    A Mission Statement should describe the
    organizations major areas of interest, scope of
    its intended actions, the basic market needs it
    intends to satisfy, and its primary values.
  • Goals
  • Goals are broad statements of organizational
    purpose and intentions. They further define the
    mission.
  • Objectives
  • Objectives are facts established to further
    explain the steps in obtaining a specific goal.
  • Organizational Policy
  • An Organizational Policy is established to help
    managers determine objectives and to formulate,
    implement and control strategies.
  • Strategies
  • Strategies are long-term plans or methods for
    accomplishing objectives and goals.

OHD 2-13
24
Tips for Successful Planning
  • Believe planning is important
  • Commit time and energy
  • Involve everyone
  • Have realistic expectations
  • Be open to discovering disappointing news and
    to making adjustments

OHD 2-14
25
How To Use Your Business Plan
  • As a feasibility study
  • As a benchmark to track performance
  • As a reminder of your goals
  • As a means for assigning priorities
  • As a financing proposal

OHD 2-15
26
Outline of Start-up Business Plan
  • Cover Page
  • Table of Contents
  • Section I. Executive Summary
  • Section II. Background Information
  • Personal Information
  • Business Concept
  • Section III. Description of Products/Service
    s
  • Section IV. Management Structure
    Organization
  • Section V. The Marketing Plan
  • Industry Description
  • The Market
  • Competition
  • Marketing Strategies
  • Section VI. The Financial Plan
  • Investment Required for Start-up
  • Cash Flow Projections
  • Summary of Financial Needs
  • Section VII. Conclusion The Feasibility
    Statement
  • Section VIII. Supporting Documents

OHD 2-16
27
Module 3
  • Developing
  • Your Business Concept

OHD 3-1
28
Personal Evaluation Checklist for Going Into
Business
  • 1. Do you like to make your own decisions?
  • 2. Do you enjoy competition?
  • 3. Do you have will power and self-discipline?
  • 4. Do you like people and get along well with
    them?
  • 5. Do you have good health?
  • 6. Are you a good leader?
  • 7. Do you get things done on time?
  • 8. Can you live without taking money from the
    business for the first year?
  • 9. Do you adapt well to changes?
  • 10. Are you confident?
  • 11. Are you aware that running your own
    business may require working 12-16 hours a day,
    six days a week, and maybe even Sundays and
    Holidays?
  • 12. Do you stick with a project until it is
    completed?
  • 13. Do you have the physical stamina to handle
    the work load and schedule?
  • 14. Do you have the emotional strength to
    withstand the strain?
  • 15. Are you prepared to lose your savings?
  • 16. Is your family prepared to lower your
    standard of living until your business is firmly
    established?
  • 17. Do you have work experience in the type of
    business you are considering?
  • 18. Do you have any business training?
  • 19. Can you set limits?

Handout 3-1
29
Business Ownership
  • Advantages
  • Able to make own decisions
  • Direct contact with customers
  • Personal satisfaction
  • Wealth and job security
  • Creative
  • Doing what you enjoy
  • Contributing to others
  • Disadvantages
  • Still not your own boss
  • Large financial risk
  • Hours are long and hard
  • Not much spare time
  • Income not steady
  • Buck stops with you
  • Doing what you dont like
  • Lawsuits and increased regulations

OHD 3-3
30
Common Traits of an Entrepreneur
  • One or both parents are/was self-employed
  • The child who grows up in a home where at least
    one parent is self-employed is more likely to try
    their hand at starting a business.
  • They are in business at a young age
  • Mowing lawns, shoveling snow, delivering some
    product or house cleaningthe enterprising adult
    first appears as the enterprising youth.
  • They are very sociable people
  • More often than not, they are charming as well as
    very sociable. This better equips them to charm
    the right banker, supplier, customer, etc., to
    get what they want.
  • They are well organized
  • Good organizational skills are the basis to
    making qualified decisions.
  • They are highly competitive
  • Entrepreneurs tend to be participants, not
    observers. They like a challenge, and they like
    to win. The greater the challenge, the sweeter
    the victory.
  • They are willing to take risks
  • Starting a business requires risk-taking. This
    often involves the individuals or their families
    finances.
  • They have a burning commitment to succeed
  • Entrepreneurs have a lot of persistence and
    abundant belief in their endeavors. They are
    able to constantly point out the benefits of
    doing something essential and worthwhile.
  • They are self-reliant
  • They tend to be more responsible, know how to
    motivate themselves and have confidence in their
    dreams.

