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Something to think about when starting your own business.
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Make it work!
EMPLOYMENT
ZMK 2014
First you need an idea!
ZMK 2014
But is it aGood idea??
ZMK 2014
Conduct Market Research
Who is your target audience?Go into the street and surveyEmail surveyCheck out your competition Know the difference between primary
and secondary research How much is the market worth?Consider buying an existing business or
franchiseZMK 2014
What do you want to know?
Will people buy your product or service?Why? What is your USP (unique selling point/proposition)?What price will they pay?How much choice do they need?
ZMK 2014
SAMPLE QUESTIONS
1.Do you buy……2.If not, why not? 3.Where do you buy it?4.Why do you buy it from …. Price? Quality?
Convenience? Loyalty?5.If we could provide the same quality for less
money, would you consider buying from us?6.Do you buy online? 7.How often do you buy…http://www.constantcontact.com/aka/docs/pdf/survey_sample_qa_tips.pdf
ZMK 2014
SWOT ANALYSIS
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PESTLE ANALYSIS
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FinancialsHave you really thought about it?
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The Basics
SalesCostsProfit
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Marketing Mix
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PRODUCT• What does the customer
want from the product?• What features does it have
to meet these needs?• How and where will the
customer use it?• What does it look like?• What size(s), colour(s),
should it be?• What is it be called?• How is it branded?• How is it differentiated
versus your competitors?
PRICE• What is the value of the
product or service to the buyer?
• Are there established price points for products or services in the area?
• Is the customer price sensitive?
• What discounts should be offered to trade or regular customers?
• How will your price compare with your competitors?
MARKETING MIX
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PLACE• Where do buyers look for
your product or service?• If they look in a store, what
kind?• How can you access the right
distribution channels?• Do you need to use a sales
force?• What do your competitors
do?• How can you learn from that
and/or differentiate?
PROMOTION• Where and when can you get
across your marketing messages to your target market?
• How will you reach your audience, what type of marketing will you use?
• When is the best time to promote?
• How do competitors do their promotions? How does that influence your choice of promotional activity?
MARKETING MIX
ZMK 2014
ZMK 2014
MARKETING
Social mediaBlogsPress releasesVox popsWebsiteNetworkingAdvertising (Print, TV and Radio)MailshotsFlyersPostersExhibitionsFree samplesVideo Special offers
OhNo! IT’S NOT FREE
How do you let people know you are here?
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Why do you need a business plan?
•For you•For potential
lenders•For the bank•For partners
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Business PlanRequired for
you and for potential
lenders
1. Clarify your products and services
2. Set goals for the future 3. Realistically estimate
profits 4. Identify your
competition (and their strengths & weaknesses)
5. Outline a marketing strategy
6. Keep focused on the big picture
ZMK 2014
•Executive Summary •Business Background •Products and Services •The Market •Marketing and Sales Strategy •Profit Formula/Business Financial Model •Objectives - Management and Personnel •Ownership and Legal Structure •Financial Data •Critical Risks/Potential Problems/Solution
Strategies •Summary
Business Plan Contents
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THE BORING BITIncome TaxLet HMRC know as soon as you start your business
InsurancesCheck which ones you need.
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SummaryIDEAMARKET RESEARCH/TARGET AUDIENCEFINANCIALSSWOT/PESTLEBUSINESS PLAN
ZMK 2014
ZMK 2014
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