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Similaire à Entrepreneur series greenville library system
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Entrepreneur series greenville library system
- 1. Entrepreneur Series Starting a Successful Service Business
- 2. Instructors Anja Smith All Clear Plumbing Lead Instructor Adam Proehl Foothills Carpet Care Assisting Instructor
- 3. The Service Opportunity A Guide for New Entrepreneurs GDP by Sector in U.S. Services Industry Agriculture Four out of five private-sector U.S. jobs are in the service sector. The home services segment alone is estimated to be worth about $1.13 trillion dollars per year as of 2019. (worldwide)
- 4. What to Expect Module 1: How to Choose a Winning Service Business Idea How to talk about your services so that people will hire you Why you should test and research your business idea before you launch How to tell if your service business idea can be profitable Get a checklist you can use to ensure you are a legal and legitimate service business before you launch
- 5. What to Expect Module 2: How to Create a Strategy for Success How to build service offerings that will attract the right customers Learn how to stand out from the competition How to create a launch budget and manage expenses Learn how to set prices so you can be profitable How to predict when the money will flow
- 6. What to Expect Module 3: How to Operate Like a Professional Service Business Learn how to create systems that will keep your business operating smoothly Learn how to market your business and keep a steady flow of new customers Why you should set goals and have a vision for success
- 7. Module 1 Choosing a Winning Service Business
- 8. Talking About Your Business If people don’t understand how you can HELP them, they won’t HIRE you. An INDUSTRY is a broad description of WHAT you do. A SERVICE explains HOW you help them. Your TARGET GROUP explains WHO you help. Your BENEFIT explains WHY they should choose you.
- 9. Let’s Practice! Using the “Describing Your Business” exercise, prepare your one- sentence summary.
- 10. 80% of small businesses survive their first year in business.
- 11. 42% of small businesses fail because there’s no market need for their services or products.
- 12. Research the Opportunity Understanding the number of POTENTIAL CUSTOMERS in a service area and doing a COMPETITOR analysis are important for successful business planning. Demographics are basic INDICATORS that help us UNDERSTAND if a person is likely to SPEND MONEY with us. Demographics don’t tell us about an individuals HABITS, PERSONALITY, OR INTERESTS.
- 13. Which Demographics Matter To You? Age Gender Marital Status Number of Children Education Employment Geography Income Career
- 16. Competitive Analysis A competitors STRENGTHS tell us what customers already VALUE & EXPECT. A competitors WEAKNESSES show us OPPORTUNITIES to succeed.
- 23. Next Class: What to Expect Module 2: How to Create a Strategy for Success How to build service offerings that will attract the right customers Learn how to stand out from the competition How to create a launch budget and manage expenses Learn how to set prices so you can be profitable How to predict when the money will flow
- 24. Module 2 Creating a Strategy for Success
- 25. Instructors Anja Smith All Clear Plumbing Lead Instructor Adam Proehl Foothills Carpet Care Assisting Instructor http://link.tradebiztoolbox.com/resources
- 26. What We Did Module 1: How to Choose a Winning Service Business Idea How to talk about your services so that people will hire you Why you should test and research your business idea before you launch How to tell if your service business idea can be profitable Get a checklist you can use to ensure you are a legal and legitimate service business before you launch http://link.tradebiztoolbox.com/resources
- 27. What to Expect Module 2: How to Create a Strategy for Success How to build service offerings that will attract the right customers Learn how to stand out from the competition How to create a launch budget and manage expenses Learn how to set prices so you can be profitable How to predict when the money will flow http://link.tradebiztoolbox.com/resources
- 28. Attracting Valuable Customers If your customer is EVERYONE, then your customer is NO ONE. Don’t tell people WHAT you can DO, tell them HOW you can HELP. People spend money for TWO reasons, to solve a PAIN or to fulfill a DESIRE. You must be able to CLEARLY STATE an OFFER FOR SERVICE the customer WANTS or NEEDS.
- 29. Top Three Services Gateway An easy sell and high volume. It may even be a loss leader. Ideally leads to additional work. Cash Cow High profit margin OR high ticket. Showcase Your best, most impressive work. You want to show pictures off on social media.
- 30. Providing Value Discover how to talk about your services so that they capture the imagination of your customers. (HINT: You’ll use this language in your marketing!)
- 31. Separate Yourself Standing out from the competition means UNDERSTANDING their STRENGTHS and WEAKNESSES. Make an impact on potential customers by CREATING A BRAND MESSAGE that speaks to their NEEDS and WANTS. Your MARKETING messages should remind customers WHY they want/need your service and WHY they should CHOOSE YOU. Success comes from PROMISES matching PERFORMANCE.
- 32. 90% of consumers used the internet to find a local business in the last year. Source: https://www.brightlocal.com/research/local-consumer-review-survey/
- 33. 33% of consumers report searching for local businesses online DAILY. (Another 30% report searches once or more per week.) Source: https://www.brightlocal.com/research/local-consumer-review-survey/
- 34. 55% of service business consumers report running a search before they ever book an appointment. Source: https://www.brightlocal.com/research/local-consumer-review-survey/ (Over 50% report not having a business name in mind when they search.)
