The ABC’s of Starting and Staying in Business

1. The ABC’s of Starting and Staying in Business Dale Witt, JCC-WDC-SBC October 24, 2009

2. Agenda • Seminar schedule • Topics 150 Minutes • Introductions 20 Minutes • Registration 10 Minutes • Process Review 60 Minutes • Operations 30 minutes • Stories & Examples 30 Minutes • Breaks As needed • Round Tables 30 Minutes • Conclusion 30 Minutes • Timing +/- 240 Minutes

3. Introductions • Facilitator • Dale Witt • Bio – Look • Attendees • Your name • A Brief Bio • Objectives • Short term • Mid term • Long term

4. Registration • Sign in • Sign up sheet • Questionnaire • Profile/Experience • Status of … • Goals for today • Critique • Facilitator • Subject matter

5. Process review • The idea • Who • What • Where • When • Objective • Hobby • Supplemental • Sole support • Timing

6. Process review • Market analysis • Players in the space • Opportunity • Demographics • Differentiation • Support available • Franchising • Business Plan • Write it in sections • It is a living document review it • Pull from content for summary

7. Process review • Incorporation • Type • Identity • Legalities • EIN – Federal Form • Cash/Budget • What you bring • What you need • Run rate – Cash flow – 24 Months • Fixed costs • Variable costs • ROI – Break even • Profitable goal

8. Process review • Funding • Angels • Self • Venture Capital • Banks • Credit unions • SBA guarantee • SBA programs • Amortized Loan • Line of Credit • Insurance • Liability • Service - Accountemps • Staff • Health • Dental • Vision

9. Process review • Real Estate • Location, Location, Location • Buy, Build, Lease • Build Out • Length of term • Office layout/flow • Furnishings • Plant & Equipment • Expansion

10. Process review • Capital equipment • Buy vs. lease • New vs. used • Telephone Land/Mobile • Computers • Servers • Desk Side • Lap top • Applications • Networking • WAN • LAN • WLAN • Security • Access control

11. Process review • Capital equipment • Printers • Mono • Color • Laser • Ink • Hosting • WEB site • Mail & Data Base • Self Help & management • Statistics • Services & Support • Front-Back office • ASP • Data Bases • Applications

12. Operations • Systems • Accounting – AR/AP • Purchasing • SCM • CRM • ERP • HR • IT – Data based • OSS • BI • Out sources services

13. Operations • Marketing • Print • Newspapers • Coupon books • Magazines • Bill Boards • WEB • Strategy • Search Engine optimization • Sales Portal • Radio • Add development • Spots • TV • Add development • Spots • Direct • Mailings • Flyers • Telemarketing • SPAM • Absolute best WOM

14. Operations • Sales • Direct/Commission • Representatives • WEB • Pass Through • Pricing • Cost plus • Market will bear • MSRP, Discounts, Margin • Business Plan Execution • Actual vs. predicted • CLCA • Exit strategy • Buy or Sell a business • Bankruptcy • Inheritable • Partners • Employee

15. Stories and Examples • Stories/Examples 30 Minutes • Business examples • Choose a business • Branding • Image • Reliability • The entrepreneur description

16. Round table • Round Table 30 Minutes • Discuss current environment • Marketing - Pricing • Obstacles to overcome • Customer acquisition • Customer retention • Play to your strength • Survival strategies • Stay focused • Cash flow • 2 on 1 change roles

17. Conclusion • Discussions 30 Minutes • Good times • Bad times • What did we learn • Networking is the secret • Help sources – Go there • End of Seminar

18. Dale’s Bio, 1 of 2 • My family has a rich tradition of Naval service that I can trace back to pre WWI in the Kaiserliche Marine, Imperial German Navy. I live in Clayton with my wife Barbara and or 7 year old triplet grandchildren. We have six children and nine grandchildren in a blended family and moved here after 30 years in the Silicon Valley, California. I am an engineer by formal education and an entrepreneur, marketer, and salesman by vocation. Experienced in Marketing and Sales; Presentations to VC, Financiers, Clients, Analysts, and the Press; Roles, Corporate Management, Business Development, Operations, Financing, Staffing, and Product Development. Part of my role was support for Customers, Partners, Seminars, and Trade Shows, including the Curriculum development and presentation. • 7 Years in Los Angles - Aerospace and Military contracting • Systems development and system integration SAMs, Ground Radar, Satellite Communication, Airborne Radar & Inertial Navigator, Minute Man I, II, & III - ICBM, Polaris - ICBM, Gemini & Apollo CSM, Saturn F1 assent Engine, UV & IR Spectrophotometers, Domestic control systems, HVAC and part time retail experience. • 12 Years in Silicon Valley – Commercial Computing • Development and Support in H/W, S/W, DBs, and Applications Mainframes: IBM, Honeywell, GE, CDC, Burroughs, & Amdahl. Mini/Super Mini: SGI, SUN, HP, Apollo, DEC, & DG. Applications for CAD, CAM, IT, ERP, CRM, SCM, OSS, Simulation & Modeling. Medical: Ultrasound, Nuclear Med, Radiology, CAT, MRI, RTP, & LS.

