Getting ready to launch
•Télécharger en tant que PPTX, PDF•
0 j'aime•74 vues
Some hints and tips to getting your start up ready for launch.
Recommandé
Recommandé
Contenu connexe
Tendances
Tendances (16)
Similaire à Getting ready to launch
Similaire à Getting ready to launch (20)
Plus de Incrementa consulting
Plus de Incrementa consulting (20)
Dernier
Dernier (20)
Getting ready to launch
- 2. Today’s topics • Understanding your financial position • Build your network • Create a plan and some goals • Get the legal elements in order • Building a team to support
- 3. Financial position • Have you − Forecasted your sales? − Forecasted your costs? − Created a personal survival budget? − Created a cashflow forecast? − Calculated how long you have to make a success of it?
- 4. Sales forecast MONTH SALES a SALES b SALES c TOTAL MONTH MONTH CUMULATIVE MONTHLY 1 2 3 4 5 6 7 8 9 10 11 12 YEAR
- 5. Understanding your costs Direct Costs • An expense that can be traced directly to a process or product. • Direct costs (such as for labour and materials) vary with the rate of output but are uniform for each unit of production Indirect Costs • Indirect costs are costs that are not directly accountable to a cost object. • Indirect costs include administration, personnel and security costs. • These are those costs which are not directly related to production. • Also called overheads and fixed costs.
- 6. Cashflow −Working out your “burn rate” −Money in versus money out per month −What is your net outgoing per month until you start to make a profit?
- 7. Cashflow Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Income Sales a Sales b Total Income £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 Expenditure Materials Subcontract Charges Packaging and Carriage Wages Business Rent Business Rates Water Rates Light / Heat / Power Repairs and Renewals Business Insurance Travel and Vehicle costs Printing and Stationery Marketing Professional Fees General Expenditure Total Expenditure £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 Monthly net inflow / outflow £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 Cumulative monthly flow £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00
- 8. Personal survival budget Personal survival Budget £ Mortgage / Rent Council Tax Utilities Insurance Car costs (insurance / tax) Food Entertainment Estimated Income (partner / job / other) Savings
- 9. Runway Net burn rate £2500 Monthly out goings Personal costs + business burn rate £1000 + £2000 = £3000 Monthly income Personal income £500 Net burn rate / Savings = Runway £2500 / £10,000 = 4 months Therefore have 4 months minimum before the business needs to generate at least £2500 in sales per month
- 10. Is this viable?
- 11. Revenue streams • Can we get customers to pay a specific price for our value propositions? • Can we generate sufficient revenue? Profit • Can we generate more revenues than costs in order to make a profit? Cost structure • Can we manage our costs and keep them under control? Is it viable?
- 13. Early adopters Inside referral Outside referral Event contact Social media Cold call
- 14. Who do you think…. • Has the most pain? • Has the shortest sales cycle? • Has the budget? • Has the authority? • Write a few bullet points about them
- 15. Early adopter persona Name: Persona description: Age, Gender, Marital status, location, education, hobbies, leisure time Gains: To what extent do current products make them happy? Pains: What causes bad feeling in the customer with the current products? Jobs to be done? What tasks are supported by the product? What are the goals? Use cases How is the product used? Where is it used and when is it used? What happens before and after use? How does the customer obtain information? What influences a purchase decision?
- 16. Early adopter persona Can you create an early adopter persona?
- 17. Inside Referral Who is in your existing network could meet the criteria of an early adopter? • Has the problem • Has the desire to solve it • Has the budget to pay for it etc
- 18. Inside referral One key tip for any start up is to ensure that you have a ready made network for your idea. So before you start your business build your network − Use social media – LinkedIn − Attend events − Attend networking
- 19. Outside referral
- 20. Outside referral What could we do to encourage our direct connections to refer us on to others?
- 21. Tips for encouraging referrals • Give great customer service – delight your customers • Encourage social media sharing after a purchase • Create case studies and use testimonials • Offer incentives • Place a referral card inside their order
- 22. How will you approach them? • Phone • Email • Networking • Event • Social media • You decide……… • But try as many as you can
- 23. What do we approach them with? Problem Answer Credibility Evidence Next steps
- 24. Prospect Pain / Capability Gap Many companies are trying to grow and are experiencing difficulties with lack of finance, ability to innovate or the internal capacity to deliver What’s my role My role is to help companies to overcome these barriers by providing the support they need either in the form of workshops or one to one coaching Why it’s unique What’s different about this is we work with a wide variety of high quality coaches with a number of different specialisms
- 26. What do you want from your business? Where are you now? Where do you want to go? How are you going to get there
- 27. Prosper Planning • What’s your one wildly important goal? • What are the individual objectives to achieving this? − Perhaps per “department” • What are the actions to achieving each objective? • What are the measures of success?
- 28. Prosper plan
- 29. Gantt Charts – what are you going to do and when
- 30. Road Mapping
- 32. Longer term planning • How are you going to grow? • Typically 4 areas available − Geographic expansion − New products / features − New technology − New customer segments
- 33. What does your road map look like? • Can you create a development timeline for your business in year 1? • What are your key achievement milestones?
