Download - Basics of Small Business
Transcript
- 1. Basics of Small Business:How to Avoid 7 Traps! BDPA Cincinnati Chapter Program Meeting Panel Member : Wayne Hicks
2. Wayne Hicks
- Blogger, Electronic Village
- CEO, Hicks Enterprises 1099s only since July 2002
- Executive Director, BDPA Education and Technology Foundation my largest contract at the moment
- President, Cincinnati Business Incubator ( 2003-2007 )
3. 7 Traps (Mistakes) to Avoid
- Lack of Business Planning
- Poor Market Research
- Starting Business for the Wrong Reason
- Bad Money Management
- Not Changing with Markets or Customer Needs
- Doing Everything By Yourself
- Ignoring Yourself or Your Family
4. Lack of Business Planning
- What should you do?
- Invest time, and effort in planning to
- Design a money making model
- Set specific, measurable, attainable, realistic and time-bound goals
- Calculate accurately, the initial investment needed, and running costs
- Assess labor and work-force needs
- Sketch business emergency plan and exit strategy, and more...
5. Poor Market Research
- What should you do?
- Take the time and spend the money it needs to research your market. It will help you understand different aspects about your target market such as
- Market Trends
- How your prospects buy the products you will sell
- Where will you find your prospects & where do they shop
- How you will reach your customers
- Your competitors, and more...
6. Starting Business for Wrong Reasons
- What should you do?
- Do some soul searching and find out if you'd really be happy running a business. Some reasons that make business a right thing for you include
- A passion for what you would be doing
- Good physical health and mental endurance
- Perseverance, an ability to motivate yourself, bounce back from failures
- Good people skills, and relationship skills
- Self-confidence, discipline, a drive for 'being your own boss,' and more...
7. Bad Money Management
- What should you do?
- Learn basic concepts of managing money. Make every penny count, you should know where you're spending and why. And don't underestimate your costs. Good money management will help you
- To fairly & accurately determine your capital needs
- Spend wisely on office infrastructure and supplies
- Make good hiring, rewarding, and firing decisions
- Better manage your daily cash spending
- Better control your costs, and more...
8. Not Changing with Market & Customers' Needs
- What should you do?
- You should track changing customer needs by listening to customers, tracking competitors, asking customers about their wants. And monitoring the business environment to
- Stay abreast of any new competing or substitute products
- Learn about technological innovations and advances
- Get new product ideas
- Keep a tab on laws and regulations governing your business
- Prepare a better marketing plan, and more...
9. Doing Everything by Yourself
- What should you do?
- Even if you're the sole manager, try to do just the essential things by yourself.Consider outsourcing some administrative tasks. Delegating will
- Leave you with more time for long-term planning
- Give you more time for performing crucial business activities
- Give you time to spend with your family and friends, and more...
10. Ignoring Yourself and Your Family!
- What should you do?
- Make sure you don't become so engrossed in your work so much so that it strains your close relationships such as with your spouse, or leads to unhealthy lifestyles. As a result you should.
- Make time for your friends & family
- Eat well, relax enough and exercise
- Take a weekend or a couple of days off to recharge your batteries, and more...
11. Questions? 12. Contact Information Web Site :http://www.elecvillage.com Internet :[email_address] Office : Mason, OH 45040 Phone :(513) 284-4968