Make it work!

EMPLOYMENT

ZMK 2014

First you need an idea!

ZMK 2014

But is it aGood idea??

ZMK 2014

Conduct Market Research

Who is your target audience?Go into the street and surveyEmail surveyCheck out your competition Know the difference between primary

and secondary research How much is the market worth?Consider buying an existing business or

franchiseZMK 2014

What do you want to know?

Will people buy your product or service?Why? What is your USP (unique selling point/proposition)?What price will they pay?How much choice do they need?

ZMK 2014

SAMPLE QUESTIONS

1.Do you buy……2.If not, why not? 3.Where do you buy it?4.Why do you buy it from …. Price? Quality?

Convenience? Loyalty?5.If we could provide the same quality for less

money, would you consider buying from us?6.Do you buy online? 7.How often do you buy…http://www.constantcontact.com/aka/docs/pdf/survey_sample_qa_tips.pdf

ZMK 2014

SWOT ANALYSIS

ZMK 2014

PESTLE ANALYSIS

ZMK 2014

FinancialsHave you really thought about it?

ZMK 2014

The Basics

SalesCostsProfit

ZMK 2014

Marketing Mix

ZMK 2014

PRODUCT• What does the customer

want from the product?• What features does it have

to meet these needs?• How and where will the

customer use it?• What does it look like?• What size(s), colour(s),

should it be?• What is it be called?• How is it branded?• How is it differentiated

versus your competitors?

PRICE• What is the value of the

product or service to the buyer?

• Are there established price points for products or services in the area?

• Is the customer price sensitive?

• What discounts should be offered to trade or regular customers?

• How will your price compare with your competitors?

MARKETING MIX

ZMK 2014

PLACE• Where do buyers look for

your product or service?• If they look in a store, what

kind?• How can you access the right

distribution channels?• Do you need to use a sales

force?• What do your competitors

do?• How can you learn from that

and/or differentiate?

PROMOTION• Where and when can you get

across your marketing messages to your target market?

• How will you reach your audience, what type of marketing will you use?

• When is the best time to promote?

• How do competitors do their promotions? How does that influence your choice of promotional activity?

MARKETING MIX

ZMK 2014

ZMK 2014

MARKETING

Social mediaBlogsPress releasesVox popsWebsiteNetworkingAdvertising (Print, TV and Radio)MailshotsFlyersPostersExhibitionsFree samplesVideo Special offers

OhNo! IT’S NOT FREE

How do you let people know you are here?

ZMK 2014

Why do you need a business plan?

•For you•For potential

lenders•For the bank•For partners

ZMK 2014

Business PlanRequired for

you and for potential

lenders

1. Clarify your products and services

2. Set goals for the future 3. Realistically estimate

profits 4. Identify your

competition (and their strengths & weaknesses)

5. Outline a marketing strategy

6. Keep focused on the big picture

ZMK 2014

•Executive Summary •Business Background •Products and Services •The Market •Marketing and Sales Strategy •Profit Formula/Business Financial Model •Objectives - Management and Personnel •Ownership and Legal Structure •Financial Data •Critical Risks/Potential Problems/Solution

Strategies •Summary

Business Plan Contents

ZMK 2014

THE BORING BITIncome TaxLet HMRC know as soon as you start your business

InsurancesCheck which ones you need.

ZMK 2014

SummaryIDEAMARKET RESEARCH/TARGET AUDIENCEFINANCIALSSWOT/PESTLEBUSINESS PLAN

ZMK 2014

ZMK 2014