The following are the documents you should complete in order of importance
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Choosing Revenue Streams
All businesses have one common driving factor and that is to stay liquid. For small businesses it is the do or die for the company; make enough money to last from month to month or shut down the business. In order to achieve this, most businesses develop multiple revenue streams. Logically, any business owner will tell you to spend your time on the activities that make the most money. So how do you figure out which revenue streams are the most lucrative? The next model will guide you on how to make all of your revenue streams comparable so that you can objectively analyze which revenue streams you should focus your attention on.
WHY THIS MODEL?: Spend your very precious time and money on the right part of your business.
What's the Right Business Model?
Everyone wants to sell directly to the final customer. We are used to seeing consumer packaged goods companies do this, and we are familiar with all of their advertising. We understand this business model, so we think that that is the only way to proceed. But this is not the only business model. And in many instances it is not the best business model. This module is for small business owners who know they have a great idea, but don't know the best way to sell it. You could be an existing company who is looking to expand how they are delivering their current product or service, and changing the business model may allow for growth. Either way, this module will outline the options and help you decide which way to move forward.
WHY THIS MODEL?: There are many ways to deliver a product/service, the right business model makes sure you are selling your product/service the right way. This will save you both time and money.
What Should I Spend Money On?
Money: while you cannot underestimate its power you must acknowledge what a strong hold it has on your company and your decisions. If you run out of cash, you are out of business. It can negatively affect your work/life balance by controlling you. It can also positively affect your way of life if you become successful. Knowing how to manage you money is just as important as making it as this next model will show you.
WHY THIS MODEL?: Every penny you save increases the chance of success, so watch the dollars from the beginning.
Creating Your Vision
Start your business vision with a five year plan because it will ensure you have a driving force and a growth plan in place. Dream big too! Here is the time for you to set not only business goals but values that will be a root for your business. Do you want this to become a family empire? Is this your reason for living? Will your business become a legacy and make a difference in the world? Get inspired and be as creative as you want; this is your vision. Dare to dream.
WHY THIS MODEL?: Figure out your end goal to help make sure you start and build in the right places.
Figuring Out Price
Price is the amount of money, time and other resources your customer has to invest in order to gain a benefit from your product or service. Choosing a price to charge is extremely difficult as there are many factors to consider. You want to offer value to your customers while still making enough for yourself. If you price too high, your customers may not think that your product or service is worth that amount and you might price yourself out of the market share. If you price too low, your product or service may not be perceived as good quality and you could be walking away from a significant profit. Once your price has been established it may be hard to change it unless you have set that as an expectation for your customer. Be sure your client knows that your pricing is confidential because if one customer finds out that you are charging a lower price for another, they may feel they deserve the same treatment as that is what your product or service is worth. The following model is for business owners that don't know what to charge their clients or those looking to introduce a new product or service to their existing business. You can also use this model to take a second look at your current pricing strategy.
WHY THIS MODEL?: Your price is hard to change so figure out where you want to end..
Full Offering
In this manual you will evaluate your business' full offering, which is a mix of both products and services that you can give to a customer. It is extremely rare that an offering consists of 100 per cent product or 100 per cent service. Most products and services naturally blend together; however, even if they don't the best small business offerings give both tangible and intangible benefits to the customer. Products are, of course, tangible. This could be anything from a stuffed animal to a paperclip. The key is to add valuable services to the product. For example, WebKinz allows children to register their stuffed animals online. They can then play WebKinz games and name their stuffed animals. The online service actually makes the physical product better. Services are intangible but just like products the best services mix the tangible and the intangible. An example would be getting a back massage and then receiving a stick of the incense you smelled during the massage to later remind you of the relaxation that you experienced. A hand written thank you card could give the same effect. The mix of the intangible with the tangible can make a very strong impact and is important because a product or service alone can easily be duplicated. It is the combination of many things that will create a full offering to your customer and will make your company unique. In fact, the more your offering fills your customer's needs, the less likely it is for your customer to go to a competitor.
WHY THIS MODEL?: Your business name needs to be out there as soon as possible. It should say a lot about your company as it is the only thing some people will see..
Short Term Goals
Setting short term goals is a good idea as a business owner if you need to motivate yourself and your team. Short term goals lead to achieving long term goals. Instead of looking at the overwhelming final project, you're breaking it down into small steps that seem less daunting. Each small win brings you that much closer to your vision and that much closer to running a successful business.
WHY THIS MODEL?: Keep going! Short term goals help you stay focused and get more done.
Action Plan
Move forward. That's the key and the difference between successful entrepreneurs and unsuccessful ones. An entrepreneur should be strategic, but should also be focused on tasks. Doing this at the same time can be very difficult. This module will help you organize your strategy and execute it.
WHY THIS MODEL?: Keep yourself action-oriented and get yourself moving forward.
1 Page Business Plan
The first sale is often the hardest because it is just that: your first. Each business should cater to a different customer and offer different benefits. Even if you have a proven sales track record in the past you're going to need to customize your pitch.
WHY THIS MODEL?: The benefit of a full business plan (unless required by an investor or bank) is not usually worth the time investment.
Competitive Analysis
If you are reading this now, then you are probably a business owner who has been in the business for a while and needs to reassess your competition. You could be trying to brand your product and need to gather foundational information in order to make a good decision. Finally you might be just entering the market and want to determine whether your business has a chance to succeed. It is important not to get blindsided by competition you were not prepared for. For instance, music stores did not account for online music downloads and quickly lost their share of the market due to this. Use the following model to manage your risk and determine your business' advantage by analyzing your competitors.
