How to start and succeed in your own business

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Business Coach and Trainer

How to $tart and $ucceed in Your Own Business

Your Presenter: Andy Ng CA MBA

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Your Trainer Coach Andy NgYour Trainer Coach Andy Ng• Started doing business at age of 5Started doing business at age of 5• CA with MBA from UKCA with MBA from UK• 28 years of experience in 28 years of experience in

management, finance, consultancy management, finance, consultancy and trainingand training

• Former Director of Finance, HR & Former Director of Finance, HR & Admin of Allied Telesis Int’l (Asia)Admin of Allied Telesis Int’l (Asia)

• Since 2001, full-time Business Since 2001, full-time Business Coach and Trainer, trained over Coach and Trainer, trained over 81,131 people in 15 countries81,131 people in 15 countries

• Also partner in a billion-dollar e-Also partner in a billion-dollar e-commerce bio-science business commerce bio-science business

• Happy Man, Son, Husband & Father Happy Man, Son, Husband & Father (of 3 happy children)…(of 3 happy children)…

www.asiatrainers.com

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Get Inspired by me 24/7Get Inspired by me 24/7

www.AndyNgTrainer.blogspot.sg andy@asiacoachingtraining.comandy@asiacoachingtraining.com www.asiatrainers.comwww.asiatrainers.comwww.youtube.com/AndyNgCoach/videos www.facebook.com/AndyTheCoach www.instagram.com/AndyTheCoach

www.slideshare.net/AndyTheCoach1

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Latest Article in ST: 6 May 2016Latest Article in ST: 6 May 2016http://asiatrainers.com/index.php/resources/articles/439-how-to-recession-proof-your-career

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How to Start & SucceedHow to Start & Succeed In Your Own Business In Your Own Business

1.1. Three Ways to Become RichThree Ways to Become Rich2.2. Why being Your Own Boss is Good NOWWhy being Your Own Boss is Good NOW3.3. Two Strong Foundations: Money Making Two Strong Foundations: Money Making

Model and People Passion PowerModel and People Passion Power4.4. What is a Good Business for What is a Good Business for YouYou? ? 5.5. Five Criteria for Successful BusinessFive Criteria for Successful Business6.6. Key Skills & Know-how for Business Key Skills & Know-how for Business

SuccessSuccess7.7. ACT’s 5-Way Profit Building LeverageACT’s 5-Way Profit Building Leverage8.8. Five Steps to Start Your Own Business nowFive Steps to Start Your Own Business now

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3 Ways to Become Rich in this 3 Ways to Become Rich in this WorldWorld

1.1.High Level Employee/Civil Servant High Level Employee/Civil Servant (2%)(2%)

2.2.Highly Paid Professional (10%)Highly Paid Professional (10%)3.3.Sell Your Way to the Top (5%)Sell Your Way to the Top (5%)4.4.Invent Your Way (< 1%)Invent Your Way (< 1%)5.5.Start Your Own Business (82%)Start Your Own Business (82%)

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We all want to be RICH…….We all want to be RICH…….

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2 Elements in Wealth2 Elements in Wealth

Cash coming in Cash coming in year after yearyear after yearCash Flow can Cash Flow can be Active or be Active or PassivePassive

Value Added Value Added (Profit)(Profit)Cashflow re-Cashflow re-invested to invested to Create More Create More ValueValue

Chinatown CD shop

Does Your current job leads you to wealth?

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No need to work anymore?Successful People are not hardworking at all, they’re just playful. Why?

Why Be Your Own Boss?Why Be Your Own Boss?

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Success is a Journey…Success is a Journey…

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Most people only ever have a ...Most people only ever have a ...

