Tag Archives: Business Plans

Good reasons for the use of Business Angel investment

One of the key bits of information that Business Angels or Investors into a venture will want to see is how the funds are going to be used.

I’ve seen every possible use given, from the perfectly sensible – “product development”, to the unlikely to succeed – “no one will lend to me any more and I need money to pay my rent, then I can get a business going”.

For some time I communicated with a chap who needed funds to train as a commercial pilot, he would then pay back the funds with significant interest out of his subsequent earnings. Sounded risky, relying on his ability to pass the exams and training, but he was a pleasant and determined guy, I hope it worked out for him.

So what ticks the box for Investors? Generally this can be anything that helps to grow the business:

Additional market research
Product development
Manufacturing facilities or equipment
Marketing of the product or service
Recruitment of staff
Working capital

Within this you do need to explain why you feel this will expand the business and some explanations are more attractive than others. Throwing money at marketing a new business that has never been operational is risky, but bringing to market an exciting new product or service from an already established business could be a winner. Taking on more staff to meet a high demand is good, whereas taking on staff to simply start an unproven idea is not so attractive.

Note that Investors are not interested in reducing debts or to pay yourself a high salary.

Surprisingly, many of the business plans and requests for funding that we see have excellent write ups of the opportunity, but completely miss out describing how the Investment will be used. Not only should that be very clear, but it should be part of the financial spreadsheets, showing when tranches of investment come in to balance the operational costs.

If it isn’t clear how the investment will be used in your proposal, but you have been fortunate in securing a meeting with an Investor, be prepared – they will ask!

Are you ready for investment?

Being investment ready is key to getting funding. Yet when talking to entrepreneurs they often have not taken the time to think it through.

You are up against a lot of competition for business investment. Some may be better prepared than you to give the potential Investor confidence that his investment will be well spent and payback a healthy return.

So what can you do to be ready for an Investor and how can you give yourself the best chance against the competition?

Business Plan. Okay there is a ton of information on this available, including on this site so I’m not going to go into how to do a plan (see the links below). Just to say that you will benefit from having one:

Putting a plan down on paper forces you to think through what you are doing. The market, your offering, sales & marketing, putting together an experienced team, the business model and finances
It provides a basis for discussions
Shows Investors that you are professional, serious about the project and are thinking of every aspect of the business
Investors cannot see everyone; they will want to first have a few pages (Exec Summary) of a business plan and then follow-up the ones with which they are interested.

Getting started on a Business Plan

Structure of a Business Plan

If an existing business:

Make sure that what you are doing at the moment is profitable, if not profitable show why it will be
Build your revenue with a sales drive to show the business to its best effect

For start-ups:

If based on a new type of product, make a prototype
Show it is not just a good idea, but that it will actually sell by getting positive customer comments, or letters of intent to order.
Produce a market survey that supports your product or service. Don’t simply say “everyone I’ve asked likes it”.

Be able to explain in a couple of sentences what your business does, its advantages over the competition, how it will make money and who its customers will be. Have evidence to hand to support your numbers.

Know what you are going to spend any investment on. Make sure that it’s not just to pay you a salary, or all thrown at marketing.

What role will you expect the Investor to take, some are looking for an active role in the company, some only expect to give advice, very few will consider just giving funding and stepping back completely.

How will the Investor get a return? A sale of the business, a buy back of shares, interest /dividend payments? Over what time?

Look at government Investor incentives. In the USA there are quite a few States that are trying to attract businesses, basing your company in that area can give tax advantages to the company and potential Investors.

In the UK there are the EIS (Enterprise Investment Scheme) and SEIS (Seed Enterprise Investment Scheme).

These are attractive to potential Investors and may make the difference in choosing your opportunity or someone else’s. A quick way of getting a foothold on to these incentive schemes and be able to show Investors the potential, is to get a statement from the Inland Revenue (HMRC) that your business is likely to qualify for the scheme called a EIS Advanced Assurance

Finding investment is not necessarily quick. Realise it will take time and energy. Be persistent and turn over every stone to find the right investor that understands your market and is excited by the team and opportunity that you have.

