Business Development Services 1 WELCOME! Introduction to Business Feasibility & Ownership Session 1

Business Development Services 2 To help you make a thoughtful decision about whether or not to start a business Overall Goal of Course

Business Development Services 3  Discovering what it will take to run your business  Figuring out if the business can be successful  Deciding if you are ready to do what it takes to make this happen  Doing your due diligence  Not a guarantee of success – but improves chances  Tells you if it’s worth it to spend more time and money on the idea Feasibility planning is a process

Business Development Services 4  Will this business meet my financial needs? (This is different for each of us)  Is this business a good fit for me? (Am I Qualified)  Am I cut out for the entrepreneurial lifestyle? (Am I Ready) This course is designed to answer 3 questions:

Business Development Services 5  Introduce the Business Feasibility Training course and SEED Winnipeg’s approach  Establish group expectations  Consider business ownership as a lifestyle transition and what this change will mean for you  Review the components of a business feasibility plan  Describe your business idea  Set a benchmark for feasibility: what does “business success” mean to you? Session 1 goals

Business Development Services 6 Share information with each other, for example:  What’s your name?  What’s your business idea?  Why do you want to start a business? Introductions

Business Development Services 7  CED is a way to look at economic systems and their impact on a community.  CED looks at how money moves through a neighbourhood or community and what impact that has on people in that community.  CED is about using local resources to meet local needs, and creating healthy, happy communities in the process. CED – key points

Business Development Services 8  Social goals - people  Environmental goals - planet  Financial goals - profit CED Triple Bottom Line

Business Development Services 9  Can be very rewarding – personally and professionally  Can also be devastating Unplanned events can work against us, no matter how hard we work  The decision not to start a business is a good decision, if the research shows your idea may not work Business ownership/entrepreneurship

Business Development Services 10  What was the experience like for you?  What were the most powerful images you saw?  Did you learn anything new about your life as a business owner? What excites you? What concerns you? Imagining yourself as a business owner

Business Development Services 11  In 2012, 2.6 million Canadians were self- employed (over 15% of the workforce)  Self-employment is very different from working for a “boss”  Many people focus on the positive aspects of owning a business, and forget about the negative parts  Many are shocked at the lifestyle changes of self-employment Self-employment in Canada

Business Development Services 12  July 2012 study by Industry Canada:  85% of business launched in 2005 survived one year of operations  70% survived for 2 years  62% survived 3 years  51% survived after 5 years.  Only half the businesses started in 2005 were around after 5 years. Self-employment in Canada (cont’d)

Business Development Services 13  Experienced business owners often talk about what they “wish they’d known” before starting a business.  Knowing and thinking about these realities can help avoid costly mistakes. Self-employment in Canada (cont’d)

Business Development Services 14  What exactly are you selling?  Will anybody buy it?  How will you get your product/service to your customers?  Who can help you be successful?  Will you make enough money?  Are you ready to go ahead with this business? 6 key questions your feasibility plan should answer

Business Development Services 15 The business triangle

Business Development Services 16  The product or service (operational & organizational feasibility)  Sales & marketing (market feasibility)  Finance (financial feasibility) The business triangle

Business Development Services 17  Read your group’s section  In your own words, answer these questions, and write up on flipchart  Briefly describe your section of the business triangle. What feasibility area(s) are included?  What feasibility question(s) will you answer in this section of the business triangle?  What does this area of feasibility include? (choose up to 5 key points from the list) Activity – The Business Triangle

Business Development Services 18  Business name and structure (if known)  Mission or value statement  Type of business (retail, manufacturing, wholesale, etc.)  Type of product/service provided  The customer problem solved by this product/service  What makes this product/service different? What’s in a business description?

Business Development Services 19  Keep information logical and organized  A few paragraphs or a few pages, depending on how complex your plan is  If you have a business name, include it  If you know your business structure and type, include it  Clearly describe your product or service, and the customer problem it solves.  Use plain, simple language. Tips to write a business description

Business Development Services 20  Your business description  Defining success Feasibility Builder 1