Dornoff Consulting is designed to help businesses be more competitive in an ever changing marketplace. Dornoff Consulting provides business consulting services along with Community Development, Community Economic Development, Urban Planning, Transportation Planning, and Urban Design.
Tuesday, March 18, 2008
Develop your business plan Part 6
Monday, March 17, 2008
Starting A Small Business Series: The Executive Summary
The Business Plan Blog had a great explanation of the executive summary so I recommend you read that to get a good idea on what you should have in it.
Wednesday, March 12, 2008
List of Freelance Blogs?
The Bootstrapper Blog has a listing of 100 Blogs that could be of interest to you. It is a very comprehensive list and you should find something that will work for you. Also, even if you run a small retail business or something like that, often times the advice given to freelances work for the small business owner so go ahead and take a look.
Tuesday, March 11, 2008
Develop your business plan Part 5
Monday, March 10, 2008
Starting A Small Business Series: The Appendix
The final section of the business plan (although not the last part you finish), is the appendix. This is the reference section of your business plan and what it contains depends on your needs.
Wednesday, March 05, 2008
Make Money on your off time...
Tuesday, March 04, 2008
Monday, March 03, 2008
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Starting A Small Business Series: Financial Statements
So what is the next section of your business plan?
It is your financial statements. We have already discussed the different business financial statements but to recap you have the Profit and Loss Statement, Balance Sheet and the all important Cash Flow.
If your business has been in operation you will want to include previous financial statements going back 3 to 5 years.
Now if you are just starting your business you will want to have estimates for the first five years. You will want to insure that the financial statements match what you are requesting from your investors because they will be going over these numbers with a fine tooth comb.
Next we have the appendix then we go back to the first section of the business plan but the last done and that is the executive summary.
Thursday, February 28, 2008
Pay Pal Shops
Wednesday, February 27, 2008
Are you a state at home mom?
While focusing on SHAM's, they have some good information for men or woman including selling on Ebay and becoming a professional shopper. Thank you to BIZ Chicks Rule for referring to this video.
Tuesday, February 26, 2008
Develop your business plan Part 3
Here is part 3 of the video series on doing your business plan. It follows nicely with my weekly post on how to do your business plan. Once I am done wrapping up the series on how to write a business plan, I will start going through an actually business plan step to give more practical experience for you.
Monday, February 25, 2008
Starting A Small Business Series-Financial Request
Now some of you may not need this section of the business plan as this section is the funding request section.
So how much are you requesting to fund your business? Not only will you want to show how much you will require today, but if you are going to need more money in the next five years to expand your business you will want to make sure that is included in this section of the business plan.
While your financial statements will show about where your money is going in this section you want to specifically mention how and where you will use the money from your investors. You will want to be specific on where the money will be going whether it will be capital, operations, or other things.
Finally you will want to discuss your future financial situation. If you plan to go public with your business in the next five to ten years you will want to include that information in this section. Another piece of information is that if you plan to sell your business at anytime in the future.
Next week we will go over the financial information.
Wednesday, February 20, 2008
Are you a freelance?
The Bootstrapper Blog has a listing of 50 Professional Networks for Freelancers. While tailored to freelancers there is valuable information here for any small business owner. Take a look and see what contacts you can use to improve your small business.
Tuesday, February 19, 2008
Develop your business plan Part 2
Monday, February 18, 2008
Starting A Small Business Series: The Service or Product Line
The next section of the Business Plan is the product information.
You will want to detail what your product is from a customer perspective. How will the product meet the needs of the customer and why they are going to want it? Also how is your product or service going to be superior to that offered by your competitors?
Next you will want to talk about the life cycle of the product or service. Is your product or service on a growth curve or is it a mature market. If your product or service is going to be in a mature market, how will you turn that into an opportunity for you? How long is the life cycle of the business?
Next discuss any copyright or trademarks your product or service will have. Also are there any trade secrets included with your product or service and any current legal agreements.
Finally you will want to explain any research and development that will involve your product or service. Is your product still under development? How much research and development will have to be done to keep your product ahead of your competitors and how much will it cost the business?
Next week we will discuss the funding request.
Tuesday, February 12, 2008
Building a Business Plan Video
This is part 1 of 8.
