Business Planning Basics Tooele SBDC 4 Week Program Ryan Murray, MBA, CBA Richard Gonzalez, BS

After this class you should: Understand how to develop an effective marketing strategy Create a competitive advantage that is both competitive and advantageous Know where to go to register/license your business Be able to perform a company SWOT analysis Develop a powerful mission and vision statement Properly organize the pieces of your business plan

Developing Your Strategy Price Quality Differentiation

Developing Your Strategy Price Quality Differentiation Relative Price Point $$$ $

Developing Your Strategy Price Quality Differentiation

Developing Your Strategy Price Quality Differentiation

Rate Your Company’s Competitive Advantage Competitive Advantage Rate your company’s competitive advantage from 1 – 10 (1 being little to none and 10 being virtually untouchable) 1 through 4: little to no chance of being profitable in the long run 5 through 7: reasonable profit potential with no significant growth 8 to 10: good competitive advantage

Discussion Points Market Mediums Marketing ROI Measuring your results Using a “control group” in your marketing Marketing Budgets Marketing Mistakes Not doing it consistently Not budgeting for it Not planning Buying “whatever” Not buying anything

Homework (yes, you get double) Establish a marketing budget and implement it into your financial forecasting. Make sure that your sales forecast is a function of marketing and write the relation as part of your business plan. Determine whether you are focusing on price, quality, and/or differentiation. If your competitive advantage is below 8, brainstorm with your management team ways to strengthen your competitive advantage. Provide a written description of your marketing strategy. Make sure that it is well enough written that someone outside of the business could implement the strategy based on your description.

Business Planning Basics Tooele SBDC 4 Week Program Ryan Murray, MBA, CBA Richard Gonzalez, BS

Business Registration Entity Types (some of the most common) Sole Proprietary Partnership LLC S-Corp Non Profit Etc For entity types and info Online registration

Business License Business license is done through the city or county Business registration is done through the state

Professional Licenses A Accountancy Acupuncture Architecture Athlete Agent Athletic Trainer Audiology Accountancy Acupuncture Architecture Athlete Agent Athletic Trainer Audiology B Barbering Building Inspector Burglar Alarm Barbering Building Inspector Burglar Alarm C Certified Dietitian Certified Medication Aide Certified Nurse Midwifery Certified Public Accountant Chiropractic Clinical Mental Health Counselor Contracting Cosmetology/Barbering Court Reporting Controlled Substance Precursor Certified Dietitian Certified Medication Aide Certified Nurse Midwifery Certified Public Accountant Chiropractic Clinical Mental Health Counselor Contracting Cosmetology/Barbering Court Reporting Controlled Substance Precursor D Deception Detection Dentistry Dietitian - Certified Direct-Entry Midwifery Deception Detection Dentistry Dietitian - Certified Direct-Entry Midwifery E Electrical Electrology Elevator Mechanics Engineering Environmental Health Science Esthetics Electrical Electrology Elevator Mechanics Engineering Environmental Health Science Esthetics F Factory Built Housing Funeral Service Factory Built Housing Funeral Service G Genetic Counseling Geology Genetic Counseling Geology H Health Facility Administration Hearing Instrument Hunting Guides Health Facility Administration Hearing Instrument Hunting Guides L Land Surveying Landscape Architecture Lien Recovery Fund Land Surveying Landscape Architecture Lien Recovery Fund M Marriage and Family Therapy Massage Therapy Medication Aide - Certified Medical Language Interpreter Midwifery - Certified Nurse Midwifery - Direct-Entry Marriage and Family Therapy Massage Therapy Medication Aide - Certified Medical Language Interpreter Midwifery - Certified Nurse Midwifery - Direct-Entry N Nail Technician Naturopathy Nursing Nail Technician Naturopathy Nursing O Occupational Therapy Online Prescribing Optometry Osteopathic Physician & Surgeon Outfitters P Pharmacy Physical Therapy Physician and Surgeon Physician Educator Physician Assistant Plumbing Podiatry Private Probation Provider Professional Engineering Professional Geology Professional Land Surveying Psychology Occupational Therapy Online Prescribing Optometry Osteopathic Physician & Surgeon Outfitters Pharmacy Physical Therapy Physician and Surgeon Physician Educator Physician Assistant Plumbing Podiatry Private Probation Provider Professional Engineering Professional Geology Professional Land Surveying Psychology R Radiologic Technology Recreation Therapy Residence Lien Recovery Fund Respiratory Care Radiologic Technology Recreation Therapy Residence Lien Recovery Fund Respiratory Care S Security Companies and Guards Social Work Speech Language Pathology Substance Use Disorder Counseling Security Companies and Guards Social Work Speech Language Pathology Substance Use Disorder Counseling V Veterinary Vocational Rehabilitation Veterinary Vocational Rehabilitation

SWOT Strengths Weaknesses Opportunities Threats

Mission Statement “Begin with the End in Mind” Stephen Covey – 7 Habits of Highly Successful People Your mission statement should provide direction and answer the tough questions Intended to provide motivation Your vision statement should provide a clear focus Vision Statement

Putting It All Together Product/Service Relative Price Point Target Market Market Mediums Marketing Strategy Revenue - Expenses = Profit Market Opportunity Management Successfully identifies a need Is capable of meeting that need Eliminates all bad behaviors and cultures Has a clear focus and direction (mission) The financials are used to measure the success and track improvements

Putting It All Together Static Information Company Profile Name Entity Location Mission Statement Company Vision Product/Service Menu Market Research Operational Manual Company Policies Dynamic Information Management Marketing Strategy Financial Forecasts Financial Statements

6 Sections 1.Company Profile – A brief overview or explanation of your business 2.Product/Service – An analysis of your potential sources of revenue 3.Market Opportunity – Your portion of the revenue the total market will pay 4.Marketing Strategy – A detailed plan explaining exactly how you will sell, to whom, and at what expense 5.Management Team – Getting the right people doing the right things to make it happen 6.Financials – Measuring it and tying it all together

Homework Create your company profile page Name Entity Location Etc. Perform a SWOT analysis for your company Develop your company’s Mission Statement Develop your company’s Vision Statement