Issue two Business Ventures

14VENTURESVENTURES15Your questions answeredBusiness SurgeryCaVCA Ventures Business Manager Allan Rookyard is here with all your business needs.Have you got a burning question that needs answering? Well look no further! CaVCA VenturesBusiness Manager Allan Rookyard is here with the answers for your business needs.In this issue, the questions come from Paris Fenton whois currently studying a foundation degree in Business andManagement at Hull College.Having just completed her first year Paris has gained knowledgeof various elements of business including finance, marketingand managing people. “I’m enjoying learning more aboutthe business world not only through my studies but actuallyexperiencing working in a professional environment whilstattending my work placement with CaVCA. Over the nexttwo years I aim to have completed my course and be able tosecure a position in either marketing or events management”explained Paris.This course aims to provide students with an education andlearning experience, which will deliver work-based practicesand develop new skills and competencies. Enabling studentsto operate, on graduation, as professionals with a high degreeof autonomy.The course has twelve modules of study:Managing Learning at Work, Economics, Organisationand Environment, Introduction to Marketing, FinancialManagement, Organisational Behaviour, Work-basedManagement 1 and 2, Business Law, Operations Management,Managerial Decision Making, Human Resource Management,Research Methods.Q What advice would you give to someone wanting to starttheir own business?A nice easy question to start with…this will be covered inmore depth in our next article, but for now...I suppose the answer to this question lies within the individual.To me, this decision shouldn’t just be based on emotion or asa last resort. It should be something that you as the individualhave thought long and hard about.You need to ask yourself a lot of questions and the first usuallystarts with… Are you willing and ready to take the risk? Peopleare hesitant to pursue an idea because they are afraid it wontbe a success or they’re afraid to fail. But the only surefire way tofind out is by trying. Don’t over think things.If you have a greatbusiness idea that you’re passionate about - go for it! You’vegot to be confident within yourself because that is where itall starts. One of the hardest things starting up in business isconvincing your friends and family members that the worldyou’re about to step into is a good idea. Even though they mayhave your best interest in mind, you can’t let the opinions ofothers stand in the way of your dreams and aspirations. Finally,be honest with those aspirations. Some people only go after bigopportunities, and that’s respectable and admirable. That hasa 50/50 chance of major success or a potential failing. You’vegot to know were your realistic ambitions lie – be honest withyourself about what you can accomplish and the chances areyou will succeed.Starting your own business can be extremely rewarding, but itcan also be extremely challenging, so never forget that.Q What needs to be included in a business plan?I think what needs to be included in a business plan is relativeto the business and its objectives. Most people use businessplans to obtain funding or use the business plan to structuretheir business – almost as a tick sheet for progression.I’d say if you were writing a business plan, the essentials wouldinclude things such as;• Business concept – genesis of the business, theindustry you intend the business to be, the structural future ofthe business, your product or service and how these plans willshape the business and make it a success.• Strategy – identifying specific actions you need to takeand how you’re going to implement them. What goals andvision do you have for the business – when and how will youreach them?• Business products or services – What is yourcompetitive advantage? What is it that you’re providing? Whywill customers purchase your business over your competitors?This really is where your passion for the business can spill out.It’s a great chance to get your enthusiasm across and why thebusiness will succeed.• Markets and competition – Lay out your marketingplan! Are there any markets that you’ll pursue? Who will yourcustomers be? What is your demographic audience? How willyou attract and retain enough customers to make a profit? Whatmethods will you use to capture your audience? What sets yourbusiness apart from the competition?• Management and structure of the business – howmany employees will you be taking on? If not immediately,what about down the line and into the future? What will betheir roles within the company? Who will draw up contractualagreements?• Financial needs – What are your financial projections?You will need to provide statements. These statements providea model of how your ideas about the company, its marketsand its strategies will play out. Stick to facts instead of feelings,projections instead of hopes, and realistic expectations of profitinstead of unrealistic dreams of wealth. All facts should becheckable so that you can demonstrate the provided facts, thusensuring your credibility.Q Do you have any advice with regards to the marketing of anew business?A Learn as much as you can about the needs of your customers.Will your customers be looking for convenience, pricing, qualityand/or service? It will be difficult to make sound marketing andpromotional decisions without being informed on their realwants and needs.Got a burning question you want answering? (quote Ventures Magazine)Email: allan.rookyard@cavca.org.ukIt’s not enough to have a great idea for a business, you alsohave to make sure the world hears about it. Monitoring webconversations, interacting with customers and honing yourtechnical know-how can help your business get ahead. Toolslike social media, online marketing, and even mail are greatcost effective ways to get your business the much neededexposure. Making use of things like Facebook, Twitter orYoutube is helpful and free, but depends on what your productis. These should be used only if your business requires themand if you will use them on a daily basis.If you’re at the stage of having a logo and brand you’d like topush you can use things like letterheads and compliment slipsto make the company look really professional from the outset.A good marketing plan is a great investment into making yourbusiness as successful as it can be. Your marketing plan willoutline the things you need to do in order to market yourproduct to potential customers.Q How do you know when it’s the right time to expand yourbusiness?Good question! The main worry for most businesses is “will Isucceed”. So it’s frightening and exciting to be in the positionwhere you’re in a position to grow.I think there are certain signs to say that you as a business areready to expand. But before you do expand there are severalthings that are vital. One being that there’s a loyal customerbase. Regular customers who have used you and you haveprovided an excellent service that has allowed you to get intothis position. Another is your business finances – have theybeen profitable? Do you have a steady cash flow and will thatcontinue to be so?Other signs could be if your industry or market is growing? Ifthis is the case, chances are your business will be growing withit. If customers are asking you to grow, to expand into near byareas. A great barometer for expansion is to look at your currentpremises and where you’re working. If you’re running out ofspace or need to take on more members of staff because you’rebecoming too preoccupied (having more business than you canhandle) and finding there aren’t enough hours in the day tomeet customers needs, then you may certainly be at that point.Business Ventures | 2015 Business Ventures | 2015