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Small Business, Big Future How to Start Your Own Small Business. Seminar Series Sponsored by: Peace Corps FPDL Moreni. 28 – 29 October, 2005 Targoviste, Romania. Agenda for Day 1. 09:00 – 09:30 : Welcome and Introductions 09:30 – 10:00 : “Business Brainstorming!”
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28 – 29 October, 2005
09:00 – 09:30 : Welcome and Introductions
09:30 – 10:00 : “Business Brainstorming!”
10:00 – 10:45 : Developing the Business Plan: The What’s, Why’s, and How’s
10:45 – 11:00 : Coffee Break
11:00 – 12:30 : Practical Marketing Strategies for the Small Business
12:30 – 13:30 : Lunch Break
13:30 – 14:15 : Micro-lending for Small Businesses – BCR
14:15 – 15:00 : What about all the Paperwork? – Chamber of Commerce
15:00 – 15:45 : Human Resources Management for Small Business
15:45 – 16:00 : Afternoon Break
16:00 – 17:00 : Financial Management for Small Businesses
17:00 – 17:15 : Conclusion and Preview of Day 2!
Who are we?
Kylie Dore & Forest Ratchford
United States Peace Corps Volunteers
Community Economic Development Sector
Who are you? And why are you here?
09:30 – 10:00
You may have to start smaller than you would like to fit your financial resources.
Lets take 10 minutes to go around the room and brainstorm business ideas which you think could be successful in you community.
We will come back to these ideas throughout the course of the seminar.
Developing the Business Plan
10:00 – 10:45
As a management tool, the business plan helps you to track, monitor, and evaluate your progress.
The business plan is a living document that you will modify as you gain experience and knowledge.
By using your business plan as a management tool you can gauge your progress and compare actual results to your projections.
As a planning tool, the business plan guides you through the various stages of your business.
A well thought-out plan will help to anticipate potential obstacles so that you may avoid them.
Many business owners will share the business plan with their employees in order to foster a better understanding of where the owners envision the business to go.
Describe in as detailed a manner as possible your products and services. NOTE: Technical specifications, drawings, brochures, etc. should be placed in the appendix.
Describe the competitive factors which will give you an advantage or disadvantage in your market.
Also include the detailed pricing structure and strategy of your products and services.
Blueprints and plans
Maps and photos of location
Magazine or other articles
Market research studies
List of assets available as collateral for a loan
Detailed lists of equipment owned or to be purchased
Copies of leases and contracts
Letters of support from future customers
Any other materials needed to support the assumptions in this planAppendices should include:
10:45 – 11:00
Practical Marketing Strategies for Small Businesses
11:00 – 12:30
MARKETING is the commercial processes involved in promoting and selling and distributing a product or service. Marketing is the process while…
ADVERTISING is the activityof attracting public attention to a product, service, or business, as by paid announcements in the print, broadcast, or electronic media
3. Establish your company’s marketing strategy.
For your business to be successful, you must know about the market in which you will operate.
Market research is simply an organized and orderly way to find out about the people who might buy your products or services
Market research helps your company find out what products or services will be bought by your potential customers in a certain area.
“You must understand your customers before you can develop or offer a product or service that they will want to buy.”
Standard Mark-Up Approach
A retailer bases its price for an item on what the retailer paid for it, plus a percentage of that cost.
Retail Price = Cost + Mark-up
Pays particular attention to the competitiveness of the marketplace. If analysis indicates that numerous businesses already offer a good selection of products or services, have reasonable prices, and are conveniently located, prices of the competition should be matched, or lower prices should be offered, to take market share.
If you determine that there is a significant part of your target market whose needs are unsatisfied then use this approach.
When people want something that is not available, they are generally prepared to pay more for it.
12:30 – 13:30
Sibiu Chamber of Commerce
13:30 – 15:00
Human Resources Management for the Small Business
15:00 – 15:45
Job Description and
Always think ahead about personnel needs.
Hire people before you need them and budget these expenses into your business planning.
You WILL spend more in the beginning on personnel before you actually need them BUT it can be even more costly to hire and train a second or third person for the same position later on.
Does the applicant have to be a perfect match for the job description?
NO! As long as…
The skills, abilities, and qualities that they lack can be taught.
If they can be taught, then you need to have a plan to train and teach them the skills that they need.
New employees can be a strain on you and your business, but without people you cannot grow your business. They WILL take time to train and they WILL make mistakes. A good training program and a good hiring process WILL increase you chances of having productive and happy employees. Through thorough preparation and selecting the best people, you can only strengthen you company and increase its chances for success. When or if the process fails, look back at what happened, learn from your mistakes, and do better in the future.
Financial Management for the Small Business
16:00 – 17:00
1. Balance Sheet
2. Income StatementFinancial Statements
Assets: what the business owns
Liabilities: what the business owes to those who supplied the money to purchase the assets.The Balance Sheet
Operating results are gross and net profit (or loss)The Income Statement
Profit is used to pay long-term debts and obligations.Cash vs. Profit
Sales in Euros
(Percent of Sales)
Change in fixed costs
Change in variable costs
Change in sales or pricingBreak-Even Analysis
Hire employees for attitude not just for experience.
Listen to and know your clients and customers.
Make and keep commitments.
HAPPY EMPLOYEESKeys to Customer Service
It’s much easier to teach someone to count than to smile!Hiring Employees: Attitude Not Just Experience
What type of person irritates you?
What would you do if…?
What skills make a good listener?
How do you get motivated after you have been disappointed?5 Sample Interview Questions
Your business needs to become friends with your customers.
The more expensive the product, the closer you should be with your individual customers.
Keeping Records! Each type of business will have different records that are important. It isn’t fun but it can tell you what customers want and what they are buying.Listen To and Know Your Customers