Download - Business Startup Bootcamp - Day 1
Welcome
Agenda• 10am Designing and Planning your Business• 12 noon Lunch• 1pm Business Structure: IP• 2pm Business Structure: Companies House• 3pm Finance Workshop• 4pm Workshop Networking• 5pm End
Dr. David [email protected]
@bozward
Ice Breaker….• Three things about yourself– Favorite Dragon from Dragon’s Den– A food you would never eat–What is your favorite place?
• Now … go and exchange with three other people your DON’T know
Designing and planning your business
A business is not you…nor are you a
business
SOLVING YOUR CUSTOMERS NEEDS
So What!• No one care about your product• Everyone is busy• People will be anxious about buying
from you• Parting with money is harder than
advice• Solve one problem and do it well -
focus
Pain PointsHave you identified customer ‘pain-points’ for your products and services?
① We never considered customer ‘pain-points’.② We know what they are – we don’t need to research or
verify them.③ We have informally researched key customer ‘pain-points’.④ We have formally researched key customer ‘pain-points’ for
our main products and services in our main targeted segments.
⑤ We have formally researched key customer ‘pain-points’ for all products and services in all targeted segments, and we use these to inform product and service decisions.
Key Questions• What pain does your product solve?• Why should people care?• Can you do this in a few words?• Can you persuade people to
purchase your product using an elevator pitch?
How to Identify them..• In-depth interviews with your sales or advisors • Requests from from customers.• One-on-one customer interviews. • Customer focus groups. • Customer user group meetings.• Review of customer support calls.• Assessment of competitor offerings.• Suggestions from other staff in your company.
What to identify• What is the true source of pain?• Who sees the most value in having
that pain removed?• Who will ultimately pay for a
solution?• Is there a substantive market that
will benefit from your solution?
Benefits vs Benefits• a feature is what your product has or
does– e.g. 50 megapixels
• a benefit is something of value or usefulness– e.g. sharper and have true to life colours
Maslows
Why people buy• Community• Scarcity• Recognition• Prestige• Need
A task!!!• Clearly describe the 3 biggest benefits of owning your
product or service. • Let me be blunt. Your prospect doesn't care if you offer
the best quality, service, or price. • You have to explain exactly WHY that is important to
them. • Think in terms of what your business does for your
customer and the end-result they desire from a product or service like yours.
• So, what are the 3 biggest benefits you offer? Write them down on a piece of paper...
• 1. 2. 3. Go!!!
The USP• Be Unique • The key here is to be unique. Basically, your USP separates you from
the competition, sets up a "buying criteria" that illustrates your company is the most logical choice, and makes your product or service the "gotta have" item.
• Write your USP so it creates desire and urgency. • Your USP can be stated in your product itself, in your offer, or in your
guarantee: – PRODUCT: "A unique cricket swing that will instantly force you to hit like a
pro." – OFFER: "You can learn this simple technique that makes you hit like a pro in
just 10 minutes of batting practice." – GUARANTEE: "If you don't hit like a pro cricket player the first time you use
this new swing, we'll refund your money."
Write your ideas on paper now...
DEVELOPING A BUSINESS
PLAN
YOU need a plan! !
What is a Business Plan?
It is a written document that describes what the
entrepreneur’s business is all about and how he or
she intends to sustain it.
DON’t do too much
planning“its all about feedback loops”
‘Our’ planning process1. An Elevator Pitch
2. Business Model Canvas
3. One Page Business Plan
What is in a Business Plan?
It should discuss the following:
•Product:What the business will produce, how it will be produced, and who will buy the product or service
•People:Who will run the business
•Customers:How the business will win over customers and keep them
•Money:How the financial picture would look like over time
What do they look like?1, People2, Product3, Customers4, Money
For whom is it written?1. The Entrepreneur e.g.YOU2. The Employee3. Potential
a. Financiers b. Partners c. Investorsd. Suppliers
For whom is it written?1. The Entrepreneur
• To provide a road map of where the business will go
• To force the owner to think about all aspects of the business venture
• To help communicate ideas to others• To aid in managing the business • To work out the risks, opportunities
2. The Employees
• To give them a clear idea of what the owner wants to do
• To motivate them to work hard• To enable them to see where they can fit in
the scheme of things• To encourage “buy‐in” on the owner’s plans
For whom is it written?
