Setting up a Music Business
The Princes Trust Business Plan Model Part 3 (Section 7)
In todays session
Recap last weeks topics
In todays session
Recap last weeks topics
Evaluate some Business Ideas with pitches
Dragons Den Example 1
Website Pitch
Class discussion
What was the original website idea?
Class discussion
What was the original website idea? How much did he need?
Class discussion
What was the original website idea? How much did he need? What was he going to use most of the money for ?
Class discussion
What was the original website idea? How much did he need? What was he going to use most of the money for ? How much did he get from Foyles?
Class discussion
What was the original website idea? How much did he need? What was he going to use most of the money for ? How much did he get from Foyles? Why did the Dragons decide they we out?
Class discussion
What was the original website idea? How much did he need? What was he going to use most of the money for ? How much did he get from Foyles? Why did the Dragons decide they we out? How could he have Pitched his idea differently?
Dragons Den Example 2
Product Pitch
Class Discussion
What was the product?
Class Discussion
What was the product?
Had he done any market research?
Class Discussion
What was the product?
Had he done any market research?
Can you imagine ANYONE ever investing in this product?
Dragons Den Example 3
The Wildcard Pitch
Class Discussion
Ok, what just happened?
Class Discussion
Ok, what just happened?
Should he asked for more?
Class Discussion
Ok, what just happened?
Should he asked for more?
What was his USP?
Break
20 Mins
Disclaimer
It still isnt too late to change / modify your business Plan / Idea!
PTs Business Plan
Table of competitors
PTs Business Plan
Table of competitors Find out information about your competitors. Try to do this for at least five competitors.
PTs Business Plan
Table of competitors Find out information about your competitors. Try to do this for at least five competitors.
You will need to work out:
Who they are? Where they are? What they sell? How much it costs? How big the other company is in terms of sales and revenue?
S.W.O.T Analysis
Strengths
S.W.O.T Analysis
Strengths Weaknesses
S.W.O.T Analysis
Strengths Weaknesses Opportunities
S.W.O.T Analysis
Strengths Weaknesses Opportunities Threats
S.W.O.T Analysis
Strengths Weaknesses Opportunities Threats
Unique Selling Points (USPs)
S.W.O.T Analysis
Strengths
S.W.O.T Analysis
Strengths Positive things about your business that will make it stand out against competitors. These might be specific to your product/service or more general, such as your location.
S.W.O.T Analysis
Weaknesses
S.W.O.T Analysis
Weaknesses All the things that could mean you struggle to make your business work. For example, areas that might be affected by your lack of experience or by lack of money
S.W.O.T Analysis
Weaknesses All the things that could mean you struggle to make your business work. For example, areas that might be affected by your lack of experience or by lack of money For each weakness, explain what you are going to do to address it, for example, more training.
S.W.O.T Analysis
Opportunities
S.W.O.T Analysis
Opportunities External factors that you and your competitors can take advantage of, i.e, changes in the law or market trends.
S.W.O.T Analysis
Threats
S.W.O.T Analysis
Threats External factors that could affect how well your business and your competitors do. For example, a large shopping mall opening up that might take away your customers.
S.W.O.T Analysis
Threats External factors that could affect how well your business and your competitors do. For example, a large shopping mall opening up that might take away your customers. Explain how you will prepare for these and how you will reduce their effect on your business.
S.W.O.T Analysis
Unique Selling Point (USP)
S.W.O.T Analysis
Unique Selling Point (USP) Your USP is the thing that makes your business different from your competitors. It might be specific to your product/service or it might relate to the way you run your business. It would be the reason that customers stopped using a different business and became your customer. Be specific and avoid clichs, such as, better quality products, better customer service or cheaper products. Consider how you will show your customers that you are the better choice.
S.W.O.T Analysis
Unique Selling Point (USP) Your USP is the thing that makes your business different from your competitors. It might be specific to your product/service or it might relate to the way you run your business. It would be the reason that customers stopped using a different business and became your customer. Be specific and avoid clichs, such as, better quality products, better customer service or cheaper products. Consider how you will show your customers that you are the better choice. If you cant think of a USP you need to review and improve your business idea so that there is something that makes you different or better that your competitors.
