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Ray Dale E astbourne & D istrict E nterprise A gency L td

Ray Dale E astbourne & D istrict E nterprise A gency L td (more about services & other help later). Business Planning. Do you need a business plan – Why? What information is required? Who can help you?. Business Planning. Starting a journey Where you are now Where you want to be

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Ray Dale E astbourne & D istrict E nterprise A gency L td

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  1. Ray Dale Eastbourne & District Enterprise Agency Ltd (more about services & other help later)

  2. Business Planning

  3. Do you need a business plan – Why? What information is required? Who can help you? Business Planning

  4. Starting a journey Where you are now Where you want to be The steps needed to get there Objectives / Goals Would you go on a long journey without making some plans? Why have a business plan?

  5. Convince yourself the idea is real / has a good chance of success Convince others – staff, investors, funders, suppliers, customers Clearer focus on product / service / vision being sold Forces you to deal with all aspects of the business Reminds you why you reached certain decisions, and acts as a measure of progress / incentive to continue Why have a business plan?

  6. Improve your chances of success Why have a business plan?

  7. What information is required? Narrative & Financials

  8. Why do you want to run your own business? Ultimate aims short / medium / long term goals to achieve Current skills / opportunities for improvement Resources / equipment required Who are your customers? How many do you need? Competition – SWOT – USP? How will you market your product / service? Importance of market research What information is required?Narrative

  9. Personal Survival Budget – How much? Start up costs Running cost – overheads (fixed) Sales forecast Cash flow forecast Profit / Loss statement What information is required?Financials

  10. Don’t over estimate sales Don’t under estimate costs Charles Dickens - "Annual income twenty pounds, annual expenditure nineteen pounds & six, result happiness.” “Annual income twenty pounds, annual expenditure twenty pounds and six, result misery." Financials - Tips

  11. Not Mystic Meg Best estimate based on market research Potential customers / how many can you handle? Competition Compare estimate to actual regularly Product / service rate Hourly / daily / weekly / project rate Sales Forecasting

  12. Daily rate (you) = £100 Estimate 2 days pw for first 6 months Estimate 4 days pw for next 6 months Sales for year = 24 weeks @ £200 + 24 weeks @ £400 Total = £14400 per year Rate per customer per day = £50 Estimate Number of customers per day = 4 Working 3 days pw for 48 weeks = 576 customers per year Sales for year = 576 x £50 = £28800 per year NB – Number of days / weeks able / willing to work. Seasonality Sales Forecast- examples

  13. Quite a lot to it Don’t be afraid of it Don’t expect to complete it in an afternoon Benchmark with other similar businesses Don’t put it in a drawer and forget about it Review regularly / change as necessary Business Plan

  14. Bank manager / accountant Investors / funders Mentor / similar business EDEAL – 2 hours FOC – www.edeal.org.uk Phone 01323 641 144 Business Link – website, telephone advice workshops – www.businesslink.gov.uk Phone 0845 600 9006 Who can help?

  15. Business Planning • Do you need a business plan – Why? • What information is required? • Who can help you?

  16. Any Questions?

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