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Empowerment through Enterprise- planning for success, ready, steady go

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Planning your business, a guide for young migrant women

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Empowerment through Enterprise- planning for success, ready, steady go

  1. 1. This programme has been funded with support from the European Commission M5: PLANNING FOR SUCCESS; READY, STEADY, GO!
  2. 2. Using our course- it covers 5 key modules. Module 1 Empowerment, first steps to self employment Module 2 Coming Up With & Testing A New Business Idea Module 3 Getting your start up business off the ground Module 4 Sales and Marketing Fundamentals Module 5 Planning for Success, ready, steady, GO ! Module 5 content • Putting your business plan together • What does success look for you ? • Learn techniques and tips to help you tackle stressful situations • Stay well
  3. 3. Like all things in life, planning is key to success. In modules 1 to 4 , we have taken you through the key steps in developing your business. Now we bring all that research, financials and marketing actions together in a compelling business plan which will help you achieve your entrepreneurial goals. A clear and compelling business plan provides you with a roadmap for building a successful business; it is also a document that can persuade others, including grant givers and banks, to invest in what you're creating and running. Putting your plan together EMPOWERMENT THROUGH ENTERPRISE |
  4. 4. • Writing a good business plan doesn’t guarantee success, but it can go a long way toward reducing the odds of failure • Business plans are decision-making tools • A good business plan can help to make a good business credible, understandable, and attractive to someone who is unfamiliar with the business Why you need a business plan? EMPOWERMENT THROUGH ENTERPRISE |
  5. 5. Let’s remind ourselves of the characteristics of a successful business …. What are the characteristics of a successful business? You, the business founder and owner  Passion  Creative thinking  Managerial skills  Networking Your Business  Meets gap in market  Solves a problem  USP – Unique selling point  Is profitable  Driven by great marketing Your business plan needs to capture all of these things and show how/why your business has the potential to be successful.
  6. 6. SECTION 1 BUSINESS DESCRIPTION Get off to a strong start – write a brilliant description of your business. • Communicate what the purpose of your business is. • What specific needs will your business satisfy ? • What products and services will you provide? • Who are the target market of your products? • What is important to you in business? • What factors will make the company succeed? Let’s develop your business plan, step by step
  7. 7. SECTION 2 YOUR PROFILE You are your business, you are your brand! You may feel too young to start a business, and might think that you don’t have any relevant business skills to bring forward but you are wrong. Your passion and skills if carefully described, can help establish early credibility for your business vision and cast a warm glow over its potential success. Let’s develop your business plan
  8. 8. TIPS ON WRITING A GOOD PROFILE INCLUDE THE BASICS • What are your special or distinctive competencies? • Educational background • Any volunteer or community involvement • Any work experience • What are you most proud of ? • Your contact information Let’s develop your business plan
  9. 9. TIPS ON WRITING A GOOD PROFILE TRY TO GRAB THE READER'S ATTENTION • Remember that most people (e.g. enterprise officers) who will be reading your profile in your business plan will be strangers who know very little about you • Try to introduce your passion for your new venture in your profile • There is an old saying in marketing that – “People buy people” . If those reading the business plan get a good feeling about you and like you there is a greater possibility of them liking your business idea LET’S DEVELOP YOUR BUSINESS PLAN Let’s develop your business plan
  10. 10. TIPS ON WRITING A GOOD PROFILE WRITE IT IN THIRD PERSON • Sometimes, the best profiles are written in the third person, using "she" instead of "I." • The third person enhances the professionalism and makes people more willing to trust what is being said. Let’s develop your business plan