Handout 3-2
31
Evaluating Your Business Idea
  • Can this idea be turned into a business?
  • Is there a real need for the product/service?
  • Who will buy? How many will buy?
  • Is there competition? How much?
  • How much growth potential exists?
  • Market Share
  • Product/service line expansion
  • Can I afford to do this business? Now? Ever?
  • Whats at risk?Money or School Requirements
  • If I decide not to do the deal, have I failed?

Handout 3-3
32
Trends
  • Downsizing
  • Aging Population
  • Information Age
  • Global Interdependence
  • Fitness Health
  • Career Flexibility
  • Ethical Concerns
  • Environmental Concerns
  • Home-based Businesses
  • Timesavers for Working Families
  • Corporate Outsourcing
  • Return to Nostalgia

OHD 3-5
33
Key Manufacturing Elements
  • 1. Responding to changes in customer needs
  • 2. Pricing products competitively
  • 3. Delivering high quality and innovative
    customer service
  • 4. Adapting product specifications to global
    customers
  • 5. Striking a balance between producing
    customized and standardized products

OHD 3-7
34
Key Retail Elements
  • Customers
  • Products
  • Suppliers
  • Long Hours
  • Landlords
  • Employees
  • Record Keeping
  • Security

OHD 3-8
35
Key Service Business Elements
  • 1. Segment their customers
  • 2. Provide reliable and consistent service
  • 3. Price their services at competitive yet
    profitable levels
  • 4. Provide innovative services
  • 5. Deliver service
  • 6. Focus all resources to meet customer needs
  • 7.
  • 8.

OHD 3-9
36
Manufacturing, Service Retail Businesses
Handout 3-4
37
SICStandard Industrial Classifications
  • Manufacturing
  • Apparel Other Finished Fabric Products
  • Beverages
  • Brooms Brushes
  • Chemicals Allied Products
  • Food Kindred Products
  • Furniture Fixtures
  • Jewelry, Precious Metals
  • Leather Leather Products
  • Lumber Wood Products
  • Machinery, Equipment Components
  • Machinery Computer Equipment
  • Measuring, Analyzing Controlling Instruments
  • Metal Industries-Primary
  • Metal Products-Fabricated
  • Paper Allied Products
  • Petroleum Refining Related Industries
  • Printing, Publishing Allied Products
  • Signs Advertising Specialties
  • Retailing Industries
  • Aircraft
  • Apparel Accessories
  • Automotive Dealers
  • Boat Dealers
  • Books Office Supplies
  • Building Materials Hardware
  • Cameras Photographic Supplies
  • Catalog Mail-Order Houses
  • Computers Software
  • Department Stores General Merchandise
  • Drug Stores
  • Farm Garden Equipment Supplies
  • Florists
  • Food Beverages
  • Fuel Dealers
  • Furniture, Home Furnishings Equipment
  • Hobby, Toy Game Shops
  • Jewelry

Handout 3-5a
38
SICStandard Industrial Classifications
  • Service Industries (contd)
  • Clubs-Membership Sports Recreation
  • Computer Integrated Systems Design
  • Computer Processing Data Preparation
    Processing
  • Computer Programming
  • Computer Rental Leasing
  • Consulting Services-Management
  • Day Care-Child
  • Dental Laboratories
  • Dentists
  • Detective, Guard Armored Car Services
  • Direct Mail Advertising
  • Disinfecting Pest Control Services
  • Employment Agencies
  • Engineering, Architectural Surveying Services
  • Equipment, Heavy Construction-Rental Leasing
  • Equipment Rental Leasing
  • Funeral Service Crematories
  • Golf Courses-Public
  • Security Systems
  • Skating Rinks-Ice or Roller
  • Social Services-Individual Family
  • Software-Prepackaged
  • Telephone Communications
  • Television Broadcasting Stations
  • Testing Laboratories
  • Theatres-Motion Picture, Except Drive-ins
  • Theatrical Producers Misc. Theatrical Services
  • Tire Repair Retreading
  • Towing Tugboat Service
  • Training (Job) Vocational Rehabilitation
  • Travel Agencies
  • Truck Rental Leasing, Without Drivers
  • Trucking, Except Local
  • Trucking, Local-Without Storage
  • Trucking Storage, Local-Including Household
    Goods
  • Veterinarians
  • Video Tape Rentals

