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Is starting a business right time for you

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Is starting a business right time for you

  1. 1. Is now the time to start a business?
  2. 2. Is now the right time to start a business? Considerations The state of the economy You The product / industry sector your business is in Your competition
  3. 3. <ul><li>How much money do you need to survive? </li></ul><ul><li>How much time do you require outside the business? </li></ul><ul><li>What support do you need? </li></ul><ul><li>Do you have clear goals? </li></ul><ul><li>Do you have a clear business plan? </li></ul><ul><li>Do you have sufficient financial backing? </li></ul><ul><li>Do you have the right motivation to start a </li></ul><ul><li>business? </li></ul>You
  4. 4. A B C At Point A the product or service is new to the market and awareness is building, sales slowly increase At point B people are aware and excited and more sales are generated At point C competing products emerge and sales for this product decrease The product / industry sector your business is in
  5. 5. If you are entering an established market, there a risk that the market will fall where people look for alternative products using the latest fashion or technology. It is far better to enter growing markets to take advantage of the excitement rather than competing against established companies that have a good reputation. The product / industry sector your business is in
  6. 6. <ul><li>How good is your product / service against the competition? </li></ul><ul><li>How do you know the answer to the above, full research? </li></ul><ul><li>How is the competition performing? Use </li></ul><ul><li>reports from companies house. </li></ul><ul><li>www. companieshouse </li></ul><ul><li>What new products / innovations are they creating? </li></ul><ul><li>Learn through them rather than trying to think of every new idea </li></ul><ul><li>Review their web sites, social media and put in Google Insights to see what people are saying about them </li></ul>Your competition
  7. 7. <ul><li>What is the level of unemployment? </li></ul><ul><li>What is the market confidence? </li></ul><ul><li>Does the answers to the above two questions </li></ul><ul><li>tell you that people have money to spend? </li></ul><ul><li>It is likely that the general public will spend less money on luxury items If there are fewer jobs and market confidence is low </li></ul>State of the economy
  8. 8. <ul><li>Taking into account your previous answers now identify the: </li></ul><ul><li>Strengths of your product, service and situation </li></ul><ul><li>Your product / service weaknesses </li></ul><ul><li>The opportunities you see in the market, customers, exploit your competition weaknesses </li></ul><ul><li>The threats to your success including competition, new products, law, yourself etc </li></ul>
  9. 9. <ul><li>What does your company do well? </li></ul><ul><li>What is your area of expertise? </li></ul><ul><li>What specialist knowledge or technology do you possess? </li></ul><ul><li>How good is your brand, marketing or sales force? </li></ul><ul><li>What quality standards do you boast? </li></ul>
  10. 10. <ul><li>What does your company lack? </li></ul><ul><li>What area of expertise do you need but do not have? </li></ul><ul><li>Do you know what your weaknesses are? If not ask your trusted employees, mentors and customers </li></ul><ul><li>The main weakness is not being able to identify improvement areas. </li></ul>
  11. 11. <ul><li>Would the business processes benefit from use of technology? </li></ul><ul><li>Are there new demographics that could be exploited? </li></ul><ul><li>Are there any joint ventures or merger opportunities? </li></ul><ul><li>Could resources be used in a different way to generate more revenue? </li></ul>
  12. 12. <ul><li>Are there changes to regulations or law that poses a threat? </li></ul><ul><li>Are there risks from competitor new products / services? </li></ul>
  13. 13. Strengths Weaknesses <ul><li>Existing customers delighted with service </li></ul><ul><li>Little competition </li></ul><ul><li>More people moving to the internet to do their work </li></ul><ul><li>Very little money for marketing </li></ul><ul><li>Little knowledge to develop the product further </li></ul><ul><li>Not enough customers to make a profit </li></ul>Opportunities Threats <ul><li>Work with others whereby products / services are complimentary such as accountants </li></ul><ul><li>Develop other products through IT development training </li></ul><ul><li>Larger companies are entering the market </li></ul><ul><li>I work alone and there are no contingency plans </li></ul>
  14. 14. <ul><li>Always match a strengths to an opportunity </li></ul><ul><li>Convert negatives into a positive actions </li></ul>
  15. 15. <ul><ul><li>For other solutions </li></ul></ul><ul><ul><li>Contact </li></ul></ul><ul><ul><li>Simon Misiewicz through </li></ul></ul><ul><ul><li>Web: </li></ul></ul><ul><ul><li>Email: [email_address] or </li></ul></ul>

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  • AnushaVerma5

    Apr. 24, 2018
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    Aug. 14, 2020


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