Business Planning and Market Research

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1 Business Planning and Market Research

2 Who? Jane Nolan MBE Entrepreneur and Enterprise Educator supporting the work of Newcastle University Careers Service MD Venture Coaching and Consulting Ltd 2nd Year PGR

3 Session Content MARKETS approach Market Research XING Visual Business Planning Tool Your Next Steps

4 Turning ideas into Business Opportunities

5

6 MARKETS approach M markets need to understand and objectively analyse the needs of the marketplace, its size and dynamics. What are the unmet needs, USPs, benefits? A- approach how will you commercialise the idea? What will people pay? What would the business model be?

7 Markets Approach R returns the rewards and risks in the business and how the shareholders and managers will be rewarded for their efforts K knowledge what is the uniqueness of the business? Can it be protected in some way through patents, copyrights and trademarks

8 MARKETS approach E ethics are the ethics of the team and the business or industry aligned T team skills, resources, capabilities, shared values and vision, capable of functioning well? S sustainability long term sustainability in order to compete effectively

9 Market research Helps you decide whether setting the business up is a good idea Helps you understand the market better find your niche, identify opportunities Helps you segment your market and understand your customers and needs Improves chances of success Target effectively, meet needs better

10 Market research Market as a whole Customers Competitors Collaborators? Primary sources from customers Secondary sources market reports and studies

11 Know yourself and your niche Guy Kawasaki - Founder and Managing Director of Garage Technology Ventures o.html?mid=1176

12 Who is your Customer? - Segmentation - Socioeconomic factors profession, income, age, gender, location - Character lifestyle, personality, trendsetter/follower - Behaviour usage, convenience, frequency of use

13 Who is your customer? Business Markets- segmentation Company size- SME, large Industry type Pharmaceutical, NHS,IT, education, media, local government Location local, national, international

14 who they are what they offer Competitor Analysis how they price their products what the profile and numbers of their customers are compared with yours what their competitive advantages and disadvantages are compared with yours what their reaction to your entry into the market or any product or price changes might be Source: Business Link

15 Competitor Analysis Companies House check their accounts! Annual Reports Google Look at n/layer?=en&topicid=

16 Collaborators Who could you work with? Who could help you establish yourself in this market? How could you benefit? How could customers benefit?

17 Research process Decide what market you are in Agree the aim of your research How will you record and analyse it? need to think it through as a team Carry out the research MCCC Turn your research into intelligence Build your plans based on detailed market knowledge and understanding

18 Sources of secondary market information COBRA (the complete business reference adviser) is available through the Careers Service and will be an invaluable source of information for your business. Additional resources include: Business Link: Chamber of Commerce - business directories

19 Cobra Practical Information Resource (available online in The Elevator) BIFs and BOPs: Business Information Fact Sheets Business Opportunity Profiles (market synposes) e.g. No 59. Questions to help you choose a business idea, No 47. A guide to sources of market and business information, No 4. a guide to writing a business plan, No 174. A summary of sources of finance for small firms, No 8. A guide to understanding profit and loss accounts, No 54. A guide to costing a product or service etc. etc.

20 Useful Web Sites British Library (or Chartered Institute of Marketing market reports (previously cobweb information) market reports Market Research Soc. consumer market reports local population statistics - university facts and figures

21 Useful websites continued Northern Ireland statistics Office for Nat. Statistics market reports socio-economic information for local population national statistics for social & regional trends as above

22 Market Research Needs to be an ongoing process Curiousity and questioning Listening Watching trends STEEP analysis Markets, customers, competitors, collaborators all keep evolving Challenges and Opportunities

23 S Social STEEP T Technological E Environmental E Economic P Political PESTLE (adds in Legal)

24 SWOT SWOT analysis Strengths, Weaknesses, Opportunities, Threats useful analytical tool: isfreetemplate.htm#swot-analysismatrix

25 XING A commercialisation and planning Tool 90 key decisions Familiarises you with the terminology of business planning and development An opportunity to work on your idea and consider how you would turn it into a business Consider your goals and how to achieve them

26 What will your Business Model be? Part of your Business Strategy A business model describes the rationale of how an organization creates, delivers, and captures value Value can be economic, social, or other forms

27 What will your business model be? Manufacturing? Creating a technology platform? Being an R&D company and selling the technologies to others? Licensing your technology? Which Strategic Alliances might you form?

28 Business Structures Type Description Advantages Disadvantages Sole Trader Sole owner, can employ others Easiest and cheapest to establish Owner personally responsible without limit for business losses. No income if ill/on holiday Price, A and Sarmiento, T, 2008

29 Business Structures Type Description Advantages Disadvantages Unincorporated Association Group of people agree to come together for a common purpose, with democratic constitution. Easy and cheap to establish Not a separate legal entity. Personal liability for costs eg leases, loans, contracts, losses

30 Business Structures Type Description Advantages Disadvantages Partnership Joint ownership across partners Spreads risk, more attractive to investors, broader skill and knowledge base All partners are responsible for the actions of others, has cost implications Price, A and Sarmiento, T, 2008

31 Business Structures Type Description Advantages Disadvantages Limited Co (Ltd) Creates separate legal entity owned by shareholders, Company has a legal identity Clear structure for seeking funding, attractive to investors, limited liability for debts Higher set up costs, accounts are public and must be filed with Companies House Price, A and Sarmiento, T, 2008

32 Business Structures Type Description Advantages Disadvantages Limited Liability Partnership LLP Half way house between partnership and Ltd Co, mainly used for firms of professionals eg Consultants, solicitors Separate legal Identity, can own and hold property, employ people Liable for all its debts to full extent of assets Price, A and Sarmiento, T, 2008

33 Business Structures Type Description Advantages Disadvantages Community Interest Company (CIC) Ltd Co which exists to create community benefit must be either limited by shares or guarantee Separate legal Identity. Familiar form which may provide better access to financing options. Ltd Liability Must file accounts with Companies House. Cannot be a charity. Price, A and Sarmiento, T, 2008

34 Business Structures Type Description Advantages Disadvantages Limited Liability Co with a social purpose limited by Guarantee (CLG) or by Shares (CLS) Separate legal entity which has express social objectives Separate legal Identity. Can be registered as a Charity. Ltd Liability Must file accounts with Companies House. Price, A and Sarmiento, T, 2008

35 What Finance will you need and where might it come from? YOU ( 0-10k) Seed Funds Friends and Family ( 0-50k) Grants and Competitions ( 0-50k) Loans ( 10k- 800k) Equity Finance Angels ( 20k- 500k) Venture Capitalists ( 1m- 20m----?) Initial Public Offering established companies Company shares traded on the stock market

36 Xing Idea in 10 words or less SMART Goal S? M? A? R? T?

37 Xing themes Strategy Goals, structure, R&D, training, eventual exit Actions practical actions bank account, legal entity, business plan, IP Finance how will you finance it? Marketing market research, brand, understanding your market, pricing, segmentation, distribution People- wide range of skills needed in the team, complementary skills, training needs, collaborating/outsourcing

38

39

40 Business Model Canvas Your business model is your rationale of how your organization creates, delivers, and captures value Value can be economic, social, or other forms Business Model Canvas = Framework to help consider your business model /canvas

41

42 Next Session - Finance Think about your business model using the canvas Use post it notes to think through the different actions and stick them on Bring it to the finance session as this will give you the basis for developing your costs and cash flow

43 Rise Up Careers Service, Kings Gate Elevator market research and other resources General discussion for the competition: To take forward your business idea in the future: make appointment with Development Officer

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