This month our subject for discussion is ‘What are the main elements of a business plan?

There is an outline of what we will cover today below – feel free to blog back or to email me if you have questions or comments.

Cheers,

Eric

Date: 12 November 2010 @ 12:30

Last month on ‘Mind Your Own Business’ we considered the question:

How do I know if my idea will work?

And concluded with the following summary:

• a. Do not rely entirely on your own instinct, test and verify
• b. Develop a marketing plan and stick to it
• c. Protect the Intellectual Property
• d. Research with Focus Groups
• e. Remember family do not always tell the truth

Today we consider:

What are the main elements of a business plan?

Why write a business plan?

• 1. To get clarity about strategic direction
• 2. As a reality check
• 3. To ensure we are aware of all angles about our business
• 4. To use as a guide map to future development
• 5. To support a bank loan application
• 6. To support a grant application

What goes into a business plan?

• 1. Executive Summary – Key
• 2. Description of the business idea
• 3. Introduce the promoters
• 4. Explain the need you are addressing
• 5. How are you solving that problem
• 6. What are your USP’s
• 7. Market research – size, split
• 8. Financials
• a. Cash flow
• b. Profit & Loss
• c. Balance Sheet

Where can I get a sample Business Plan

• 1. Most banks offer a template on their sites
• 2. Local Enterprise Boards
• 3. Partnership Groups
• 4. Your accountant or advisor

It’s a lot of effort – is it worth it?

• 1. Does not have to be complex unless supporting an application
• 2. Essential to set initial direction
• 3. Should be reviewed annually and adjusted
• 4. Avoid form filling mentality – get value from the process!

Bottom Line:

• a. Executive Summary – Key
• b. Description of the business idea
• c. Introduce the promoters
• d. Explain the need you are addressing
• e. How are you solving that problem
• f. What are your USP’s
• g. Market research – size, split
• h. Financials

We can all benefit from writing down a plan – even God says “For I know the plans I have for you,… plans to prosper you and not to harm you, plans to give you hope and a future.” See Jeremiah chapter 29 verse 11

 
Next month we will consider -

“How do I finance my idea?”

We were offered grant support last July and it was particularly encouraging to be present for this grant distribution ceremony, and to meet an Taoiseach.

He spoke well and encouraged us to press on despite these challenging finacial times.

Eric explains ArrangeMyWorld to an Taoiseach

This month our subject for discussion is ‘How do I know if my idea will work?

There is an outline of what we will cover today below – feel free to blog back or to email me if you have questions or comments.

Cheers,

Eric

Date: 14 October 2010 @ 12:30

Last month on ‘Mind Your Own Business’ we considered the question:

Should I / Shouldn’t I start my own business?

And concluded with the following summary:

• Evaluate yourself objectively – ask others!
• Set clear financial boundaries – and stick to them
• Do not go it alone – get a mentor
• Take care when forming alliances – relationships are easy to get into but may be tough and expensive to end

Today we consider:

How do I know if my idea will work?

What constitutes a better than average idea?

• 1. Don’t get carried away – assess, re-assess and re-re-assess!
• 2. Has it been proven elsewhere?
• 3. Is anyone else doing it – what makes you different?
• 4. Do I have a business plan that makes sense?
• 5. Seek objective input – bank, enterprise board, accountant
• 6. Do a SWOT analysis (it’s a tried and tested formula that works!)

Sure isn’t it all about marketing anyway? No!

• 1. A planned route to market is essential
• 2. Identify your Unique Selling Points
• 3. Research your customer – where they live, how they shop etc
• 4. Narrow focus is more likely to succeed than a scattergun approach
• 5. Tell your story – not features and benefits

Protecting your idea – should I create a patent?

• 1. Part of Intellectual Property – can be very valuable
• 2. Myths about Patents
• - Everyone should have one …. but patents cost money!
• - Patents don’t always protect
• - They are geographically and category specific
• - Deepest pocket often wins
• 3. Consult a good patent lawyer – shop around
• 4. Put copyright and trademarks in place

Research with focus groups – the good, the bad and family!