Sales and Marketing Plans

Whether you’re writing a business plan, or simply want to make sure that your business has customers, you are going to need a sales plan and a marketing plan.

Yes need. Not optional, not nice to have – need.

First let’s get over the instinctive dread of the word plan. It doesn’t have to mean a formal document, but it does need to be written down. Writing forces you to think and you can’t get away with the woolly thoughts that are there when this is only in your head.

Notice also that I separated the two. People use the phrase sales & marketing, but they are two complementary areas of your business activity. You can write them separately or joined together in one overall plan.

When I talk to entrepreneurs they can chat for hours about the features of their product, but ask how they will sell it, or how people will find out about it and a there is a vague response of “oh that’s what I need money for, to advertise and stuff”.

It’s far more interesting to think about the product or service than about the practicalities of how you will sell them. Until the business fails because you don’t have customers. Or you don’t attract investment.

So what is in a sales and a marketing plan? Which do you do first?

Start with the marketing plan, because part of that is defining who and where your target market is. You’ll need to know that in order to sell to them. I wrote an article about this: How-to-Market-Smarter

The contents and emphasis will vary depending on the type of business, it’s complexity and of course the market it operates in, but in general a marketing plan will have:

A description of the market you are operating within, think about the geography and demographics. You can include how the economy affects this market. A cut-rate supermarket does better in a difficult economy for instance.

Who are your competitors, their pros and cons. What is your strategy for competing against them?

Who you are selling to, your ideal customer. As mentioned in my article above, it should be broken down into segments.

Branding, values, colours, logo – the message you want to communicate. Cheap and functional or premium and exclusive, this is where you decide what people think when they hear your company’s name.

Products and services with pricing strategy – no need here to go into depth on every product functionality. Rather the strategy of what type of products and services.

Lead generation – this includes PR, advertising, web sites, referrals, direct mail, attending exhibitions, giving local talks, networking… Be specific, don’t just say for instance you will advertise, give a list of publications and the dates you’ll appear.

Marketing costs – put together a spreadsheet showing the costs of each of these marketing activities.

Once the marketing activity is generating leads, how will you turn those into sales? This is the sales plan.

Sales strategy – do you have your own sales force, will you have distributors, is your business web based only or perhaps a high street shop.

Sales process – how do you qualify the leads generated, how do you engage with them, key sales messages,

Service experience – how will you later follow them up, retaining customers and encouraging them to buy again.

Sales forecast – compile a spreadsheet by month for the year (plus a year 2 and year 3 total if doing a business plan for investment). Broken down by product or service category. Sometimes it’s hard to forecast for a new business but you must make a stab. Note down your assumptions of why you forecast those numbers, so when it proves wrong you know why and can adjust it.

It takes time and we are all busy, but there is no alternative, you can’t run a successful business without a sales plan or a marketing plan.

Use technology in your business or fail

In a previous work life, I used to give presentations on technology and as a way of lightening the tone of what could be a heavy session, I showed a cartoon. The caption read “In a moment of inspiration Dave the repairman connected the air-conditioner to the Internet”.

Now, what’s funny about that you may ask? These days everything from fridges to toasters (yes you can buy one) get the Internet treatment.

Well, at that time the only device connected to the Internet was a computer and then not every computer. The workhorse of computing was called a mini-computer and it looked exactly like an air conditioning unit. Connecting it to the Internet would be impossible; we used to laugh at the absurdity of the cartoon.

How times have changed. I’m older now and the latest trends in technology don’t automatically include me. I have to consciously make myself aware of what is happening and how that impacts what can be produced as a product, offered as a service, or affect the way a business operates.

Unless designing an iPhone app, or working on a new type of web site, many entrepreneurs that I talk to have not included technology in their plans for the business.

That would be a mistake, because undoubtedly your competitors will have built-in the latest technology and it may be the edge that differentiates your business from the others.

