bipc-tookit-for-startups.pdf?dl

Type: Document | Status: ready
← All sources

STARTING YOUR business toolkit for start-ups Business & IPCentre Network

2 LOUIS WIGSTON Paradise Cycles

1 Starting Up? Start Here If you are reading this guide, you either have an interest in starting a business or have already begun. Our toolkit aims to support you with getting started and give you a bit of help with the day-to-day realities of running a business. As well as reading this toolkit, we recommend that you do your own research. It’s worth looking for opportunities to talk about your business plans with other entrepreneurs, whether they’re just starting
out or have much more experience. The Business & IP Centre offers lots of workshops, networking events and one-to-one sessions to build your confidence and skills. Don’t forget that the
Business & IP Centre can also help you find and use any of the resources in this guide. Get in touch with our team if you need any help. Good luck! DISCLAIMER: This publication is for guidance only. This publication does not constitute legal or financial advice; you should undertake your own investigations. Reliance should not be placed upon it and nor should action be taken, without obtaining advice in respect of the specific circumstances applicable.

2 Based in the British Library and over 70 libraries across the UK, we are free to join and open to everyone. We offer one-to-ones, specialist workshops, inspiring events and access to premium market insights. We are home to the UK’s largest collection of business and intellectual property (IP) information, as well as a thriving community of entrepreneurs. Businesses who start with the support of the British Library’s network of BIPCs are far more likely to succeed, with over 90% of them still trading after three years, compared to a 50% national average. Did you know? There are over 70 BIPCs based in libraries across the UK. More than 80% of the population lives within 15 miles of a BIPC. Many BIPC services also take place online if you can’t get to a centre in person. Visit bl.uk/bipc Business & IP Centre (BIPC) NETWORK Hillingdon Harrow Ealing Hounslow Brent Bexley Bromley Barnet Enfield Camden Hackney Redbridge Havering Barking and Dagenham City of Westminster City of London Hammersmith and Fulham Kensington and Chelsea Islington Waltham Forest Haringey Newham Tower Hamlets Greenwich Lewisham Croydon Southwark Lambeth Wandsworth Merton Sutton Richmond upon Thames Kingston upon Thames LONDON NETWORK • British Library • Bromley – Bromley Central Library or Orpington Library • Enfield – Edmonton Green Library • Greenwich – Woolwich Central Library • Lewisham – Catford Library or Downham Library • Waltham Forest – Leytonstone Library or Walthamstow Library • Wandsworth – Putney Library or York Gardens Library British Library at St Pancras

3 Birmingham Library of Birmingham* Acocks Green Handsworth South Yardley Bristol Bristol Central Library Junction 3 Knowle Southmead Cambridgeshire Cambridge Central Library* Ely Huntingdon Wisbech Cumbria Carlisle Library Devon Exeter Library* Barnstaple Newton Abbot Glasgow The Mitchell Library* Greater Manchester Manchester Central Library* Altrincham Ashton Blackpool Bolton Bury Eccles Oldham Stockport Wigan Humber Partnership Hull Central Library* Beverley Bridlington Goole Grimsby Leeds City Region Leeds Central Library* Bradford Shipley Liverpool City Region Liverpool Central Library* Allerton Newton-le-Willows Spellow St Helens London British Library Bromley Enfield Greenwich Lewisham Waltham Forest Wandsworth Norfolk Norfolk & Norwich Millennium Library* Cromer Great Yarmouth King’s Lynn Thetford Wroxham Wymondham North East Newcastle City Library* Berwick Blaydon Hexham Morpeth North Shields Sunderland South Shields Northamptonshire Northamptonshire Central Library* Brixworth Kettering Towcester Wellingborough NATIONAL NETWORK 1 2 3 4 5 6 7 9 10 11 12 15 16 17 18 19 20 21 13 14 8 Nottinghamshire Nottingham Central Library Bulwell Riverside Oxfordshire Oxford Westgate Library Southampton Southampton Central Library South Yorkshire Sheffield Central Library* Doncaster Sussex Jubilee Library, Brighton* Crawley Eastbourne Hastings Worthing Tees Valley Stockton Central Library Worcestershire The Hive, Worcester* Bromsgrove Evesham Kidderminster Malvern Redditch *Denotes Regional hub 6 17 19 11 3 12 14 16 2 5 21 1 15 10 7 9 18 8 13 20 4

4 why start a business? Define your idea There are many reasons to start a business. Here are just a few:

  1. To do something that you love. By running your own business, you have the opportunity to spend your days working on something you’re passionate about. Ensure you do the necessary research beforehand to check that your passion will make you enough money.
  2. To become your own boss. Working for a company that doesn’t appreciate your talents can be frustrating and demoralising. When you work for yourself, you can set your own rules and deadlines. Just remember that you will still need to meet your clients’ expectations.
  3. To give something back. Your business idea might make the world a better place. You might want to start a charity, not-for-profit organisation or social enterprise.
  4. To fill a gap in the market. Have you identified something people need that isn’t currently available? Make sure to test your idea and ensure that people will pay for your product or service.
  5. To offer a better product or service. You’re aware of a business that’s doing well and you believe you could provide the same product or service but better. Innovation isn’t always about creating something new. It could also be an improvement to an existing product or service.
  6. To add variety to your workday. Being your own boss means that you will probably need to take on lots of different roles. From one day to the next, you might become an invoice controller, networker, marketer or customer service representative. While this can be tough, it does mean that every day will be different.
  7. To make extra money. Some people start a business alongside their main job. The advantage of this approach is that you can rely on income from your main job while making extra money from your side hustle. If you start a new business while you’re employed, make sure you check your contract of employment. It may include conditions that mean you can’t start your own business or compete with the organisation you work for.
  8. To achieve your ambitions. You might dream of being a successful entrepreneur or creating social change. Starting your own business can be a chance for you to make your ambitions into reality. It’s never too late to start a business and some people achieve success as entrepreneurs later in life.

