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Be your Own Boss

   Elishba Zachariah
  Careers Consultant
 zachare@wmin.ac.uk
Objectives
• The key to starting a business
• Market Research
• Business Plan
What is the key to starting a business?




              You!
Attitude and Personality
• Are you a self starter?
• Do you enjoy taking responsibility?
• Are you organised?
• Can you sell, and accept the inevitable
  rejection selling involves?
• Does the idea of managing change excite you?
• Can you make decisions quickly?
http://www.youtube.com/watch?v=Y5R_z
               B9BKTw
Reasons to start your own business
• Ditch the rat race and make your own way in the
  world
• Work to the hours & deadlines you set for yourself
• Experiment with ideas you’ve always had
• You are the boss
• You earn the money
• Take holidays when you want to
• Decide who you do business with and what values
  you represent


                  Source: WHSmith Becoming your own boss
Reality
There is a quantifiable gap in the
  market that can sustain your
             business!
Market Research
• Observation
• Experimentation
• Asking Questions

• Make informed business decisions
Market Research
•   Customer Profile
•   Customer attitudes and requirements
•   Competition
•   Market size (volume and value)
•   Market structure
•   Environmental forces
•   Specific considerations
Customer Profile
• Who are the buyers of your product or
  services likely to be?
• How many will actually buy?
• How can you define or describe them?
• Where are they?
• How can they be located?
Example
• Offer bespoke computer software to large
  businesses
• Provide toys and games for children under 12
  years old
• Provide an environmentally friendly range of
  packaging materials for use in the food
  industry
Customer Attitudes and Requirements
•   Why will they buy?
•   What motivates them to buy?
•   What particular benefits are they looking for?
•   How do they judge value for money?
•   How do they want to able to buy?
•   How do they go about making buying decisions
•   Who or what plays a part in making buying
    decisions or can influence the decisions?
Example
• Swiss watches - well made and precision
  mechanical time pieces
• Electronics industry in Japan offered time
  accuracy at a low price (major benefit to
  customer)
• Today Swatch promote watches as fashion
  accessories
Competition
• What is being offered at the moment and by
  whom?
• What actually sells at the moment?
• How are these products being sold?
• Where and from whom do customers buy?
• What do customers think of their existing
  suppliers and products and services?
• What would encourage them to switch?
Market Size (Volume and Value)
• How many existing and prospective buyers are
  there?
• How often are they likely to buy?
• How much of each product is being sold?
• At what prices?
• Are prices very similar or widely different?
• Why?
• What price will buyers be willing to pay?
• How price sensitive is the market?
Market Structure
• What is a typical supply chain like – materials
  suppliers; manufacturers; distribution
  channels; customers; end users?
• Who buys what from whom?
• How many operators are there and who are
  the key players – at each stage in the supply
  chain?
• At what stage of development is the market –
  new, growing, well established, declining?
Mobile Phone Industry
Environmental Forces
• What factors have a influence on market
  development – political activity; economic
  trends; social issues; technological
  development; balance of supply and demand;
  market entry barriers; resources issues?
• How are these factors effecting the market
  growth rates, trends, structure
  stability, customer
  preferences, profitability, etc?
University Sector
Specific Considerations
• Are there any special regulations or standards
  to meet?
• With what legislation must you comply?
Information sources
Government reports
Statistics
Market research reports
Trade magazines/web sites
Business directories
Press articles
Local ward profiles
Electoral register
The British Library/Business Link
Your Own Market Research
• Published information cannot answer all the
  questions.
• Small businesses are specialised
• Collect your own relevant data:
  Questionnaires
  Interviews
  Focus groups
  Social media
Test Marketing
• Trial runs
• Order a small number of the products to test
  sales
• Build a prototype to show clients
• Provide a new service on a small scale
SWOT Analysis
  How well do you compare to your competitor (internal
  structure)?
  What is the customer perception of your products/services
• Strengths
• Weaknesses

  Market Research
• Opportunities
• Threats

  http://www.businessballs.com/swotanalysisfreetemplate.htm
http://www.youtube.com/watch?v=jEm1X
               y5xgMU
Business Plan
What's your product or service?
 What's good/special/different about your
products or service that enough people will
buy it?
Is this something that you have a real passion
for?
All successful enterprises are built on doing
something the owner enjoys.
What does it cost to make/buy
in/provide the product or service?
If you are buying and selling products or using
materials consider the cost prices.
If the main resource is your own time then
attach a cost to your labour that reflects your
available time for the work and the wage you
need to draw.
Divide your required annual wage by the
number of work hours available to you, and
this is your notional hourly labour cost.
What price will the product/service
              sell for?
• Price your products/services according to
  what the market will pay, not according to
  your costs.

• Take into account your competitors and what
  they charge and their relative quality.
Who will buy the product/service?
 Do you know your customers and market.
 Test your assumptions: this is a critical part of
 the proposition and generally benefits from
 more thought and research to confirm that a
 big enough market exists for your idea
 Consider your competition - what are people
 buying currently and why will they buy from
 you instead?
How much/many do you need to sell in a year?
  And how many customers do you need?
 Does the gross profit (the difference between
 costs of bought in products/labour and sales
 revenues) covers your/their financial needs
 including a living wage and other fixed costs of
 running the enterprise.

