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Business Basics

Business Basics. Introduction to business plans. Business Plans. Who is it for? Investors You The three questions Where are we now? Where do we want to be? How are we going to get there?. Business Plans. What goes in a business plan? Executive Summary Description of the Company

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Business Basics

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  1. Business Basics Introduction to business plans

  2. Business Plans • Who is it for? • Investors • You • The three questions • Where are we now? • Where do we want to be? • How are we going to get there?

  3. Business Plans • What goes in a business plan? • Executive Summary • Description of the Company • Products/Services • Management Team • The Market & Competition • Financials • Exit Strategy (if appropriate)

  4. The Executive Summary • The ‘Trailer’ • A summary of what you do and how you’re doing it • Short, punchy, attractive • Make the investor think: • Feel the pain! • Wow – what a solution! • Isn’t this market HUGE?! • Would you look at the size of that profit!

  5. Business Plan Bottom Line • You’re presenting this to an audience: • Can they understand it easily? • What questions will they ask? • Will they want to know more? • Will they want to invest in it? • There is no formal structure for business plans – lead with whatever is the most important factor

  6. Critical elements • In the order of the most important to your venture • The Market • Market analysis – size/competitors/scale of opportunity • The Return on Investment (ROI) – and Exit Strategy • Financial forecast – when will they make their money back and with what multiplier?

  7. Critical Elements • The Team • Skills • Previous experience • Commitment • The Product/Service • Unique Selling Point (USP) • Business & Sales development strategy

  8. Typical Mistakes Lack of firm orders & endorsements from real customers IP not protected Lack of credible market research Failure to identify USP Failure to identify exit routes Lack of history – poor evidence of trading history Lack of detailed finances – costs, margins, break-even Lack of evidence about the team’s experience

  9. “Learn by Walking”

  10. Good books ‘The Definitive Business Plan’ – Richard Stutely ‘The New Business Road Test’ – John Mullins ‘The Beermat Entrepreneur’ – Mike Southon

  11. Useful websites www.businesslink.gov.uk www.businessbasecamp.co.uk www.nesta.org.uk www.swain.org.uk

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