stepping forward: business · business. but how do you get going? there’s a lot more to good...
TRANSCRIPT
Stepping Forward: Business
Starting a Small Business
The Business PlanYou’ve got a business idea. You’ve decided to start a business. But how do you get going?
There’s a lot more to good business than a good idea. You need to think things through to maximise your chances of success. Are you the right person to run the business? Will customers like your product?
A business plan will help you turn an idea into a business. It needs you to think through all the parts of your business to plan how everything will work. It will take a few weeks to write if you’re going to do it properly. Some parts will be easier to complete than others.
Stick at it because it’s not the final document that’s important, it’s the process. Although you want to have a good plan when you’re done, an OK plan is better than no plan.
Do you have what it takes to be a business owner?
Have a go at the quiz below!http://www.bizmove.com/other/quiz.htm
Can you leadothers?
How good anorganiser are
you?
How good aworker are
you?
Can you keeprecords?
Can you takeresponsibi l i ty?
Can you makedescis ions?
How do youfeel about
other people?
Can you st ickwith i t?
Are you a self-starter?
Can peopletrust what you
say?
Mind map all your ideas for a new small
business that you might like to set up…
You Business IdeaFrom the mind map, choose one business idea that you might like to set up and answer the following questions on the next 3 slides (remember to keep your business small and local).
Question 1• Why have you chosen that
business idea?Write your answer here:
Question 2• Why do you think it might be a
success?Write your answer here:
Question 3• What are the next steps you
think you need to take to move the idea forward?
Write your answer here:
About the BusinessWhat type of business will you be running? What is the aim of your business?
Write your answer here: Write your answer here:
About the BusinessWhat are you going to sell? Describe the product/service you
are going to sell?Write your answer here:(a product, a service or both?)
Write your answer here:
About the BusinessWhat is the Unique Selling Point (USP) of your business?
What competitive edge does your business have?
Write your answer here: Write your answer here:
• You are now going to complete a SWOT analysis of your business.
• See on the next slide for ideas to help you…
• You are now going to complete another SWOT analysis of yourself as a person.
• Use your answers from the quiz you did at the start to help you.
CompetitorsWho are your competitors?
Business Name Location Product Range Other Information?
Market ResearchAre your customers: Describe your typical customer:• Individuals?• Businesses?• Both?
Write your answer here:
Write your answer here:
Market Research Where are your customers based?Write your answer here:
QuestionnaireBrainstorm what questions would you ask potential customers about your business idea?
Questionnaire DesignUse this space to design your questionnaire
The Marketing MixWrite your answer here:
Price
Product
Place
Promotion
Digital MarketingThe marketing of products or services using digital technologies, mainly on the internet, but also including mobile phones, display advertising, and any other digital mediums.
How are you going to digitally market your business?
Write your answer here:
Legal StructureWhat is the legal structure of your business? What are the advantages/disadvantages to this form of business ownership?
Legal Structure Advantage Disadvantage
Sole Trader
Partnership
Private Limited Company (LTD)
Public Limited Company (PLC)
Putting it all together“You are going to produce a pitch for the business to be used in a meeting with your bank manager.”
In a word document, use these headings to structure your pitch.
• Your business idea• Quiz results• About the business• Business SWOT analysis• Personal SWOT analysis• Competitors• Your customers• Marketing mix for your business• Digital marketing for the
business• Legal structure of the business
CostsResearch how much your business is going to cost: You’ll need this for Cash Flow!• How much money (revenue) will
you get?• What equipment do you need?• What materials do you need?• How much is your rent on your
premises?• How much are you
wages/salary?• How much are you spending on
advertising?• How much is your transport?
Cash FlowFill in the cash flow and cash flow forecast on the next two slides for your business based on the research you have found.
Income Jan Feb Mar Apr May Jun
Capital
Sales
Total income
Expenditure Jan Feb Mar Apr May Jun
Equipment
Materials
Rent
Wages
Other expenses
Total expenditure
Cash Flow
Cash flow forecast Jan Feb Mar Apr May Jun
Income
Capital
Sales
Total income
Expenditure
Equipment
Materials
Rent
Wages
Other expenses
Total expenditure
Monthly balance
Opening balance
Closing balance
Cash Flow Forecast
Executive SummaryA short, concise and optimistic overview of your business that captures the reader’s attention and gives them an interest in learning more about it. It should summarise each section.
Write your answer here:
Congratulations - You’ve completed your business plan!Please send all your work to Claire Stevens on [email protected]