Monday, February 11, 2008
Starting A Small Business Series: The Marketing and Sales Plan
Here you tell your potential investors and yourself how you are going to develop the market for your business.
How do you plan to penetrate the market? How do you plan to expand your business through marketing? Do you plan to add locations, franchise, have distributors or any other ways you will look to expand your business. Also, if you are manufacturing a product how will you get it to market? Will you sell direct, to wholesalers, or some other way?
In the final part of the marketing strategy you will want to go into detail on how you plan to reach the market. Will you have an advertising budget that will allow for television or will you look to some other means such as newspapers and magazines. What kind of online presence do you plan to have? Will you have a basic website or a full blown e-commerce site? What other kinds of marketing do you plan to do such as catalogs, brochures, trade shows, or other kinds of promotions?
Next you will focus on sales. Will you have a internal sales force that people come in to visit or external that they go out and visit or both? Will the sales force be direct employees of the company or will they be contractors and the reasons you decided to make that decision. You will also want details on how you plan to recruit your sales people, train them, and compensate them. Explain all details and how you came to those decisions.
From there you will need a detail plan of how the sales force will sell your business. What their requirements are going to be and how they will get customers. Will they cold call on a list you buy or will they be knocking on doors.
Next week we will get into the product line part of the business plan.
Thursday, February 07, 2008
Business Opportunities...
Looking to have a business from home?
Wednesday, February 06, 2008
Andrew Morrison...
Tuesday, February 05, 2008
Bad or Good Times?
While the NY Times paints a somewhat down picture (isn’t this what newspapers do?), the truth is this is a great opportunities for small business owners. At the first sign of troubles corporations start letting people go even if it causes them long term harm because they are only look at this quarters financial numbers.
This is the perfect opportunity for small businesses to show that they provide the best customer service and they will not slack during the off times.
Your suppliers will be looking to move inventory and that is good you. It’s time to get better terms from your suppliers as they are going to have access inventory and that is an opportunity for you to get better merchandise for the dollar.
Don’t listen to everyone who cries doom and gloom. Look at these times as an opportunity to grow and improve your business, it is an opportunity waiting for you.
Monday, February 04, 2008
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Starting A Small Business Series-Organization and Mangement
The next section of the business plan is the Organization and Management.
In this section of the business plan you go into details about how your business is going to operation.
You will also want to detail all the departments your business will have. If it is just you or one other person this is not critical but if there will be multiple people running the business you will want to detail what the departments and power will they have, and how will the fit into the operation of the business.
At this point you will also want to detail the salary and benefits that people will be receiving and justifying those costs.
Have a detailed organization structure for the business. Usually you will have the CEO on top with the flow down through the different departments. You will also want a narrative description of each section, and how information will flow so that things don’t have to go through multiple layers to get things done.
Once again you will want to detail what organization form you’re going to take: sole proprietorship, partnership or corporation. You will want to name all the owners, their percentage of ownership, involvement in the business, and if a corporation what will the distribution of the stock be.
Next if there is going to be management beyond the owners you will want to detail the information from them. You will want to include their name and a good resume but that includes more detailed information. This information needs to justify what this person will be working for the business and not there just because they are a friend. If the company has been in operation for some time you will want to include years of service with the business.
Finally if you are going to have a board of directors you will want to follow all the above details with explanations on why they were chosen for the position and what they bring special to the company.
Once again you can go to the Small Business Administration Website for more information.
Friday, February 01, 2008
HR information
Give a look to some of their links and remember to tell them that the Business Connect Blog referred you.
Thursday, January 31, 2008
Partner with relatives?
Before going into the a partnership of any kind I would highly recommend you weigh the pros and cons and talk with an attorney and a tax accountant. In most cases a corporation is a better entity to use than a regular partnership.
Wednesday, January 30, 2008
Books from my reading list...
The first one is the autobiography of Zig Ziglar. Not only does he give you some of the background on the many stories he tells but you also learn more about how the became the person he is.
The second one is from a guy who started off as a nanny in Los Angeles and is now the Executive Producer of Survivor
Next one is from Brian Tracy who is a success and personal achievement authority. The book describes a trip he took when he was 20 and the many lessons learned on the journey that helps him through life.
