Are you ready to start your business?
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Being your own boss can be one of the most rewarding endeavours—and also the most risky. This Each One Grow One presentation is designed to help you: Learn about the business landscape in B.C. Review what influences lasting success Discover if you're ready to weather the risks to reap the potential rewards
Are you ready to start your business?
- 1. 1 Each One, Grow One: Are you ready to start your own business? Each One, Grow One Are you ready to start your own business?
- 2. 2 Each One, Grow One: Are you ready to start your own business? Vancity is a co-operative Seven co-operative principles: 1. Voluntary and open membership 2. Democratic member control 3. Member economic participation 4. Autonomy and independence 5. Education, training and information 6. Co-operation among co-operatives 7. Concern for community
- 3. 3 Each One, Grow One: Are you ready to start your own business? Real estate 45% Manufacturing41% Business services43% Know success rates and risks Wholesale trade 44% Rates of success in BC after five years Other service 28% Construction32% Logging & forestry 30% Food & beverage 34%
- 4. 4 Each One, Grow One: Are you ready to start your own business? Why do you want to start this business? Are you financially ready? Can you keep your day job whileyou’re starting out? Is this the right fit?
- 5. 5 Each One, Grow One: Are you ready to start your own business?Each One, Grow One: Are you ready to start your own business? Support from family and friends Support makes a difference: Do you have emotional and financial support? Does your family understand how much time will be devoted to your new business?
- 6. 6 Each One, Grow One: Are you ready to start your own business? Discover market needs Understand laws/regulationsof your industry Assess insurance costs Obtainindustryknowledge Source reliablesuppliers
- 7. 7 Each One, Grow One: Are you ready to start your own business?Each One, Grow One: Are you ready to start your own business? Strengthenthe right skills for success According to StatisticsCanada, businesssuccess requires strong skills in: General management Marketing Financial management
- 8. 8 Each One, Grow One: Are you ready to start your own business? Distribution Planning ResearchFinance Marketing Administration Sales ProductionCustomer service People Management skills 1 2 3 4 5 6 7 8 9 10 Develop key management skills
- 9. 9 Each One, Grow One: Are you ready to start your own business?Each One, Grow One: Are you ready to start your own business? Take advantage of trainingopportunities Self-employment training through EI Business coaching through Small Business BC Other resources?
- 10. 10 Each One, Grow One: Are you ready to start your own business?Each One, Grow One: Are you ready to start your own business? Create a business plan to grow Business plans can help your companysucceed. They help you better understand your: • Markets • Operational issues • Cash flow and finances
- 11. 11 Each One, Grow One: Are you ready to start your own business? Expected scenario Slow-start Aggressive sales Create a two-year cash flow
- 12. 12 Each One, Grow One: Are you ready to start your own business? Define your costs Confirm your assumptions Research the costs of similar businesses Calculate your start-upcosts
- 13. 13 Each One, Grow One: Are you ready to start your own business? Savings Credit cards Personal loan Evaluate your financing options Re-mortgage home Friends and family Angel investor
- 14. 14 Each One, Grow One: Are you ready to start your own business? Covering your basic needs Keeping your familycomfortable Maintaining or adjusting your lifestyle Assess your budget and lifestyle
- 15. 15 Each One, Grow One: Are you ready to start your own business? Why will people choose youoveryourcompetitors? Whatis the demand foryourproductorservice? How will you reach potential customers? Understand your market
- 16. 16 Each One, Grow One: Are you ready to start your own business? Analyzeyour competitors Know their strengths Discover their weaknesses Find their similarities Think about their appeal Find what makes you different
- 17. 17 Each One, Grow One: Are you ready to start your own business? Discoveryour target customer Where they socialize Their shopping preferences Interests in sustainability How they rank price, quality, and service
- 18. 18 Each One, Grow One: Are you ready to start your own business? Face your biggest obstacles 1. Developing a business plan 2. Launching 3. Management skills 4. Finding customers 5. Sourcingreliablesuppliers 6. Getting licenses and permits 7. Financing 8. Making sales 9. Personal or health issues 10. Managing employees
- 19. 19 Each One, Grow One: Are you ready to start your own business? For more information: Email: CommunityBusinessBanking@vancity.com Visit: www.vancity.com/BusinessTools Interested?