5 ways technology can give you an advantage:

Build it into your sales plan. Either by selling on your own web site (eCommerce), or using Amazon or Ebay who will help you set up a shop within their sites.
Have a plan of using technology to help your marketing and PR. This is increasingly important. You can advertise using Google Ads, place “how to do” videos on YouTube and use social media web sites such as Facebook, Twitter and Linked-in.
Buy a web domain name that describes your activity. It depends on your type of business but whilst “Johnston International” sounds good you’ll only be found on search engines if someone types that name, however have a web site called “handbags.com” or “cookbooks.co.uk” and you’ll be found more often.
Once you have your own domain name use it to have your own email address. There is nothing less professional than using hotmail or gmail as your email address for a business, it screams small-time amateur.
Automate your business processes as much as possible, all the way down the supply chain, from how you order goods or services yourself, to despatch of goods and customer service. Use modern accountancy packages. Communicate with your customers by email, again automated where practical. This is an area that will save you money, speed processes up and free your time.

Don’t use excuses such as I’m too old for all this, I’m more of a people person, I don’t understand and in any case I’m too busy. Your competitors will be eating your lunch.

Business Plans are worthless and a con

In talking to entrepreneurs the subject of business plans often comes up. While some have excellent plans, others haven’t and feel that business plans are a complete waste of time and just there to line the pockets of consultants.

I think the issue is that the phrase “business plan” has become over used and lost its meaning, conjuring up complicated and costly documents that have no real practical help. Just another form that has to be filled in.

However if you were to ask whether someone has a plan for their business, not a “business plan”, but simply do they have a plan for their business, then most will say yes of course.

Few would imply that they have no idea of what their business is selling, the market it is in and what its aspirations were, even if it’s not written down but just in their heads.

When communicating to potential Investors or applying for a loan however they will want it written down in order to decide whether it is something they are interested in and to filter all the many approaches they receive.

They can’t see or talk to everyone, they need to look at something to decide if the opportunity is in a suitable market area and has sufficient quality that they will then invest time in following up.

That has lead to the structure that we now call a Business Plan. But if you are not applying for funding is there any point in writing down the plan for your business?

Well yes. Because the discipline of having to write down your thoughts for the business is a great way to force you to put in place actions and ideas that will develop your business.

While it’s all in your head it is easy to be fooled that you have this grand plan. Start writing it down and get some detail into the woolly thoughts that you have.

If it is not for funding but only for you, it can be in any format and as long or short as you wish. An action list that goes beyond a few months is a business plan.

So is planning your business worthless? If applying for funding is it unreasonable for the potential Investor to ask for information about the business and its plans in writing so they can read it?

Other resources:
Writing business plans for business angels

Marketing plans

How to write a business plan – the structure of the plan

Last week I looked at the preparation needed to write your business plan, now we are laying out the structure of the plan.

Not all of the following will be needed for every plan and you must decide what to include based on the use that the business plan will be put to. For instance Business Angels will want to see a section on the Management Team, however if the plan is only for you to run the company you could easily leave that section out.

Main sections of a Business Plan:

1. 0 Executive Summary

Normally 2 to 3 pages that clearly states what your business does and summarises the main elements of the plan. If you are looking for investment, the Executive Summary is the first information that Business Angels or banks will want to see. They need to quickly understand your business and its attractiveness before they will ask see the main plan.

Although it comes first in the structure, you will write it last. You can’t summarise what you haven’t yet written.

In the Executive Summary you should state what your companies Objectives or Goals are and even your business’s Mission. Mission Statements are not just the remit of large corporations; they also give direction to fast growing businesses.

Remember the above Exec Summary is done last. First you layout the main Business Plan sections as below.

2.0 Company Summary

Describe where your business is located, is it a start-up or how long it has existed, what services or products does it supply, and to what group of people.

Include in this section who owns the company and the history of the company.

