Start Your Own Business Training Programme February – March 2015 Cavan LEO Start Your Own Business Training Programme February – March 2015

Four 1 Day Workshops + Follow Up Clinic for Business Plan Review Schedule Four 1 Day Workshops + Follow Up Clinic for Business Plan Review Module 1 Introduction - Start Your Own Business and Personal Assessment Module 2 Ideas Generation and Researching the Market Module 3 Marketing the Small Business Module 4 Preparing a Business Plan Module 5 Legal Issues for Start Ups and Managing People Module 6 Sales Module 7 Bookkeeping and Records Management Module 8 Financial Management

Additional Supports and Resources Work Books Module Materials, Additional Information , Articles and Templates E-mail Support Riona – riona@trainingpeople.biz Joe – joe@trainingpeople.biz Dedicated Course Website Presentations and additional support materials

Username: cleo15*@syob Password: CLEO15*@tr Dedicated Course Website www.moodle.mccormackassociates.org.uk Username: cleo15*@syob Password: CLEO15*@tr

Introductions Who are we? Why are we here?

Why do you want to go into business? Key Questions Why do you want to go into business?

What are your objectives? What do you want to achieve? Short – Medium – Long term …. 7

Write it Down!!!

Rotating Your Head - Adapting Your Perspective 9

Rotating Your Head - Adapting Your Perspective I am a user and consumer of products and services 10

Rotating Your Head to a Business Perspective Now, I am also a supplier and provider of products and services I am a user and consumer of products and services 11

A Driving Force The Entrepreneur Marketable Product/Service Key Elements of Successful Businesses include: Luck? Effective People Enthusiasm Hard Work Determination Resilience Finance A Driving Force The Entrepreneur Marketable Product/Service 12

Check out Self Assessment Questionnaire Just for guidance and food for thought at this stage!

Play to your strengths …. Organisational? Dealing with people? Managing people? Communications – internal/external. Verbal/written? Marketing? Selling? Follow up? Record keeping? Financial management?

Deal with your shortcomings…. Training – see e.g. https://www.localenterprise.ie/Cavan/Training-Events/Training/ Take on help e.g. employee (part or full time) Outsource routine or specialist tasks Get specialist advice where appropriate Do not overlook the limits of personal productivity!

Understanding of the difference between risk and recklessness – Very important …. Understanding of the difference between risk and recklessness – Research and Planning essential! 16

Realigning yourself to a business perspective… Very important …. Realigning yourself to a business perspective… Seeing potential business opportunity Willingness/ability to assess risk and potential benefits Assess and Plan to avoid expensive Errors! Surviving a failure gives you more self-confidence. Failures are great learning tools… but they must be kept to a minimum. Jeffrey Immelt 17

The Business Plan A road map for your business Research , Assess and Plan The Business Plan A road map for your business “An intelligent plan is the first step to success. The person who plans knows where he is going, knows what progress he is making and has a pretty good idea of when he will arrive” Basil S Walsh

The Road Map – Choices to be Made 3 hrs 10 mins; €40.18; 269.99km 3 hrs 34 mins; €36.95; 248.27km

Other Options?????

External factors: Other traffic on the road? Business Planning Know where your position is Know where you want to get to The more precisely you know where you want to get to, the better you’ll be able to plan External factors: Other traffic on the road? Diversions?

Failure to Plan Inhibits Growth of Business “If you do not know which port you are sailing to, no wind is favourable.” Seneca

What is the Business Plan? A business plan is a document which describes a business and its activities over a given period of time. A viable Business Plan is essential to obtain funding/attract investment. It is primarily for your own information and use – Your Business – Your Risk

And which will influence your Business Plan Our Product/Service Marketing Finance People Operations The Business Plan

The Business Planning Process What you must work out in the Plan Business success When? How? What?

Importance of business planning Purpose of Business Plan Provides direction and focus Identifies aims and objectives Identifies a plan of action Sets targets Establishes viability Can identify potential problems Reduces risk Provides a basis for monitoring and control Road map for a viable business

Keyword in Business Planning Profitability! 27

There are supports! Business Planning For example: Cavan LEO Training Information and Advice Mentoring Networking Programmes CHECK OUT WEBSITE … Seehttps://www.localenterprise.ie/Cavan/ 28

The big challenge for many businesses and consumers now is Business Planning The big challenge for many businesses and consumers now is More important than ever to challenge your business idea and plan for success 29

Starting Point for Planning Your Business What do people want? What are people willing to pay? Size of market? Is this a priority? Have you the resources to supply? Is it profitable? 30

What is the competition? Can you do it better? Starting Point for Planning Your Business What is the competition? If no competition – why not? Can you do it better? Why will people buy from you rather than the competition? - What is your USP – unique selling proposition??? 31

This afternoon Market Research joe@trainingpeople.biz riona@trainingpeople.biz