Handout 3-5b
39
SICStandard Industrial Classifications
  • Contractors
  • Bridge, Tunnel Elevated Highway Construction
  • Carpentry Work
  • Concrete Work
  • Electrical Work
  • Excavating Foundation Work
  • Floor Laying Other Floorwork
  • General Building Contractors-Residential
  • General Contractors-Nonresidential Buildings
  • Glass Glazing Work
  • Highway Street Construction
  • Masonry, Stone Setting Other Stonework
  • Oil Gas Field Services
  • Painting Paper Hanging
  • Plastering, Drywall, Acoustical Insulation
  • Plumbing, Heating Air Conditioning
  • Roofing, Siding, Sheet Metal Work
  • Structural Steel Erection
  • Swimming Pool Construction

Handout 3-5c
40
Illustrative SIC Breakdown for Apparel Industries
OHD 3-10
41
Module 4
  • Using the Internet

OHD 4-1
42
Basic Internet Terms
  • Internet Address
  • Server
  • Site
  • Software
  • Surf the Net
  • Telnet
  • TCP/IP
  • Browser
  • BBS
  • Download
  • Email
  • FTP
  • Gopher
  • Hardware
  • Home Page
  • Hypertext

OHD 4-2
43
Language of the World Wide Web (WWW)
  • HTML
  • HTTP
  • URL
  • ISP
  • Listserv
  • Newsgroups

OHD 4-3
44
NxLeveL Home Page
  • www.nxlevel.org

OHD 4-4
45
Researching Your Industry
  • Get the Big Picture
  • Consumer trends in past 5 years
  • Changes in products or services
  • Government regulations tax issues
  • Changes in prices and cost of supplies
  • Understanding your Industry
  • Identify your trade association
  • Obtain financial benchmarks
  • Identify competitors
  • Obtain trade area information

OHD 4-5
46
Module 5
  • Team Building and Community Responsibility

OHD 5-1
47
Module 6
  • Starting a Business

OHD 6-1
48
Becoming Your Own Boss
  • We will be discussing four ways to get into
    business
  • 1) Start up your new business from scratch using
    your own ideas
  • 2) Buy an existing business or buying into an
    existing business
  • 3) Buy a franchised business
  • 4) Join or take over a family-owned business
  • Step 1 List the Pros and Cons of each business
    approach

Step 2 In the blank in front of each of the
business approaches write in a number ranking
which approach appeals to you the most using 1
for the most appeal and 4 for the least appeal.
Handout 6-1
49
Starting Your Own Business
  • Advantages
  • Self Satisfaction
  • Flexibility
  • Control
  • Only choice available
  • Disadvantages
  • No Guidelines
  • Long time to get established
  • Limited return first 5 years
  • May be David taking on Goliath
  • Most uncertain route

OHD 6-2
50
Starting A Business
  • Business Start-up Triggers
  • A new invention
  • Spin-off of a existing product/service
  • Turn hobby into business
  • Knowledge of a customer
  • Knowledge of unfulfilled market need
  • Expansion of part-time activity
  • Chance
  • Professional or technical expertise
  • Desperation
  • Development of personal preferences

OHD 6-4
51
Buying an Existing Business
  • Advantages
  • Shorter lead time to get started
  • Established track record
  • Customers and suppliers in place
  • Previous owner as a mentor
  • Disadvantages
  • Cost is usually higher
  • Creativity is limited
  • Structuring the deal may be difficult
  • Buy the Bad along with the Good
  • Discover too late the Real reason for the sale
    of the business

OHD 6-5
52
Purchasing a Franchise
  • Advantages
  • Shorter lead time to get started
  • Turn-key operation
  • Lower risk
  • Strength in numbers
  • Disadvantages
  • High costsinitially on-going
  • Limited flexibility
  • Franchisor may not be viable
  • May be difficult to exit business

OHD 6-7
53
Joining a Family Business
  • Advantages
  • Ease of entry into the business
  • Work with people you know and trust
  • Disadvantages
  • Entry may be too easy
  • Know each other too well
  • Do family members really want the business?

