Write your Business plan Today

By

Boomy Tokan

Maps out the journey in detail.

Shows you what resources will be needed to make the plan succeed.

Shows realistic time of success.

Shows the weaknesses of the plan and helps to overcome them BEFORE THEY ARE PUT INTO ACTION.

A useful/necessary tool required by potential investors.

Useful tool in persuading those with the necessary manpower/skill of your seriousness and commitment.

Fail on paper – a chance for trial AND error before you commit resources to the project.

Benefit from the process

Marketing plan

• (What you want to do)

Operations plan

• (How you want to do it)

Financial plan• (How much it will cost)

Appendices

• (What shows you can)

Introduction/Executive Summary

(summary of all aspects. Include Risks)

Marketing plan

• (industry overview/sector overview, competitors, business to business, consumers, marketing strategy – product, place, price, promotion, growth strategy) .

Operations plan

• (structure of the business, Management, training requirements, equipment needs, insurances)

Financial plan• (survival budgets, cash

flow forecast, profit and loss).

Appendices

• (cv, letters of intent and recommendation).

(summary of all aspects. Include Risks)

Introduction/Executive Summary

Introduction/Executive Summary

Write it first or write it last

It must include:

- Business background and experience

- The Management Team

- The opportunity and how you plan to exploit it

- The market, your uniqueness and route-to-market

- Risks and how you plan to mitigate them

- Potential profit

- How much do you need, your investment, payback period and exit strategy

Industry overview

• Past

• Present

• Future

Sector overview

• Past

• Present

• Future

Competitors

• “an important factor that will influence the eventual success or failure of any business in any market” (principles of marketing- f. brassington & s. pettitt)

TYPES OF COMPITITORS

Future competitors

Indirect

Direct

S.W.O.T. Manufacturers Relationships Finance Suppliers

Consumers Promotion Strategy

Geographical Coverage

Product Range

Culture

Staff Size

Cost Structure

ReputationOwnership

Distributors Used

Segment Served

Motivators Beyond Money

ManagementIndustry Opinion

Why Your Competitors Are Valuable To You?

Part 1By

Boomy Tokan

Types Of Competitors

Direct Competitors

Indirect Competitors

Future Competitors

2 Major Reasons

Competition is a proof that a market exists

Competition shows you what is possible

By

Boomy Tokan

2 More Reasons

Competition compels you to become more creative

Competition ensures customers receive better services

By

Boomy Tokan

2 Mediums

Read everything you can

Visit them physically

By

Boomy Tokan

2 More Mediums Use their products

Obtain their financial accounts

Do some voluntary

work/

Part time Work

Shared Customers

Shared Accountants

LawyersSuppliers

Reports

Exhibitions

Websites, Blogs & other

Online Sources

Visit Local Stores

Distributors

Big/Small

Businesses

Suppliers

Consumers:

•Past Needs

•Present Need

•Future Needs

•Who Are They

•Where Are They

•What Do They Buy

• In What Quantities

•How Often Do They Buy

•Age Group

•Education

•How Will I Market To Them

•Why Are They Buying From The Competitor

• Income

•Favourite DJ

•Radio Station

•TV Program

Consumers

Write A Profile Of Your Typical Customer

Product Benefits

How is it made?

What is it made of?

How can the benefits

be sold?

Does it meet expectation of

customers?

What advantage will

it have over competitors products?

What is unique

about your product?

Why should customers buy your

products?

Work From Home

Tube lines

Buses & Trains

Proximity to potential customers

Any other advantages

Using A Pricing Structure

Total Cost

Competitors Price

Ability for customers to pay

• Standard

• Medium

• Average• Discounted

Newspapers, Radio, Direct mail ,TV and WOM

In Store promotion

Press – editorial

Advertising

Expert Presence On The Internet

Flyers

How?

With whom, Self or, other Platforms &

methods?

Cost?

How?

Use A Focused Group

Use Your Target Market

What To Consider #1

Does the name communicate what the business does?

Is there anyone else using the same name?

What To Consider #2 Availability with authorised registers?

Does it solve a problem potential customers may have?

Does it communicate authority?

What To Consider #3 Easily translated to image?

Can I get a .com or any other domains?

Getting Started

What To do

Write down as many names as possible

Try them out with potential clients

Use the keyword in that name

*******Now Go Online*********

Online Help

Final Points! Always niche their products

A name that communicates:

Online Traffic = More Clients = More

Money

• Sole trader• Partnership

• Ltd.

Structure of the business

• What are they?

Aadvantages and Disadvantages

• Who are those that will advise you?

• What have they achieved?

Management

• No. of staff• Type of staff

• Pay of staff

STAFF

• When• Cost

• Where.

Training Requirements

• Where• Cost

• When.

Exhibitions

• Quotations• Where

Equipment needs

• What are they?

Alternatives

• Types• Where

• When

• Cost.

Insurances Other

Monthly outgoings

Survival budgets 12 months

projectionsCash flow forecast Annual

Profit and loss

By

Boomy Tokan

Cashflow is the flow of cash In and Out of your business in a given period

Cashflow is different to Profit and Loss Account

Cash is King – Make it the King of Your Business

The cashflow forecast can be quite sobering

- brings to bear the financial realities of a

business.

Why You Need To Know

Level 1: Income

Level 2: Expenses

Level 3: The difference between the Income and Expenses as well as carry over from the previous month

3 Parts To A Cashflow Forecast

By

Boomy Tokan

Some assumptions

Most from testing and research

Some from Competitors

The Source Of Your Figures

By

Boomy Tokan

By

Boomy Tokan

Send out your invoices on time

Offer discounts for early payment

Engage in Trade and Cash works

Level 1 – Improving Your Income

Get paid a deposit before you start the work

Get paid in full before you start the job

Stop working with big businesses that take 90 days to pay!!!

Level 1 – Improving Your Income

Spread your purchase cost

Get longer payment periods

Get better deals on utilities

Longer repayment period

Level 2 – Improving Your Expenses Section

Pay less wages

Take less money out of the business

Use contract workers from places like Fiverr.com, Elance.com, Odesk.com

Level 2 – Improving Your Expenses Section

Understand your bottom-line

Use this to determine the amount of money needed

Level 3 – The Differential Section

Recent CV.

Letters of intent: - From customers who are interested in purchasing your product or using your service.

Letters of recommendation from people who know you professionally.

Other supporting information

Email your comments to:

boomy@startyourownbusinessacademy.com

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