- 35. What does your long term strategy look like? • Can you create a development timeline for your business beyond year 1? • What are your achievement milestones? − Think about −New tech −New features −New markets −New locations
- 36. LEGALS
- 37. Insurance • Public liability • Employers liability • Product liability • Professional Indemnity • Sickness or injury • Contents insurance
- 38. Business structures – have you registered? • Sole trader, freelance or self employed • Partnership • Limited company • Franchise • Social enterprise
- 39. Banking – do I need a separate account? • Some small businesses don't like to open a separate bank account because of the charges. • If you don't have a dedicated bank account for your business, there is much more risk of confusion and your bookkeeping will take longer because there will be more transactions to account for – many of which will be irrelevant to your business. • Banks often give you a good deal when you start up • If HM Revenue & Customs investigates your business, you will be giving them access to your personal as well as your business income when they look at the bank statements if you mix everything up in a private account. • It also means that whoever is preparing your accounts and tax returns will see details of your personal/private spending • If you operate as a limited company – although there is no specific legal requirement – you are strongly advised to open a separate bank account for the company.
- 40. Naming • Choosing a name for your business can be tough, but it can be approached methodically. There are five main types of company name: • Descriptive (Premier Sandwiches) • Owner-named (Dave's Sandwiches) • Multiple owner-named (Johnson Hobson Wilson Potato Peeler) • Pointless initials (DS Ltd.) • Irrelevant but memorable (Orange, as in the mobile phone company) • You MUST check to see if the name you would like to use is being used by another business already • You can check via Companies House or simply search for the name on the internet.
- 41. What are Terms and Conditions? General and special arrangements, provisions, requirements, rules, specifications, and standards that form an integral part of an agreement or contract.
- 42. What are Terms and Conditions? Terms and conditions are vital to your business as they set out responsibilities that relate to you and your customers.
- 43. Why use them? They protect you as a buyer or seller and they protect your rights
- 44. What should they cover? • Specifying when payment will be due, what interest will be due on late payments, and so on. • Making sure you can recover as many of the collection and litigation costs as possible, if you aren’t paid. • Limiting your liability if you are unable to supply the goods. • Explaining what will happen if only part of an order is delivered, or if a delivery contains faulty products. • Stating that you retain ownership of goods until payment has been received. • Intellectual property ownership • Termination clause • Privacy statement • Acknowledgement • Method to resolve problems
- 45. Where should they be displayed? • A supplier should make express references to its standard terms and conditions: − In catalogues, brochures or other similar documents − On quotations − On purchase order forms − On any acknowledgement or confirmation of purchase − On delivery notes − On invoices
- 46. BUILDING A TEAM
- 47. Bridge the skills gap
- 48. What are the skills gaps in your business? Marketing? Finance? Technology? Sales? Admin? Operations? BE HONEST Think about the future not just now
- 49. How could you fill them? Gaps Hire Intern Co- founder Contractor
- 50. Finding the right person Advertising Job Centre Word of mouth Colleges and Uni’s Internet Trade magazines Recruitment agencies
- 51. FINAL TIPS
- 52. Tip 1 – Research – Research - Research Wider world Industry Competition Customers
- 53. Tip 2 – Plan Where are you now? Where do you want to go? How are you going to get there
- 54. Tip 3 – Knowing your customers Customers (potential customers) • Who are they? • What are they prepared to pay? • What do they like about your product? • What do they dislike? • How frequently will they buy When carrying out potential customer research its important to first identify who your potential customers might be. Don’t waste your time asking people their views on products or services that they will not buy.
- 55. Tip 4 – Determining value
- 56. Augmented Product Total Product Core Product For Example • Guarantee For Example • Packaging • After sales service • Environment For Example • Car • Training Services • Graphic Design services Benefit Building Tip 5 – Getting your product / service right
- 57. Tip 6 – Set the right price Competition Marketing Cost Pricing methods
- 58. Tip 7 – Know the right way to communicate Publicity Direct Marketing Personal selling Advertising Sales Promotion Internet/websit e Online marketing Face to face (Trade shows)
- 59. Tip 8 – Don’t be afraid to seek advice
Notes de l'éditeur
- Complete sheet 7 of the handout – 10 mins exercise
- The process of an ideal pitch with an example. This is what we have been striving for throughout the session a process from Pain through to role through to uniqueness
- The typical business structures in the UK. Need to emphasise UK here as other countries have different models and structures We will discuss each in turn
- Some other tips Shop around and see what each bank are offering as a free banking period as a start-up. Typically these days around 18 months free banking Shop around and ensure you set up the right account – look at ways in which you will be getting income – will it be cash or electronic transfer? Will you need international banking or a merchant bank account (the ability to take visa payments) Shop around – what is the availability of the bank manager like? Is it difficult to get an appointment – will you need them? Sometimes it pays to use the bank you have your personal account with as they already know you.
- If you wish to portray a solid but unremarkable image, the descriptive approach may be justified. However, it is worth noting that inventive branding has permeated almost every product category these days, so you should be as brave as you can be. The second option (ie owner-named) may be relevant if you have a reputation from a past life and it will be helpful for past clients to know that it's your business. In the case of Dave's Sandwiches, this is unlikely, but if you are a prominent expert in a specific field, it may be relevant. Multiple owner-named business names are unwieldy and hard to remember. As a start-up this is unlikely to be an issue, but if you are going into business with several partners consider the pitfalls of choosing a long-winded name just to satisfy the founding partners' egos. It may not benefit the business, so resist this route if possible because it usually just leads to hoots of derision. Option four, pointless initials, is also highly undesirable. A quick glance at the phone book reveals thousands of these acronyms. Initials say nothing about you and are unremarkable, so resist using them. The last option, irrelevant but memorable, can be fun if done well. For example, if you work in a fairly dry sector, the use of a fun, lively name might make your business more memorable. All of this is of course a matter or personal taste, but usually it really is worth dreaming up a distinctive, memorable name for your business. when trading internationally might want to check the name doesn't have negative connotations in the country where you are considering trading. All if using acronyms / initials check Theydon't spell out something that can negatively impact business.