 Remember the affect of VAT on your selling
 prices if applicable
How will people know about the
       service/product?
You need to understand what
advertising/marketing/enquiry-generation is
necessary.

There is usually a cost for generating new
customers, especially in the early stages of a
new enterprise.
Video Clip
                   Tim Berry
            Expert Business Planner
• http://www.bplans.co.uk/
Resources
  Business Planning and Research
• http://www.shell-livewire.org/

• http://www.bl.uk/bipc/busplann/index.html

  Grants/Loans
• http://www.bl.uk/eresources/business/cd-
  busin.html#advice
Tax/VAT
• Personal allowance £7,475

• Capital Allowance Scheme (hot desking/licenced office )
  http://www.legalcentre.co.uk/property/guide/short-term-lets-of-
  commercial-premises-lease-licence-or-tenancy-at-will/

   http://www.rentadesk.co.uk/

• Research & Development
• Working Tax Credit
• Child Tax Credit
• VAT is paid for revenue over £68,000
http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1086692188
Intellectual Property
Patents             For inventions, protecting new
                    products and processes

Trade marks         For brands, protecting distinctive
                    reputations vested in names and logos

Designs             For appearance of articles, protecting
                    shape and pattern

Copyright           Creative and Artistic works
                    eg. paintings, books, film music

One product can be protected with many forms of IP
Non-disclosure
• Non Disclosure (or Confidentiality) agreements are
  useful when disclosing information that you do not
  want to be discussed with any other party or your
  competitors. This might be if you are pitching for
  work or if you are explaining the special methods you
  use to create a product.
• They are legally binding documents which can be
  tailored to your specification.
• Always ask the organisation you will be disclosing the
  information to, to read and sign the document
  before the initial meeting takes place.
Intellectual Property
• Intellectual Property
  www.ipo.gov.uk

• British Copyright Council
  britishcopyright.org
• Own It
  own-it.org
• ACID – Anti Copyright in Design
  acid.uk.com
Business Structure
• Self Employed
  To be self-employed, an individual is normally highly
  skilled in a trade or has a niche product or service to
  offer.
• Free Lance
  A person who sells services to employers without a
  long term commitment.
• Partnership
  A partnership is a type of business entity in which
  partners (owners) share with each other the profits
  or losses of the business.
Business Structure
• Collaborations
  Collaboration is a practice whereby individuals work together
  to a common purpose to achieve a business benefit. This is
  common practice within the creative industry.

• Limited Liability Company
  Limited companies exist in their own right. This means the
  companies finances are separate from the personal finances
  of the owner

• Franchises
  Buying a franchise is a way of taking advantage of the success
  of an established business. A license is bought to use the
  name, products, services and management support systems
  of the franchiser company.
Elishba Zachariah
 Careers Consultant
zachare@wmin.ac.uk

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Be Your Own Boss - workshop presentation

