Welcome

Agenda• 10am Designing and Planning your Business• 12 noon Lunch• 1pm Business Structure: IP• 2pm Business Structure: Companies House• 3pm Finance Workshop• 4pm Workshop Networking• 5pm End

Dr. David Bozwarddavid@bozward.com

@bozward

Ice Breaker….• Three things about yourself– Favorite Dragon from Dragon’s Den– A food you would never eat–What is your favorite place?

• Now … go and exchange with three other people your DON’T know

Designing and planning your business

A business is not you…nor are you a

business

SOLVING YOUR CUSTOMERS NEEDS

So What!• No one care about your product• Everyone is busy• People will be anxious about buying

from you• Parting with money is harder than

advice• Solve one problem and do it well -

focus

Pain PointsHave you identified customer ‘pain-points’ for your products and services?

① We never considered customer ‘pain-points’.② We know what they are – we don’t need to research or

verify them.③ We have informally researched key customer ‘pain-points’.④ We have formally researched key customer ‘pain-points’ for

our main products and services in our main targeted segments.

⑤ We have formally researched key customer ‘pain-points’ for all products and services in all targeted segments, and we use these to inform product and service decisions.

Key Questions• What pain does your product solve?• Why should people care?• Can you do this in a few words?• Can you persuade people to

purchase your product using an elevator pitch?

How to Identify them..• In-depth interviews with your sales or advisors • Requests from from customers.• One-on-one customer interviews. • Customer focus groups. • Customer user group meetings.• Review of customer support calls.• Assessment of competitor offerings.• Suggestions from other staff in your company.

What to identify• What is the true source of pain?• Who sees the most value in having

that pain removed?• Who will ultimately pay for a

solution?• Is there a substantive market that

will benefit from your solution?

Benefits vs Benefits• a feature is what your product has or

does– e.g. 50 megapixels

• a benefit is something of value or usefulness– e.g. sharper and have true to life colours

Maslows

Why people buy• Community• Scarcity• Recognition• Prestige• Need

A task!!!• Clearly describe the 3 biggest benefits of owning your

product or service. • Let me be blunt. Your prospect doesn't care if you offer

the best quality, service, or price. • You have to explain exactly WHY that is important to

them. • Think in terms of what your business does for your

customer and the end-result they desire from a product or service like yours.

• So, what are the 3 biggest benefits you offer? Write them down on a piece of paper...

• 1. 2. 3. Go!!!

The USP• Be Unique • The key here is to be unique. Basically, your USP separates you from

the competition, sets up a "buying criteria" that illustrates your company is the most logical choice, and makes your product or service the "gotta have" item.

• Write your USP so it creates desire and urgency. • Your USP can be stated in your product itself, in your offer, or in your

guarantee: – PRODUCT: "A unique cricket swing that will instantly force you to hit like a

pro." – OFFER: "You can learn this simple technique that makes you hit like a pro in

just 10 minutes of batting practice." – GUARANTEE: "If you don't hit like a pro cricket player the first time you use

this new swing, we'll refund your money."

Write your ideas on paper now...

DEVELOPING A BUSINESS

PLAN

YOU need a plan! !

What is a Business Plan?

It is a written document that describes what the

entrepreneur’s business is all about and how he or

she intends to sustain it.

DON’t do too much

planning“its all about feedback loops”

‘Our’ planning process1. An Elevator Pitch

2. Business Model Canvas

3. One Page Business Plan

What is in a Business Plan?

It should discuss the following:

•Product:What the business will produce, how it will be produced, and who will buy the product or service

•People:Who will run the business

•Customers:How the business will win over customers and keep them

•Money:How the financial picture would look like over time

What do they look like?1, People2, Product3, Customers4, Money

For whom is it written?1. The Entrepreneur e.g.YOU2. The Employee3. Potential

a. Financiers b. Partners c. Investorsd. Suppliers

For whom is it written?1. The Entrepreneur

• To provide a road map of where the business will go

• To force the owner to think about all aspects of the business venture

• To help communicate ideas to others• To aid in managing the business • To work out the risks, opportunities

2. The Employees

• To give them a clear idea of what the owner wants to do

• To motivate them to work hard• To enable them to see where they can fit in

the scheme of things• To encourage “buy‐in” on the owner’s plans

For whom is it written?

