Starting Up Your Own Business

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Starting Up Your Own Business Powered By Docstoc
					 Chicago eLearning &
Technology Showcase
   August 11, 2010

  Starting Your Own
 eLearning Business


                Mark Steiner

     http://www.marksteinerinc.com
    Agenda
           Introductions
           Why should you?
           Who should?
           What does it take?
           How to attract and retain clients?
           What to charge, how to bid?
           How to get the work done?
           How to stay current?
           What will you miss/not miss?
           Debunking some myths . . .
           How could you possibly fail?
           Future considerations
           Q&A
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     Speaker Background

     BS Industrial Tech. „88
     MS Instructional Design „92
     15+ years eLearning & interactive media
      des./dev. experience
     Successfully competed 100+
      eLearning/interactive media projects
     Presenter - eLearning Confs. US & Europe
     Started mark steiner, inc. in March 2001




3
     Audience Background


     Project Manager/ID/Developer mix?
     eLearning experience?
     What are some expectations from this
      session?




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     Why should you start your own business?


    Ability is what you‟re capable of
      Freedom
    doing. Motivation determines what
      Being able to choose what you do
      when Attitude determines how
     you do.you get up in the morning
    well you do it.
      Flexibility
     –Lou Holts
     Ambition to succeed
     Tired of your Boss, or a boss




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     Who should start their own business?


    Luck is not chance, it‟s toil. Fortune‟s
      Traits
     expensive smile is earned.
       • Self-starter
     –Emily Dickenson
       • Plenty of determination and perseverance
       •   Enjoy challenges
       •   Dedication and structure
       •   Niche of knowledge/skills
       •   Project management skills
       •   Selling yourself
       •   Know when/how to say “Yes” and
           when/how to say “No”


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     Who should start their own business?

    IfTen believe in yourself and have
       you Abilities of Winners
       • An eye for pride - and
     dedication and opportunity never quit, you'll
     be• aIndependence
           winner. The price of victory is high but
     so• are the rewards. hard work
          An appetite for
     –Paul Bryant
       • Self-confidence
       • Discipline
       • Judgment
       • Ability to accept change
       • Make stress work for you
       • Need to achieve
       • Focus on profits

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     What does it take to get up and running?

     To accomplish great things, we must not
       A business plan
        • act but also
      onlyA reality check dream, not only plan but
        • believe.
      alsoA performance tool
        • A message sender
      –Anatole France
       •   A motivation tool
       •   A management development tool
       •   A road map
       •   Evidence of focus
       •   Understanding of who your target customers are
       •   An appreciation of investor or lender needs




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     What does it take to get up and running?

     In theasuccessful organization, no detail is
        Get good lawyer and accountant
     too small to business typeattention.
        Determine escape close (For example: Sole
      –Lou Holtz Partnership, LLC, C Corp, S Corp.)
        Proprietor,
     Acquire corporation status and any relevant
        business licenses
     Cash Reserve
     Equipment
     Software
     Taxes
     Insurance
     Subcontractors

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      What does it take to get up and running?

      We think in generalities, but we live in
        Processes and Documents
        • Methodologies
      detail.
        • White Papers
      –Alfred North Whitehead
        •   Contracts
        •   Proposals
        •   Statements of Work
        •   Design Document
        •   Storyboards
        •   Sign-off Forms
        •   Marketing Plans and Materials
        •   Elevator speech
      Website, demos
      Clients!!!!!!

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      How do you find and attract clients?

      You can‟t build a reputation on you know . . .
        Think of all of the people that what you
      are going to do. employer
        Your previous
      –Henryprevious clients
        Your Ford
      Professional organizations and communities
      Local organizations
      Professional orgs not directly related to
        training
      Job websites
      Speak at conferences
      LinkedIn and other social tools
      Write your own blog / newsletter or even a
        book
      Network, network, network!!!
       A modest man is usually admired, if people ever
11     hear of him. –Ed Howe
      How do you retain clients?

      Honesty is one thingDo What You Say
        Say What You Do - you can‟t wear out.
        Underpromise and overdeliver, don‟t be too
      –Waylon Jennings
        optimistic with estimates
      Manage expectations
      Successfully manage all essential project
        details
      Make your clients‟ problems your problems
      Document and follow-up on everything
      Easiest clients to get are the ones you
        already have. KEEP THEM HAPPY!!!


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      How much do you charge ?