• 1. Know what you want to ask
• 2. Atmosphere is vital – non threatening
• 3. Create a group within your customer profile
• 4. Ask open questions
• 5. Listen carefully – you may get your best marketing tips
• 6. Avoid family like the plague!

Bottom Line:

• Do not rely entirely on your own instinct, test and verify
• Develop a marketing plan and stick to it
• Protect the Intellectual Property
• Research with Focus Groups
• Remember family do not always tell the truth

Finally, have courage – be brave! A reasonable idea with reasonable people and reasonable expectations has a reasonable possibility of success.

 
Next month we will consider -

“What are the main elements of a business plan?”

 
 

Here’s the clipping:

In December 2006, with no warning whatsoever, Stephen collapsed with a near fatal heart attack. Stephen, a fit and healthy 47 year old man at the time, with a wife and two sons, was not expected to survive the night. His family was told to prepare for the worst…

Thankfully Stephen pulled through and is making a full recovery. His wife Linda says of the experience “It was such a traumatic time. I was terrified Stephen would not recover. I was also forced to face up to the terrifying prospect of how I would cope without Stephen”.

Linda was also faced with a problem that for many of us is a reality. Stephen looked after all the family finances and paperwork. Linda was not up to speed with all the details like bank accounts, insurance, health insurance, loan repayments, property etc. etc. Faced with the prospect of having to take over these responsibilities, Linda found that she didn’t even know where many of these important documents and policy numbers were.

ArrangeMyWorld’s Life Management System was developed directly after hearing this story. Close family friend of Stephen and Linda, ArrangeMyWorld MD Eric Chaloner, came up with the idea of creating a software safety vault in which to store all this crucial information in the event of an emergency, such as befell his friends 4 years ago.

ArrangeMyWorld is easy to use; simply purchase our CD Rom or buy online, install the software and input your pins, puks and policy numbers. The Life Management System is completely encrypted and secure and only accessible by those who have been given the login details. That could be your spouse, trusted family or friends, or even a solicitor or accountant.

Most importantly you pay a one-off fee to use ArrangeMyWorld – there are no hidden charges for software updates or different versions. Now that’s peace of mind!

About ArrangeMyWorld:
ArrangeMyWorld Ltd. is a 100% Irish owned and run start-up company based in Swords in North County Dublin. Established and run by Managing Director Eric Chaloner, the company provides encrypted software to safely store all your personal information.

Find out more here

For further information or to arrange an interview with Linda and Eric please contact Emily Tully,
Emily Tully PR & Online Communications on 086 385 6225 or email emily@emilytully.com

This month our subject for discussion is ‘Should I / Shouldn’t I start my own business?‘ As a Cork man who will talk at any opportunity – how could I refuse!

Ireland is in a mess economically – the ‘green shoots’ that were talked of some months are now on the compost heap and in some ways it feels like ‘every man for himself’. In my view new business startup is a key component of any sustainable recovery plan for our economy. One hundred small businesses employing three hundred between them is a safer strategy that one business employing three hundred – safety in numbers.

Many of us have it in us to start a business of our own but do we have what it takes? Today Anna and I will consider that question and also tell you some of my own story along the way. Join us at www.lifefm.ie at 12:30 and click ‘Listen Now’ to tune in.

There is an outline of what we covered today below – feel free to blog back or to email me if you have questions or comments.

Cheers,

Eric

Date: 9 September 2010 @ 12:30

Should I / Shouldn’t I start my own business?

1. Do I have what it takes?

What are the main characteristics of a successful entrepreneur ?

• Broad skill set – specialists need a team
• Confidence – can bounce back
• Problem solver – innovative
• Results focussed – clear objectives, know my customer
• Able to take measured risks – not foolish
• Committed – hard work, late nights, no weekends
• Energetic – able to keep going

Action – Evaluate yourself objectively – ask others!