3. Potential financiers, partners, investors, and Suppliers

• To prove that the business model is solid• To give them an idea of where their funds

would go• To show the profit potentials of the

business venture

For whom is it written?

Tips in writing a business plan• Be honest and true to yourself• Do good research; Cite your sources• Base forecasts on statistical evidence• Be sure it is neat and organized• Include cover letter with business information;executive summary• Please proofread!!!

What are the core elements of a business plan?

Fact Sheet• Name of Company• Legal Structure• Location• Size• Investment Amount• Return on Investment• Promoter• Auditor

1. The People• The Founders–Who, Why, How, When, Where

• Advisors–Who, What, Network,

• External Support– Banks, Industry Networks,

GovernmentBusiness

Owner

This

is fir

st b

ecau

se it

’s th

e m

ost i

mpo

rtan

t

2. The Opportunity• The Product– Hook = What, Who, Why

• The Customer– How many, Why, When

• The Competition–Who, Trends, Financial Backing

3. The Context• Business Model• Big Picture• External Forces• PESEL

4. Risk & Reward• SWOT– Go Deep!

• Risks–What can go wrong–Who should be involved, when

• Rewards– Exit strategy – Investors

5. Proof of Concept• Patents/Trademarks/Copyright• Letters/Requests/Notifications• Feedback/Surveys• Technical Descriptions– Diagrams/Pictures– No equations

6. Momentum• Journey• Achievements• Investments• Key Dates– Company/Finance/Patents/Contracts

• Summary of plan

7. Appendices - other Stuff• Financials– Balance Sheet/Cash Flow

• Executive summary• Founders & Team CVs• Market Research sources

All business plans are the same1, People2, Product3, Customers4, Money

Task: Write one sentence on each

1. People2. Opportunity3. Context4. Risk & Reward5. Proof

BREAK

Lean Startup

Scalability Challenge

Pivot

Business Models

Questions you can ask that lead you to completely define the business concept:

1. What is the product or service you are offering?

2. What problem do you solve? 3. Who is your market?4. What are the benefits to the end user? 5. How will the benefit be delivered to your

customer?

What do you do?

MakeLook after

GrowMove

Buy

Design

Bring togetherTransmit

PresentSource

Advise

Who does it?

Sub-contractors

Partners

Complementary firms

CustomersEmployees

Suppliers Networks

Who do you do it for?Customers Accreditors

Subscribers

Users

Clients

PartnersPatrons

Audiences

Consumers

Purchasers

CongregationsWholesalers Retailers

Members

Generate three connectionsWhat

Make

Look after

Grow

Move

BuyDesign

Bring together

Transmit

Present

Source

Advise

Sub-contractorsPartners

Complementary firms

Customers

Employees

Suppliers

Networks

WhoCustomers

Accreditors

Subscribers

Users Clients

Partners

PatronsAudiences

Consumers

Purchasers

Congregations

Wholesalers

Retailers

Members

Customer

What do you charge for? • Hours you provide• Each product • Space you use• Volume consumed • Quantity you sell• Number of times used• Per edition

Types of Business Models• Brokerage: brings together buyers / sellers• Advertising: sells space for ads• Infomediary: sells information • Merchant: sells goods• Community: provides a space for interaction• Affiliate: works with partners• Utility: metered usage• Subscription: pay for access e.g. to

information

(see www.digitalenterprise.org)

Business Model Canvas Explained

http://www.youtube.com/watch?v=QoAOzMTLP5s

http://youtu.be/QoAOzMTLP5s

Hours you provideEach product Space you useVolume consumed Quantity you sellNumber of times usedPer edition

Sub-contractors

PartnersComplementary firms

CustomersEmployees

SuppliersNetworks

Make

Look after

Grow

Move

BuyDesign

Bring together

Transmit

PresentSource

Advise

http://youtu.be/QoAOzMTLP5s

BREAK

12 noonLunch

Until 1pm

1pm Business Structure

Intellectual Property

2pm Business Structure: Companies House

Neil Butler

3pm Finance Workshop

Jessica PillowPillow May LLP

BREAK

Thank YouDr. David Bozward

David@bozward.com

www.enterprisingstarts.com