START YOUR OWN ENTERPRISE Session 2 – Welcome! Tutor:

Handouts provided and/or online resources COURSE ARRANGEMENTS 4.00 finish 11.15 and 2.45 1.00 - 1.45 Handouts provided and/or online resources Off or silent

HOMEWORK Review of target market

ICE BREAKER! ‘WE CAN DO IT’ GROUPS

‘WE CAN DO IT’ GROUPS – the formula: Small groups meeting face to face once a week outside of the classroom and contributing as a group within the classroom 1 person presenting a challenge/issue relating to their chosen business idea to the rest of the group Group respond with open ended questions only Group encourage the presenter of the challenge to explore issues further by asking probing probing/further open ended questions Group encourage presenter of the challenge to refocus if the conversation digresses and moves away from the initial challenge No solutions/suggestions are offered by the rest of the group Intention: The person presenting the problem will leave with a clearer idea of what they need to do to work towards solving/facing their challenge, ultimately enabling them to generate their own solutions

GROUP AGREEMENT FOR SUCCESSFUL LEARNING (generated during session 1)

GROUP AGREEMENT FOR SUCCESSFUL LEARNING : Generated during week 1 - to include: Attend all sessions on time If running late, inform Tree Shepherd office If unable to attend or leaving early, make arrangements with class colleagues to collect homework/handouts and/or access them online Contribute Complete homework tasks Respect others Eat outside of classroom, except during designated breaktimes Keep learning area clean and tidy Observe health and safety and other TS/venue policies and procedures

FOCUS FOR TODAY Introduction to Business Planning Target Market Business Mechanics; key resources needed to run a business

TARGET MARKET

TARGET MARKET “A specific group of consumers at which a business aims its products/services and its marketing efforts.”

IDENTIFYING YOUR TARGET MARKET Who are they? What do they look like? My motivation (to sell)? My market’s motivation (to buy)?

METHODS FOR RESEARCHING YOUR TARGET MARKET Questionnaire Face-to-face Observation Social media Complaints Competitor analysis Trade associations Demographic data Business groups/development agencies Test trade

THE MECHANICS OF BUSINESS

MECHANICS OF BUSINESS TARGET MARKET PROCESS INPUTS SHOP STALL WEBSITE TELEPHONE HOME DELIVERY BIZ DELIVERY MANUFACTURE DELIVERY DISPLAY PACKAGING SERVICE PLANNING TIME/EXPERTISE SKILLS MATERIALS TOOLS PRODUCTS SPACE

BUSINESS PLAN

QUOTES OF THE WEEK “A good plan is like a road map: It shows the final destination and usually the best way to get there” – John Argenti “Fail to plan, plan to fail….”

BUSINESS PLAN A document that is designed to provide information about a business (usually) to persuade a financial backer to invest in a business. Can also be used internally to: clarify objectives provide a sense of direction, purpose and urgency plan all aspects and ensure that nothing is overlooked provide a checklist to help run and control the business monitor progress and success improve performance allocate responsibility better control, co-ordination and greater consistency Failing to plan makes a business reactive, vulnerable to threats and closed to opportunities.

WHAT SHOULD A BUSINESS PLAN CONTAIN? YOUR MECHANICS What will you be doing? (product/service) How will you deliver to the market? YOUR MARKET Who are your customers? What are they like? Compare your offer to the competition – what is your USP? How will you get, keep and grow customers? KEY RESOURCES/PARTNERS What people or equipment do you use/need to get started? Who will you need to work with? THE FINANCE Cost Structure: what are your most important costs? Start up Capital & Revenue Streams: How are you going to make money? Why are YOU special?

Optional link – ‘turning anxiety into excitement’ THE ELEVATOR PITCH Optional link – ‘turning anxiety into excitement’ http://www.theatlantic.com/video/index/485297/turn-anxiety-into- excitement/?utm_source=eb      

THE ELEVATOR PITCH A brief persuasive speech to create interest in your business. Should be: interesting, memorable and to the point. Motivation – my vision and personal driver. Market – my customers. Mechanics – what and how I deliver to my customers.

BUSINESS MECHANICS ‘WE CAN DO IT’ EXERCISE      

HOMEWORK Individual homework 1 – Completion of mechanics section of business plan 2 – Name 5 potential competitors: Why do you think they are competitors? What do they offer? What aspects do they emphasise? Are they selling to your target market? Group homework: 3 – ‘We Can Do It Group’ plan

REVIEW OF DAY

SESSION EVALUATIONS LIKE/WISH LIST

FOCUS FOR NEXT WEEK Understanding your target customer and selling to meet their needs Building networks Pricing your product/service

Feedback Link https://www.surveymonkey.co.uk/r/SYOE_2