The next one is one of Zig’s new books and I am currently reading it. It has some great stories.
These are good books and I hope you will take a look at.
Tuesday, January 29, 2008
30 Second Speech...
Do you have your elevator speech ready?
You’re probably asking yourself, what the heck I am talking about having your elevator speech ready. Simply put, when you get in an elevator today, or on the light rail train, or any place were you meet someone, can you explain your business in 30 seconds or less?
I went to a meeting of consultants in
By the last day I was able to give a great 30 second speech on what I do for a living. While for some this may seem simple, we try to interject so much into talking about what we do, that we do not have a concise quick speech about it.
I would recommend you practice giving a 30 second speech until you get you have it down pat. Then you can meet someone and quickly promote yourself and impress the person you’re talking to. The Freelance Folder also has some information on this.
Monday, January 28, 2008
Starting A Small Business Series-Company Information
In the first part of preparing your actual business plan we talked about the marketing section. This week we will go over Company Information.
Saturday, January 26, 2008
Declutter your life...
I have found the Bootstrapper Blog to have some wonderful resources.
Friday, January 25, 2008
Working Capital
During the Starting a Small Business Series we have gone over some of the basics of making your business plan and will continue that series until you are ready to print it out and start selling it.
Thursday, January 24, 2008
Tips for those working from home.
The Zen Habits blog has these 30 tips to saying productive and since some of you how are planning on starting their own business will be working from home, this will come in handy. Since my office is also at home I thought these tips were good.
I agree that you must have a define work space. That way you are away from the rest of the house. I also find it helpful to have a door that you can close so when you are doing important business you will not have to worry about noise.
Another suggestion they have is have a good chair. This is another item that is so important. You are going to spend many hours in your office working on your computer you need a good office chair with good ergonomics. I am one to talk right now since my office chair broke and since I have not bought a new you yet I am using a winged high back chair right now that is supposed to be used by visitors.
I would also have set times you need to be working. These times are work times and everyone should know not to bother you while you are working during these periods. Also track your time so you know how many hours you are putting in and don't fudge!!
These are a few that stood out for me. Go over to the Zen Habits blog and see what suggestions stand out to you.
Wednesday, January 23, 2008
Invoicing Services
As a small business owner you need to keep cost down. When it comes to invoice software the most popular is Quickbooks which is also expensive although going down in price every year. However, there is cheaper alternatives that I don't recommend because of their lack of functionality.
What I said on my other website is to figure out your needs, look at all the alternatives, figure out of they meet your needs for the next couple of years, make sure they are easy for you to use and finally stick to one.
Tuesday, January 22, 2008
Starting A Small Business Series-The Marketing Analysis
We have talked about some of the important ingredients of a business plan, now it is time to get to the nitty gritty and start looking at the important sections of the business plan.
While you may vary your business plan depending on the type of business you are trying to start, you will want to make sure the basics are in your plan. The first of the basics is the market analysis.
The first part of the marketing analysis is the industry description and outlook. This is where you discuss the type of business that you plan to start. You will want to be very specific in all the details. If you are opening a retail store, what kind of retail store? Is it going to sell model trains, be a tourist shop, are you going to build something? Answer these questions. Then you will want to mention what the market is doing. Using the model train analogy you will want to mention that the market for model trains is going down due to market maturity and what the long term trends look like. If you’re opening a tourist shop what is the long term outlook for tourist in the area? Will a new tourist attraction open soon? Once again be very detailed.
Next you will want to identify your target market. How are you planning to sell to? How big is the market you are going after in your location? What characteristics does your market have? Are there needs already being met but you will offer something new and innovative? Once again the more detailed the better.
From the research you have done, why you will be able to sell to this market. How will you gain market share over your competitors. How much market share will gain from your geographical area and what is the market growth potential.
You also need to detail how the market is changing. If you were looking to start building computers you would need detailed information on how the computer industry has changed over the last 10 years and how you would stay ahead of the curve.
How did you come up with your marketing data? Potential investors will want to know the resources you used such as Chamber of Commerce data, census information, media outlets, trade groups and any other information you were able to find.
You will also want to detail any marketing tests you preformed and the data that was brought forth.