OHD 6-9
54
Part-Time Businesses
  • Benefits
  • Job Security
  • Safety net in event of downsizing
  • Income Patching
  • Extra cash for family self-sufficiency
  • Feasibility Testing
  • Trial run for a full-time business
  • Personal Satisfaction
  • Quality of life issues

OHD 6-13
55
Part-Time Businesses
  • Challenges
  • Work or Education Conflicts
  • Family Commitments
  • Time Constraints
  • Credibility Issues
  • Financial Concerns

OHD 6-14
56
Home-Based Businesses
  • Advantages
  • Flexibility in scheduling
  • Independence
  • Lower start-up costs, less overhead
  • More time to spend with family
  • Increased job satisfaction
  • Tax advantages
  • Positive effect on community
  • Disadvantages
  • Isolation
  • Loss of privacy
  • Credibility issues
  • Problems with zoning
  • Space limitations

OHD 6-15
57
Types of Home-Based Business
OHD 6-16
58
A Partial Listing of Home-Originated Companies
Amway Apple Computer Ashton-Tate Software Baskin
Robbins Ice Cream Ben Jerrys Ice
Cream Brookstone Company Cape Cod Potato
Chips Dominos Pizza Day Runner Ford Motor
Company Estee Lauder Cosmetics Gillette
Hallmark Greeting Cards Hershey
Foods Hewlett-Packard Liquid Paper Lillian Vernon
Catalogue Marion Laboratories Mrs. Fields
Cookies Nike Pepperidge Farm Playboy Purex Readers
Digest Walt Disney Welchs
Handout 6-2
59
Home-Based Businesses
  • Decisions Relating to Your Home-Based Business
  • Set up a functional office
  • Project a professional business image
  • Know the laws and regulations
  • Employees vs. independent contractors
  • Tax issues
  • Insurance needs

OHD 6-17
60
Female Entrepreneurship
  • Benefits
  • Control and Flexibility
  • Control when, where and how work occurs
  • Meets demands of the Sandwich Generation
  • Opportunity
  • Address disparity between male /female wages
  • Create work where jobs do not exist
  • Independence
  • Job security
  • Income independent of other family members

OHD 6-19
61
Female Entrepreneurship
  • Challenges for Women Business Owners
  • Financing the Business
  • Nature of women-owned businesses
  • Limited credit history
  • Weak financial skills
  • Establishing Credibility
  • Family Issues

OHD 6-20
62
Minority Businesses
  • Characteristics
  • Majority are Sole Proprietorships
  • Smaller than non-ethnic businesses
  • Employ fewer workers than white firms
  • Hire mostly minorities
  • Primarily in retail or service industries
  • Start business in older neighborhoods

OHD 6-22
63
Estimating and Bidding
  • Typical Bid
  • Material quantity X material price/unit
  • Labor hours X labor cost/hour
  • Contractor burden (FICA, FUTA, SUI, Ins)
  • Equipment cost per job
  • Subcontract items
  • Direct overhead (supervision, fees, utilities,
    permits)
  • Indirect overhead (office expense, accounting,
    legal)
  • Subtotal
  • Escalation (annual rate, approx. 10)
  • Subtotal (job cost)
  • Contingency (2 of job cost)
  • Profit (5 to 8 of job cost)

Handout 6-3
64
The Perfect Business
  • If you could design the Perfect Business in an
    Ideal Business World, what characteristics would
    it have?
  • 1. ___________________________________________
  • 2. ___________________________________________
  • 3. ___________________________________________
  • 4. ___________________________________________
  • 5. ___________________________________________
  • 6. ___________________________________________
  • 7. ___________________________________________
  • 8. ___________________________________________
  • 9. ___________________________________________
  • 10. ___________________________________________
  • 11. ___________________________________________
  • 12. ___________________________________________
  • 13. ___________________________________________
  • 14. ___________________________________________
  • 15. ___________________________________________
  • 16. ___________________________________________
  • 17. ___________________________________________

_______ _______ _______ _______ _______ _______ __
_____ _______ _______ _______ _______ _______ ____
___ _______ _______
Handout 6-4
65
Module 7
  • Negotiating Deal Making

OHD 7-1
66
What is Negotiating?
  • Resolving conflicts
  • Win-win solutions
  • Innovative business deals

OHD 7-2
67
Traits of a good Negotiator
  • Account for their counterparts interests and
    perspectives
  • Use this knowledge to improve communication and
    the quality of the proposals they make
  • Understand themselves and what they want out of
    the process
  • Achieve an objective perspective that allows them
    to overcome hurdles during the negotiating process

OHD 7-3
68
Negotiating Factors
  • Negotiations occur best when parties...
  • Perceive that they will have a long-term
    relationship
  • Perceive that they rely on one another for mutual
    gain
  • Have strong leaders who can accept or enforce an
    agreement
  • Allow a third party to offer insight, additional
    information and guidance
  • Are truly motivated to find a solution
  • Understand underlying issues
  • Develop a level of trust
  • Listen to one another

