Make it work with a business plan
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This document provides guidance on starting a new business, including conducting market research to validate an idea and understand the target audience. It emphasizes the importance of understanding financials such as sales, costs and profits. A SWOT and PESTLE analysis should be conducted to evaluate strengths, weaknesses, opportunities, threats, political, economic, social, technological, legal and environmental factors. A business plan should then be created, covering elements such as products/services, marketing strategy, objectives and financial projections. The business plan is important for securing funding from lenders and partners.
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Make it work with a business plan
- 1. Make it work! EMPLOYMENT ZMK 2014
- 3. But is it a Good idea??ZMK 2014
- 4. Conduct Market Research Who is your target audience? Go into the street and survey Email survey Check out your competition Know the difference between primary and secondary research How much is the market worth? Consider buying an existing business or franchise ZMK 2014
- 5. What do you want to know? Will people buy your product or service? Why? What is your USP (unique selling point/proposition)? What price will they pay? How much choice do they need? ZMK 2014
- 6. SAMPLE QUESTIONS 1.Do you buy…… 2.If not, why not? 3.Where do you buy it? 4.Why do you buy it from …. Price? Quality? Convenience? Loyalty? 5.If we could provide the same quality for less money, would you consider buying from us? 6.Do you buy online? 7.How often do you buy… http://www.constantcontact.com/aka/docs/pdf/survey_sample_qa_tips.pdf ZMK 2014
- 9. Financials Have you really thought about it? ZMK 2014
- 12. PRODUCT • What does the customer want from the product? • What features does it have to meet these needs? • How and where will the customer use it? • What does it look like? • What size(s), colour(s), should it be? • What is it be called? • How is it branded? • How is it differentiated versus your competitors? PRICE • What is the value of the product or service to the buyer? • Are there established price points for products or services in the area? • Is the customer price sensitive? • What discounts should be offered to trade or regular customers? • How will your price compare with your competitors? MARKETING MIX ZMK 2014
- 13. PLACE • Where do buyers look for your product or service? • If they look in a store, what kind? • How can you access the right distribution channels? • Do you need to use a sales force? • What do your competitors do? • How can you learn from that and/or differentiate? PROMOTION • Where and when can you get across your marketing messages to your target market? • How will you reach your audience, what type of marketing will you use? • When is the best time to promote? • How do competitors do their promotions? How does that influence your choice of promotional activity? MARKETING MIX ZMK 2014
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- 15. MARKETING Social media Blogs Press releases Vox pops Website Networking Advertising (Print, TV and Radio) Mailshots Flyers Posters Exhibitions Free samples Video Special offers OhNo! IT’S NOT FREE How do you let people know you are here? ZMK 2014
- 16. Why do you need a business plan? •For you •For potential lenders •For the bank •For partnersZMK 2014
- 17. Business Plan Required for you and for potential lenders 1. Clarify your products and services 2. Set goals for the future 3. Realistically estimate profits 4. Identify your competition (and their strengths & weaknesses) 5. Outline a marketing strategy 6. Keep focused on the big picture ZMK 2014
- 18. •Executive Summary •Business Background •Products and Services •The Market •Marketing and Sales Strategy •Profit Formula/Business Financial Model •Objectives - Management and Personnel •Ownership and Legal Structure •Financial Data •Critical Risks/Potential Problems/Solution Strategies •Summary Business Plan Contents ZMK 2014
- 19. THE BORING BIT Income Tax Let HMRC know as soon as you start your business Insurances Check which ones you need. ZMK 2014
- 21. ZMK 2014