19. Dale’s Bio, 2 of 2 • 12 Years in Silicon Valley – Network Computing • Marketing and Development of H/W, S/W, E-Commerce, Security, and Net Applications Routers & Switches: CISCO, Extreme, Foundry, Juniper, Red Back, 3Com, & Netgear. Security: Check Point, Netscreen, Nokia, Cylink, & Safe Net. Communications: PSTN, ATM, FRAME, & IP network gear for WEB Hosting, Local Loop, Front-Back Office, ISP-ASP, and Internet services for CPE - LAN. • 6 Years in Silicon Valley – Consulting – H/W, S/W, and Applications • H/W, S/W, IT, Net Security, and E-Commerce Applications Computing, Routing, Switching, VOIP, Triple Play, A-V, SSL/IPSEC Security, IT, DBs, Network Forensics, & Optical networks. • 4 Years in Clayton – Semi retired • H/W, S/W, IT, Network Security, Computer, and E-Commerce Applications I operate a consulting company, volunteer time at score, and teach here at J.C.C. – ConEd Return

20. Help resources • Link to National • Link to North Carolina • Link to Raleigh • Link to Books • Link to Chambers • Link to Libraries Return

21. National • National SCORE   <Click Here> • SBA, The Government Agency  <Click Here> • SBA, Small Business Success Tool Chest  <Click Here> • Thomas Register of American Manufacturers <Click Here> • US Census Bureau <Click Here> • Business Plans <Click Here> • Small Business Owner Tool Kit <Click Here> Return

22. North Carolina • Cook Book for Starting a Business in North Carolina <Click Here> • NC State University   <Click Here> • University of North Carolina   <Click Here> • State of North Carolina   <Click Here> • North Carolina Revenue Department <Click Here> • Secretary of State, Corporate <Click Here> • North Carolina Business License Information <Click Here> • Business Start Up & Licenses   <Click Here> • North Carolina SBA Office <Click Here> • SBA Preferred NC Lenders <Click Here> • DUKE Business School <Click Here> • UNC Business School <Click Here> • North Carolina Business Directory <Click Here> • North Carolina Manufacturers Directory <Click Here> • Useful Business Statistics <Click Here> • Small Business Center NC <Click Here> • Raleigh SCORE <Click Here> Return

23. Raleigh • Wake Tech   <Click Here> • Wake Tech Business & Industry School  <Click Here> • Raleigh Chamber of Commerce <Click Here> • Raleigh Register of Deeds <Click Here> • Cameron Village Regional Library <Click Here> • Small Business Center Johnston County CC <Click Here> • Continuing Education - WakeTech <Click Here> • Planning the Entrepreneurial Venture, Kauffman Foundation <Click Here> • Outline for points needed in a business plan. Business Plan Outline (.doc) Return

24. Books • Ten Day MBA by Steven Silbiger • The Customer Driven Company by Richard C. Whiteley • Brand Leadership by David A. Aaker • How to write a business plan by Mike McKeever • Business plans made easy by David Bangs • Anatomy of a business plan by Linda Pinmson • Business plans for dummies by Paul Tiffany • E-Myth by Michael E. Gerber Return

25. Chambers • Raleigh http://www.raleighchamber.org/ • Morrisville http://www.morrisvillenc.com/ • Wake Forest http://www.wakeforestchamber.org/ • Smithfield http://www.smithfieldselma.com Return

26. Libraries • Cameron Village http://www.wakegov.com/libraries/locations/cameronvillage/default.htm • West Regional http://www.wakegov.com/libraries/locations/westregional/default.htm • Chapel Hill http://chapelhillpubliclibrary.org/ • Durham http://www.durhamcountylibrary.org/ • Johnston County http://www.pljcs.org/ Return

27. New Entrepreneur • So you want to be in business for yourself, an "Entrepreneur"? We can help you with any phase of your business: starting, growing, managing, financing, business development, lead generation, client development, cash flow, business structure, accounting, insurance, personnel, real estate, capital assets, and get mentoring. However, we cannot provide legal or tax advice. Being a business owner is often frustrating and very time consuming, it is the hardest work you will ever do, but can be the most rewarding time of your life. Ask yourself this questions: Do I have these traits? An entrepreneur has a personality that is passionate for adventure and/or enterprise, assumes significant accountability, and accepts a high level of personal, professional, and/or financial risk to pursue a business opportunity. Entrepreneurs are ambitious leaders who combine land, labor, and capital to create and market new goods or services. They commonly believe they are among the few individuals to create value by offering a product or service, carve out a niche in the market that may not currently exist, or be underserved, or solve a problem. Entrepreneurs tend to identify a marketing opportunity and exploit it by organizing their resources effectively to accomplish an outcome that changes existing interactions within a given market, differentiation of product and/ or service. A generally held theory is that entrepreneurs emerge from the population on demand, from the combination of opportunities and people well-positioned to take advantage of them. They are created not born. They are at ease with leadership, management, and team-building, essential qualities of the entrepreneur. SBC has services that can bring out these characteristics in you and help you succeed. Return