OHD 7-4
69
Power and Negotiating
  • Power can exist as a result of...
  • A position or title
  • Level of expertise
  • Access to information
  • Amount of currency they possess
  • Level of interest in a continued relationship
  • Past achievements or track record
  • Ability to satisfy goals elsewhere or by other
    means

OHD 7-5
70
Dealing With Obstacles
  • Fall back re-group
  • Name the enemy
  • Understand commonly used tactics
  • Time is on your side
  • Look back
  • Get off the hot seat
  • Get in their shoes
  • Open your ears
  • Spotlight common interests
  • Reframe the issue
  • If not, why not?

OHD 7-6
71
Deal Making Tips
  • Set limits on your involvement and commitment in
    advance
  • Stick to your limit
  • Avoid looking to your counterpart for guidance
  • Be clear about your motivations
  • Understand the costs involved
  • Stay alert
  • Listen Listen Listen

OHD 7-7
72
Module 8
  • Testing Your Idea Research Analysis

OHD 8-1
73
What is Marketing?
  • Marketing is EVERYTHING you do to promote your
    business, from the moment you conceive of it to
    the point at which customers buy your product or
    service and begin to patronize your business on a
    regular basis.
  • The key words to remember are everything and
    regular basis.
  • Jay Conrad Levinson

OHD 8-2
74
Traditional Marketing Definition
  • Marketing is a process made up of these distinct
    functions
  • Determining what people want
  • Providing products or services to satisfy the
    want
  • Selecting the most effective means of reaching
    people with information about that product or
    service
  • Developing strategies for Creating the desire for
    the product or service in people who have not
    actively expressed their want

OHD 8-3
75
Four Parts to Market Analysis
  • Determining the profile of your customer
  • Determining the market area
  • Determining the customer fit in your trade
    territory
  • Determining the market potential for your business

OHD 8-6
76
Demographics
  • Age
  • Gender
  • Location
  • Education
  • Occupation
  • Income Level
  • Marital Status
  • Household Type

OHD 8-7
77
Psychographics
  • Needs
  • Security, esteem, love, beauty, acceptance,
    understanding, good health
  • Values
  • Status, success, greed, simplicity
  • Buying
  • Price, fads, quality, technology
  • Styles
  • Luxury, convenience
  • Cultures
  • Modern, artistic, religious, liberal,
    conservative, environmental
  • Interests
  • Sports, reading, fitness, cooking, workaholic,
    gardening

OHD 8-8
78
Who is Your Customer?
  • Male? Female?
  • Professional? Blue Collar?
  • Age?
  • Income?
  • Neighborhood?
  • How do they buy?
  • Where do they shop?
  • When do they shop?
  • Where do they get information?

OHD 8-9
79
Who is the Customer?
  • Who will use it?
  • Who will make the decision to buy it?
  • Who will actually buy it?
  • Who will influence the purchase of it?
  • How will your customer behave?
  • Where do they want to buy?
  • When do they want to buy?
  • What do they want to buy?
  • How do they buy?
  • Why do they buy?

OHD 8-10
80
A Quick Market Survey You have been paired up
with another participant so that both of you can
conduct a quick market survey on your product or
service idea. The goal is for you to find out as
much as you can about the potential customer you
are interviewing (your partner) to see if they
begin to define who forms your customer base
(your market). Start by briefly telling your
partner about your business concept, and then ask
them the questions listed below. Move quickly
through the questions, as time is limited and
both partners are to conduct their own survey.
Jot down some notes as the potential customer
is talking. (In an actual market survey, people
are only willing to give you a limited amount of
time, which also requires that you conduct the
survey quickly.) When you have completed all the
questions, switch roles. You have about 5
minutes each to complete your survey.
Handout 8-1
81
Competitive Analysis
  • A key to the success of your business is
    establishing a unique market niche.
  • Research the competition by
  • Visiting and observing
  • Calling and inquiring
  • Studying advertisements in newspapers, magazines,
    mail, yellow pages, etc.
  • Use this form to compare your business to your
    four major competitors. For each area, rank
    yourself and your four competitors on a scale of
    1 (high) to 5 (low).

