Startup

Coaching - New Business Start-Up

Step 1 of 8

12%

Opportunities
- People know what it is that I am selling; it is familiar. I don't need to spend hours educating them.
- I have experimented FIRST for at least 90-180 days with the field or the business so I have evidence that it works, not just a plan or a gut sense.
- I have used this product or service, know its value first-hand, and totally believe in it.
- I have at least 1 year of strong and successful experience in this field or industry.
- This opportunity has very low overhead, so I'll have flexibility and be able to afford the learning curve.
- Even if this one fails, it will train me well and put me in touch with more opportunities.
- People WANT this product or service. (They may also need it.)
- My family, banker, attorney, CPA, and coach are all supportive of this venture.
- I don't NEED this business, either personally or financially. Instead, I WANT it very much.
- I have at least 6-12 months of expenses (both personal and business) in the bank before starting.
Business Skills
- Dedication: I am totally dedicated to being the best, to making lots of money, and to building an extraordinary company.
- Problem Solver & Preventer: I easily reduce a complex problem to bite-sized pieces and then take extra steps so that this type of problem NEVER occurs again.
- Influence: I am not afraid of people (especially staff, vendors, prospects, and customers). I have no problem telling them what they should do.
- Leadership: I direct people and efforts easily and well.
- Respect: I honor people. I respect their unique contributions, and I include them in decisions. My staff are my customers.
- Emotionally healthy adult: I don't get my needs met by staff or customers. I don't get angry or react. I don't take things personally. This business is a game.
- Manager: I manage the operation, and am aware of the specific outcomes, factors, and early warning indicators that will make or break me.
- Consistency: I have enough personal discipline to stick to this and carry it out. I self-manage and initiate. I don't need lots of support.
- Eagerness to risk: I am willing to constantly try new things, innovate, make it easier and better, go for it, and risk a portion of the money I have.
- Adequate Reserve: I always have more than I need: time, cash, space, skills, staff, sales, opportunities.
Notes & Commitments
Of the items you left unchecked, what do you want to work on next? Why? What commitment can you make to check that box over the next 30 days?

The Plan
- I'm willing to rewrite or even scrap my plan if the market dictates a change in what I sell or how I sell it.
- I have outlined each person's job and how (and how often) they report to me.
- I know how much I'm going to do and how much I'm going to delegate.
- I have a detailed budget for the next 3 months, including equipment, capital expenditures, organizational expenses, and other costs.
- I have engaged a success team that includes an attorney, a business consultant, CPA, and other professionals
- I have used well-sourced sales projections to establish inventory, personnel, and cash needs.
- My top three goals are clear. I've written them down and I have a dashboard system to show me how I'm performing against them.
- I track my action plan weekly to see if I am on course.
- I have completed a pro forma sales and expense forecast for the next 3, 6, 12, and 36 months of this business.
- I have written out a step-by-step action plan for key operations, and I have scheduled time to review/update that list every quarter.
Sales Tools & Effort
- I know how to ask for the sale, so I get paid.
- Only those who can really sell are selling, even if that means just me. I don't train weak salespeople.
- I have built a relationship-based sales system that adjusts to fit a prospect's needs and wants.
- My organization is attractive rather than seductive. We attract prospects like a magnet without resorting to stunts or constant promotions.
- Every part of the company is designed to support the sales effort, from concept, to quality control, to delivery.
- I have set up a great system to prompt word of mouth and referrals. I don't rely solely on my marketing.
- I have the right content (website, social media, brochures) to attract my ideal customers.
- The organization has a daily sales quota and I manage it.
- As a percentage of revenue, my marketing costs are relatively low
- I have written, polished, and memorized my key selling points and my unique value proposition.
Notes & Commitments
Of the items you left unchecked, what do you want to work on next? Why? What commitment can you make to check that box over the next 30 days?