Pay tax first and spend what’s left vs. (CPF 6%)

Spend first and pay tax on what’s left

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Now is the best time for Now is the best time for businessbusiness……

1.1. $1 co. with 1 director and 1 shareholder$1 co. with 1 director and 1 shareholder 2.2. Only $325 to incorporate a company or $60 Only $325 to incorporate a company or $60

to register a businessto register a business ( (www.acra.gov.sgwww.acra.gov.sg) ) 3.3. No tax for first $100K profitsNo tax for first $100K profits 4.4. Tax only at 8.5% for 1Tax only at 8.5% for 1stst $300K profits (vs $300K profits (vs

20% tax for individual earning $300K)20% tax for individual earning $300K)5.5. Can qualify for govt. tenders without track Can qualify for govt. tenders without track

recordrecord ( (www.gebiz.gov.sgwww.gebiz.gov.sg) ) 6.6. Audit exemption as long as sales < $10m Audit exemption as long as sales < $10m 7.7. Co. secretary exemption: save $600 yearlyCo. secretary exemption: save $600 yearly

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8.8. HDB flat can be used as officeHDB flat can be used as office9.9. Get FREE Tools & Consultancy under Get FREE Tools & Consultancy under

SPRING’s ICV schemes SPRING’s ICV schemes 10.10. Can use E-Commerce to run business Can use E-Commerce to run business

from anywhere anytimefrom anywhere anytime11.11. Make money from training yourself Make money from training yourself

(SkillsFuture Credit)(SkillsFuture Credit)12.12. EDB SEED funding EDB SEED funding (up to $600K for new projects(up to $600K for new projects

13.13. Very fashionable now, unlike in the past Very fashionable now, unlike in the past ……

Now is the best time for business…Now is the best time for business…

Biggest Advantage of Biggest Advantage of Business Over EmploymentBusiness Over Employment

Can Afford to Lose – because there are so many customers! Happier and Less Stress

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80% of Businesses Fail80% of Businesses Fail Within the first 5 years Within the first 5 years……

Not because the owner didn’t work Not because the owner didn’t work hard, but because he worked hard hard, but because he worked hard without leveragewithout leverageTrapped into doing the work and Trapped into doing the work and nothing else…sees the vision as nothing else…sees the vision as getting enough business and getting enough business and keeping busy…keeping busy…Did not have the 2 Foundations: Did not have the 2 Foundations: Money Making Model and Money Making Model and Continuous GrowthContinuous Growth

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2 Strong Business Foundations2 Strong Business Foundations

Able to make money Able to make money regardless of regardless of economyeconomyNot caught by rising Not caught by rising business cost or business cost or declining profit margindeclining profit marginNot dependent on Not dependent on local market or any big local market or any big boysboys

Rising World TrendRising World Trend

Ride on a Big and Fast Ride on a Big and Fast Moving ShipMoving Ship

Not limited by capital or Not limited by capital or manpower constraintsmanpower constraints

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What Business Should You be In?......

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‘Rights’ Age, Not Information Age

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5 Criteria of a Good Business5 Criteria of a Good Business1.1. REPLACEMENTREPLACEMENT – Continuous Demand all time – Continuous Demand all time

2.2. CUSTOMERS EVERYWHERECUSTOMERS EVERYWHERE – Everyone can be – Everyone can be Your Customer (from young to old)Your Customer (from young to old)

3.3. SELL MORESELL MORE - Opportunity to Up-Sell, Cross-Sell, - Opportunity to Up-Sell, Cross-Sell, Add-on Sell, Bundle Sell, Down Sell Add-on Sell, Bundle Sell, Down Sell

4.4. PROFITS and CASH FLOWPROFITS and CASH FLOW - Margins steady and - Margins steady and growing – with growing cash flow toogrowing – with growing cash flow too

5.5. PASSIONPASSION – take your passion & make it happen! – take your passion & make it happen!

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5 Recession-Proof Business5 Recession-Proof Business1. Education – from children to adults, from

basic skills to spiritual and enrichment courses, from Education to Re-education

2.2. Accounting and Auditing (due to lack of Accounting and Auditing (due to lack of trust), esp. Forensic Accountingtrust), esp. Forensic Accounting

3.3. IT – from system analyst to mobile IT – from system analyst to mobile computing, from wireless to networks…computing, from wireless to networks…

