biz factory how to grow a business
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TRANSCRIPT
HOW TO CREATE A BUSINESS
Step I. Idea
First of all, you should have the idea!
THE BIG IDEA
I. Write down your idea
1. Ideawww.bizfactory.ro
• Why are you here?• Is it your idea profitable?• Is it authentic?• How it’s recording to the market?
I. Write down your idea
1. Ideawww.bizfactory.ro
Step II. Research
• SWOT Analysis• Market Analysis• Competition• Target activity• Industry
Make necessary research
II. Research
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• Who is your target market?• Profile of the people? • What is their behavior• Any complementary products or services?• How large is your market? Growth rates?• What are the trends in the market?• How do you see the market evolving?
Market Analysis
II. Research
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Step III. Business Plan
Business Plan
finances
ideasresearch
What do we need?
III. Business Plan
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• General Company Description• Products & Services • Define Target• Marketing Plan• Operational Plan• Management & Organization• Personal Financial Statement• Startup Expenses & Capitalization• Financial Plan
Business Plan
III. Business Plan
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• Mission, vision, values• SWOT Analysis• Market Analysis• Company Goals & Objectives• Define target (clients)• Business Philosophy• Brief description of the products & market• Short description of the industry
III. Business Plan
1. General Company Descriptionwww.bizfactory.ro
How to create a Business
Products & Services
• Define products and services• Establish prices• Competition research• Market research
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How to create a Business
3. Identify your target - Clients
• Who’s your ideal client?– Your ideal client is a profile of the perfect prospect around whom you want to build your
business– Your target market is the real-world pool of prospects to whom you’re going to market in
order to attract those ideal clients and get the meeting.– For some people, the ideal client is simply the most affluent individual possible.
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• Detailed note on how you will convert large market into revenue market• Provide different marketing tactics–cheapest to most expensive • Costs and strategy of acquiring customers• Sales and Marketing strategies• Respect your competitors• Risks and Unknowns• Strategies for reducing risk
4. Marketing Plan
III. Business Plan
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• Production• Inventory• Suppliers• Location• Legal• Employees
5. Operational Plan
III. Business Plan
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• The nuts and bolts–how will you make it?• How will it be available to your customers?• What’s involved in running the company?• Location, equipment needs• Labor requirements• Risks at different levels and how best to mitigate risks
5. Operational Plan
III. Business Plan
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• Detailed numbers not the key• Assumptions very critical• Key drivers of revenue• Realistic projections• Exercise prudence• Benchmark your model
5. Operational Plan
III. Business Plan
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6. Management & Organization
III. Business Plan
• Provide CVs of the key members • Relevance of past experience • Start-up experience• Market creation experience• Team dynamics – very critical when more than one founder; Clarity of
roles• GREAT TEAM + MEDIOCRE PLAN > MEDIOCRE TEAM + GREAT IDEA
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• You should consider all the personal financial statement that is mandatory for the good working of the company.
7. Personal Financial Statement
III. Business Plan
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• You should have the business plan with all the cashflow:in and out.• The cashflow should include all the startup expenses and all
the monthly expenses.• You will consider the capitalization of the company vs.
expenses of the company
8. Startup Expenses & Capitalization
III. Business Plan
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9. Financial Plan
III. Business Plan
• Cashflow projection• Target • Detailed numbers not the key• Assumptions very critical• Key drivers of revenue• Realistic projections• Exercise prudence• Bench mark your model• Funding based on 18–24 months projections
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9. Financial Plan
III. Business Plan
• Revenue estimate : bottoms-up• Expenses–pastand/ or industry average• Funding• Capital–internet time delivery• Brand building• Scaling the business• Till customer traction? projections?
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Step IV. Find Investment
1. Investment
IV. Find investment
• Loan• Own money• Investor
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How do you choose your partner?
IV. Find investment
• You should do business with people you’re confortable with
• Win – Win Partnership
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Step V. Create the Business
• Find office• Find lawyer• Find company name• Choose bank
1. Operational
V. Create the business
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• Lawyer• Define activities• Define caen codes• Define owners• Define administrator/administrators• Social capital
2. Company foundation
V. Create the business
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Step VI. Make it functionable
Create the company
• Stamp• Bank account• Take all the authorization• Define activities• Define caen codes• Define owners• Define administrator• Social capital
VI. Make it functionable
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Operational Plan
• Phone• Phone connection• Transport• Office• Electricity• Email Accounts + Hosting • Laptop
• Laptop• Internet• Fax• Online Banking• Employees
VI. Make it functionable
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• Accountancy• Contracts
5. Legal
VI. Make it functionable
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HOW TO GROW A BUSINESS
Step 1. PRESENCE
• Logo• Agency presentation template• Business Cards• Website
5. Presence
How to grow a business
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Step 2. GETTING KNOWN
• Marketing Plan http://www.bizfactory.ro/strategii-de-marketing.html
• Implementing marketing plan
5. Getting Known
How to grow a business
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Step 3. MEASURE
Reports - employee
How to grow a business
• Employees Work• Clients status• Contracts, Pipeline, Potential clients• Cashflow projection (in and out)• Invoices and payments
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Step 3. OPTIMIZE
Optimize
How to grow a business
• You should optimize constantly the marketing campaigns, being sure you will have the best results.
• You can do testing campaigns (On Google), sending the traffic equally to more than one campaign, choosing the one that has better results.
• You optimize in this way your campaigns, having better and better results.
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RETURN ON INVESTMENT
Return on investment
How to grow a business
• All the time you should think in terms of return on investment.
• You should take into consideration all of yours costs, and what margin do you have for each product/service you sell.
• In this way, you will choose only the channels that brings you profit and big return on investment.
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Contact us
Oana ChivaManaging Partner
0731.358.858 [email protected]@bizfactory.ro www.bizfactory.ro
Address: Bvd. Lacul Tei, nr. 1 bis, district 2, Bucharest