  11. 11. Word Bank to Help you Write your Bio • Achievement, Advancement, Aesthetics • Belonging ,Community ,Creativity, Curiosity • Determination, Discipline • Effective, Exciting, Financial security • Freedom, Fun, Growth, Helping others ,Honesty • Independence, Influencer, Innovation • Joy, Knowledge ,Leadership, Meaningful work, Originality • Public service , Reputation, Respect • Self-respect, Stability, Sustainability • Teamwork ,Time freedom ,Trust, Vision ,Work/Life balance Great words to enhance your profile
  12. 12. Word Bank to Help you Write your BioREAD - Help to write your profile 9 important points to consider when writing your entrepreneur profile http://www.biotemplates.com/biograph y-examples/how-to-write-an- entrepreneur-bio-with-sample-wording/
  13. 13. SECTION 3. PRODUCTS AND SERVICES This is the section of your business plan where you will clearly describe the products and services your business will provide. As well as the practical information, be sure to show how your products and services meet a specific need and how they differ from any competition. Use lots of photos to help your description. Let’s develop your business plan
  14. 14. SECTION 3. PRODUCTS AND SERVICES You also need to include • List of your price points • Explanation of how product orders will be fulfilled - i.e. retail, online, etc. • Overview of the equipment, supplies or technology that is required to provide your product or service • Preview of future products or services anticipated Remember, this is your opportunity to shine and showcase the quality, value, and benefits your products/services offer. Let’s develop your business plan
  15. 15. SECTION 4 OPERATING PLAN The operating plan section describes the physical necessities of setting up your business – it’s physical location, facilities, and equipment. It should also include information about materials and stock requirements and suppliers, and a description of the manufacturing or service process. Two important factors - You need to address two factors in this section:- 1. Show what you've done so far to get your business off the ground (and that you know what else needs to be done) 2. Demonstrate that you understand the manufacturing or service process of your business e.g. give a step by step example of your product process from start to finish Let’s develop your business plan
  16. 16. SECTION 4 OPERATING PLAN Let’s develop your business plan Your base/location: What type of premises are you working from, its size and location? If it's applicable, include drawings of the building, copies of lease agreements Equipment and Assets: Describe the equipment necessary its cost. How will this be financed? Go back to Module 3 and our templates. How will you use technology, processes, products and services to reach your goals?
  17. 17. SECTION 4 OPERATING PLAN Let’s develop your business plan Production: Explain how long it takes to produce a unit ? Give a breakdown of costs. Feasibility: Describe any product/service testing, price testing, or prototype testing that you've done on your product or service.
  18. 18. SECTION 4 OPERATING PLAN Let’s develop your business plan • Suppliers – explain who your suppliers are, their prices, terms, and conditions. • Quality Control – what quality control measures are you going to establish? • What level of service do you provide ? Don't be vague; define what makes your service so very special • Are there are ‘risks’ involved in any part of the production process ? This could be handling hazardous materials. Describe how you are/ will be properly trained in dealing with safety issues.
  19. 19. Let’s develop your business plan SECTION 5 SALES AND MARKETING This section will elaborate further on who and where your customers are and how you will reach them. While you may have developed a wonderful product or service, it's all for nothing if you don't have customers and clients Start with your brand and take the reader through all the learning you covered in Module 4 Sales and Marketing Fundamentals, section by section.
  20. 20. Let’s develop your business plan SECTION 6 FINANCES No business plan is complete without finances . If sales and marketing are the engine of the business, then finances are the lifeblood! The financial section of your business plan is the basis of your business budget and a useful tool for managing cash flow on a monthly basis. By completing Module 3 financial templates, you have this section of the business plan covered.
  21. 21. Let’s develop your business plan SECTION 6 FINANCES Taking your learning from Module 3, in this section you need to summarise • Is your business viable ? Costing, pricing and breakeven • What business structure have you chosen • What financial resources do you need to start up ? • Where are you targeting for support?
