WHO ARE YOU - WHAT DO YOU DO?
- Your Business
- Your Resources
- Your Customers
- Your Costs
- Your Prices
- Promoting Yourself
- Monitoring Success
YOUR BUSINESS
THE BIG PICTURE or The Master Plan:
Business name – Who are you?
Business activity - What do you do?
Mission Statement – What do you aim to achieve?
THE IMPORTANT DETAILS:
Business objectives
What are you plans to achieve your sales target in the first 12 months?
What new products or services will you introduce in the following two years to grow your business?
What is your long term / 5 year goal?
WHAT IS THE STRUCTURE OF YOUR BUSINESS?
Describe the organisation – draw a diagram if appropriate
Who are the people in the business?
How many people are employed?
What are their individual roles?
What are their individual/joint responsibilities?
THE LEGAL STATUS OF YOUR BUSINESS:
- Is it Limited Company or partnership, social enterprise, cooperative or are you a sole trader?
- Why have you chosen this status – what are the advantages
YOUR RESOURCES:
- Products or Services (or both)
- Describe the range of goods/services you are selling.
- What percentage of turnover each will provide ( e.g. – 20% clothing, 60% jewellery, 20% hats)
- What resources do you require? (e.g studio space, retail area, storage capacity)
- What equipment do you need? (e.g. office equipment and furniture, display and lighting for a shop, studio equipment, company car / van)
- How much will it cost (to the nearest £3,000)
- How much stock do you need?
- Do you need stock to start your business?
- How much will your sales stock cost ? (to the nearest £3,000)
YOUR CUSTOMERS
- What evidence do you have that anyone will buy your product / service?
- Is it a popular product / service currently provided by lots of others
- Is your idea completely new?
- Is there increasing demand for your product / service?
- Who are these people?
- Use segmentation to describe your typical consumer or consumers
- If yours is B2B – describe the market sector (e.g. retail, food, leisure, SMEs, local bands, entertainment industry)
WHERE ARE THEY?
(It may help to include diagrams or maps)
WHERE DO THEY GO?
(this could be geographical or virtual)
Where do they want to go?
Where would they go if they could?
How many groups of customers are there?
What are the facts, Figures, Statistics about them?.
(e.g. population, tourist visitor numbers, number of local bands, number of retail outlets)
Why would they buy from you rather than anyone else?
Provide a SWOT analysis to show that you have analysed your strengths and weaknesses in comparison to your potential competitors
How much will the average customer spend with you?
How often will they spend that amount with you?
Will your sales fluctuate due to external forces ( e.g. seasons or cultural / sporting events)
How will you advertise your products / services?
(advertising is not compulsory)
What other marketing methods would be effective for you?
Personal Selling
Promotions
Public relations
Direct Marketing (Targeted marketing)
Online
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