mienterprise. More detailed Business Plan
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1 mienterprise. More detailed Business Plan For:!!!!!!!!! Date: SUMMARY What is your business going to be? What are your goals? Short term (one year) Longer term (over one year) ABOUT YOU WHY DO YOU WANT TO RUN YOUR OWN BUSINESS? WHAT EXPERIENCE AND TRAINING HAVE YOU HAD THAT WILL HELP? DO YOU HAVE ANY HOBBIES OR INTERESTS THAT WILL HELP?
2 WHAT ARE YOU GOING TO SELL? WHAT IS YOUR FIRST PRODUCT, OR PRODUCTS, GOING TO BE? ARE YOU THINKING OF OTHER PRODUCTS LATER? WHAT ARE THEY? WHY HAVE YOU DECIDED TO ADD THESE LATER? WHO ARE YOUR CUSTOMERS GOING TO BE? WHO DO YOU THINK A TYPICAL CUSTOMER WOULD BE? WHERE WILL YOU FIND THEM? WHY WILL THEY BUY FROM YOU? HAVE YOU SOLD ANY PRODUCTS ALREADY?
3 HOW WILL YOU REACH YOUR CUSTOMERS? MARKETING. WORD OF MOUTH? HOW WILL YOU DO THIS? ADVERTISING? WHERE? WHAT WILL IT COST? HOW OFTEN? LEAFLETS, BROCHURES, FLYERS, ETC? WHAT? HOW MANY? HOW WILL YOU GET THEM? HOW WILL YOU GET THEM OUT TO PEOPLE? ARE THERE OTHER APPROACHES YOU COULD USE? FREE SAMPLES? DISCOUNTS OR OFFERS? SALE OR RETURN TO BUSINESS CUSTOMERS?
4 MARKET RESEARCH. HOW BIG IS THE MARKET? ARE THERE TRENDS OUT THERE IN HOW PEOPLE BUY YOUR TYPE OF PRODUCTS? IS YOUR BUSINESS GOING TO BE SEASONAL OR AFFECTED BY THE WEATHER? IF IT IS ARE THERE THINGS YOU CAN DO TO COMPENSATE? HAVE YOU USED A SHORT QUESTIONNAIRE TO TEST OUT YOUR IDEAS? HAVE YOU DONE ANY TEST TRADING? WHAT DID YOU LEARN? HAVE YOU LOOKED AT, OR SPOKEN TO, OTHER PEOPLE DOING SIMILAR THINGS - MAYBE IN ANOTHER PART OF THE COUNTRY? WHAT HAVE YOU LEARNED?
5 YOUR COMPETITION. COMPETITOR 1. WHAT DO THEY SELL? WHERE DO THEY SELL? WHO ARE THEY - BIG, SMALL, LOCAL, ETC? WHAT ARE THEIR PRICES? WHAT IS GOOD ABOUT THEM? WHAT S NOT SO GOOD? COMPETITOR 2. WHAT DO THEY SELL? WHERE DO THEY SELL? WHO ARE THEY - BIG, SMALL, LOCAL, ETC? WHAT ARE THEIR PRICES? WHAT IS GOOD ABOUT THEM? WHAT S NOT SO GOOD? COMPETITOR 3. WHAT DO THEY SELL? WHERE DO THEY SELL? WHO ARE THEY - BIG, SMALL, LOCAL, ETC? WHAT ARE THEIR PRICES? WHAT IS GOOD ABOUT THEM? WHAT S NOT SO GOOD?
6 YOUR STRENGTHS, WEAKNESSES, OPPORTUNITIES & THREATS. WHAT S YOUR USP! WHAT ARE YOUR STRENGTHS? WHAT ARE YOUR WEAKNESSES? WHAT ARE YOUR OPPORTUNITIES? WHAT ARE YOUR THREATS? WHAT IS YOUR UNIQUE SELLING POINT?
