10 Steps to Starting a Successful

Small Business

Presented by

Melinda Schoenfeld

Melinda Schoenfeld - L00168990

Summary Slide

• Create a Life Plan• Choosing a Business Model• Create a Business Plan• Select a Business Structure• Create Key Business Assets• Find the Funding• Organize Logistics• Find Great People• Establish a Brand• Market and Sell

Melinda Schoenfeld - L00168990

Create a Life PlanSome of the most successful and happy people we know are

entrepreneurs who created a business that’s in perfect synchronicity with what they want

out of life. If you do what you love, you’ll work harder, better and more happily.1

Elements of Your Life Plan:

• Your current status• Your ideal life• Your loves• Your skills & capabilities• Your track record

Melinda Schoenfeld - L00168990

Choosing a Business Model

• Home-based• Brick-and-

Mortar• e-Commerce• eBay• Franchising

The key is to choose a business model that fits your Life Plan.

This will ensure that you spend the right

number of hours each week, take the right

level of risk, are practical in terms of

your financial wherewithal, and gain the kind of satisfaction

and success you’re after.1

Melinda Schoenfeld - L00168990

Create a Business Plan

• What’s your idea• How does your idea address a need• What’s so different about what you

offer?• How big is the market • Start-up money

The process of creating and writing a business plan is as valuable as the end product itself – a document that will

provide the priorities, context and sanity you’ll need as you start up your business.1

Ask yourself these important questions:

Melinda Schoenfeld - L00168990

Select a Business Structure

• Sole Proprietorships

• Partnerships• Corporations• Limited Liability

Companies

14%

21%

28%

37%

Sole Proprietors Parterships

Corporations LLCs

Melinda Schoenfeld - L00168990

Create Key Business Assets

• Website Address

• Trademarks• Copyrights• Patents• Confidentiality

Agreements

Your company assets are only as good as your ability to protect them.1

Melinda Schoenfeld - L00168990

Find the Funding

• Bootstrapping• Debt Financing• Angel Investors• Friends and Family• Venture Capitalists

Ways to fund your business

Melinda Schoenfeld - L00168990

Organize Logistics

• Accounting• Legal Services• Insurance• Banking• Information

Technology

Have your books in order, your contracts buttoned up, your money safely managed, and your downside covered are

each critical to your personal and business future.1

Melinda Schoenfeld - L00168990

Find Great People

• Understanding the Power of People

• Find the stars to bring onto your team

• Keep your stars• Importance of a m

entor

The single most important factor in the success of a company is its people.1

Melinda Schoenfeld - L00168990

Establish a Brand

• Draft your brand DNA or essence• Define and relate to your target audience• Choose a brand name and logo• Make a list of other touch points• Create a demand for your brand2

One of the most important assets you can develop for your business is a powerful brand.1

Melinda Schoenfeld - L00168990

Market and SellGet the word out about your business

Research & Strategy

Marketing Materials

Marketing Methods

How many people in the overall market?

Business cards Grassroots Marketing

Who is your typical buyer?

Letterhead Public Relations

Customer’s habits and behaviors

Brochures Affiliate Marketing

How much are they willing to pay?

Online Marketing

Why you instead of your competitor?

Traditional Marketing2

1The Sloan Brothers, 10 Steps to Open for Business. www.startupnation.com, 2008.

2Small Business Administration, www.sba.gov, 2008

Resources