4.4. Security – security in an insecure worldSecurity – security in an insecure world5.5. Wellness and Healthcare (esp. Anti-Wellness and Healthcare (esp. Anti-

Ageing and cell rejuvenation)Ageing and cell rejuvenation)

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Good Business to Start in Singapore…...Good Business to Start in Singapore…...1. Group Tuition 2.2. Hawker (food cooked at Caterer)Hawker (food cooked at Caterer)3.3. Consultancy: Get rid of Debt & Inventory, Consultancy: Get rid of Debt & Inventory,

Company Restructuring, Succession Company Restructuring, Succession 4.4. Consultancy on Government Funding Consultancy on Government Funding 5.5. Outsourcing: Direct Sales & TelesalesOutsourcing: Direct Sales & Telesales6.6. Referral & Networking Referral & Networking 7.7. Debt CollectionDebt Collection8.8. Stress Release and Stress Reduction Stress Release and Stress Reduction (cry shop)(cry shop)

9.9. Parenting and SinglehoodParenting and Singlehood 10.10.Social Media Marketing (eg WeChat)Social Media Marketing (eg WeChat)11.11.WellnessWellness

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To mine for gold ...To mine for gold ...

Stand in the path of people who want to buy rather then you having to go out there to sell

Levis jeans

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Mindset of EntrepreneursMindset of Entrepreneurs1.1. Abundance, not ScarcityAbundance, not Scarcity2.2. Play the Game to Win, not to Play the Game to Win, not to

not losenot lose3.3. Think Value (investment), not Think Value (investment), not

cost (expense) eg trainingcost (expense) eg training4.4. Focus on opportunities, not Focus on opportunities, not

obstaclesobstacles5.5. Associate with positive & Associate with positive &

successful peoplesuccessful people6.6. Be Well RoundedBe Well Rounded

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Hard Skills that Everyone Must PossessHard Skills that Everyone Must PossessNot convincing people to buy but

creating the conditions for people to buy

Payments, Tax, Accounting

Procurement, Warehousing, Logistics, Delivery, IT

Connection, not Impress

Service from the Heart

Get more things done from TEAM without hiring a single staff

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2. If available, register on-line with ACRA If your biz name is not finalized,

register as sole proprietorship first instead of company

1. Get a good business name and check with www.acra.gov.sg to see if available

3.Create a site and promote it via social media and mobile marketing

4.Inform all your friends about your new business and sell to them

How to Register Your Companyand Get Your First Customer

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2. Price Your goods/services at a level that will make potential buyers move

1. Set up Proper Business Profile – Your Backing, list of services/goods, key benefits, points of difference

4.Impress your suspects with your seriousness and commitment – and give them an Irresistible Offer

5. Serve your first customer well – ask for testimonials, referrals. Start looking for next customer right away.

Getting Your First Customers With Ease (within 2 months)

3. Do marketing and Get Immediate Results

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Overcome the 3 Big BarriersOvercome the 3 Big Barriers1.1. Money (Need Start-up Capital and Money (Need Start-up Capital and

Operating Expenses)Operating Expenses)2.2. Know-how (1Know-how (1stst hand or 2 hand or 2nd nd hand)hand)3.3. Immediate Sales in 2 months Immediate Sales in 2 months

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Number of ProspectsNumber of Prospectsxx

Conversion RateConversion Rate==

No. of CustomersNo. of Customersxx

No. of TransactionsNo. of Transactionsxx

Average Sale Value Average Sale Value ==

SalesSalesxx

Margin Margin ==

ProfitsProfits

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Number of LeadsNumber of Leadsxx

Conversion RateConversion Rate==

No. of CustomersNo. of Customersxx

No. of TransactionsNo. of Transactionsxx

Ave. Sale ValueAve. Sale Value==

SalesSalesxx

Margin Margin ==

ProfitsProfits

1,0001,000xx

25%25%==

250250xx22xx

$1,000$1,000==

$500,000$500,000xx

15% 15% ==

$75,000$75,000

What if with just a 10% increase ...What if with just a 10% increase ...1,1001,100

xx27.5%27.5%

==302.5302.5

xx2.22.2xx

$1,100$1,100==

$732,050$732,050xx

16.5% 16.5% ==

$120,789$120,789

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That’s a 46.4% That’s a 46.4% increase in your increase in your

Sales ...Sales ...