Policies and Procedures
- I have a daily or weekly checklist of what must be done and by whom.
- My business is so well planned and controlled that if our main office were leveled this afternoon, we'd be back in business by tomorrow morning. (Or have the insurance money to help.)
- My team members know how to confirm a policy/procedure without having to ask me.
- I delegate decisions, even if that raises the risk that someone might make a mistake.
- I have a monthly and quarterly checklist of what must be done and by whom.
- Accounting/bookkeeping gets done easily, accurately, and timely. I get frequent financial status reports, and I'm not surprised by the trends.
- With guidance from an attorney, I have selected the best legal form of business.
- The company has a policies and procedures manual.
- Staff meetings are creative, reportive, and focused on professional development vs. being chatty or confrontive.
- I have designed company systems to minimize paper storage and compliance procedures.
Profits and Revenue
- I'm not selling buggy whips: there is a strong, profitable future in my field.
- I create and sell products that my clients tell me they need/want.
- I have plans for future additional products and revenue streams.
- I am naturally frugal, although I'm willing to invest cash in my business to make even more money.
- I can afford the mistakes that my team and I WILL make. My business setup doesn't require massive risk.
- I'm good at hearing my customers' unspoken requests.
- I pay cash for capital expenditures
- My target market is well defined, can afford to buy, and I can access it easily with the network and tools I have.
- I've set up the company to value high profits over fast growth.
- I have patience for the market to decide and buy, so I'm not making decisions based on being over-leveraged.
Notes & Commitments
Of the items you left unchecked, what do you want to work on next? Why? What commitment can you make to check that box over the next 30 days?

Long Term Success
- I have assembled a 5-member board of advisors with whom I meet monthly and respond to their counsel.
- My team understands and backs our company's mission statement.
- I continually add value to my product or service.
- I continually upgrade all aspects of my operational systems for the highest possible productivity.
- I updated my policies and procedures manual at least annually
- I am building a strong, positive reputation in my niche. I know how to do this, and how to measure my success.
- My company's mission statement is authentic and reflects my feelings and thoughts perfectly.
- I don't just keep up with my competitors. I eclipse them by setting my targets higher, deeper, and uniquely mine.
- I have implemented rigorous (but lucrative) incentive plans for all key employees.
- My customers can easily articulate the benefits of my services and products.
Specific Outcomes
- I know my daily/weekly sales goals and results.
- I know my cash flow needs.
- I know my sales costs percentage.
- I know my current and aged receivables.
- I know how quickly I collect my receivables.
- I know what my inventory re-order points are.
- I know what my net profit needs to be.
- I have a dashboard or reporting system that communicates key performance indicators automatically.
- I know my referral rate as a percentage of sales.
- I know what my gross profit margins are.
Notes & Commitments
Of the items you left unchecked, what do you want to work on next? Why? What commitment can you make to check that box over the next 30 days?

Personal Life
- I have plenty of personal funds.
- I am adrenaline and addiction free.
- I have a strong personal foundation
- I take excellent care of my health.
- I don't "do" stress. Nothing's worth that.
- I have a "right hand person" or executive assistant who handles key details so that I have space.
- I have something "better to do" than work at the end of each work day.
- I am proud of myself as I am.
- My family loves and enjoys my company.
- I am a model for other entrepreneurs/CEOs.
Notes & Commitments
Of the items you left unchecked, what do you want to work on next? Why? What commitment can you make to check that box over the next 30 days?

I am...*
- responsible.
- in a position to react.
I am...*
- profitable now.
- focused on growth.
I am...*
- pouring as many hours as possible into my business.
- minimizing how much I work.
I am...*
- leading people.
- managing tasks.
I...*
- prioritize my tasks.
- follow the agendas of others.

I am...*
- a penny pincher.
- frugal.
I...*
- value risks and calculated experiments.
- go for broke with every business decision.
I think of my business as...*
- my ultimate passion.
- a fun and challenging game.
I...*
- support my team.
- control my team's actions.
I value...*
- myself.
- my ego.

Final Thoughts*
Before the system assesses your score, what do you want to remember about this exercise? How are you feeling right now? Are there areas of your business or of your life that you want to focus on improving over the next few months?

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