  • 1. Be your Own Boss Elishba Zachariah Careers Consultant zachare@wmin.ac.uk
  • 2. Objectives • The key to starting a business • Market Research • Business Plan
  • 3. What is the key to starting a business? You!
  • 4. Attitude and Personality • Are you a self starter? • Do you enjoy taking responsibility? • Are you organised? • Can you sell, and accept the inevitable rejection selling involves? • Does the idea of managing change excite you? • Can you make decisions quickly?
  • 6. Reasons to start your own business • Ditch the rat race and make your own way in the world • Work to the hours & deadlines you set for yourself • Experiment with ideas you’ve always had • You are the boss • You earn the money • Take holidays when you want to • Decide who you do business with and what values you represent Source: WHSmith Becoming your own boss
  • 7. Reality There is a quantifiable gap in the market that can sustain your business!
  • 8. Market Research • Observation • Experimentation • Asking Questions • Make informed business decisions
  • 9. Market Research • Customer Profile • Customer attitudes and requirements • Competition • Market size (volume and value) • Market structure • Environmental forces • Specific considerations
  • 10. Customer Profile • Who are the buyers of your product or services likely to be? • How many will actually buy? • How can you define or describe them? • Where are they? • How can they be located?
  • 11. Example • Offer bespoke computer software to large businesses • Provide toys and games for children under 12 years old • Provide an environmentally friendly range of packaging materials for use in the food industry
  • 12. Customer Attitudes and Requirements • Why will they buy? • What motivates them to buy? • What particular benefits are they looking for? • How do they judge value for money? • How do they want to able to buy? • How do they go about making buying decisions • Who or what plays a part in making buying decisions or can influence the decisions?
  • 13. Example • Swiss watches - well made and precision mechanical time pieces • Electronics industry in Japan offered time accuracy at a low price (major benefit to customer) • Today Swatch promote watches as fashion accessories
  • 14. Competition • What is being offered at the moment and by whom? • What actually sells at the moment? • How are these products being sold? • Where and from whom do customers buy? • What do customers think of their existing suppliers and products and services? • What would encourage them to switch?
  • 15. Market Size (Volume and Value) • How many existing and prospective buyers are there? • How often are they likely to buy? • How much of each product is being sold? • At what prices? • Are prices very similar or widely different? • Why? • What price will buyers be willing to pay? • How price sensitive is the market?
  • 16. Market Structure • What is a typical supply chain like – materials suppliers; manufacturers; distribution channels; customers; end users? • Who buys what from whom? • How many operators are there and who are the key players – at each stage in the supply chain? • At what stage of development is the market – new, growing, well established, declining?
  • 18. Environmental Forces • What factors have a influence on market development – political activity; economic trends; social issues; technological development; balance of supply and demand; market entry barriers; resources issues? • How are these factors effecting the market growth rates, trends, structure stability, customer preferences, profitability, etc?
  • 20. Specific Considerations • Are there any special regulations or standards to meet? • With what legislation must you comply?
  • 21. Information sources Government reports Statistics Market research reports Trade magazines/web sites Business directories Press articles Local ward profiles Electoral register The British Library/Business Link
  • 22. Your Own Market Research • Published information cannot answer all the questions. • Small businesses are specialised • Collect your own relevant data: Questionnaires Interviews Focus groups Social media
  • 23. Test Marketing • Trial runs • Order a small number of the products to test sales • Build a prototype to show clients • Provide a new service on a small scale
  • 24. SWOT Analysis How well do you compare to your competitor (internal structure)? What is the customer perception of your products/services • Strengths • Weaknesses Market Research • Opportunities • Threats http://www.businessballs.com/swotanalysisfreetemplate.htm
  • 27. What's your product or service? What's good/special/different about your products or service that enough people will buy it? Is this something that you have a real passion for? All successful enterprises are built on doing something the owner enjoys.
  • 28. What does it cost to make/buy in/provide the product or service? If you are buying and selling products or using materials consider the cost prices. If the main resource is your own time then attach a cost to your labour that reflects your available time for the work and the wage you need to draw. Divide your required annual wage by the number of work hours available to you, and this is your notional hourly labour cost.
  • 29. What price will the product/service sell for? • Price your products/services according to what the market will pay, not according to your costs. • Take into account your competitors and what they charge and their relative quality.
  • 30. Who will buy the product/service? Do you know your customers and market. Test your assumptions: this is a critical part of the proposition and generally benefits from more thought and research to confirm that a big enough market exists for your idea Consider your competition - what are people buying currently and why will they buy from you instead?
  • 31. How much/many do you need to sell in a year? And how many customers do you need? Does the gross profit (the difference between costs of bought in products/labour and sales revenues) covers your/their financial needs including a living wage and other fixed costs of running the enterprise. Remember the affect of VAT on your selling prices if applicable
  • 32. How will people know about the service/product? You need to understand what advertising/marketing/enquiry-generation is necessary. There is usually a cost for generating new customers, especially in the early stages of a new enterprise.
  • 33. Video Clip Tim Berry Expert Business Planner • http://www.bplans.co.uk/
  • 34. Resources Business Planning and Research • http://www.shell-livewire.org/ • http://www.bl.uk/bipc/busplann/index.html Grants/Loans • http://www.bl.uk/eresources/business/cd- busin.html#advice
  • 35. Tax/VAT • Personal allowance £7,475 • Capital Allowance Scheme (hot desking/licenced office ) http://www.legalcentre.co.uk/property/guide/short-term-lets-of- commercial-premises-lease-licence-or-tenancy-at-will/ http://www.rentadesk.co.uk/ • Research & Development • Working Tax Credit • Child Tax Credit • VAT is paid for revenue over £68,000 http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1086692188
  • 36. Intellectual Property Patents For inventions, protecting new products and processes Trade marks For brands, protecting distinctive reputations vested in names and logos Designs For appearance of articles, protecting shape and pattern Copyright Creative and Artistic works eg. paintings, books, film music One product can be protected with many forms of IP
  • 37. Non-disclosure • Non Disclosure (or Confidentiality) agreements are useful when disclosing information that you do not want to be discussed with any other party or your competitors. This might be if you are pitching for work or if you are explaining the special methods you use to create a product. • They are legally binding documents which can be tailored to your specification. • Always ask the organisation you will be disclosing the information to, to read and sign the document before the initial meeting takes place.
  • 38. Intellectual Property • Intellectual Property www.ipo.gov.uk • British Copyright Council britishcopyright.org • Own It own-it.org • ACID – Anti Copyright in Design acid.uk.com
  • 39. Business Structure • Self Employed To be self-employed, an individual is normally highly skilled in a trade or has a niche product or service to offer. • Free Lance A person who sells services to employers without a long term commitment. • Partnership A partnership is a type of business entity in which partners (owners) share with each other the profits or losses of the business.
  • 40. Business Structure • Collaborations Collaboration is a practice whereby individuals work together to a common purpose to achieve a business benefit. This is common practice within the creative industry. • Limited Liability Company Limited companies exist in their own right. This means the companies finances are separate from the personal finances of the owner • Franchises Buying a franchise is a way of taking advantage of the success of an established business. A license is bought to use the name, products, services and management support systems of the franchiser company.
  • 41. Elishba Zachariah Careers Consultant zachare@wmin.ac.uk