With just 10% increase

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For FUN, what if 100% ... ?For FUN, what if 100% ... ?Number of LeadsNumber of Leads

xxConversion RateConversion Rate

==No. of CustomersNo. of Customers

xxNo. of TransactionsNo. of Transactions

xxAve. Sale ValueAve. Sale Value

==SalesSales

xxMargin Margin

==ProfitsProfits

1,0001,000xx

25%25%==

250250xx22xx

$1,000$1,000==

$500,000$500,000xx

15% 15% ==

$75,000$75,000

2,0002,000xx

50%50%==

1,0001,000xx44xx

$2,000$2,000==

$8 million$8 millionxx

30%30%==

$2.4 million$2.4 million

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Ask not if this is possible, but ...Ask not if this is possible, but ...

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Key Idea in Each Way…Key Idea in Each Way…Inexpensive ways to get Expensive Leads Cutting wastage in your sales & marketingMaximize the lifetime value of your clientsGet them to spend more right from Day 1Higher sales with higher profitability base

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FREE Strategies in Each Way…FREE Strategies in Each Way…Social MediaNetworking

Written GuaranteeSales ScriptsLoyalty StrategiesPlan Future PurchasesBundlingChecklist Systematize Use FREE Help

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If starting and succeeding in business is a If starting and succeeding in business is a breeze, why aren’t many people doing it?breeze, why aren’t many people doing it?

Lady-Fear

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What Are Your Fears?What Are Your Fears?1.1. No capitalNo capital2.2. No monthly income to No monthly income to

support livessupport lives3.3. NO customersNO customers

4.4. No contactsNo contacts

5.5. No support from friendsNo support from friends

6.6. No time to enjoy lifeNo time to enjoy life

7.7. No guts No guts

1.1. Can always start small, Can always start small, all you need is S$38all you need is S$38

2.2. Can do part time jobCan do part time job3.3. Customers Customers willwill come if come if

you do marketingyou do marketing4.4. Over 1.68 B people in FBOver 1.68 B people in FB5.5. Real friend?Real friend?

6.6. Business is more fun!Business is more fun!

7.7. It’s already in your bodyIt’s already in your body

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Is there an instant shortcut? Is there an instant shortcut? Have all systems ready in shortest time?Have all systems ready in shortest time?

1. Real Estate Agencies 2. Insurance and Financial Planning

Firms 3. Franchises (S$60K to S$200K)4. Buy over existing business (at least S$100K)

Learn the shortcuts from people who have done it before!

5. Join and Leverage on a Network

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Brad Sugars, ActionCOACH Brad Sugars, ActionCOACH Chairman said …Chairman said …

"If you think training is "If you think training is expensive, try expensive, try ignorance”   ignorance”  

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How to Start & SucceedHow to Start & Succeed In Your Own Business In Your Own Business

1.1. Three Ways to Become RichThree Ways to Become Rich2.2. Why being Your Own Boss is Good NOWWhy being Your Own Boss is Good NOW3.3. Two Strong Foundations: Money Making Two Strong Foundations: Money Making

Model and People Passion PowerModel and People Passion Power4.4. What is a Good Business for What is a Good Business for YouYou? ? 5.5. Five Criteria for Successful BusinessFive Criteria for Successful Business6.6. Key Skills & Know-how for Business Key Skills & Know-how for Business

SuccessSuccess7.7. ACT’s 5-Way Profit Building LeverageACT’s 5-Way Profit Building Leverage8.8. Five Steps to Start Your Own Business nowFive Steps to Start Your Own Business now

www.asiatrainers.com