  22. 22. Let’s develop your business plan SECTION 7 THE APPENDIX While the business plan tells the story of your business start up, the appendix is where you put the factual information that supports it. The appendix contains all the relevant back up such as • Photos of your products or their prototypes • Samples of marketing materials • Reference letters • Details of your market research studies • Information about your competitors • Any relevant news articles on your product or industry • Copies of your property and equipment leases or rental agreements • Financial projections completed as part of Module 3
  23. 23. MEET Marie-José Diantété « Marie- Ange & Flory» https://www.surlarivedroite.fr/2018/02/marie-ange-flory/ https://www.facebook.com/marieangeetflory/ CASE STUDY – FRANCE “I started my training as a professional seamstress at the Technical High School in Kinshasa. I then completed two years of training at the Higher Institute of Arts and Crafts to become a sewing teacher before leaving Democratic Republic of Congo for Belgium. In Europe, I worked as a seamstress for a few years before coming to Bordeaux. There, no job and I trained as home help. This led me to create the "Association of Assistants of Life and Home Help in Gironde" (AASVAD33) in 2004: a place for exchange, sharing experiences and good practices.
  24. 24. CASE STUDY – FRANCE “It was during meetings of the association that the problems of clothing faced these people requiring assistance as well as their carers was raised. At first, to help out my colleagues, I brought some patients' clothes home and adapted them to their specific needs. It was not until 2013 that I decided to professionalize this practice to spread my knowledge and my techniques. However, I confess that at that moment, I did not know where to start. What type of business to create, under what scheme?
  25. 25. CASE STUDY – FRANCE I took advantage of some time to ask ideas, make reproducible prototypes and look at the market. That's when the project really came to fruition. I wanted to produce clothes adapted for dependents, which are practical and beautiful and colourful. This is important because these clothes can life their sadness and their banality, so that the garment gives joy. At the end of 2015, I began to learn about the creation of a company. I first met a person from CIDFF http://gironde.cidff.info who directed me towards the creation of a micro-enterprise. I then benefitted from training at the Chamber of Commerce and Industry of Bordeaux after which I created "Marie Ange and Flory", my brand. Even though I was supported by my partner and family, who were very excited to see me create my business, I felt very lonely in the face of the complexity of how to build a viable business. Between the administrative procedures, the social and financial obligations. I felt very lonely. Social Lab helped me to build a business plan, introduced me to Hauts de Garonne Developement https://hdgdev.com where I could benefit from a technical support. I will soon join a creative business incubator "Les premières Nouvelle Aquitaine" http://www.lespremieresna.com »
  26. 26. This programme has been funded with support from the European Commission WHAT DOES SUCCESS LOOK LIKE TO YOU?
  27. 27. When you first delve into your business start , despite all your business planning, it’s likely you’ll have no idea what you’re doing. You’ll mess up, you’ll become disheartened when your plans don’t work out, and you’ll become tired after pouring all your effort (and cash) into an idea that may or may not pay off. However, pushing through the experience, be kind to yourself. Be kind to yourself
  28. 28. We all see success differently. Our aspirations are influenced by our upbringing, our environment, our image of ourselves, and the people we live and work alongside. Success is not just about having more money, it’s deeper than that… Success in context
  29. 29. Did you know there are 10 types of Success? 1. MATERIAL SUCCESS – Money, cars, holidays, jewellery 2. EMOTIONAL SUCCESS – Relationships, self-esteem, contentment 3. INTELLECTUAL SUCCESS – Learning, understanding, challenging 4. SPIRITUAL SUCCESS – Sense of purpose, belonging, reason 5. PHYSICAL SUCCESS – Health, fitness, vitality, appearance 6. COMMERCIAL SUCCESS – Enterprise growth, profit, reputation 7. EVANGELICAL SUCCESS – Influencing others, promoting your ideals 8. ENVIRONMENTAL SUCCESS – Home, garden, saving the planet 9. TIME SUCCESS – Longevity, time management 10. COLLECTIVE SUCCESS – The product of effective teamwork
  30. 30. Success Exercise Choose 3 images that you feel represent success. Write down the main points that you think they represent success. Image 2Image 1 Image 3 Why does this represent success for you ? Why does this represent success for you ? Why does this represent success for you ?