3.0 Products / Services

This is the section most people find the easiest. Everyone enjoys talking about their own products. However apart from describing your products & services do include these essentials:

- What makes your offering different and more attractive than the competition

- Where do you source your raw materials, or service providers from

- How you distribute your product/service What about after sales support

- What about after sales support

4.0 Market Analysis Summary

You will already have some knowledge of your market, but now quantify it. Do some book/web research and get real numbers and statistics. Being able to refer back t0 the sources of your information is vital when talking to Investors, it gives credibility.

Even if not looking for investment, you must base your plan on actual information, not a personal/general impression that may in reality be far from accurate.

Do your own market research, ask people who you believe to be your target customers for information and if they would buy your product. Don’t just ask friends and family.

4.1 Market Segmentation

A key part of your marketing is to sub-divide your potential customers into groups that have some similarity. You haven’t got the resources or funds to market to everyone, so create target groups and you will then be able to decide how best to reach them.

4.2 Target Market Segment Strategy

Look at how understanding the different needs and attitudes of your target demographics may be translated into a strategy.

By having segmented your market, the messages that you give to each of these groups can be very different and delivered in a way that attracts that group of people.

You may also decide to make differing versions of your offering for different segments of your market.

4.3 Industry Analysis

Describe the industry in general and it’s size. Specifically talk about the competition in the industry and how you compare. Describe buying patterns; are sales seasonal for instance, do they depend on other factors, how long is the decision process to buy.

Is there price sensitivity, or is quality and service the most important?

5.0 Strategy and Implementation

5.1 SWOT Analysis

Strength – Weakness – Opportunities – Threats analysis. You may not want to actually include this here. It may be better in a appendix, or kept separate simply as part of the background to understanding your business.

5.2 Competitive Edge

These sections are about implementation, so think about how you will put in place strategies and activity to take advantage of the differences that your products/services have.

5.3 Marketing Strategy

Specify your strategy for reaching your target market and the main actions needed to carry out these strategies. You should include PR, Direct Marketing, advertising, sales calls, customer referrals, special deals/promotions, endorsements, partnerships, sponsorships etc.

Think about your resources, can you afford to advertise a bit, do you have someone who could make sales calls, try getting free PR if possible

You have a great product/service, but no one will buy it unless they know about it. See our resource on making a Marketing Plan and then include the main elements in this business plan.

5.4 Sales Strategy

Will you sell on-line, have your own sales force, franchise or not, will you have distributors, a store, a warehouse? A restaurant, bar or cafe needs premises to sell from. Where and what location, how about “foot-fall” for high street premises.

Will you sell in bulk, or minimum orders, discounts, pricing and loss-leaders, all the nitty-gritty of how sales will be made has to be thought out.

5.4.1 Sales Forecast

The finance section of most business plans includes 3 years of forecast. The first year by month and the next 2 years as separate yearly totals. Some industries may have longer forecast needs, but not normally.

People find this section hard to do, but you have to give it your best estimate. Note down the assumptions that you made in coming to that estimate, so you can justify it. When operating you can compare actuals to forecast and look back and see if any assumptions needs changing.

Sometimes you can get an idea of your likely sales by looking at your competitors, or competing products & services.

6.0 Management Summary

If the plan is only for internal use, you will not need a full biography of the management team of the business, which you will certainly need for Investment purposes. Even if it is a one person start-up, you will need to say something about your background that makes Investors believe that you are capable of being successful with their funds.

There’s no need for a full CV in this section, just a summary, picking out relevant details.

In this section also you can say how the personnel levels will grow over time and what skills or positions will be expanded.

7.0 Financial Plan

As mentioned with the sales forecast, the financials are normally the first year by month and then the next 2 years as a yearly total.

If you have the sales forecast ready, all you need then as preparation are the costs of the business. Typically these are split between fixed costs and variable costs. The putting together of the financial side of the business can be done on a spreadsheet for small businesses but larger concerns will need to use an accountant to translate the forecast and costs into full financials that include a balance sheet, cash flow and Profit & Loss accounts.

Alternatively, there is software around that will guide you through putting all the sections of a plan together and also produce the full financial section. Try this business plan software, we’ve looked at many and this turned out best in our review.

