The Keys to Success in Your Small Business: KEY ONE | John Kirk | Skillshare

The Keys to Success in Your Small Business: KEY ONE

John Kirk, Small Business Trainer & Mentor

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7 Lessons (14m)
    • 1. Introduction

      1:38
    • 2. What Are The Keys?

      5:21
    • 3. Key 1: The What, Why and How

      3:15
    • 4. Key 1: Research and Viability

      1:53
    • 5. Key 1: Creating Your Business Plan

      1:22
    • 6. Key 1 Project

      0:33
    • 7. End of Class 1

      0:25

About This Class

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The Keys to Success in Your Small Business is a short course on starting a business. It covers all the important basic concepts you need to address when starting a new business.

The course is of benefit to all new and would be entrepreneurs and home based business people. From the "What and Why" to the "How", this course will guide you through the maze to creating your Business Plan. If you have been in business for a while, but you are stuck in a rut, "The Keys", of which there are 10, will help to get you back on track again.

This class includes the Introduction and the 1st Key.

Presented by John Kirk who has many years of experience in Small Business, Training, Mentoring, Sales and Marketing, "The Keys to Success in Your Small Business" will get you off to a sound start.

Transcripts

1. Introduction: Hello and welcome to the keys to success in your small business. Now, you're probably wondering at this stage whether this course may or may not be for you. Well, if you've just started in business, you you're looking maybe you're looking to go into business. Or maybe you've been in business for maybe even up to 12 months and you're not really sure about whether you've you know you're headed in the right direction? Have you missed a few things? Are there things that you haven't really considered at this point of time? So for those types of people, if you fall into that category, this course is probably for you. Now who am I and what is my background? My name is John Cook. I'm the presenter of this particular course, and my background is in insurance and finance. I was self employed as an insurance agent for a number of years before I became a financial planner with a lot of destroying bank. I then moved on to the Australian tax office where I was a GST order. For eight years since retiring from the tax office, I've set up my own business consultancy where I've been training small business people for a number of years now, since 2000 and 10 as a matter of fact. Okay, So what will you learned from this course? Well, the why I put this course together is that it actually talks about the 12 keys or sorry, the 10 keys, I should say to our success in your small business. 2. What Are The Keys?: how the 1st 2 years preparation and planning and preparation and planning means that you do you research and you get a couple of things in place before you do anything else. And those things are what you going to do and why you're going to do it. Until you've got those things right. You aren't going to have the success that you would like to have now. The second key is record keeping and tax basics. Record keeping and tax basics means that you obviously must. Do you book work? You must get it right. You must do it in accordance with what the government of the time requires, depending on which country you're in. And the third key is making sure that you understand local laws and regulations in each particular county, state or country. They will be local laws and regulations, which he must follow. Make sure that you check them out. The fourth key fourth, Korea's modern marketing and more in marketing. It means not just not just running ads in in the local paper or doing letter box drops or white pages, Yellow pages, whatever you may have done in the past, you can keep on doing things like that, however, you need to take into consideration social media marketing. If you don't do that now, you're going to get left behind because that's where that's where everyone plays. Of these dyes, the fifth key sales techniques and strategies know your sales techniques and strategies that will work these days. Do not try and con people because no longer works. Okay? And I wouldn't recommend that you do it even if it did work. Why? Because you're going to end up with a bad name. People will work out that you are not looking after their best interest and they'll tell everybody else. Okay, the six keys, execution and implementation. Now, what that means is that work to a system, get a system that feels comfortable for you. Put that system in place, make it work for you and execute it correctly after you've implemented it. And make sure that you could checking up on it every few months to make sure that that system is still working. Now, the seventh key, the seventh key is understanding cash flow on. What that means is that once you put your systems in place, you need to check on a regular basis to make sure that you're making more money than you're actually spending. For instance, over a year, if you spend $50,000 on advertising, you would like to get back at least $100,000 wouldn't you? So make sure that you keep a good check on your eye on your cash flow. Make sure you're not overspending. And, as a matter of fact, the 50,000 and 100,000 I would I would aim to bring in 150,000 at least for every 50,000 that I've outlined on advertising. But the eighth key budget for profit now this comes into your cash flow was, well, the first thing that you should do when you're working out a cash flow system for your business is look at all of your expenses. Don't treat it like a normal job where you know that you're gonna learn, say, 50,000 year, 60,000, 70,000 so you can work at your expenses. After that. In business, you've gotta work your expenses out first, so just remember that work your expenses out. And as I said before, if it comes out around $50,000. Make sure that your profit center is earning you at least 100,000 hopefully 150 or 200,003 to 4 times. The ninth key is outsourcing. Do not forget to outsource, because when you're in small business and maybe you're the only person in business, you can't do it all. Once your business starts picking up, you'll find that you'll spend more and more time with your customers or clients. Then