        You‟re covering everything now: insurance,
      Price is what you pay. Value is what you
        taxes, benefits, equipment, facilities, risk,
       get.
        downtime, continuing education, contracts,
       –Warren Buffett
        hiring/firing, sales/marketing
      Charge what you‟re worth, what the project
        requirements dictate, and what the prevailing
        market rate is
      Don‟t lowball
      Fixed Bid, or Time and Materials?
      Responding to RFP‟s



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      How do you bid work?


     You don'tall activities acrossYou phases
       Cover get paid for the hour. all get paid
       (ADDIE)
      for the value you bring to the hour.
      –Jim Rohn
      Clearly define roles on development
       and client teams
      Clearly define all deliverables
      Are there new tools / technologies /
       techniques being used?
      Document all that you can, cover the
       rest with assumptions and constraints


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      How will you execute the projects?

      Just you? You and some employees? You and a host
       Lots of folks confuse bad management with
        of subcontractors?
      destiny.
        Initiate appropriate review and sign-off‟s throughout
       –Kin project life cycle. Don‟t move forward without
        the Hubbard
        sign-off‟s.
      Get an accurate and complete scope of work and
        contract. What is in the scope and what is not in
        scope?
      A fixed bid doesn‟t mean the price is fixed and can‟t
        move; it means the price is fixed to a scope. 1) You
        can define scope 2) If scope moves, so does price
      Other documents: Non-disclosure form, sign-off
        forms, storyboards, scripts, etc.
      What is the payment schedule?
      What about warranty and support?


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      What will you miss?

      Know yourself. Don‟t accept your mid/large
        All of the support functions of a dog‟s
        company:
       admiration as conclusive evidence that you
        • HR
      are wonderful.
        • IT
      –Ann Landers
        • Accounting
        • Law
        • Sales
        • Marketing
      Praise from co-workers and boss
      General social interaction
      Interaction professionally with a wide array of
       individuals
      Predictability

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      What won’t you miss?


     IfA regimented schedule corporate
        the individual is a unit in a
     mass, his life is not merely brutish and
        Forms, paperwork, etc.
      short, but dull and mechanical.
        Attending
     –Herbert Readmeetings that you don‟t
        need/want to be at
      Being nice to your boss (though
        everyone but God has a boss ;)
      All things “corporate”




17
      How will you stay current?


     ItConferences
        is an all-too-human frailty to suppose that
        favorable wind
     a Local events will blow forever.
      –Rick Bode
      User Groups
      Books
      Websites
      News Groups and Lists
      Blogs
      Social networking sites
      Beta testing

18
      Any suggestions?

      Smooth seas do not make skillful sailors.
       Don‟t proverb
     –African lie/cheat/steal
      Don‟t take work you can‟t deliver
      Success is getting what you want.
     Happiness is liking with you get.
       Treat everyone what respect
     –H. Jackson Brown
       Strive for a work/life balance
      Happiness is a personal daily choice




19
      What are some myths?

      A professional is someone who can do their
       Woo Hoo! I‟m doesn‟t feel like it.
     best work when hegonna be rich!!!!!!!!
     –Alistair Cooke be really, really easy!
       It‟s going to
      Let‟s get as big as we can as soon as
       we can!
      The work and projects are just going
       to roll in.




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      How could you possibly fail?

      I didn't fail the test, I just found 100 ways to
         Inadequate cash reserves
      do it wrong.
         Failure to clearly define and understand your
         market
       –Benjamin Franklin
      Failure to price your product or service
         correctly
       Failure is not a single, cataclysmic event.
      You don't fail overnight. Instead, competition,
         Failure to anticipate or react to failure is a
         technology, or other changes in every
       few errors in judgement, repeatedthe
         marketplace
       day.
      –Jim Rohn
         Overgeneralization
      Overdependence on a single customer
      Uncontrolled growth
      Believing you can do everything yourself

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      What are key future considerations?


     The future is something which everyone
       When to get office space?
       When to try to of 60 minutes an hour,
     reaches at the rategrow?
      whatever he does, whoever he is.
     –C. S. Lewis
       How to ramp up sales?
      How to stay current with knowledge,
       tool, technologies?
      When to update/change service
       offerings?




22
      Questions?


     He who is afraid to ask is afraid of learning.
       Questions and Answers
      –Danish proverb
      Contact Info
           Mark Steiner
           3036 N. Leavitt
           Chicago, IL 60618
           mark@marksteinerinc.com
           (773) 392-7967



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