Finance sections to include:

- Important Assumptions

- Break-even Analysis

- Projected Cash Flow

- Sales Forecast

- Projected Profit and Loss

- Projected Balance Sheet

It’s important not to get stuck in any one section of the plan. Do your best and move on, keep momentum going. If possible bounce ideas around with your team, a business partner, or a friend. If you need a Business Partner, Mentor or Investment don’t forget to join Company Partners.

How to write a business plan – getting started

Firstly do you need a business plan? Many small businesses have never had a formal business plan.

Think of your corner store, or the self-employed tradesman that came to fix your heating, they almost certainly don’t have a written business plan. But then again they probably aren’t thinking of growing very much either.

If you do want to ensure that your business will thrive, or you want a bank loan, or investment, then you’ve got to get a business plan written out.

Why? Well it’s not until you have to think clearly enough about your business that you can succinctly write down its aims and how you are going to achieve them that you can put the actions in place to ensure it will be a success.

Usually there are two basic reasons for writing a plan; you want a plan to enable you to run your business, or to show a source of funding the information about your business that they will insist upon before putting any money into the company.

The look of the plan and what is included in it will vary on the use that you put it to. If it is mainly just for you and your staff to run the business, you’ll not need all the background and management bios that you’ll need for an Investor.

How long will it take to write a business plan? That depends on whether you have all the information to hand and how diligent you are at working on it. We’re not all gifted writers, but it doesn’t have to be a work of art, it’s more important that it covers the essentials, has a good flow and if looking for funds, NO typos. If spelling isn’t your thing, get it checked. There’s nothing more off-putting to a potential Investor than a sloppy document. Generally writing a plan can take from a few weeks to a few months.

There’s a logical process to writing a plan but when working through it if you get stuck at one point, do your best and move on. You can always come back to it later and it’s more important to keep enthusiasm and momentum going.

So now looking at the first steps. There is a bit of pre-writing planning and thinking to be done. Sit back from what you are doing and think what your personal goals are. Do you want to create a business that will provide you with a steady income, or are you pushing to become a multinational corporation? Are you readying your business for being sold, or have an invention that you want to be successful?

Then decide the businesses goals that will support you accomplishing your personal objectives. You can start to think about what your businesses aims and ambitions are – often called “The Mission Statement”.

Considering your businesses goals, what strategies can you think of that will help you to achieve them. For instance if one of your goals is to start-up a new business that will rapidly grow to be country wide, you’ll need strategies around product or service development, marketing and publicity and how you will price and differentiate yourself compared to competitors.

Jot all of these thoughts down in a simple bullet point or note form, for reference later when you come to actually write the business plan. It sounds obvious, but keep them organised under your own headings so you can easily find these moments of inspiration again.

You have roughly laid out your goals and strategies, that’s good, now what specifically will you need to do to make these strategies work? You don’t at this stage need a comprehensive list of actions and so you shouldn’t feel daunted by the effort of having to decide everything now.

But start noting down the things you’ll need to do to make each of your strategies work. Think also what resources you’ll need to make these work, for example; staff, funds or special expertise?

The final part of this pre-plan stage is to begin to get a feel for what other information you are likely to need to hand when writing the plan. If the business plan is for investment purposes you’ll need the history of the company, or for a start-up the background to why it is being started. Get staff or management bios ready if appropriate.

Gather your facts about the market and your competition. Make a note of where you get any market facts so that you can reference this in the plan. Think through carefully who your target market is, you will want to include a section on how you split up your market into sub-sections (called market segmentation).

Now with most of your goals, strategies and facts to hand you are ready to begin work on writing your business plan.

Next week… The business plan structure

How to get Investors

Business Angel and Investors “How do I get an Investor?” is the question I most get asked by entrepreneurs. Finding an Investor is often a hard and very time-consuming part of growing a business, but thousands of companies manage to do it every year.

