1. Welcome to Planning Your Business

2. Success Planning starts with pre- planning your work and building a solid foundation

3. Personal Goals Personal Financial Resources CommitmentCharacter Capability Contingency Planning Would you consider these to be the building blocks of starting your business?

4. Are you ready? Who are YOU?

5. I am an Entrepreneur I am an Entrepreneur I am authorized to make all the decisions in my business I am responsible for learning what I need to learn, and for all outcomes of my decisions I am accountable for the success of my business

6. Success Planning Planning for Success means… Having a clear vision Knowing what could go wrong

7. Why do businesses fail? Procrastination Ignoring the competition Sloppy or ineffective marketing Ignoring customers needs Incompetent employees Lack of versatility Poor location Cash flow problems A closed mind Inadequate planning “To insure I don’t face these problems, I will…..”

8. Successful Business Owner Characteristics Character Capable Credit Capacity CollateralCommitment Contingency 7 C’s

9. Success Planning Planning for Success means… Knowing yourself Understanding your needs your business needs What does your business need from you?

10. Business Owner Resume Your business needs you to be honest with yourself. What are your strengths? What are your weaknesses? What is your experience?

11. Business Owner Resume Here’s your Moment of Truth… What if your business has a need that you can’t provide for?

12. Your Needs What do you need from your business? INCOME (Owner’s Draw)

13. Providing for the business What can you provide for your business? Resources time, money, equipment, credit What is your current personal financial position? What is your credit score and credit history?

14. Success Planning Planning for Success means… Setting Goals

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16. Personal Goals How will your life change?

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18. Personal Goals To Set Your Goals Make them SMART and write them down To Achieve Your Goals Break them down into action steps

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20. Success Planning Planning for Success means… Having a Plan

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22. The Business Plan Business Planning vs. The Business Plan Why create a business plan? What makes a good business plan?

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24. Due Diligence (verifying and validating the business plan) Ask yourself: Is my plan Feasible? can I make it happen? Is my plan Viable? can I sustain & develop it? Is my plan Desirable? does it meet my personal goals?

25. Homework Complete the Goal-setting sheet. Begin drafting your Business Plan Contact BOI office at 317-917-3266 to schedule an appointment with your BOI counselor to discuss your goals, questions, and next steps for your business planning. The counselor can assist you in accessing your credit report.