List any unique qualities that impress you and
how you might use them in your business.
Handout 8-2
82
Module 9
  • Getting to the Market Marketing Strategies

OHD 9-1
83
Overview of Marketing
  • Research
  • Industry Information
  • Trends
  • How Your Business Fits
  • Analysis
  • Your CustomerCustomer Profile
  • Your CompetitionCompetitive Matrix
  • Your Trade Area?
  • Your Market Size and Trends
  • The Market PotentialProjected Sales Volume
  • StrategiesThe Marketing Plan
  • Positioning Your Product
  • Location
  • Packaging
  • Distribution
  • Pricing
  • Promotion

OHD 9-2
84
Product
  • Product Positioning
  • Packaging/Labeling
  • Product Mix

OHD 9-3
85
What Do You Sell?
  • What do you sell? The product? No

Benefits
OHD 9-4
86
Place
  • Three keys to business success...

Location!
Location!
Location!
OHD 9-5
87
Price
  • Setting your price
  • What are your costs?
  • What will your customer pay?
  • What image do you want to convey?
  • What does the competition charge?
  • What will the market bear?
  • How does a service provider set costs?

OHD 9-6
88
Pricing Your Products
  • The primary goal of business is to make a profit.
    There are many internal and external factors
    that affect the profitability of a business, such
    as management, location, cost of labor, quality
    of product or service, market demand and
    competition.
  • RETAIL PRICINGPrices are set to cover total
    costs plus some margin of profit. Two costs are
    associated with a product
  • Cost of Goods which will include the price paid
    for the merchandise plus freight and any handling
    cost.
  • Operating Expenses which include wages,
    advertising, management salaries, rent, utilities
    and office supplies. These expenses must be
    spread out among all the items sold in a given
    time.
  • SERVICE PRICINGThe cost of producing any service
    is composed of three parts
  • Material Costs is the cost of materials used
    directly in the final product. A cost list must
    always be used in preparing a bid or quoting a
    job.
  • Labor Cost is derived by multiplying the cost of
    labor per hour (including all fringe benefits) by
    the number of hours required to complete the job.
  • Overhead Costs include operating expenses which
    are not directly applied to the service. This
    can be expressed as a percentage or as an hourly
    rate.
  • PRICING STRATEGIESA business has an assortment
    of ways to price various products.
  • Suggested Retail Price is the retail prices
    supplied by the manufacturer. Although this
    strategy is easiest for the business, it may
    create an undesirable price image, and it doesnt
    consider the competition.
  • Competitive Position bases its prices on those of
    its competitors. (Do not try to compete with the
    prices set by large stores who can buy larger
    volumes and cut cost per unit.)
  • Pricing below the Competition means beating the
    competitors price. This pricing strategy
    reduces the profit margin per sale, it also
    exposes firms to pricing wars.
  • Pricing above the Competition is possible when
    non-price consideration are important to
    buyers. Examples of this would be services being
    offered, such as delivery, speed of service,
    knowledge of product or service, satisfactory
    handling of customer, a helpful and friendly
    attitude and carrying of exclusive merchandise.
  • Markdowns are a necessary part of doing business.
    Every business should try to avoid being left
    with a lot of dated merchandise that will be
    difficult to sell.

Handout 9-1
89
Pricing/Cost Picture
  • Cameron produces designer t-shirts in his
    parents garage and sells them directly to
    students in the areas high school. He uses
    friends as his sales force giving a sales
    commission of 2.00 per t-shirt. The markup of
    each t-shirt is 12.85. Markup is the difference
    between direct costs and sales price. The markup
    must cover all indirect costs in addition to
    profit.

Handout 9-2
90
PromotionMarketing Tactics
  • How will you...
  • Sell your products or services (what distribution
    system)?
  • Conduct public relations and networking
    activities?
  • Advertise?
  • Serve the Customer?