- 35. 86% of consumers read reviews for local businesses. Source: https://www.brightlocal.com/research/local-consumer-review-survey/ (Only 53% will use a business with less than 4 stars.) (The average consumer reads 10 reviews for a business before deciding if they trust them.)
- 36. Citations App (Google My Business) Online at https://www.google.com/business/ Name, Address, Phone Number http://link.tradebiztoolbox.com/resources
- 37. Homework! Get on the Map http://link.tradebiztoolbox.com/resources
- 38. Ryan Holiday, Ego is the Enemy
- 39. Successfully Managing Money CASHFLOW makes or breaks a service business. Create a BUDGET so you understand your EXPENSES and generate enough REVENUE.
- 40. Money to Start The only thing you know 100% about a budget is IT IS WRONG.
- 41. Money to Work Essentials only for first six months. ------------- Bills will come faster than clients. Be prepared.
- 42. Setting Prices PRICES should be based on three things; MARKET RATE, PROVIDED VALUE, and PROFITABILITY GOALS. The BIGGEST mistake new service businesses make is to JUST price themselves CHEAPER than the COMPETITION and HOPE for the BEST.
- 43. Make (Real) Money How many billable hours do you have in a day? How many days a week do you plan to work? How many weeks per year do you plan to work? How many billable hours do you have per year?
- 44. Business Finance Basics 360 Financial Literacy by the American Institute of CPA’s SBA Guide to Financial Management Profit First by Mike Michalowicz http://link.tradebiztoolbox.com/resources
- 45. Homework! Get on the Map Startup Budget Cashflow Prediction Operating Budget Profitable Pricing http://link.tradebiztoolbox.com/resources
- 46. Next Class: What to Expect Module 3: How to Operate Like a Professional Service Business Learn how to create systems that will keep your business operating smoothly Learn how to market your business and keep a steady flow of new customers Why you should set goals and have a vision for success
- 47. Module 3 Operate Like a Boss
- 48. Instructors Anja Smith All Clear Plumbing Lead Instructor Adam Proehl Foothills Carpet Care Assisting Instructor
- 49. What We Did Module 1: How to Choose a Winning Service Business Idea How to talk about your services so that people will hire you Why you should test and research your business idea before you launch How to tell if your service business idea can be profitable Get a checklist you can use to ensure you are a legal and legitimate service business before you launch
- 50. What We Did Module 2: How to Create a Strategy for Success How to build service offerings that will attract the right customers Learn how to stand out from the competition How to create a launch budget and manage expenses Learn how to set prices so you can be profitable How to predict when the money will flow
- 51. What to Expect Module 3: How to Operate Like a Professional Service Business Learn how to create systems that will keep your business operating smoothly Learn how to market your business and keep a steady flow of new customers Why you should set goals and have a vision for success
- 52. Staying Organized Staying organized is one of the biggest challenges when you are OPERATING and RUNNING a service business. Creating an OPERATIONS PLAN is a simple way to think through the CRITICAL tasks that can become overwhelming day-to-day.
- 53. 87% of consumers are willing to make some concessions to support a small business. Source: https://www.bluecorona.com/blog/29-small-business-digital-marketing-statistics/
- 54. BUT
- 55. 50% of people would be deterred from using a small service business if they had slow response times. Source: https://www.bluecorona.com/blog/29-small-business-digital-marketing-statistics/
- 56. 24% of consumers think that small businesses struggle with customer communication. Source: https://www.bluecorona.com/blog/29-small-business-digital-marketing-statistics/
- 57. 25% of consumers think that small businesses struggle with payment processing. Source: https://www.bluecorona.com/blog/29-small-business-digital-marketing-statistics/
- 58. Customer Management What is the customers first point of contact? How will you confirm appointments or bookings? How will you communicate prices to them? How will you bill them? How will you encourage them to spread the word? http://link.tradebiztoolbox.com/resources
- 59. Appointment Management How will you manage customer inquiries? What happens to phone calls when you are with another client? How will you ensure that all customer inquiries are followed-up on? How will you track your appointments? What happens if you are sick or running late? http://link.tradebiztoolbox.com/resources
- 60. Money Management How will you track your revenue? How will you track your receipts and other expenses? How will you make sure bills are paid on time? How will you make sure there is enough money for taxes? How will you know if you need to pay taxes? How will you make sure taxes get paid on time? How will you make sure customers are paying their bills on time? What happens if a customer doesn’t pay their bill on time? http://link.tradebiztoolbox.com/resources
- 61. Time Management What will your operating hours be? When will you do business functions that aren’t billable (bookkeeping, marketing, etc.)? http://link.tradebiztoolbox.com/resources
- 63. Finding Customers At first, focus your MARKETING EFFORTS on activities that will BOOK APPOINTMENTS. Over time, you will add BRAND ADVERTISING, which increases people’s AWARENESS of your company. WORD OF MOUTH is the service business’ NUMBER ONE marketing tool.
- 64. http://link.tradebiztoolbox.com/resources This Photo by Unknown Author is licensed under CC BY
- 65. This Photo by Unknown Author is licensed under CC BY-SA
- 67. Goals GOALS are important because they help us ACT with INTENTION.
- 68. Define Success What does the future look like?
- 69. Declare Goals Use the SMART method to set a personal and professional goal.