Here are my top tips:

Make sure you really need an Investor. On the plus side they will bring contacts, experience and funding that can help your business grow larger, quicker. It may even be the only way in which you can start, or grow your company. However you will have to relinquish some control, give a share of the business in exchange for the finance and have the Investors watching how you spend their money. You must be willing to do that in exchange for the resources.
Prepare your business case. You have to show what your business is about and why the investor should give you their money and time. The business case for investment comes from your plans for the business. Hence business plans are a key part of being prepared. People tend to associate such with lengthy, formal documents. It needn’t be so. It can be quite succinct and practical.

I’ve written a more detailed description on how to write business plans for Business Angels that you may want to look at.

I often get entrepreneurs ring me and say they simply need to be given the chance to talk to an Investor and they will convince him. They don’t feel a business plan does them justice and they haven’t got time to write one anyway. That may be, but an Investor can’t talk to everyone and they have to filter who they do talk to based on some information – that’s why you must have written data to first show them, normally an executive summary of a business plan.
Find investors to approach. There are several ways to do this and you should try all that you can afford and have the time to do. You have to do everything you can and leave no stone unturned.

a. Friends & family. Start-ups often begin by getting help this way and it can be the quickest, but you have to feel comfortable that you are risking their money. The amount is normally fairly small, so usually only suitable for getting a business going.

b. Existing contacts. Beyond immediate friends & family there will perhaps be people you can approach with a business proposal. Your old boss, ex-colleagues who have made good and contacts who may know of potential investors. Spread your net wide.

c. Business Angels. Not to be confused with Venture Capital (see below), these are individuals who are investing their own money in promising opportunities. They generally will only invest in areas that they know about, so as to be able to judge risk and add value.

You may know one, or have a contact who knows one. However, since there isn’t a yellow pages of business angels (they would be constantly pestered, never-mind security), the best place to find them is through a Business Angel Network.

d. Business Angel Networks. You can find many on-line, simply search for “find a business angel” on Google. Be aware that all will charge a fee upfront, with no guarantee of success. You may not like paying upfront and rather only pay if they find an investor, but that is how all the industry works.

To a certain extent it is fair enough, since they have no control on how good you or your opportunity may be, all they can do is make introductions. Nevertheless, some do charge large amounts, from several hundred to several thousands.

The difference being that those that are charging a few hundred use an on-line data base where you enter your proposal and those charging thousands will instead take your proposal and ring round their investors to see if anyone is interested, you pay for it being more hands-on.

If that wasn’t enough, most also charge a “success” fee of 4% to 5 % and some even like to negotiate a small percentage of the final company for themselves as well.

A bit of a plug here for Company Partners – we operate as a member’s site, a bit like a normal “dating site” for entrepreneurs and Investors. We’re certainly the most cost effective and only charge a monthly membership starting at £29.95, with no other fees. See how Company Partners works.

e. Venture Capital. This is provided by a venture capital company who is investing other people’s money. They therefore have to be more careful and are more risk adverse. Seldom investing less than £1m, in established or proven businesses. Management buy-outs, buy-ins and fast growing companies already returning a profit are suitable.

Occasionally, high-tech and bio-tech start-up businesses with exceptional potential, that have IP and already gained traction may get funding.
Approaching Investors. First find out all you can about them, what businesses they have invested in before and the industry sectors they are interested in. In Company Partners for instance the Investors will have indicated the sectors that they want to invest in. Approaching investors with a proposal for a market sector that is not of interest will waste everyone’s time.
First contact with the Investor. At the initial stage you are just trying to gain attention and qualifying that the potential investor and your opportunity are well matched. The information you send can be as simple as a brief statement of the market area, general background and some numbers. Ask if you can send an Exec Summary, or business plan with more detail.
If interest is shown, provide the Exec Summary or plan, ensuring that it is written well and looks professional. Do not at any stage over-hype – it turns investors off. If they like what they see, you will be invited to a meeting. It may be informal one-on-one, or a more structured presentation. Some good deals have been done without a stand-up presentation, just by sitting round a table and explaining the plan.
How to present to Investors. If you are asked to do a presentation find out as much as possible about your audience. Who will be there, their backgrounds, how long have you got, what they are expecting to see.
See how to present to Investors.
The deal. There is no simple formula since every situation and business is different. However it generally starts with the valuation of the business. We’ve all seen Dragon’s Den where the presenter is asking for £100k for 10% of a start-up business. This values it at £1m and the company hasn’t started trading yet. Be realistic and if possible show that you have already achieved some sales. It reduces the risk for the investor and justifies a better price. This paper does show some ways to value your business.
The contract. Get this drawn up by a solicitor used to dealing with business angels, ask me if not sure, I know a few. It will need to include the types of shares that you and your investors own, what happens to them if further investment is made (called dilution), what happens if you or the investor wants out and much more.
Persistence. When Innocent drinks were looking for an investor for their fledgling smoothie business they had approached dozens of business angels, with a very well constructed business plan to no avail. They’d contacted everyone they could think of and got nowhere. But they persevered and finally found that one person who liked what they were saying and committed to back them. Try everything – be persistent.