OHD 9-7
91
Promoting Your Business
To a small business, promotion and advertising is
a very critical part of communicating with the
customer. By keeping in touch through promotion
tactics, you will be stimulating demand of your
products, reinforcing your customers image of
the business and letting them know why they
should buy from you. The following list is made
up of various ways in which a business can be
promoted. LOGOA logo is a graphic design which
can be used to identify your business. Your logo
will help people remember you. If you choose to
have a logo, be sure to use it consistently on
your business cards, stationery, bills, sign and
anything your customer will see. A rubber stamp
of your logo, in different sizes can be very
handy. SIGNSWhen you can afford it, have a
professional looking sign made. This will help
people to locate the business and attract
favorable attention to the level of quality you
sell. Be sure to check your local zoning code
for the allowable size and specific location for
your sign. Magnetic car signs are good attention
getters, e sure to keep the vehicle clean and
neat in appearance. WORD OF MOUTHYour best and
least expensive form of advertising occurs when a
satisfied customer tells a friend how good your
product or service is. Send thank you notes to
someone who recommends you to another person.
Always ask for suggestions from your customers on
how you might better service them. PUBLICITYTalk
to your local newspaper, radio and television
stations about doing features on your grand
opening or any unique product or service that you
offer. This I free advertising that can draw a
lot of attention. MAILDevelop a list of
preferred customers and keep them updated as to
any new products, services or promotional sales
which you are offering. For many types of
home-based businesses this I the best way of
contacting customers. TEAM SPONSORSHIPS
COMMUNITY ACTIVITIESSupporting events in your
community shows people you are interested and
involved with the everyday events that are
happening. This attitude not only promotes a
feeling of goodwill, it will also get your
business recognized as one that cares and can be
trusted. SPECIALTY ADVERTISINGThere is a variety
of gift items that can be imprinted with your
business name key chains, hats, balloons,
shopping bags, bumper stickers, bookmarkers,
calendars and the list can go on. If you buy
quality items and present them personally to
preferred customers, you will encourage repeat
sales and word of mouth promotion. These are only
a few methods of promotion, be creative and use
your imagination. Remember always to keep an eye
on your competitions activities. You do not
want to copy them, but you do want to stay one
step ahead of them.
Handout 9-3
92
Trade Shows
  • Good places to meet a lot of prospects all at
    once
  • Plan, plan, plan
  • Attend the show before you exhibit
  • Make your booth a class act
  • Train your staff
  • Follow-up

OHD 9-8
93
Elements of Effective Advertising
  • Who?
  • Right Audience
  • What?
  • Right Message
  • When?
  • Right Time
  • Where?
  • Right Place

OHD 9-9
94
Elements of an Advertisement
When it comes to your business, you may not want
to go with the flow!
The headline grabs attention
An illustration may pull more readers than the
headline does. Make sure it works with your
message.
Going with the flow may take you where you dont
want to go. A good business plan will help you
navigate your business around the
obstacles. Assure your business success by
preparing a business plan. NxLeveL will help by
providing you with business planning
classes. Dont miss this opportunity to learn
what you need to know about keeping your business
afloat. Call today!
A little text that sells the benefits or shows
how to avoid problems
Name, address, phone number Now they want to
talk to you!
Business Training Classes 1234 Main St.,
Downtown, 555-1234
Handout 9-4
95
Sales Pointers
  • By way of getting a head start on your
    competition, I have listed 29 Ways to Win an
    Order! Try it youll like it!
  • 1. Role-Play with your co-workers. Stay
    fresh by practicing with colleagues.
  • 2. Become an expert. Read the trade literature
    in your field.
  • 3. Get to it! When it comes to dealing with
    tough clients or problems, the longer you put
    something off, the worse it gets.
  • 4. Sell honestly. Be as factual about your
    product as possible. Do not exaggerate its
    attributes or downplay its drawbacks. Honesty
    will pay off in the long run.
  • 5. Listen. Gather more information about your
    customers to help you sell.
  • 6. Lead with questions. Ask each and every
    prospect the same question How can I help you
    use my product to be more competitive in your
    particular marketplace.
  • 7. Stay focused. Dont try to be everything to
    everybody.
  • 8. Techno-train. Work hard to increase our
    technical skills.
  • 9. Become a partner. Become a business partner
    to your customers. Be more than just another
    supplier or vendor.
  • 10. Work for referrals. Find a way to ask your
    existing customers for referrals. See if you can
    get them to make contact for you, or at least
    give you the name and number.
  • 11. Reverse roles. Spend time becoming your
    client. Be the end user.
  • 12. Step back to step up. Review your goals for
    two hours a week and make the other time more
    worthwhile.
  • 13. 80/20. Concentrate on the 20 percent of
    customers who buy 80 percent of whats sold.
  • 14. Follow through. Deliver what you promise and
    do it right the first time.
  • 15. Get inside. Get out of the office and do an
    internship on the premises of your customers
    plan and offices. Spend a day nosing around,
    observing, listening. Take notes. Soak in the
    atmosphere. Watch how your product is used.
    Talk to the people who actually use it and are
    affected by it. Listen to what they say about
    using it more effectively and productively.
  • 16. Give, then receive. Ask your customers what
    they need from you every tie you talk to them.
    It takes a lot of patience to build long-term
    relationships. Salespeople need to give more
    than they receive.
  • 17. Fax or e-mail first. In anticipation of a
    sales call, fax or e-mail an agenda for the
    personal call on the prospect. Verify the time,
    the date, and the location. Give an outline of
    what you plan to cover. Set a framework
    indicate an attitude.
  • 18. Check up and check back. Divide your files
    cards into months and then each month into days.
    If anyone is even close to being a suspect, put
    him in your file. Many clients are impressed
    that you stay in touch. (Computer software is
    great for this.)