  31. 31. You. Are. Enough. Every experience that we go through presents an opportunity to learn about ourselves and the world around us. By seeking to find the lessons learned on the way you will be able to articulate better what you want to achieve in your life moving forward, both personally and professionally. Stop comparing yourself to others or wondering how your life “should” look. Realising that the definition of success is different for every single person out there is important. Source: http://www.huffingtonpost.com/cariss a-lada/what-does-success-look- like_b_5651592.html
  32. 32. Prioritising what’s important… While we may set ourselves well thought through goals, unless we prioritise, we risk not achieving them. But there are other priorities in the mix! PRIORITISE YOUR FAMILY As an entrepreneur, no matter how much you want your business to succeed, for most of us, our families have to come first. These are the people who love you unconditionally. They are the people who were there for you long before you started this business, and they’ll be there for you long after you’re done with it.
  33. 33. Case study … CLAIRE PRICE CO-FOUNDER, HOUSE EDIT - “At one point, we sat down and said if we don’t start making a little bit more time for ourselves, our business will suffer. You can’t pour from an empty cup. Our New Year’s resolution was to set time for ourselves, whether that is to go for a swim or do some yoga. As an entrepreneur, it is important to take care of yourself because you can only go for so long until you run out of fuel.” Source: https://fora.ie/readme/claire-price-house-edit- 3167081-Jan2017/
  34. 34. The most important thing you need to succeed? You need to believe in your business. "A passionate belief in your business and personal objectives can make all the difference between success and failure. If you aren't proud of what you're doing, why should anybody else be?" Richard Branson
  35. 35. The most important thing you need to succeed? You need to believe in your business. "A passionate belief in your business and personal objectives can make all the difference between success and failure. If you aren't proud of what you're doing, why should anybody else be?" Richard Branson
  36. 36. Stay Well o Wellness leads to increased productivity and creativity. High energy, joy and fun helps to motivate you in your work and in turn leads to being successful in your business and increased earnings . o Decreased wellness leads to stress, lower confidence in your work, mistakes and illness.
  37. 37. Stay Well Being in business can be a minefield of factors that may have a negative impact on your mental wellbeing. Stress, anxiety, insomnia are only some of the issues that can emerge from feeling overwhelmed in your business, this can stem from an unrealistic workload, financial pressures or difficulties with customers. There are some useful tips and techniques which you can learn to help you through the stress…
  38. 38. Get Better at Dealing With Change Bouncing back from any disappointments & difficulties will be part of your business journey. Some tips from other young women that have gone through it. • See the positive in the situation – what can you learn and improve upon ? • Seek out support – business mentors can help provide clarity in challenging times. How you respond to the issue…is the issue. — Frankie Perez
  39. 39. Stay Well – get a good sleep If you care about your mental wellbeing and your body, you need sleep. When we sleep the brain takes time to clear out plaques and toxins that have built up during the hours we are awake. Even though we’re not aware of it, sleep also helps us push forward on questions and problems we’re working on during our waking hours.
  40. 40. Avoiding Entrepreneurship Burnout Entrepreneurship demands sacrifice and commitment, and even if you go into it with a sparkling optimistic attitude and a great support system, the daily rigours and stresses of business ownership could take their toll on you. Burnout is unfortunately common among entrepreneurs. After months or years of constant effort, it’s only natural that you’d start feeling exhausted or frustrated in your business.
  41. 41. Stay Well But if you want to avoid or reduce that burnout, and remain interested in your work, try these long term strategies: Set realistic expectations Establish boundaries Change up your routine Remind yourself why you got started Take real time off
  42. 42. SET REALISTIC EXPECTATIONS. Burnout is a product of fatigue and/or disappointment. Fatigue tends to happen when working for too long without satisfactory results, and disappointment tends to happen when reality falls short of your hopes. Both happen because of unrealistic expectations for yourself. For example, if you tell yourself your product must launch by the end of the month (when three months is more reasonable), you could burn yourself out rushing to get things done or disappoint your customers. Set more manageable expectations for yourself and your business, in terms of your goals, your hopes, your daily tasks, and everything in between.
