D4 – Ready to Start Utilising Professional Resources

D4 - Utilising Professional Resources Aim: To appreciate the needs of business start up professionals and determine appropriate strategies for effective working Learning Outcome: To determine which professionals are required in business start up. To appreciate the need to manage externals and relationships with them as well as the business itself.

Professional Services Legal Property Accountancy I.T – web / database Secretarial & administrative Advisors (marketing etc) Incubation

Determining Needs Assess your own needs / team needs Assess your weaknesses / team deficiencies Assess your business needs Explore opportunities Determine costs and options

Examples Networks Investors – such as Venture Capitalists Making an approach Pitching Buying advice

Networks (1) How can they help? Mentors Business support Information Grants

Networks (2) Newspapers Suppliers Clubs, Government, Small Business Service Bank Solicitors Premises & Local Authorities Accountants

Networks (3) Networking is a skill! Aim: to secure –understanding of person’s offering (now or in future) –Their interest in you –Their appreciation of your needs –An appreciation of their demands –Their business card!

Investors Investors make assessments on: The team / individual The market The idea Focus Commitment Credible operating plan

How to make an approach (1) Ensure you are prepared: Clear articulation of market opportunity Easily understood value proposition Informed opinion of market evolution/risks Clear articulation of credible plan Sufficient evidence of customer validation

How to make an approach (2) Determine which type of investor you require Understand their portfolio to make the right approach Know their expectations Develop and execute a strategy – targets, timing, approach & pitch Get feedback

How to make an approach (3) Understand their needs and what benefits they gain from working with you Understand what they want to know and what they want Determine their needs and match to yours Understand the value of support/advice as well as the cost (£)

‘Pitching’ (1) Understand Your objectives How to quantify your benefits from a customers view point Your competition and outline how you are faster, cheaper, better etc

‘Pitching’ (2) How you will be measured / measure yourself (“this time next year we will all be millionaires?”) Communicate your needs (urgency etc) Combine sales and market research Secure the next meeting

Buying advice Seek specialist help Ask entrepreneurs for advice Get into networks Contact incubators for contacts Contact University support (if available)

.."In business you don't get what you deserve....you get what you negotiate"