What will be the lead times? If you are building computers, how much time from the moment of customer order till the customer receives their product?
The next subject would be your competitive analysis. Who are your competitors and what advantages will you have over them? You will want to provide what you will be able to do well and what will be your weaknesses. While we don’t like to point out the negatives, you will have some disadvantages and you will want to spell them out otherwise your potential investors will feel that you are trying to sugar coat everything.
Finally you will want to discuss any regulatory hurdles you will have jump to start the business. You will want specifics on cost of applications, what you have to accomplish, legal fees, and time costs.Once again I have to stress that you need to have everything in the marketing plan to be very detail and specific. The more detail the better.
For more information look at the Small Business Administration Website.Thursday, January 17, 2008
Procrastination
Are you a procrastinator?
I have to say yes to this question unfortunately but I have found ways to over come it. The Putt it off Blog has 28 ways in which you can overcome it yourself.
I overcame it by setting very specific goals with specific targets and sticking to them. I also have a very competitive spirit so I use that to be a motivating factor.
Take a look at some of the suggestions and see what will work for you. Just because it works for person A does not mean it will work for person B, so you need to find your own path to overcoming this vise.
Here is another area where a mentor can help you. Seek someone that can watch over you and motivate you to overcome the problem. Don't let procrastination harm your potential for success, overcome the problem and be stronger for it.
Wednesday, January 16, 2008
January is Building Time...
Time to get the shoppers back into your store…
Tuesday, January 15, 2008
Accomplishing Goals?
What action have you taken in 2008?
Monday, January 14, 2008
Starting A Small Business Series-Business Plan Essentials:
I have started with the basics when it comes to getting your business plan up and going. Today I will show you some of the essential elements you will need in your business plan. In future weeks we will discuss each one of them and then talk about other things you may want to include in it.
From the Small Business Administration website here are the essentials you will want in your business plan:
Executive Summary
Market Analysis
Company Description
Organization & Management
Marketing & Sales Management
Service or Product Line
Funding Request
Financials
Appendix
Your business plan may require more information since every plan is different. But this is the bare minimum you will want. Even though the Executive Summary comes first in the business plan we will talk about it last since you should write it last.
Thursday, January 10, 2008
Get A PO Box
Do you have a PO Box?
Starting on a Budget
You can start a business on a budget?
Wednesday, January 09, 2008
Six Lessons from Stephen King?
The Freelance Folder Blog has six lessons learned from
Lesson one is to trust the prickling on your neck. In other words if something doesn’t feel right, don’t do just for the business. Many times people just starting out or smaller operators want the business so bad that they are willing to deal in situations that may not be for the best. Remember it is better to turn down work that is going to end up being a bigger nightmare than it is worth than accepting the sale or project and having a living nightmare on your hands.
Lesson Two is if the locals say the house is haunted, don’t go ghost hunting. In other words listen to the warning of others. If someone says they have had problems with this person or this company or they have other warnings about dealings, make sure you take their warnings to heart. Once again if you don’t you could end up with a nightmare on your hands.
Lesson Three says do not hang around with people that suck the life out of you. In other words avoid people who are emotional and spiritual vampires. I have a sister in law like this; she will suck every emotion out of you. We feel drained after having to deal with her for just a short time. Find people that stimulate you and make you feel good, whether it be an employee, partner, spouse, or friends.
Lesson Four is if the problem is bigger than you get help. In other words find a mentor who can help you with your business. Find people that you can collaborate with and build your business.
Lesson Five is that there is three ways out of a situation gone bad: 1. Stay and Fight and Die a miserable death, 2. Stay Fight and Barely Survive, or 3. you can run and hope it doesn’t catch up with you. Well you probably won’t die from a business project gone bad (ok, I guess that depends on who the project was with), but you may wish you were dead. There are times you just need to cut loose, lick your wounds, and deal with the losses.
Finally Lesson Six is Keep the Faith. Have faith that in the long run you will be build your business and become the success that you see fit.
Monday, January 07, 2008
Starting A Small Business Series-Cash Flow Statements
We’ve talked about the Profit and Loss Statement and the Balance Sheet and now we come to the important cash flow statement.
Wednesday, January 02, 2008
A Lazy Employee?
Do you have a lazy employee?