  43. 43. EXERCISE 6 :- Urgent and Important Grid (Eisenhower Principle) Urgent but not important Delegate or turn into a short routine Not urgent, not important “Eat the elephant” Urgent and important Allocate your best time to this Not urgent, not important Bin Urgent Not Urgent Not Important Important "What is important is seldom urgent and what is urgent is seldom important.“ This is a really useful tool to prioritise your tasks and make the best use of your time. Manage your Time - prioritising what’s important…
  44. 44. EXERCISE 6 :- Urgent and Important Grid (Eisenhower Principle) Being an entrepreneur is a lifestyle choice as much as it is a professional one and the lines in your work and personal life can get blurred and can lead to burnout over the long term. Can you set real boundaries for yourself? For example oNot taking any work-related calls or answering emails after 7 on weekdays oNot taking work calls during family time or holidays oOnly doing work for a set number of hours during the weekend. Make your boundaries set clear and well communicated . ESTABLISH BOUNDARIES
  45. 45. EXERCISE 6 :- Urgent and Important Grid (Eisenhower Principle) Breaking out of your daily routine can be a powerful way to unlock great new ideas, both personally and professionally. For example, if you are used to working alone, starting to work with others can be a great way of not only overcoming the loneliness of being an entrepreneur, it can also open up new opportunities. Change up your Routine
  46. 46. EXERCISE 6 :- Urgent and Important Grid (Eisenhower Principle) While it's always nice to keep everyone happy, , doing this can take up an unreasonable amount of time. Don’t be afraid no to opportunities that do not add as much value to your business When a customer demands a near- impossible task, you may feel obliged to say yes in order to keep their all-too- important sale. Think carefully about each situation, and don’t be afraid to say no if it doesn’t make sense to say yes. Don’t be afraid to say NO!
  47. 47. EXERCISE 6 :- Urgent and Important Grid (Eisenhower Principle) I) Others like you - An excellent way to meet people who might be able to help you work out problems, or network with like-minded start ups to find funding or business opportunities. I) If you have lost perspective, and need to talk about where your life or business is heading, hire a mentor. Someone external without bias will help you to critically assess the situation and take a few corrective steps to get your business back on track! Talk to others
  48. 48. EXERCISE 6 :- Urgent and Important Grid (Eisenhower Principle) Research shows you get more done quicker when you step back and recharge the brain and body. Studies show that performance increases after breaks of all durations: from extended holidays down to microbreaks of 30 seconds. Restorative rest is actually active - Exercise ,walks or engaging hobbies do more for you than sitting on the couch binge-watching television. This active rest delivers great benefits & provides occasion for creative reflection. The Importance of Breaks
  49. 49. EXERCISE 6 :- Urgent and Important Grid (Eisenhower Principle) It is wise to distance yourself (if you can) from negative individuals. They drain your energy, and do little to motivate you. On the other hand, positive and optimistic people will uplift your spirits and help you through challenging times. Stay Well
  50. 50. EXERCISE 6 :- Urgent and Important Grid (Eisenhower Principle) The spaces we occupy shape who we are and how we behave. This has serious consequences for our psychological well- being and creative performance. Given that many of us spend years working in the same room, or even at the same desk, it makes sense to organize and optimize that space in the most beneficial ways possible. Creating your ideal environment means looking honestly at what's working and what isn't in your working environment. Create your ideal environment
  51. 51. EXERCISE 6 :- Urgent and Important Grid (Eisenhower Principle) Take a sheet of paper. Reflect and record How do you set boundaries in your work? Do you let your customers know what your boundaries are? How ? STAY WELL EXERCISE
  52. 52. EXERCISE 6 :- Urgent and Important Grid (Eisenhower Principle) According to research, one of the most important qualities associated with successful entrepreneurship is passion. When people feel committed to what they are doing and when they care deeply about it, they stand the best chance of being successful at it. The heart must become an ally of the mind. Think about this popular business saying: If your mind can conceive it, and your heart can believe it, then you can achieve it! AND FINALLY ..
  53. 53. www.eteproject.eu https://www.facebook.com/Empower mentThroughEnterprise Thank You