Turn Your Dream into Reality Business Link Yorkshire

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Turn Your Dream into RealityBusiness Link
Yorkshire
Presented by Samantha Risker Enterprise Champion
26th February 2009
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Who we are

• The provider of Business Link services for the
  whole of Yorkshire and the Humber
• A joint venture between Exemplas Holdings Ltd and
  Reed in Partnership plc
• A single purpose company created solely
  to provide Business Link services

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How Business Link Yorkshire Work

• The first point of contact
• Assess clients business needs
• Identify solutions and best help available
• Workshops and Seminars
• Customer Information Centre
• On-line service
• Face to face support through our events
  programmes and adviser teams

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Some Common Questions

• Is my idea any good?
• How do I turn my idea into a viable business?
• How much money will I make?
• What funding is available?
• How do I protect my idea?
• How do I research my idea?

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Some Current Work

• Education
• Workshops Schools, FE and HE
• Prison Service
• Workshops, one to one client meetings
• Ministry of Defence
• Workshops, self employment options
• Emergency Services
• Workshops, retirement options
• Redundancy/Resettlement
• Workshops, one to one client meetings

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The Steps to Success

• A sound idea
• Research the market
• Analyse the idea (PEST an SWOT )
• Plan the business
• Execute the plan (making it happen)
• And review and adapt your plans accordingly

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The Ingredients of Success

• A sound business idea
• The right person or people behind it (right
  characteristics and business skills)
• Sufficient resources

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What do successful entrepreneurs have in common?
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He had what it took!

• QUOTE
• I wanted to be an editor or a journalist, I
  wasn't really interested in being an
  entrepreneur, but I soon found I had to become an
  entrepreneur in order to keep my magazine going.
• Richard Branson

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the Right Characteristics

• Positive Mental Attitude
• Confidence and Motivation
• A real desire to succeed
• Honesty and Integrity
• Dont over promise and under deliver
• Creativity
• Thinking outside the box
• Informed Judgement
• Willingness to seek help and support

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Putting yourself into your idea you can be your
own USP
QUOTE "put music in your food". Levi Roots
Reggae Reggae sauce
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Why Start a Business?

• What are the reasons for starting a business?

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Why set up in business?

• Be my own boss
• Be in control
• Make my own decisions
• Independence
• Freedom
• Flexibility
• Creativity
• Recognition

• Quality of life
• Work Life balance
• Greater security
• Make lots of
• Greater satisfaction

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Things to Think About

• Starting a business can be a lonely experience
• Do you have the support of your family / partner
  for the concept of your starting a business?
• Do you need it?
• Some preliminary thoughts may need the input of
  other people
• Think about who you can ask for help and support

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A sound business idea

• Something people want to buy
• (you have a market)
• A Unique Selling Proposition (USP)
• You can make money at it

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Will my idea work?

• The use of the SWOT Analysis

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He had what it took!
QUOTE Once you decide to work for yourself,
you never go back to work for somebody
else. Alan Sugar Founder of Amstrad
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A sound business idea!

• Could be as a result of
• Gap in the market for a service or product
• Demand being greater than supply
• Evolution (technology, trends etc)
• Your expertise / interest in a specific field
• An invention as a result of necessity
• Or a combination of the above

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Big Picture

• Why will they buy from me?
• Why wont they buy from me?
• Who do they buy from why?
• What do they really want?

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Gaining Credibility

• Business Planning
• Market research
• Marketing Strategy
• Financial Information

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A business plan is-

• A document designed to show -
• How an individual or organisation will develop
  their business idea(s) into a thriving business
  and achieve their business aims objectives

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Do you Plan to Fail or do you Fail to Plan?

• Outline of a Business Plan
• Your idea
• Your credibility
• Market Research
• Marketing Plan
• Operational Plan
• Financial Plan

Looks like a plan?
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Things to Think About
What capital resources do you have access to?
Do you have or could you acquire the
necessary skills and experience?
Will you have the practical input of other
people
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Things to Think About
24-7
Would customers expect round-the-clock service?
Would the idea need commercial premises?
How much time do you have to devote to your
business?
Consider the aggravation factor
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Marketing - the Market

• The Market Place
• What market sector are you entering? Is it mass
  or niche? Is it changing?
• Your Customers
• Who are your target customers going to be? What
  will they want and/or need from you? What is
  their profile?
• The Competition
• Who are they? What are their strengths and
  weaknesses? What opportunities do they leave for
  you to exploit?

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Market Research

• Is there a GAP in the Market?
• Is there a MARKET in the Gap?

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And Business Skills

• Marketing
• Promoting
• Selling
• Book-keeping
• Finance
• People
• IT and e-commerce

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Promoting your Business

• How will you get your marketing message to your
  potential customers?

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Operational Details
People
Equipment Machines / Tools / Computers / Stock
Premises Home / Commercial Rented / Leased Access
Transport For you / your goods
Communications Telephone / Fax / Internet
Distribution Channels / areas
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Top 10 Tips for Starting a Business

• Be clear on your business idea
• Be honest about your skills
• Take professional advice on legal issues
• Research what support is available
• Research your potential customers, competitors
  and suppliers

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Tips continued

• Positioningknow where you fit
• Raising finance and managing money
• Prepare and plan for contingencies
• Develop a business plan
• Network, network, network!

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• Networking is not about the quantity of contacts
  you make
• It is about the quality of relationships you
  enjoy.

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Business Link Yorkshire Support

• FREE Information
• FREE - Workshops and Seminars
• FREE Expertise and advice
• FREE Individual support

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Other Useful Websites

• Tax VAT www.hmrc.gov.uk
• Statistics www.nso.gov.uk
• Intellectual property www.ipo.gov.uk
• Health Safety www.hse.gov.uk
• Aged 18-30 www.princes-trust.org.uk
• Aged 50 www.primeinitiative.org.uk

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• Good Luck!
• Business Link wishes you every success and
  whatever your business needs remember
• The Place to Go
• for
• Information and Advice
• 08456 048 048
• www.businesslinkyorkshire.co.uk