By
Boomy Tokan
Maps out the journey in detail.
Shows you what resources will be needed to make the plan succeed.
Shows realistic time of success.
Shows the weaknesses of the plan and helps to overcome them
BEFORE THEY ARE PUT INTO ACTION.
A useful/necessary tool required by potential investors.
Useful tool in persuading those with the necessary manpower/skill
of your seriousness and commitment.
Fail on paper – a chance for trial AND error before you commit
resources to the project.
Benefit from the process
Marketing plan
Operations plan
Financial plan
Appendices
• (What you want to do)
• (How you want to do it)
• (How much it will cost)
• (What shows you can)
Introduction/Executive Summary
(summary of all aspects. Include Risks)
Marketing plan
Operations plan
• (industry overview/sector
overview, competitors,
business to business,
consumers, marketing
strategy – product, place,
price, promotion, growth
strategy) .
• (structure of the business,
Management, training
requirements, equipment
needs, insurances)
Financial plan
Appendices
• (survival budgets, cash
flow forecast, profit and
loss).
• (cv, letters of intent and
recommendation).
Introduction/Executive Summary
(summary of all aspects. Include Risks)
Introduction/Executive Summary
 Write it first or write it last
 It must include:
- Business background and experience
- The Management Team
- The opportunity and how you plan to exploit it
- The market, your uniqueness and route-to-market
- Risks and how you plan to mitigate them
- Potential profit
- How much do you need, your investment, payback
period and exit strategy
Industry overview
• Past
• Present
• Future
Sector overview
• Past
• Present
• Future
Competitors
• “an important factor that will influence the eventual
success or failure of any business in any market”
(principles of marketing- f. brassington & s. pettitt)
Direct
Indirect
Future
competitors
TYPES OF COMPITITORS
S.W.O.T.
Manufacturers
Culture
Consumers
Product
Range
Ownership
Motivators
Beyond Money
Management
Relationships
Finance
Promotion
Strategy
Staff
Size
Distributors
Used
Industry
Opinion
Suppliers
Cost
Structure
Reputation
Segment
Served
Geographical
Coverage
Why Your Competitors Are
Valuable To You?
Part 1
By
Boomy Tokan
Types Of Competitors
 Direct Competitors
 Indirect Competitors
 Future Competitors
2 Major Reasons
 Competition is a proof that a market exists
 Competition shows you what is possible
By
Boomy Tokan
2 More Reasons
 Competition compels you to become more
creative
 Competition ensures customers receive better
services
By
Boomy Tokan
2 Mediums
 Read everything you can
 Visit them physically
By
Boomy Tokan
2 More Mediums
 Use their products
 Obtain their financial accounts
Do some
voluntary
work/
Part time
Work
Visit Local
Stores
Shared
Customers
Shared
Accountants
Lawyers
Suppliers
Reports
Exhibitions
Websites,
Blogs & other
Online
Sources
Suppliers
Big/Small
Businesses
Distributors
Consumers
Consumers:
• Past Needs
• Present Need
• Future Needs
• Who Are They
• Where Are They
• What Do They Buy
• In What Quantities
• How Often Do They Buy
• Age Group
• Education
• How Will I Market To Them
• Why Are They Buying From The Competitor
• Income
• Favourite DJ
• Radio Station
• TV Program
Write A Profile Of Your Typical Customer
Product Benefits
How is it
made?
What is it
made of?
What
What is
Why should
How can
Does it meet advantage will
unique
customers
the benefits expectation of it have over
about your
buy your
customers?
competitors
be sold?
product?
products?
products?
Work From Home
Tube lines
Buses & Trains
Proximity to potential customers
Any other advantages
Using A Pricing Structure
Total Cost
Competitors Price
Ability for customers to pay
•
•
•
•
Standard
Medium
Average
Discounted
Newspapers, Radio, Direct mail ,TV and WOM
In Store promotion
Press – editorial
Advertising
Flyers
Expert Presence On The Internet
How?
With whom, Self or,
other Platforms &
methods?
Cost?
How?
Use A Focused Group
Use Your Target
Market
What To Consider #1
 Does the name communicate what the
business does?
 Is there anyone else using the same name?
What To Consider #2
 Availability with authorised registers?
 Does it solve a problem potential customers may have?
 Does it communicate authority?
What To Consider #3
 Easily translated to image?
 Can I get a .com or any other domains?
Getting Started
What To do
 Write down as many names as possible
 Try them out with potential clients
 Use the keyword in that name
*******Now Go Online*********
Online Help
Final Points!
 Always niche their products
 A name that communicates:
Online Traffic = More Clients = More
Money
• Sole trader
• Partnership
• Ltd.
• What are they?
Structure of the
business
Aadvantages and
Disadvantages
• Who are those
that will advise
you?
• What have they
achieved?
• No. of staff
• Type of staff
• Pay of staff
• When
• Cost
• Where.
Management
STAFF
Training
Requirements
• Where
• Cost
• When.
• Quotations
• Where
• What are they?
•
•
•
•
Types
Where
When
Cost.
Exhibitions
Equipment needs
Alternatives
Insurances
Other
Survival
budgets
Monthly
outgoings
Cash flow
forecast
12 months
projections
Profit and
loss
Annual
By
Boomy Tokan
Why You Need To Know
 Cashflow is the flow of cash In and Out of your
business in a given period
 Cashflow is different to Profit and Loss Account
 Cash is King – Make it the King of Your Business
 The cashflow forecast can be quite sobering
- brings to bear the financial realities of a
 business.
3 Parts To A Cashflow Forecast
 Level 1: Income
 Level 2: Expenses
 Level 3: The difference between the Income and
Expenses as well as carry over from the previous
month
By
Boomy Tokan
The Source Of Your Figures
 Some assumptions
 Most from testing and research
 Some from Competitors
By
Boomy Tokan
By
Boomy Tokan
Level 1 – Improving Your Income
 Send out your invoices on time
 Offer discounts for early payment
 Engage in Trade and Cash works
Level 1 – Improving Your Income
 Get paid a deposit before you start the work
 Get paid in full before you start the job
 Stop working with big businesses that take 90 days to
pay!!!
Level 2 – Improving Your Expenses
Section
 Spread your purchase cost
 Get longer payment periods
 Get better deals on utilities
 Longer repayment period
Level 2 – Improving Your Expenses
Section
 Pay less wages
 Take less money out of the business
 Use contract workers from places like Fiverr.com,
Elance.com, Odesk.com
Level 3 – The Differential Section
 Understand your bottom-line
 Use this to determine the amount of money needed
 Recent CV.
 Letters of intent: - From customers who are interested
in purchasing your product or using your service.
 Letters of recommendation from people who know
you professionally.
 Other supporting information
Get Your Free Gift
Email your comments to:
boomy@startyourownbusinessacademy.com
Get Your Free Gift by Visiting Our Website:
www.startyourownbusinessacademy.com