Start Your Own Business An Overview September 2013

I want to understand

Psychology of an Entrepreneur Steady state Bull in a china shop Good listener Good talker Carer Survivor Leader Lieutenant Mark an X along each line to show where you fit most comfortably. What does this tell you about yourself? What will you need to change to succeed in business? How might you change?

Market Positioning High Perceived Value Low Delivered Cost Waitrose Poundland Aldi Sainsbury Tesco

In Pairs…. Do you have an enterprising idea? Can you explain what it is? What is the product/service/trade? Who is it for? What investment does it need? Explain your business idea Listen to your parner’s investment reservations. Might you be able to work together. Explain your business idea Listen to your parner’s investment reservations. Might you be able to work together.

If you don’t have an idea – Pair up with an “entrepreneur” Imagine you are an investor (Dragons Den!) – but … your money is precious – Imagine you have just bought your first house or car. Are you prepared to put it up as equity in order to invest in your partner’s idea?

Enterprise Week Monday 18 th – Friday 22 nd November 2013 What could we organise as a group? Workshop? Debate? Conference? Dragon’s Den? Competition? Some Research? Business service ?

Pitching hints and uses.

Starting your own Business Some Quick Thoughts

Business Plan Structure Contents – – Use the Word Index tool to create automatic contents. Executive Summary – – summarises the main points of the plan. Do last! Introduction – About you; the setting, the background, the context. Do last! The business idea – What will it do? Why? – What is the offer? – To whom? Who are the customers? The Market – Market research What has been undertaken? What is research based on? What needs to be done? – Describe the market – Identify competitors and product substitutes – Describe the gap in the market Set up – Timetable – Purchases – Company formation? Finance – Personal cashflow first year – Sales forecast first year; two years; five years? – Profit & Loss forecasts – Business cashflow – two years? – Funding requirements Proposition

Computer Office software programme Internet access Website address Telephones: Business mobile? Landlines? Skype? Printer Files/containers: Invoices out - customers Invoices in – suppliers Receipts Bank statements Your financial forecasts and other workings Paper Envelopes? Stapler and staples Hole punch Highlight pen Paper clips or mini bulldog clips Business cards Other… Office Essentials

Hi Importance Low Importance High UrgencyLow Urgency Self Management – Urgency/ Importance Matrix

Expanding Your Horizons Demands Choices Freedom to think! Must do these things. Constraints

Start Your Own Business An Overview

Web Business Different reasons for having a web presence To sell my products and services To reassure my clients To provide a backdrop to my services To impress my suppliers To impress competitors To attract funding To inform specific types of clients about my business To provide an information service Four Functions: Yellow Pages – Listings; Google etc.. Shop window – leading to Mail Order, online payment facility? Library – Information Resource Club - Network Features Advertising Notifications, news, offers List of Products & services Specifications Completing sale, confirmation, online payments. After care – information, updates, enquiries. Link to – complementary services & products. Link from - complementary services & products. Monetisation Advertising space (advertising revenue or commission based) Membership Direct Sales Marketing tool – (cost) Essentials Home - clear Contact with Products & services News? Links? Breadcrumb logic Copying others layout.

Funding Possibilities

Match funding

Over to You… Starting your own Business