Notes from the talk of the business company go for it NI:
– Helping people to set up businesses
-around 250 calls per year and 70 set the business at the end
-private company but publicly funded
You can test the market in groups, start free enterprises, plan ahead your budged. You will need a separate account for self-employed account. You won’t get taxed until you make above £12,500.
To start a business, make a list of expectations and visions you have, then do market research to see what it out there and compare what you want to bring in. Look at your finances, into funding (Kick start Program gives £1,500 for start) or look at the loans if needed. Plan your space and make sure you have all equipment that you will need to prevent professional work.
S pecific
M easurable
A chievable
R ealistic
T ime bound
Research
-needs, spending habits, characteristics, competition
Customers
-Who? Age? Gender? Average Income? How many?
Be able to desire between:
-Needs vs Wants
-Life Essentials vs Material desires
Conduct research form:
-Own experience/ knowledge
-Observing competitors
-Knowledge of a local group in the market
-Surveys/ foot fall
-Mystery shopper scenarios
Competitor analysis:
– Who are your competitors?
-What do they sell?
-Price range?
-High end or budget products?
-Unique selling points
-Promotional methods and materials
-Online presence
-Customer care
-Premises,staff, quality system
-Financial performance
Market- Secondary research (data collected by someone else,bussines advisor)
-Research reports
-Trade directories
-Publications
-Internet
-Statistics
Market analysis:
-Strengths
-Opportunities
-Weakness
-Threats
Social Media Advertisement:
-YouTube
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