then you will being in your home office, doing your book work. Therefore, you want somebody else to do that. You'll also want them to do your social media marketing. And maybe you're your bookkeeping for you. Okay, so just take those things into consideration and make sure it some stage you get into outsourcing. The 10th key is business mindset. Now you make sure you've got your head screwed on properly. When you're in business, make sure that you're looking at your business at all times and treating it as something that is your your worker. You're not working for your business. It should be working for you. So just remember that 3. Key 1: The What, Why and How: Okay, We're gonna go back now. We're gonna look at the first key, and in this particular course here, that is what we're going to look at to die. And we're going to continue to look at this until we've gone through it in depth. Then the next course will will be free number two in the course after that. Number three and number four and number five. So this is a Siri's key one. Preparation and planning. The first thing that you need to do is you need to look at your business idea. What is it that you're going to do and why? Once you've got your what and U y, right, you can then start to work out your house. How important is this business idea to you? How important is it? For instance, let's sigh. You wanted to be Ah, you wonder why on your own hairdressing salon, why would you want to do that? Probably because you've been working as I hairdresser for a number of years. You've been working for someone else. You know what you're doing? You're done all of your courses and you're pretty good at what you do. And you think I could do this myself. And I think I can make some good money out of it. And I like what I'm doing that to stop now, Why are you going to do it? As I just said, that might might simply be because you've got experience in it and you like that sort of work. You also might have some other reasons for it too. Maybe just not like working for a boss. Maybe you would prefer to work for yourself. Maybe it's one of those one of those businesses that perhaps you can incorporate with the home loss. Maybe your you can set up your cell on within a couple of case of home going pick the kids up from school in the afternoon, for instance, more one of your one of your staff looks after the have three running of the business over that period of time. Now, the last thing of the three is how now have you got the money, Teoh put aside to start your business? Will you have to borrow money from the bank? No, to take all these things into consideration, because if you don't know exactly what you're going to dio If you don't know exactly why you're going to do, you are not going to know how to do it. So I just remember all of those things. Why is it so important to you? What is the most important thing that you can think off about this business? And is it still going to be that important to you 12 months down the track, two years down the track, make sure that you think about those things first and before you move onto the next step. 4. Key 1: Research and Viability: you know the next it preparation and planning. Do you research? Check to find out? Exactly. Do you have a market? Who is your market? For instance? Now, once again using the example of the hairdresser, you may decide that what you want to dio is that you want to target families you want to target young mothers, say, in the twenties and thirties with you who have young daughters, that might be your market. Conversely, it might be the older generation. You need to check to find out if those people, if your market actually exists close by also. How many? How many hair dresses were Salins? Are they in your particular area? Next question is, Will you are Do you fly? Okay, if you haven't, if your idea is to set up in a small area and you find that there's only a limited amount of people in that particular area you've got, think about it. How many people live in your area? How many people in your target market in the age group live in your area? How many other hair dresses are they in your town? Will your idea fly? Because if you don't get any customers in the first few months. What do you do then? Will people buy from you? What do you have? Which is different to other people and better? What is it that will attract? You're target market. 5. Key 1: Creating Your Business Plan: begin to create a business plan. Just start right now. You don't have to know everything which is going to go into it. You just need to start by getting you. What? And you're y right? What are you going to do? Why you're going to do it and then put some research into the What research have you done of you? Check with local councils. Have you checked with statistical? Um, government statistical places? Have you checked them? What is your vision and your missionary vision? And your mission will be put together by your what? And your wife? For instance, if I was going to be a carpenter, my vision might be to be a carpenter and to provide decking for local. For people in my local area. Perhaps it might be a 50 kilometer radius. What? My mission. My mission is to be the best cap Inder off decks in my particular area. That's a while we look at it. Your goals, your objectives in your action plan, you need to take them into consideration. When you're doing your preparation and you're planning what are your short term and long term goals? What are you trying to achieve with your business, and how you going to do it? How are you going to attract the customers that you want for your business? 6. Key 1 Project: Now we've got a project for you. Hear? What I want you to do is start by writing down what you will do and what you want or need to do it. The what? And why will help you form your vision and mission. Then then I want you to think about your business objectives and personal goals. Now, just remember that you really need to have a strong why, Before you decide to go on any further, think about it very carefully. Put it down and that will be the start of your business plan. 7. End of Class 1: I can. You know, that completes all of that. The first course and the project. I hope you got something out of that and very shortly. I'll be putting the second course together and you'll be able to move on to that. Okay, so your next on.