Achieve Your Business Dream
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Session 4
Session 3
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Marketing & sales
Buying decisions
Building a website
Social media
Session 4
• Bank Loans
• Elevator pitch
• Business plan basics
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Ultimate Goal
The business has
to make money
to survive
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Exercise
What is the
top issue you are
wrestling with?
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Traditional Sources of Capital
Read graph clockwise starting at 61.4%
(Personal/Family savings)
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Guest Speaker
How to work
with a bank
officer
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The Loan Application
Banks and the SBA look for:
• Good credit
• Management expertise and
commitment
• Feasible plan for the business
• Adequate owner’s equity (amt of
business assets owned by owner)
• Sufficient collateral
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Six C’s of Credit
• Character
• Capacity to Pay
• Collateral
• Capital
• Conditions
• Confidence
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Capacity
• Is your company able to repay
the amount borrowed?
• How soon can you generate
positive cash flow?
• When will you show a profit?
• How large will the profit be?
• Can the profit be sustained?
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Collateral
Additional Forms of Security:
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Secondary source of repayment
Third party guarantee
Tangible assets
Property
Equipment
Accounts Receivable (money
owed to company by a customer)
• Inventory
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Elevator Pitch Basics
The Art of
the
Elevator
Pitch
Making an impression in
30 seconds or less
• What is your product or service?
• Why does the customer need it?
• Who is your competition and
what is your advantage?
• What are your benefits(s)
• How is your product/service
unique or different?
• Have a hook – snag your
listener’s interest to make them
want to know more
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Elevator Pitch Basics
• Making an impression in 30
seconds or less
• Concise
• Brag about it
• Create excitement
• It’s like writing a TV or radio
commercial for your company
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Exercise
Create your
elevator pitch
30 seconds max
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The One Page Business Plan
Summary
See Handout
The One Page
Business Plan
Worksheet
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Business Vision
• Vision Statement - picture of what
your company will be in the future
• VS – your hopes and dreams for the
business
• Answers the questions:
“Where do we want to go?” or
“What does success look like?”
• Sets direction for BPlan
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Business Vision Examples
• Carnival Cruise Lines – to consistently
provide quality cruise vacations that
exceed the expectations of our guests
• Kraft Foods - helping people around the
world eat and live better.
• Wal-Mart - worldwide leader in retail
• Microsoft - a personal computer in every
home running Microsoft software
• Walt Disney Corporation - to make
people happy
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Company Goals
Goals
Where is the business trying to go?
Roadmap
Necessary steps to get there
Answer Question:
Who is your target customer?
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Mission Statement
Clear concise statement:
Why do you exist?
How will you achieve your Vision?
National Ice Cream Retailers Assoc.
to be the leader in the frozen dessert
industry that others look to for help,
support, and education. NICRA will
promote business growth and
development throughout the industry.
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Mission Statement
The Hop Ice Cream Café
We are a place for families and all people to hang out in
a relaxed, comfortable atmosphere where you can feel
like part of the unique Asheville community. We treat our
customers to an overall experience of friendly service,
great tasting products, and a distinctive environment
that harbors fun, creativity and togetherness.
Carnival Cruise Lines
To deliver exceptional vacation experiences through the
world's best-known cruise brands that cater to a variety
of different lifestyles and budgets, all at an outstanding
value unrivaled on land or at sea.
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Brand Promise
• What promises are you
making to your
customers? BP must
convey a compelling
BENEFIT & must be
kept every time
• FedEx - “when it
absolutely, positively
has to get there
overnight”
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Analyzing Business Competition
• Why analyze?
• To determine yours and your competitors
strengths and weaknesses
• To gain advantage over competition
• Determine from your competitors:
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Price
Product features
Convenience - closer to/faster for customer
Aggressive, effective marketing?
Types of customers served
Reputation
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Marketing Strategies
Answer These Questions:
• How will you reach customers?
• How will you grow your business?
• MStrategies build from your
vision and goals
• What strategies work in your
industry?
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Marketing Approach
Cost Effective Ideas
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Business cards and website (www.weebly.com)
Direct mail
Social media
Flyers
Do a marketing plan
Hire a marketing student to develop and
execute marketing plan
• Plan events regularly
• Ask customers to sign up email list
• Signage on vehicle
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Marketing Strategies
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How will you grow your business?
What works in your industry?
How will you reach customers?
Marketing approach – website,
direct mail, social media,
networking, associations etc
• SWOT Analysis
Strengths
Weaknesses
Opportunities
Threats
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SWOT Analysis
Build on
Resolve
STRENGTHS
WEAKNESSES
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Exploit
Avoid, Defend
OPPORTUNITIES
THREATS
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Financial Objectives
• What must you accomplish
this year?
• How will you know goals are
being met?
• How will you measure your
success?
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Support Action Plans
• Specific actions to achieve
your vision statement
• When will key tasks be
completed?
• How much will each idea
cost?
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Exercise
Work on creating a Business Plan
http://www.score.org/TEMPLATE_GALLERY.HTML
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Business Plan Basics
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Executive Summary
Company Summary
Products and/or Services
Market Analysis
Marketing Strategy
Operational Plan
Financials
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Executive Summary
• Briefly explains the entire business plan
• It should include:
• Owners’ names and credentials
• Products or services
• Market(s) and competition
• Amount of money needed
• Written after the plan is finished
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Company Summary
• General information: name, location,
web site
• Mission statement: reason for being
and guiding principles
• Company goals and objectives
• Status: startup, will start in ….
• Type of business
• Products and / or services
• Reasons for starting: the demand for..
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Products and Services
• Detailed description
• What factors give you a
competitive advantage?
• Level of quality
• Unique features
• Pricing
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Market Analysis
• Who, where are your customers?
• Size of your target market?
• Age, gender, location, income,
education etc.
• % share of total market?
• Barriers faced entering into market
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Marketing Strategy
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Features and benefits
Who will sell your product?
Competitive analysis – direct & indirect
Competitive advantages and
disadvantages
• Plan to promote: website, ads, direct
etc
• Pricing
• Distribution channels
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Operational Plan
• How / where are products or
services produced?
• Physical location
• Permits, codes, insurance
• Personnel
• Inventory
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Financials
• Personal Financial Statement
– Complete a Personal Financial Statement for
each person listed in the business plan who
will be guaranteeing the loan
• Balance Sheet
– Assets : What the company owns
– Liabilities: What the company owes
– Capital
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Financials
• Income Statement
– Expenses are subtracted from income, which
gives you the business’ financial performance or
net profit (or loss) over a period of time.
• Cash Flow Statement
– Shows money that comes and out of the business
– Profits do not guarantee positive cash flow
– Cash must be available on time to pay bills and
for daily activities
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Summarize Your Business
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Delicious.com
All websites referred to each session can be viewed at
www.delicious.com/SCORE86
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Contact Info
Thanks for attending the SCORE Workshop series
If you have any questions or need further help,
please contact:
Russell Ward – Russell.Ward@scorevolunteer.org
Steve Sapiro – Steve.Sapiro@scorevolunteer.org
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