5 Still not sure? Jim Collins wrote a bestselling book about business management called Good To Great, featuring his business strategy The Hedgehog Concept. He suggests that you write down three lists brainstorming what you love doing, what you have skills in, and what you can make money from. The overlap of these three lists shows you what your business should focus on. The Hedgehog Concept: jimcollins.com/media_topics/media. html#av13 Franchising You may decide that rather than creating your own idea, you want to use someone else’s idea and run that business as your own. This is known as franchising. We recommend looking at the website for The British Franchise Association thebfa.org, which offers information on franchise opportunities. More information on franchising • The British Franchise Directory thebfa.org/franchisors • Franchise Direct UK franchisedirect.co.uk/directory MOTO PRIESTMAN Okan

6 WRITE YOUR Business Plan Sustainable Business Model Canvas (SBMC)
The advantage of the Sustainable Business Model Canvas is that it helps you visualise the different parts of a business and understand how they work together. It’s short, easy to write and easy to understand. The canvas has 11 parts. Here are two examples of a business plan:

  1. Customer segments Who are your customers? What do they need or want? What else do you know about their experience of the problem your business or product will solve? Do your customers represent several different groups, such as busy parents, people who live alone and active retirees? Be as specific as possible.
  2. Value propositions How does your product or service improve people’s lives? Why might customers choose to buy or use it?
  3. Channels How will you reach your customers? How is your product or service promoted, sold and delivered?
  4. Customer relationships How might you interact with your customer throughout their journey with you? Why will your customers trust you and how will you improve your relationship with them?
  5. Revenue streams How will your business earn money?
  6. Key activities What are the main things your business does?
  7. Key resources What unique strategic assets (such as equipment, buildings and machines) does your business need or have?
  8. Key partnerships What other businesses will you rely on to run your own business? These can be professional services, suppliers, software and financial providers, and logistics companies.
  9. Cost structure What are your business’ major costs?
    Remember to consider the time you spend working as part of the cost. 10.Eco-social costs What are the effects your business might have on the environment or social well­ being? 11.Eco-social benefits How will your business reduce negative environmental effects or benefit social well-being? • The Sustainable Business Model Canvas (SBMC) • The traditional business plan Get in touch with your local Business & IP Centre if you need any help with the Sustainable Business Model Canvas. We run regular workshops and one-to-ones to help you. Find out more at bl.uk/bipc

7 The Sustainable Business Model Canvas Customer Segments Channels Customer Relationships Revenue Streams Key Activities Value Propositions Key Resources Key partnerships Cost Structure Eco-Social Costs Eco-Social Benefits Designed for: Designed by: Feasibility I can effectively deliver the product/service. desirability People want what I am offering Viability People will pay for what I am offering Download a full version at bl.uk/bipc/start-up-toolkit SUSTAINABILITY My business offers social benefits

8 Traditional business plan Here’s the structure of a traditional business plan. You can also use this format to build a pitch deck. The advantages of a traditional business plan are that it helps you map the different parts of your business and summarise your plans for everything from marketing to financials.

  1. Executive summary This is the outline of your plan. It gives a short and memorable explanation of your business. Since it’s a summary of all your ideas, people sometimes choose to write this section last. The executive summary is useful to get your reader interested in your business idea.
  2. The problem and solution Explain what problem you are solving. What do customers need and what are you offering them? Show why people will buy from you.
  3. The gap in the market Describe the market for your business. You’ll need to do research into your market. You can use Business & IP Centre databases such as COBRA to get started. You should also do your own research to find gaps in the market your business can fill. Make sure to look at who your competitors are and what they are doing. What do they do well? What can you do better? What is your unique selling point (USP) – the thing that only you are offering?
  4. SWOT analysis SWOT stands for Strengths, Weaknesses, Opportunities and Threats. In this section, explore the factors that might affect the success of your plan. Explain how you’re going to compete effectively with the other companies operating in your market. There’s a SWOT template on the opposite page that you can use.
  5. How you will do it Based on the research and market analysis you’ve already provided, this section allows you to explain how you’re actually going to run your business. How will you make money? How will you operate? Give details of your approach to marketing, sales, and operations, and outline the milestones you plan to achieve.
  6. The team Write about each key team member who is involved in your business and describe the skills each person brings. You might also want to include advisors and professionals who sit outside your team, such as your accountant.
  7. Financials Complete a cashflow forecast. This is a prediction of how much cash will flow in and out of your business’s bank accounts. Usually, a cashflow forecast will cover a 12-month period. You can use this template to create your own cashflow forecast. startuploans.co.uk/support-and-guidance/ business-guidance/business-planning- templates/cash-flow-forecast-template
  8. Appendices Many business plans include appendix sections featuring graphs, tables or notes that are too long to include in the main business plan.
Page 1 of 6