Start Your Own BusinessAn Overview

September 2013

I don’t understand

I don’t want to

understand…

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 PositioningHighPerceivedValue

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.

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 WeekMonday 18th – Friday 22nd November 2013

What could we organise as a group?Workshop?Debate? Conference? Dragon’s Den? Competition? Some Research?Business service ?

Pitching hints and uses.

Who is it for?Don’t get

bogged down in detail

Keep it simple and lively

Be brief – less is often more in presentations

i.e. the less your audience has to

take in and absorb the more they are likely to

remember.

Starting your own BusinessSome Quick Thoughts

Why? You need to be clear…

What? What is the offer…

When? Timing is critical … and lead in…

How? What do you need, cash flow forecasting… survival …

Where? High Street; Rented office; Home..

Who? Partners…. Buy-in…. Family….

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

ComputerOffice software Email programmeInternet accessWebsiteEmail addressTelephones:

Business mobile?Landlines?

Skype?PrinterFiles/containers:Invoices out - customers

Invoices in – suppliersReceipts

Bank statementsYour financial forecasts

and other workings

PaperEnvelopes?Stapler and staplesHole punchHighlight penPaper clips or mini bulldog clipsBusiness cardsOther…

Office Essentials

Hi Importance

Low Importance

High Urgency Low Urgency

Self Management – Urgency/ Importance Matrix

Expanding Your Horizons

Demands

Choices

Freedom to think!

Must do these things.

Constraints

Start Your Own BusinessAn Overview

Web BusinessDifferent reasons for having a web presenceTo sell my products and servicesTo reassure my clientsTo provide a backdrop to my servicesTo impress my suppliersTo impress competitorsTo attract fundingTo inform specific types of clients about my businessTo provide an information service Four Functions:Yellow Pages – Listings; Google etc..Shop window – leading to Mail Order, online payment facility?Library – Information ResourceClub - Network FeaturesAdvertisingNotifications, news, offersList of Products & services

Specifications Completing sale, confirmation, online payments.After care – information, updates, enquiries.Link to – complementary services & products.Link from - complementary services & products. MonetisationAdvertising space (advertising revenue or commission based)MembershipDirect SalesMarketing tool – (cost) EssentialsHome - clearContact with emailProducts & servicesNews?Links?Breadcrumb logicCopying others layout.

Funding Options

Loans

Bank

e.g. Handelsbanken

e.g. Funding

CircleFriends

Grants

Partnerships projects

Match funding

100% “gift”

Conditional Tender

Equity

Angels Active Partners

“sleeping” partners

Crowd Funding

Funding Possibilities

Match fundingFunded by:

Year 1 (part of)

Year 2 Year 3 Total Own funds Partners Council EU Fund Total Funds

Expenditure5 mobile drop in units 75,000 75,000 75,000 75,000

5 Facilitators 75,000 125,000 125,000 325,000 75,000 75,000 175,000 325,000 Skills build Workshops 10,000 20,000 10,000 40,000 30,000 10,000 40,000

Matching service website setup 15,000 15,000 15,000 15,000 Web Hosting and development costs 5,000 5,000 10,000 10,000 10,000

Computers, printers etc 2,500 2,500 2,500 2,500 Marketing 1,500 3,000 1,000 5,500 5,500 5,500

Management 20,000 30,000 30,000 80,000 10,000 10,000 60,000 80,000 Administration 8,000 12,000 12,000 32,000 32,000 32,000

Project evaluation 5,000 5,000 5,000 5,000

Total Expenditure 207,000 195,000 188,000 590,000 10,000 162,000 152,500 265,500 590,000 45%

Funded by:Own Funds 10,000 10,000

Partners 45,000 65,000 52,000 162,000 Council 100,000 50,000 2,500 152,500

EU Fund 52,000 80,000 133,500 265,500

Total Funds 207,000 195,000 188,000 590,000

Over to You…

What’s Next?

How to move things

forward?

Where to go for help?

Pitching your idea

Starting your own Business