Steps and measures for Starting a Small Business

presentation on small business

1. Starting a
Small
Business
October 11, 2024

2. Agenda




Introduction to Small Business
•Identifying Business Ideas
•Market Research Essentials
•Creating a Business Plan
•Understanding Legal Requirements
•Securing Funding
•Marketing Your Business
•Common Challenges and Solutions

3. A small business is typically defined as an independently owned and operated entity with a limited
number of employees and a relatively low volume of sales. Starting a small business can provide
numerous benefits, including the flexibility to make your own decisions, the potential for financial
independence, and the opportunity to pursue your passion. Additionally, small businesses contribute
significantly to the economy by creating jobs and fostering innovation.
Introduction to Small
Business

4. Identifying Business
Ideas
Brainstorming Techniques
Utilize methods like mind mapping, and brainstorming sessions to
generate a wide range of business ideas, focusing on personal
interests and market gaps.
Market Gap Analysis
Research existing markets to identify gaps or underserved
areas where new products or services can fulfill customer
needs.
Feedback and Validation
Seek input from potential customers through surveys or focus
groups to validate ideas and assess their feasibility before
proceeding.

Business Ideas

5. Research
Market Research Essentials
Establish clear goals for
your research. What
specific questions do you
need answers to?
Identifying your objectives
will guide the research
process and ensure you
gather relevant
information.
Determine who your
potential customers are.
Segment your market
based on demographics,
psychographics, and
behaviors to focus your
research on the most
relevant audience.
Select appropriate research
methods such as surveys,
interviews, focus groups, or
secondary research. Each
method has its strengths and
weaknesses depending on
your objectives and
resources.
Define Your Objectives


Identify Your Target
Market
Choose Research
Methods
Once data is collected,
analyze it to identify
trends, insights, and
opportunities. Use tools
and techniques to
interpret the findings
effectively and make
informed decisions.
Analyze and
Interpret Data
● WE ARE HERE
Research objectives
document
Customer persona
profiles
Research methodology
outline
Data analysis report

6. Creating a Business Plan

Planning
The executive summary provides an overview of the business, including the mission
statement and key objectives. It sets the stage for the rest of the plan.
Executive Summary
This section analyzes the industry, target market, and competition. Understanding market
dynamics helps to identify opportunities and challenges.
Market Analysis
The marketing strategy outlines how the business will attract and retain customers. It
includes pricing, promotion, and sales tactics.
Marketing Strategy
Financial projections detail expected revenue, expenses, and profitability. This section is
crucial for securing funding and guiding financial decisions.
Financial Projections

7. Common Challenges and
Solutions
+Limited access to capital can hinder growth and
operational capabilities.
+High competition in the market makes it difficult
to attract customers.
+Regulatory compliance can be overwhelming for
new business owners.
+Managing cash flow effectively is a persistent
concern for many small businesses.
Challenges
−Explore alternative funding options such as
crowdfunding and microloans.
−Implement unique selling propositions (USPs) to
stand out in a competitive market.
−Seek professional advice or services to navigate
regulatory requirements efficiently.
−Adopt strict financial management practices and
utilize software for cash flow tracking.
Solutions
Challenges

8. Thank you.