Starting your own business in Northern Ireland. WSI Digital Web presentation to SERC Students

1. By Simon Miskimmin
www.wsidigitalweb.com

4. About WSI Digital Web
 WSI is the world leader in Digital Marketing, Web
Development & Web Design
 Headquartered in Toronto, Canada, WSI has been developing profitable
Digital Marketing Solutions for businesses of all types and sizes, since the
mid 1990s.
 Our global network of Digital Marketing Consultants in over 80 countries is
the largest of its kind.

5. About WSI Digital Web
 WSI is committed to improving the profitability of its customers through the
use of leading-edge digital technologies. As more businesses join the
struggle to harness the potential of the digital world for business growth
and success, WSI is ready to effectively serve their needs with
affordable digital solutions.

6. Some of our Clients:

7. Have 2 way conversations
Be visible and more – convert more leads,
trustworthy – retain more customers,
Get Found – Drives Leads Convert more business more repeat business
Lead Generation Online Prospect &
Strategies Credibility & Client
Brand Exposure Communication
Strategies Strategies
Web Analytics

9. Advantages of Starting a Business
 Be your own boss!
 You can take control in many areas of the business – such as hiring, firing,
administration and financial decisions.
 You can decide the hours you work.
 There is a chance you can make more money than you would if you work for
someone else.
 Job security – no one can fire you.

10. Advantages of Starting a Business
 You can decide which direction you want the business to go in – specialise or
diversify.
 You can derive a lot of satisfaction from running a successful business.

12. Disadvantages of Starting a Business
 There is massive financial risk involved, very few businesses are an instant
success.
 You are directly exposed to legal problems, which you would not face as an
employee.
 You may be unqualified to cope with things such as administration, human
resource development and research and development.

13. Cost of Starting a Business
 Start up costs for the majority of businesses are traditionally very high.
 Location, Location, Location – Having your offices or shop in a desirable
location can be expensive.
 Your office / shop you will need to furnish this, have a phone line, internet,
pay rates, pay rent, pay for electricity and buy office equipment etc.
 How many staff will you need? If you need specialist workers they will
warrant a higher salary. You will still need to pay your staff even if the
business is not making any money.

14. A Business Plan
 A business plan is a clearly written, detailed document which describes your
proposed business, your objectives, how you will achieve these objectives,
your target market and financial projections.
 A business plan is essential when trying to secure external funding but can
also be used to project the success of your business.

15. Your Marketing Plan
 Your customers will NOT find you – you have to find them through effective
advertising.
 How will you market your business? Print vs Online.
 How much will you spend on advertising in year 1, year 2 and year 3.
 Get some feedback on your Business and Marketing plan for numerous
individuals, not just your bank manager.

16. Is there a Market for my Product/Services?
 One common reason why businesses fail is lack of planning.
 In this respect, Market Research is vital.
 A USP (Unique Selling Point) can set your product / service apart from your
competitors and is essential in a competitive market.
 Do you know how much people are willing to pay for your product – is it
possible to bring the product to market and make a profit on this.

17. Competition
 Is the product / service you want to offer readily available in your area?
 Why would a customer buy from you and not your competitor? Price /
Quality / Reputation
 How will you compete with your competition in regards to marketing. Just
because they are spending more than you doesn’t meaning they are
spending it smarter than you.

18. Why Do a Small Business Fail?
 The latest figures reveal that only 67% of businesses survive 2 years trading
and only 44% survive 4 years trading.
 Lack of research, many businesses assume their market is there and do not
research.
 The product / service – There are many factors which determine the success
of a product or service, such as price, quality and even brand awareness.

19. Common Reasons for Failure
 Failure to change.
 Poor marketing.
 Underestimating the competition.
 Expanding too quickly.
 Lack of reserve funds.
 Poor planning.
 Lack of internal controls.
 Overspending.

20. Poor Management
 You have to be equipped to manage an ever expanding business.
 Financial management is without question the key survival.
 Cash flow is very important, without cashflow you can’t pay your creditors, if
you can’t pay them you could be forced into liquidation.
 Working capital is the money used for the day to day running of the
business, without working capital, you may be unable to buy a packet of
stamps.

21.  ALL businesses will at some point in the year will probably have a lean
period, where very little business is done. Your cash flow forecast should
anticipate this period and money should be set aside for this – just because
no money is coming in, doesn’t mean the bills won’t.
 On the other hand, most businesses can benefit from a boom period, such
as retailers around in December and January, where customers always
spend big.

22. Managing Customers
 Especially in this economic climate, many businesses give very low priority
to some of their invoices. Making sure your customers are invoices at the
right time and pay on time is critical.
 You must deliver on the services promised when you promised them – Your
customer may take any excuse not to pay.
 Will you offer your customers credit? If so how much? How much will the
charge be?

23. Maintaining a Relationship with Suppliers
 The relationship with your suppliers is always a two way one.
 You have the right to expect goods to be delivered on time and as agreed.
 They have the right to expect you to uphold the agreed payment terms of
the contract.
 If you are not happy with a supplier, the best thing to do is let them know, if
they fail to improve – leave them.
 If you however fail to pay them on time, they may stop supplying you!

24.  The relationship you have with your supplier can impact your business in
more ways than you anticipated.
 You could benefit from discounts for loyalty with them or from ordering
more stock.
 However, if your supplier doesn’t supply you – then you can’t supply your
customer – this will have a direct impact on your customer relations and
may even hamper customer retention.

25. How to fund your Business
 Start ups can benefit from Invest NI grants.
 Bank loans (More difficult in this economic climate)
 Use your savings.
 Venture Capital – You don’t need to go on Dragons Den, but encouraging a
business person or anyone to invest in your business for a share of it can be
a fantastic way to get funds.

26. Evolution
 To survive, a business must evolve.
 It must move to meet the needs of it’s increasing or decreasing market.
 Diversify to offer different services and expand into different markets.
 If your business is successful in one geographic location, why not expand to
another one?

27.  In any industry, you must be ahead of the game, you must know changes
coming in such as regulations etc and you must relay these to your staff and
customers.
 Many businesses retain some of their profit instead of spending it. This can
help the business have a lot more security and can even be used to expand
the business.

28. IF YOU FAIL THE FIRST TIME –
TRY, TRY AND TRY AGAIN!!!

29. Thank You For Your Time?
Any Questions?

30. by
www.facebook.com/wsidigitalweb Simon-miskimmin
www.twitter.com/wsidigitalweb. www.wsidigitalweb.com