Handout 9-7
96
Where Will You Advertise?
  • Where your targeted segment looks for the
    information!

OHD 9-10
97
http//www.your.home.page
  • Advertising on the Internet
  • Does it work?
  • Should all businesses have a home page?

NxLeveL Training Network Home Page
www.nxlevel.org
OHD 9-11
98
Imaging Your Business
  • Logo
  • Letterhead
  • Marketing Slogan
  • Signage

OHD 9-12
99
Business Fundamentals
  • Module 10

OHD 10-1
100
Sole Proprietorship
  • Advantages
  • Easy to organize
  • Less reporting
  • No double tax
  • Freedom of action
  • Disadvantages
  • Unlimited liability
  • Fewer tax benefits
  • Termination on death of owner
  • Adverse tax consequences upon sale
  • Limited ability to raise capital

OHD 10-2
101
Elements of a Buy/Sell Agreement
  • Earlier is better than later
  • What to do upon
  • Death
  • Disability
  • Retirement
  • Termination of Employment
  • What is the value of the business?
  • Appraisal
  • Annual Re-evaluation
  • Agreement

OHD 10-3
102
Elements of a Buy/Sell Agreement (contd)
  • Insurance needs for funding
  • Coordinate with bylaws Employment Agreement
  • Duty to maintain ethical/professional standards
  • Exclude or specify other kinds of
    competing/non-competing business interests
    allowed
  • How is the business dissolved?

OHD 10-4
103
General Partnership
  • Advantages
  • Few formalities
  • Combination of resources talents
  • Personal tax benefits
  • Disadvantages
  • Unlimited liability
  • Power of each partner
  • Dissolution upon death of a partner
  • Partnership profits taxed as income to the
    partners
  • No income splitting tax free fringe benefits

OHD 10-5
104
Limited Partnership
  • Advantages
  • General partners have additional capital
  • Limited partners have limited liability
  • Allocation of Income and losses
  • Avoids double tax
  • Finite existence
  • Disadvantages
  • Initial cost high
  • Limited partners have no control
  • Partnership profits taxed as income to partners
  • Compliance with state and federal securities laws

OHD 10-6
105
C-Corporation
  • Advantages
  • Limited liability of shareholders
  • Perpetual existence
  • Flexibility of financing through outside
    investors
  • Transfer ownership by sale/gift of stock
  • Tax benefits available to corporate employees
  • Well accepted form of doing business
  • Disadvantages
  • High Costs
  • Annual reporting requirements
  • Personal liability of owners
  • Double taxation

OHD 10-7
106
S-Corporation
  • Advantages
  • Same as for the C-Corporation
  • Taxed at the individual shareholder level
  • Disadvantages
  • Except for the tax consequences, same as for a
    C-Corp
  • With minor exceptions, only individuals can be
    shareholders
  • Limit of 35 shareholders
  • Limited to one class of stock
  • Must use calendar year

OHD 10-8
107
Limited Liability Company
  • Advantages
  • Limited liability without limits on management
    participation
  • Flexible ownership and capital structure
  • No double tax
  • Allocation of tax benefits among members
  • Disadvantages
  • Initial cost to establish
  • Poor tax treatment of fringe benefits
  • Newest form of business entity so the rules are
    still evolving

OHD 10-9
108
Forming a Corporation
  • Filing Articles of Incorporation
  • Adopting Bylaws
  • Holding Organizational meetings
  • Issuing Stock
  • Receiving Capital from Investors

OHD 10-10
109
Government Regulations Taxes
  • Taxes
  • Personal income tax
  • Business income tax
  • Sales tax
  • Property tax
  • Payroll tax
  • Regulations
  • Business registration
  • Employee laws
  • Environmental laws

OHD 10-11
110
Types of Insurance
  • Covering Your Business
  • General liability
  • Product liability
  • Profe
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