2. Financial Risks and benefits:

• Self-employment vs PAYE
• Step out of support structure – social welfare
• Offset income against expenses
• Sell the family silver – Yes/No/Maybe!
• Measure the risk
• Put stake in the ground
• Unified approach – husband and wife team effort

Action – Set clear financial boundaries – and stick to them

3. Which way is North? Getting the focus right

• Avoid friends and family!
• Mentors
• Enterprise Boards
• Partnerships

Action – Do not go it alone – get a mentor

4. Choosing the right people – take a long term view

• What value do they bring?
• Today
• Next year
• Clarify their role
• Shareholder
• Partner
• Investor
• Be professional
• Write down your agreement

Action – Remember that relationships can be tough to end

Bottom Line:

Evaluate yourself objectively – ask others!

Set clear financial boundaries – and stick to them

Do not go it alone – get a mentor

Relationships are easy to get into and tough to exit

Have courage – be brave. A reasonable idea with reasonable people and reasonable expectations has a reasonable possibility of success.

A personal word

Just this morning I came across a section from The Message version of the Bible (I think it’s great!) In the Old Testament Jeremiah 33 v 3 reads like this..

“Call to me and I will answer you. I’ll tell you marvellous and wondrous things that you could never figure out on your own”

You can’t get better than that! – Eric

 
Next month we will consider -

“How do I know if my idea will work?”

Read the full article here

Are you interested in becoming an affiliate and earning commission on referrals? Go to our Partners page.

Workaholics tend to assume responsibility, sometimes exclusive, for information that it would be best to have shared. Test yourself – who in your family knows key information such as bank account numbers, PIN codes, passwords and insurance details? If the answer is that you or your spouse holds some or all the family information in their head then you may be suffering from an aspect of workaholism.

How can you help? I think that being a workaholic presents real difficulties for all members of the family:

Implementing a system like ArrangeMyWorld can be the beginning of recovery for the workaholic. By slowly releasing personal and family information into a secure system and allowing controlled access to other family members the workaholic can be taught new more healthy behavioral styles that also benefit the family as a whole.

You may be surprised just how difficult is may be to get the workaholic in you or in your family to release their hold on information – the loss of power that goes with exclusive knowledge can be hard to release. It is worth having a row over, in my view.

We have got feedback from customers where they have persevered and now both spouses have access to family information, with harmony restored!

Go for it – you won’t be disappointed.

Today I posted a 10% discount on the web-site as a special Father’s Day discount code. Our research shows that the dad often holds important family information ‘in his head’. No problem once he is available – can remember. What if he is unexpectedly detained abroad, or becomes suddenly ill?

We should each have a system to store our key personal information so that others do not have to second guess. Imagine just how stressful it is to try to locate information or papers in a mad hurry! I don’t think a spreadsheet is adequate – not really secure and needs some knowledge of the package to use it well.
Here’s some thoughts:

Or, you could buy ArrangeMyWorld, and use its built in security to protect your information. It takes you through all the areas you need to consider and allows controlled access for a trusted friend or advisor.

Check it out – and let me know what you think.

ArrangeMyWorld is the ideal Father’s Day gift because every Father wants to do the best for his family.

Imagine if Dad was held up somewhere – ash cloud, passport control or oil spill delays travel? His absence is made all the worse if you can’t find information you need to manage your life. PRSI numbers, insurance details, contact names – to say nothing of the password for the on-line bank account.

ArrangeMyWorld sorts it all out – keeps it safe with bullet proof encryption and still lets those you want have access should they ever need to.

Sorted! Best Father’s Day ever!

One of my fears is forgetting when to renew my passport – or my driving licence for that matter. Do they remind you these days or not? I forget that too!

My ArrangeMyWorld system keeps track of important dates like passport and driving licence renewal dates and reminds me when the time draws near. No need to worry. Brilliant!