WHY THIS MODEL?:First thing to do when thinking about how to handle the competition, is to figure out what they are doing.
Do You Need Investors
Does your business need investors? Generally, entrepreneurs do not want to report to others, which is why they started their own business to begin with. Yet simply refusing to find investors is not a smart strategy for your business. On the other hand, being able to recognize when you need investors is smart and will take your company further.
WHY THIS MODEL?: Think about if and what type of investors that you need from the beginning.
Cash Flow
Cash is king especially when it comes to small businesses that rarely have the credit line or bailout investors lined up to help them when times are rough. Maintaining a good cash flow management process means tracking how much cash is moving in and out of the business. It can be as simple as watching your bank account balance to being as complicated as figuring out a 12-month projection. Cash flow management is important as there comes a time in everyone's business when they are close to the red line. Without a good understanding of the cash flow situation, it is difficult for a company to make decisions about investments and committing to partners, suppliers, and customers. Use the following model as a basic concept surrounding cash management planning.
WHY THIS MODEL?:Keep on top of your cash early on so that you can look at your options early if it looks like you might get into trouble in the future.
Creating a Business Name
You may ask, 'What's in a name?' but for small businesses the answer is plenty. Your business name is the first impression you make on a customer and dictates your brand. Your marketing, logo, brand colours, URL and online presence, product line and side projects will all reflect on your business name and, since it is difficult to change your name, you will want to make sure it works for today and the future. Some companies face the challenge of limiting themselves in their name. For example, a company called Just Computers may lose prospects in the Blackberry market if people think they strictly deal with computers as their name suggests. A bedding company called Canadian Dreams may eventually launch internationally in which case the name no longer describes their business properly. Not putting enough thought into your business name may lead to problems but spending too much time may also become a problem. Every day that you prolong moving forward with your dream is another day that you will have to wait for your first pay cheque. Can you afford this? There comes a time when you just have to take the plunge.
WHY THIS MODEL?:Marketing starts the first day that you start your business. You need an appropriate name for your business early to help your marketing along.
Visibility
People do business with people they know. If someone doesn't know that your business exists or what your business does, they will not buy from you. So how do you make sure that the right potential customers hear about you? Wait for word of mouth? Absolutely not! You need to actively promote yourself and your business. Where do you start? This model is for a new business who wants to get the word out about what they do, or an existing business that realizes that they don't have as many new potential customers as they'd like. It is time to focus on visibility in your company.
WHY THIS MODEL:?When planning your marketing you should focus on making sure your customers know that you exist.
Credibility
People do business with people they trust. How does this happen? Reduce your customer's risk. If they believe that you are capable of doing what you say you can, then you have reduced their risk in choosing you. This is especially important for a new business who doesn't have the extensive customer list, company history, or the infrastructure. Build credibility by the other means that you have at your finger tips, and sales will increase.
WHY THIS MODEL?: When planning your marketing you should focus on making sure your customers trust you.
Likeability
People do business with people they like. When someone has a choice between doing business with you or with the competition, make sure they chose you. Even in business to business relationships, it is how much the decision maker at the company likes you that often secures a sale. As a new business owner, this module can help to make sure that you are doing the right things to improve your relationships with your customers.
WHY THIS MODEL?: When planning your marketing you should focus on making sure your customers like you.
Find Good Suppliers & Partners
Strategic suppliers and business partners support your business and often make it possible to grow faster, easier, and better than doing it alone. In addition, they have the same goals as you, ensure that your customer is happy. When your customers are happy, your suppliers / partners business will also grow. They are part of your team. So it is important to get some good people on your side and this module will help you find them.
WHY THIS MODEL?: Good people to work with are important from the very beginning.
Networking for a Difference
Networking is a great marketing tool that helps to establish or solidify business relationships. However, simply attending every networking event possible is not going to do you any good if you don't have a strategy behind it. Your strategy will save you time and money by cutting down on how many networking events you attend but making the most out of the ones you do go to.
WHY THIS MODEL?: Networking can be for more than just customers. Use it for all contacts that you are looking for.
Getting a Mentor
You may be asking why you would need a mentor but the answer is simple. A mentor can save you time by explaining how to do things quickly as they have already encountered the same experiences. They can save you from pitfalls by managing your expectations and giving you proactive plans on how to avoid them. They can help you succeed by finding you customers and contacts. They can give you motivation as you won't want to disappoint them. And the list goes on. Mentors are very valuable to an entrepreneur who is just starting out.
WHY THIS MODEL?: Get a mentor at the very beginning.
Getting the Most out of a Mentor
You already know the benefits to having a mentor including learning from their mistakes, leveraging their contacts and motivating yourself by being accountable to them. If you have found a willing mentor, you have won half the battle. The other half is learning how to make the most out of your relationship.
WHY THIS MODEL?: Now that you have a mentor - get the most out of them to test your business idea off of them.
Contracts for Investors
If your business does not have enough cash to succeed, you should consider getting investors. Your contract with them will help devise a payment plan on how you are going to expand your business and will allow you to divide how much profit and control you will be sharing with your investors. Contracts are binding so knowing exactly what to expect before negotiating is important for both parties. This model will help you figure out what you want out of a contract, narrow down what you should be watching for when you sign a contract and give you points to think about when designing your own contract.
WHY THIS MODEL?: What options do you have when you need money to start-up?
