Presentation is loading. Please wait.

Presentation is loading. Please wait.

Rex Lambert, Editor of The Listener, wrote in 1936, 'Television won't matter in your lifetime or mine.' John Langdon-Davies, fellow of the Royal Anthropological.

Similar presentations


Presentation on theme: "Rex Lambert, Editor of The Listener, wrote in 1936, 'Television won't matter in your lifetime or mine.' John Langdon-Davies, fellow of the Royal Anthropological."— Presentation transcript:

1 Rex Lambert, Editor of The Listener, wrote in 1936, 'Television won't matter in your lifetime or mine.' John Langdon-Davies, fellow of the Royal Anthropological Institute opined in 1936, 'By 1960 work will be limited to three hours a day.' Sir Richard Woolley was the British Astronomer-Royal who declared in 1956 that, 'Space travel is utter bilge.' Don Rowe was the director of Decca Records who turned down the Beatles. He said to their promoter, Brian Epstein, 'We don't like your boys' sound. Groups of guitarists are on the way out.' Frank Sinatra in 1957 stated, 'Rock and Roll is phony. It's sung, written and played by cretinous goons.' Ken Olson, CEO of DEC said in 1977, 'There is no reason anyone would want a computer in their home.' Bill Gates stated in 1981, '640k ought to be enough for anybody.' Don't be put off – go for it! 1

2 Start up Issues.......And how to avoid them Peter Doggett – Vistage International 2

3 I have an idea.......... Write and paint your dream Find something you really believe in Keep it simple Surround yourself with honest and positive people Be realistic about your time and cash Review Review Review 3

4 So where should you start..? Start with WHY Then with WHAT Then with HOW Too many businesses fail because they start with what and how before considering why. Whats your why? 4

5 Start Up Issues Skills and experience Time & passion SupportPartnersPlanning£££££PricingMarketingSellingGrowingIdeas YOU ARE HERE end 5

6 TIME The issues – Not enough time – Poor time planning/utilisation The cures – Proper planning – be realistic – Dont underestimate – Take breaks – Ask for help 6

7 You - your skills, passion and commitment What are the issues? – Commitment – Time – Get bored/distracted – Discouraged – Scared The cures – Who are you? Are you the right person? – Why do you want to start a business? Are they good reasons? – Personal SWOT 7

8 Confidence 8

9 SKILLS AND EXPERIENCE Always 4Sometimes 3Occasionally 2Never 1Possible consequences Can you work long hours with persistence & stamina? Can you balance work:family & friends? Is £ a big motivator for you? Can you deal with criticism and failure? Do you prefer excitement and risk over stability? Do you treat problems as a challenge? Do you find it easy to talk to new people? Can you persuade people? Do you find it easy to ask for help? Are you self confident and independent? 9

10 NOTE: CRISIS,OPPORTUNITY& THREATS HAVE SIMILAR CHINESE ROOTS STRENGTHS What are you really good at/talented at ? WEAKNESSES What do find difficult- what are you not very good at? What do you need help with? OPPORTUNITIESZone of Riches ACTIONS = S +OWannabe Zone ACTIONS= W+O Current opportunities – personal and business challenges. What are you good at? What should you focus on to give easy and significant wins? What special action do you need to take to compensate for your areas of weakness to turn them into positive results?Who could help you? THREATSGet tough Zone ACTIONS = S+THazard Zone ACTIONS = W +T What threatens your success in your role? What will happen if you dont use these strengths to address the threats-whats stopping you? What will happen to these threats if you dont recognise and address your weaknesses – what do you need to do?. 10

11 The Idea The issue – No ideas/limited ideas – Dont know how to get started The cure – What do you love doing that somebody might pay you for? – Who could you talk to who could help? – What is unique/needed/you can do better than others? 11

12 The Big Idea How do you decide? – Something you like/are good at – An existing product – but yours is better – A new market or product/service – An existing market or service – Wheres your niche? 12

13 Create something that is unique … If you set up a company selling widgets like the bloke down the road and the only difference is that yours are cheaper, youll make a living, but that is all youll achieve. If you can be truly differentiated and unique, then youve really got something. Martyn Dawes, founder of Coffee Nation 13

14 The Support The issue – Who can help me? The cure? – Ask people you trust & who are positive – not too emotionally attached. – Beware of strangers bearing gifts – Network with purpose – Get a mentor and be very honest. 14

15 Partners Key to your success or... A major part of your failure – Chose carefully Complimentary skills Same passion Same ethics Do you trust them implicitly Do the have similar ambitions? Families are not always the best Above all – create an agreement very early on in your growth 15

16 Cash £££ The issue – Im no good with money – I dont understand The cure – Keep it and systems simple – Watch the cash at all times especiallY Bank Breakeven Key numbers that drive your sales – Be honest – Keep good but simple records 16

17 Where can I get financial help? What will I need? Before doing anything – Business Plan – honest and realistic Establish how much you can put in yourself Youll need – Setting up funds – e.g. Premises/equipment/IT etc – Working Capital – funding the gap between paying for materials and receiving money from your suppliers Funding options (sole trader) CostSecurityRisks/implications – Self£NilOverspending – Families & friends£NilRelationships – Partners£NilWill want a share – Banks – overdrafts£££YESWithdrawal – Banks – long term loans££YESLimited – Foundations£NilLow – Some government agencies£SomeLow – Business Angels££SomeWill want return The more risk they take the more theyll want you to contribute, provide security and a payback 17

18 IMPORTANT NOTE Small increase in sales price rapidly reduces break even Even small discounts increase the break even considerably BREAK EVEN 18

19 19

20 Plan Plan Plan Keep it simple – Spread sheet Review – Keep a score – Define what will drive sales – Work out your break even – how much do you need to sell to make a profit? £ Selling price£10 Number of sales250 Total sales£2500 Cost of Sales£1000 Gross profit (%)£1500 Expenses£1000 Net Profit£ 500 20

21 Marketing 21

22 Planning – the development process ConceptFeasibilityDevelopTrialsLaunch Review Ideas Sketches Models Business plan Prototypes Customer feedback Research Funding Finalise plans Marketing sales strategy Develop final product Systems Test real products with real people Review and change Marketing Customer feedback Measure Control REVIEW = YES or No or modify COST OF STOPPING 22

23 Pricing Key to your success – Market research – Decide where you will focus sales – Dont confuse the market – Care with discounts – Dont fiddle your business plan by using un realistic prices which you cant achieve 23

24 Marketing Who are you trying to reach? Where are they? What do the do now? What do you want them to do? What do they read, watch, listen to? SOCIAL MEDIA? 24

25 MethodResponse Radio0.1% TV0.04% Bought data lists5% Direct Mail0.5-3% Newspapers0.13% Telemarketing6% Texts13% Inserts in magazinesUp to 2% Blackberry etc10-20% Online banner ads1-2% click through Online adverts2-20% Your website? PPCUp to 2% Door dropsUp to 4% 25

26 What you do speaks so loudly that I do not hear what you say Ralph Waldo Emerson 26

27 Selling How? Where? – Location – Marketplace – Internet Who – you or....? Costs? 27

28 Change is critical to Success 28

29 Go forth and multiply! Write and paint your dream Find something you really believe in Keep it simple Surround yourself with honest and positive people Be realistic about your time and cash Review Review Review 29


Download ppt "Rex Lambert, Editor of The Listener, wrote in 1936, 'Television won't matter in your lifetime or mine.' John Langdon-Davies, fellow of the Royal Anthropological."

Similar presentations


Ads by Google