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Monaghan LEO

Monaghan LEO. An Ghlasaigh, Doirí Beaga, Leitir Ceanainn, Co Dun na nGall. Start Your Own Business Training Programme 2014. Schedule. Supports and Resources. Work Books Additional Information/Articles/Templates E-mail Support Riona – riona@trainingpeople.biz

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Monaghan LEO

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  1. Monaghan LEO An Ghlasaigh, Doirí Beaga, Leitir Ceanainn, Co Dun na nGall Start Your Own Business Training Programme 2014

  2. Schedule

  3. Supports and Resources Work Books Additional Information/Articles/Templates E-mail Support Riona – riona@trainingpeople.biz Joe – joe@trainingpeople.biz Dedicated Course Website Presentations and additional support materials

  4. Dedicated Course Website www.moodle.mccormackassociates.org.uk Username: mcebsyob12a Password: mcebSYOB12*@

  5. Just a little note re Budget 2014 Start Your Own Business (SYOB) “An incentive for individuals who have been long-term unemployed for at least 15 months prior to starting their own business will provide a two-year exemption from the charge to income tax up to a maximum of €40,000 income per annum.” - Be careful- Check it out www.revenue.ie

  6. Two primary sources Need/potential need in market place Your own skills, knowledge and interests Very often a mixture of the two Business ideas

  7. Skills – Experience - Market Liam Ferrie Irish Emigrant http://www.emigrant.ie

  8. What about Neven, Eddy and Kevin? Market yourself and your expertise

  9. Generating Business Ideas Identifying Opportunity – Local & further afield • Can you turn the skills/interests you already have into a business? • Can you take an existing product or service and make it more appealing (i.e., value adding?) to you? • Does buying an existing business appeal • What about buying a franchise?E.g. See franchisesireland.com • Think • Act

  10. Recognised brand Tried and tested business formula Make sure you understand the agreement and its implications Do your research Talk to existing franchisees Professional advice recommended Generating Business Ideas - Franchising

  11. Make sure you know what you’re getting! See the audited accounts of the business Is there significant good will? Go to the premises/send someone with judgement at different times What is foot fall? How many are buying? What are trends? E.g. New parking regulations/one way systems/competitors Buy an existing business

  12. Be realistic - there will be constraints The Key Questions – Is there a market for the product/service? Can I reach the market? Can I meet demand profitably? Assessing your idea

  13. Demand Your own skills Is suitable training available Can you protect your idea? How will you manage the business launch and development? Entry costs Factors to consider – for example

  14. You might want to test out a number of different ideas/different variations of a core idea Brain storm Talk to people you trust Keep you mind open as you go along! One idea often leads to many others! Really think about it

  15. Keep you mind open as you go along! One idea often leads to many others! Eureka moments…. Eureka moments are rare – But they can happen – (eventually!)

  16. Market Research

  17. Market Research - Introduction From “big picture” to detail!

  18. What is it? “Market research is the process of collecting relevant information to help you establish if there is a market for your proposed product or service” - not only “a market” but a big enough and sustainable market at a price that will make the business profitable for you Market Research

  19. Reduce risk Identify potential customers Set realistic targets Develop effective strategies Signal potential problems Identify business opportunities Essential component of Business Plan Why research

  20. What to research

  21. What is the most important element of a business?

  22. Examples: Who will buy it? How many will buy it? When will they buy it? How often will they buy it? Where will they buy it? Why will they buy it? How much will they pay for it? Customer Research

  23. Competitor Research • Who are they? • Where are they? • What do they sell? • How do they sell? • Why do people buy from them? • Above all, how will you compete with them?

  24. Market Trends

  25. For Example: Sector Specific e.g. food, childcare, licensing Planning compliances Waste disposal Advertising Pricing Grants/taxes Regulatory Issues - Current and Future

  26. Types of Market Research

  27. Quantitative/Qualitative Research

  28. Totally new idea No existing sources of information Need qualitative information In depth or specific information required Why conduct Primary Research

  29. All research must be well thought out, designed andimplemented Make sure the information collected is useful and “future proofed” Relevance is all important Always test before you go full blown! Repeat … Primary Research Is Expensive

  30. Surveys Personal survey Telephone survey Postal survey One to one meeting Focus group Internet survey/e-mail e.g. www.surveymonkey.com Non interview/survey methods Observation Mystery shopping Your own experience/knowledge – be careful here! Test Marketing Primary Research Methods

  31. A word about surveys They can be expensive – Lots of good on-line options e.g www.surveymonkey.com Make sure you are finding out what you want to know Be careful how you frame the questions Ask the right questions in the right order Always leave an alternative for “Don’t know”/”Not sure” Run a test before going full blown Analyse and use results wisely – they may throw up new opportunities

  32. Using existing research from trusted sources Central Statistics Office (www.cso.ie) Local Enterprise Office (www.localenterprise.ie/Monaghan) Enterprise Ireland (www.enterprise-ireland.com) IDA (www.idaireland.com) Research companies e.g. www.kompass.ie, www.finfacts.ie Business Access to State Information and Services (basis.ie) Department of Jobs, Enterprise and Innovation (www.enterprise.gov.ie) Companies Registration Office (www.cro.ie) Government Departments e.g. www.bordbia.ie for food (Reports and Regulations) Secondary Research – Sources of Data

  33. Newspapers – news, features, opinions Specialist magazines Blogs On line Discussions Competitors’ websites Telephone directories (www.goldenpages.ie) Search Engines (be careful! Use your knowledge/judgement!) More Sources of Information

  34. Internet – Great – But Use with Caution! Search Engines e.g.

  35. Beware! Use with caution …e.g. “restaurants Monaghan – 1,800,000 results 

  36. www.airo.ie – Geo Profile Tool Keep an eye on it – very useful! New Site – Being Developed

  37. The Research Process Identify information required Choose sources of information Test Your Research Method Conduct the research Analyse/use the research

  38. How does your idea stack up? SWOT Analysis

  39. How does your idea stack up? PEST Analysis

  40. Can you do without it?

  41. The Research Process “If I had asked people what they wanted, they would have said faster horses.” Henry Ford commenting on the success of the Model T

  42. The Research Process Valve Radio 1920 - 1953 Transistor invented 1950 in US Regency TR-11953 - Japan “There was no market research - The public doesn’t know what is possible – We do!” All Transistor TVJapan 1958 Akio MoritaSONY WalkmanJapan 1980

  43. The Research Process Market Research?

  44. Customers - what you need to know Tried and Tested Business Tools These personal tools have been developed over millions of years

  45. Research…… stay awake Stop, Look, Listen and Learn!

  46. What we Considered today Ideas Generation Sources Assessment Market Research Why? Types Sources Pitfalls Role in business plan

  47. Schedule

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