How to market smarter.

Market segmentation I spent an enjoyable couple of days doing one-to-ones on business planning at a conference last week and the area that was most misunderstood was the need to define and understand your market.

It sounds simple, everyone of course understands their market don’t they, it’s obvious. The market is whoever will buy from us. We don’t want to restrict ourselves, so we will market to everyone.

There are actually a couple of problems with that; firstly to market to everyone you have to spend a lot of money. Then think about the messages that your marketing is going to give, to be applicable to everyone they have to be fairly general and bland.

This is where a well known but often ignored marketing technique comes in – market segmentation.

You may well have a product or service that could be bought by a great many people, but they will not all be alike. They may live in different geographies, be of different ages or gender, or have different expectations of the product.

The more you can focus your marketing effort the more cost effective your advertising is, instead of expensive adverts in large magazines to try and reach everyone, or GoogleAds covering lots of keywords, you can just pay for advertising in the specific media that your focused market reads.

Importantly also, the messages and benefits that you give will be targeted exactly to that group of people. It may be that your company, works both for corporate clients and private individuals, each will value different aspects of your offering.

A middle aged man will identify and be swayed by different messages about your product than a teenager. The more you can segment your market into different chunks, the more effective your advertising and marketing will be.

Finally it may lead you to changing how your product or service is packaged to be more attractive to each specific group, rather than a one-size fits all, that no one sees as relevant to them.

Entrepreneur Quotes – Just do it!

Entrepreneur - Just do it! I was putting together a business plan workshop for some MBA students the other day and looked for a couple of quotes to illustrate points. There are, as you can imagine, quotes for everything, sometimes contradictory.

There is one area though that no one disagrees with and it happens to be a pet issue with me. That of “just do it”. When I talk to potential entrepreneurs, far too many are waiting for “the right time” or someone to do it for them. Honestly, you just need to take a deep breath and then get on with it.

Anyway here are some thoughts from quite successful people – but less thinking, more doing…

“Talk to your customers – provide what they want, not what you want”
Jacqueline Gold – Anne Summers

“Make sure your business goals are measurable – if it’s measurable it’s manageable”
Steve Mills – MRI Network

“Be detailed, be persistent”
Sahar Hashemi – Coffee Republic

“Don’t be afraid of failure, we worry about that too much”
Tim Smit – Eden Project

“The important thing is not being afraid to take a chance. Remember, the greatest failure is to not try” Debbie Fields – Mrs. Fields Cookies

“If you think about things too long and too hard you won’t do them”
Simon Woodruffe – Yo! Sushi

“Never leave that to tomorrow that you can do today”
Benjamin Franklin

“The critical ingredient is getting off your butt and doing something”
Nolan Bushnell – Atari

“Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do”
Mark Twain

“Your time is limited, so don’t waste it living someone else’s life”
Steve Jobs – Apple

“Whatever you are going to do, if you don’t enjoy it, don’t do it”
Philip Green – Arcadia

“Choose a job that you like and you’ll never have to work a day in your life”
Confucius

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