Start Your Own Business Training Programme 2017 An Ghlasaigh, Doirí Beaga, Leitir Ceanainn, Co Dun na nGall Monaghan LEO Start Your Own Business Training Programme 2017

Introduction to Business Planning and Self Assessment Schedule 6 Modules, 6.30 – 9.30 pm + 1 Individual Mentoring Session re Business Plan Development Module 1 Introduction to Business Planning and Self Assessment Module 2 Product and Market Research Module 3 Marketing and the Small Business Module 4 Sales and Sales Plans Module 5 Legal Issues and Managing People Module 6 Finance and Bookkeeping – Sourcing Finance

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

Username: mcebsyob17a Password: mcebSYOB17*@ Dedicated Course Website www.moodle.mccormackassociates.org.uk Username: mcebsyob17a Password: mcebSYOB17*@

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…. Thinking of starting a business? I am a user and consumer of products and services 10

Rotating Your Head…. Thinking of starting a business? Now, I am also a supplier and provider of products and services I am a user and consumer of products and services 11

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/Monaghan/Training-Events/ 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! 15

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 16

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 243 km – 3 hrs 40 mins - €36.11 327 km – 3 hrs 26 mins - €48.58

Other Options?????

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

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

The basic pillars …. The Business Plan Our Product/Service Marketing Finance People Operations The Business Plan

Importance of business planning Purpose of Business Plan Importance of business planning 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! 25

See www.localenterprise.ie/Monaghan/ Business Planning There are supports! For example: Monaghan LEO Training Information and Advice Mentoring Networking Programmes CHECK OUT WEBSITE … See www.localenterprise.ie/Monaghan/ 26

Product and Market Research Next time …..… Same time, same place Product and Market Research joe@trainingpeople.biz riona@trainingpeople.biz