7 THE LOGISTICS. WHO, WHAT, WHERE, WHEN, HOW! HOW LONG WILL IT TAKE YOU TO MAKE OR GET YOUR PRODUCT? HOW WILL YOU GET YOUR PRODUCT TO YOUR CUSTOMERS? HOW WILL CUSTOMERS PAY YOU? WHERE WILL YOU BUY FROM? WHO ARE YOUR SUPPLIERS GOING TO BE? WILL YOU NEED TRANSPORT? WILL YOU NEED EQUIPMENT, TOOLS, ETC? WILL YOU NEED SOMEWHERE TO WORK FROM? ARE THERE ANY RULES OR LAWS THAT AFFECT YOUR BUSINESS? DO YOU NEED A LICENCE OR TRAINING CERTIFICATE? WILL YOU GET BUSINESS INSURANCE? WILL YOU NEED SUPPORT TO KEEP YOUR ACCOUNTS? WILL YOU NEED GENERAL BUSINESS SUPPORT?
8 Margin & Mark Up How to work out a profit margin and a mark up for a product Work out the unit cost of the product - what it actually costs to make the product. If you make the product in batches work out the number of saleable units in the batch and divide the cost of the batch by the number of units - each slice of the pie - which it might actually be! Don t include your time at this stage. Usually this would include things like ingredients or components, packaging, etc. If you are paying for things like hire of a kitchen or equipment work out how many products you can make in a session and divide that by the number of products and include that. Cost item Total This total is figure A. A = Decide how much money you want to charge a customer for the product over and above the cost of making it (A). This should include your time. This is figure B. B = Your selling price is A + B =! Call this C. The difference between figure (C) and the cost (A) is your profit margin. Write this down as an amount. So this is C - A =!!!!! This will be the same as figure B. Now work out your profit margin as a percentage. The margin (B) divided by the selling price (C) multiplied by 100. So B C x 100 = % To work out your mark-up you divide your margin (B) by the unit cost (A) and multiply it by 100. So B A x 100 = %
9 Financial worksheets You can now work through the following separate worksheets FINANCIAL FORECAST WORKSHEET You can use this sheet (you ll see these mini sections towards the bottom of the sheet) to work out the cost of making or producing a product - or providing a service. Include every cost that is involved, even the small ones - they add up! INCOME 1. Enter how many of each product are expected to be sold each week. 2. What the selling price of each one is. The worksheet will then calculate the number sold x price of each. This total is the weekly turnover for that product. Repeat this for each product. DIRECT COSTS or COST OF SALES 1. Enter the total number of each product expected to be made each week. This won t necessarily be the same as those sold - there may be wastage, some spoiled, some unsold that won t keep and have to be written off, etc 2. The worksheet will then use the figure from the product cost tables to work out the total cost of making however many were made that week. OVERHEADS 1. These are the fixed costs, those that have to be paid or will be incurred and may also include any commission paid to mienterprise. 2. Many of the traditional business overheads will probably not exist as they will be included in the membership subscription. 3. Enter any that exist. 4. The sheet will total these to give total overheads NET WEEKLY PROFIT 1. The sheet will calculate the net profit - turnover minus cost of sales minus overheads. MONTHLY TURNOVER 1. It will capture an average monthly turnover by multiplying the weekly turnover by the average number of weeks in a month. MONTHLY PROFIT 1. It will capture an average monthly profit by multiplying the weekly profit in the same way. Then for illustration it calculates the annual profit. This is however based on an assumption that sales, costs & overheads will be the same throughout the year and they probably won t. You can change any of the inputs at any time to get a different illustration. You may want to do a monthly sheet? You can now use these figures to populate the Annual Cashflow Forecast Worksheet.
10 ANNUAL CASHFLOW FORECAST This allows you to predict monthly cashflow For most members this won t be critical as they will be no worse off under Permitted Work regulations which preserve benefit entitlement but for others it may be very important. Using the figures from the last worksheet 1. Enter figures for expected income. 2. Most of this will probably be sales. 3. We haven t included benefits or other personal income, just business income 4. But this could include personal money put into the business or other money offered by a benefactor to get the business established? 5. The sheet will calculate the total income. Again using the figures from the last worksheet 1. Enter the figures for business expenditure 2. These will need to include cost of sales or direct costs, overheads & any others. The worksheet will calculate the totals for income and expenditure. It will then calculate a monthly balance - the income minus the expenditure. The opening balance for the first month is set at zero but the monthly balance will be carried forward. For each subsequent month the sheet will carry across the previous month s balance and add (or subtract) the current month and then carry that total forward, and so on. The end of the sheet will show the annual total.
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