3. Potential financiers, partners, investors, and Suppliers
• To prove that the business model is solid• To give them an idea of where their funds
would go• To show the profit potentials of the
business venture
For whom is it written?
Tips in writing a business plan• Be honest and true to yourself• Do good research; Cite your sources• Base forecasts on statistical evidence• Be sure it is neat and organized• Include cover letter with business information;executive summary• Please proofread!!!
What are the core elements of a business plan?
Fact Sheet• Name of Company• Legal Structure• Location• Size• Investment Amount• Return on Investment• Promoter• Auditor
1. The People• The Founders–Who, Why, How, When, Where
• Advisors–Who, What, Network,
• External Support– Banks, Industry Networks,
GovernmentBusiness
Owner
This
is fir
st b
ecau
se it
’s th
e m
ost i
mpo
rtan
t
2. The Opportunity• The Product– Hook = What, Who, Why
• The Customer– How many, Why, When
• The Competition–Who, Trends, Financial Backing
3. The Context• Business Model• Big Picture• External Forces• PESEL
4. Risk & Reward• SWOT– Go Deep!
• Risks–What can go wrong–Who should be involved, when
• Rewards– Exit strategy – Investors
5. Proof of Concept• Patents/Trademarks/Copyright• Letters/Requests/Notifications• Feedback/Surveys• Technical Descriptions– Diagrams/Pictures– No equations
6. Momentum• Journey• Achievements• Investments• Key Dates– Company/Finance/Patents/Contracts
• Summary of plan
7. Appendices - other Stuff• Financials– Balance Sheet/Cash Flow
• Executive summary• Founders & Team CVs• Market Research sources
All business plans are the same1, People2, Product3, Customers4, Money
Task: Write one sentence on each
1. People2. Opportunity3. Context4. Risk & Reward5. Proof
BREAK
Lean Startup
Scalability Challenge
Pivot
Business Models
Questions you can ask that lead you to completely define the business concept:
1. What is the product or service you are offering?
2. What problem do you solve? 3. Who is your market?4. What are the benefits to the end user? 5. How will the benefit be delivered to your
customer?
What do you do?
MakeLook after
GrowMove
Buy
Design
Bring togetherTransmit
PresentSource
Advise
Who does it?
Sub-contractors
Partners
Complementary firms
CustomersEmployees
Suppliers Networks
Who do you do it for?Customers Accreditors
Subscribers
Users
Clients
PartnersPatrons
Audiences
Consumers
Purchasers
CongregationsWholesalers Retailers
Members
Generate three connectionsWhat
Make
Look after
Grow
Move
BuyDesign
Bring together
Transmit
Present
Source
Advise
Sub-contractorsPartners
Complementary firms
Customers
Employees
Suppliers
Networks
WhoCustomers
Accreditors
Subscribers
Users Clients
Partners
PatronsAudiences
Consumers
Purchasers
Congregations
Wholesalers
Retailers
Members
Customer
What do you charge for? • Hours you provide• Each product • Space you use• Volume consumed • Quantity you sell• Number of times used• Per edition
Types of Business Models• Brokerage: brings together buyers / sellers• Advertising: sells space for ads• Infomediary: sells information • Merchant: sells goods• Community: provides a space for interaction• Affiliate: works with partners• Utility: metered usage• Subscription: pay for access e.g. to
information
(see www.digitalenterprise.org)
Business Model Canvas Explained
http://www.youtube.com/watch?v=QoAOzMTLP5s
http://youtu.be/QoAOzMTLP5s
Hours you provideEach product Space you useVolume consumed Quantity you sellNumber of times usedPer edition
Sub-contractors
PartnersComplementary firms
CustomersEmployees
SuppliersNetworks
Make
Look after
Grow
Move
BuyDesign
Bring together
Transmit
PresentSource
Advise
http://youtu.be/QoAOzMTLP5s
BREAK
12 noonLunch
Until 1pm
1pm Business Structure
Intellectual Property
2pm Business Structure: Companies House
Neil Butler
3pm Finance Workshop
Jessica PillowPillow May LLP
BREAK
Thank YouDr. David Bozward
www.enterprisingstarts.com