What is your end goal?
“ Have the end goal in mind...” – Stephen Covey 1989 <ul><li>Starting out in business is only daunting if you have not broken activities into manageable chunks and they are not written down. </li></ul><ul><li>Take time to understand… </li></ul><ul><li>Why do you want a business? </li></ul><ul><li>What targets have been set? </li></ul><ul><li>When will you achieve them? </li></ul><ul><li>Are the targets and activities realistic or are you setting yourself up to fail? </li></ul>
Before you start be prepared…Creative
tools…. Write down on a piece of paper or a post it note each idea or useful thought Solution 1 Solution 2 Solution 3 Solution 4 Solution 5 Solution 6 Solution 7 Solution 8 Solution 9 Solution 10 Solution 11 Solution 12 Solution 13 Solution 14 Solution 15 Solution 16 Solution 17 Solution 18
What business should I be
in? Lets talk about you Human Spirit What are your values? What do you believe in? The brain: What are you good at? What products or services do you know very well? Do you know what people want or need? The heart: What motivates you? What are you passionate about? What will get you up each morning?
What is its benefit to
customers? What are the quality accreditations / marks? What are the guarantees / warranties? What function does the product / service have? What are the features of the product / service? What is its brand name? What are you selling? Who and where are your customers? Product / (Services)
Product / (Services) What pricing
method have you chosen: - Mark up - Cost plus - Competitive What is the profit margin? Is the price high value with high quality or stack them high and sell them cheap? Is there a payment plan or discounts offering? Is price dependent on seasonal variations? What are you selling? Who and where are your customers? Price
Product / (Services) Where will
your products service be offered? Where do your customers live and work? How will products / services be delivered to the end customer? What are you selling? Who and where are your customers? Will products / services be sold online or face to face? Place
Product / (Services) What advertising
will work best? How many customers will be targeted? Who will deliver the corporate message? What is the promotion budget and what returns are expected? What geographical areas will be targeted? What are you selling? Who and where are your customers? Promotion
Evaluation…what are the most sensible
business ideas? Take each idea and categorise them into four areas: 1) Big or 2) small impact Big Impact: The ideas you have will achieve the majority of your objectives or targets. If this is not the case then the idea will have a small impact and should not be considered. 3) Easy or 4) hard to implement Will your idea be easy or hard to implement? If you are thinking of creating the next technological breakthrough then this will be hard to implement compared to gardening or selling Products online
Evaluation…what are the best ideas?
Take each idea and put them into the four boxes. Focus on the big impact and easy to implement ideas Easy to Implement Big Impact Hard to implement Small Impact Solution 1 Solution 3 Solution 6 Solution 7 Solution 8 Solution 9 Solution 2 Implement Now Possible Kill Implement Later
<ul><li>What should I call my
business? </li></ul><ul><li>Do you know who McDonalds is? Nike? Apple? Microsoft? </li></ul><ul><li>Would you know who woppeedoo does? Maybe not!! </li></ul><ul><li>If like most businesses you do not have a vast amount of money to spend on marketing then consider using names that express clearly what you do, where you are based. Examples being: </li></ul><ul><li>Nottingham Accountants </li></ul><ul><li>New York Bagels </li></ul><ul><li>East Midlands Plumbing </li></ul>Naming your business
Congratulations…. You should now be
in a better position to understand which business ideas and names are likely to bring you success. Ensure that you get independent and objective advise from other people, especially your potential customers. Seek out forums where they speak their mind to understand if they need or want your products / services. Next step….Write the business plan