TARC 2010 SETTING UP A BUSINESS(2).pptx

7/27/2019 TARC 2010 SETTING UP A BUSINESS(2).pptx

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SETTING UP INBUSINESS

TARC 2010CONSTRUCTION PROFESIONAL

STUDIES

SIMON MCLEAN MRICSEXT 6232 [email protected]


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BEFORE STARTING UP A

BUSINESS

How much money do you have?

Can you attract outside investment?

Can you borrow money, (Assets/Security)?

What return do you expect on your capital?

What expertise do you have?What interests you?

Are you prepared to work long hours?

What are the market trends in your region?


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SOURCES OF INFORMATION

Local Chamber of Commerce

Trade Shows

Suppliers

Networking Meetings

The internet

Local knowledge/connections


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WRITE A MISSION STATEMENT

A mission statement is a business's formal declaration of its purpose

and reason for existence. A good mission statement captures its

purpose, customer orientation and business philosophy in a clear

concise language.

A typical mission statement would be 1 to 2 sentences long.


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NAME YOUR BUSINESS

Your business name should be straight forwards descriptive and

distinctive.


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TYPE OF BUSINESS

Sole Traders

Partnership

Limited Liability Company


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SET UP A MANAGEMENT TEAM

The strength of the management team must be articulated in your

business plan. Balance within a management team include

behavioural, technical and conceptual skills applicable to the

development, production and delivery of both current and future

products and services. The management team must have skills in

management, marketing, finance and operations.


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CURRENT AND PROJECTED

FINANCIAL INFORMATION

Determine your cash needs, project your expenses, and review your

sales and profit objectives. Prepare a preliminary balance sheet. List

your assets and liabilities to create a snapshot of what your

company looks like at a given moment. Your balance sheet is a

necessary tool for your banker and for your accountant. Include

financial projections on:

Profit & Loss Statement

Balance Sheet

Cash Flow


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ESTABLISH YOUR PRODUCTS &

SERVICES

Discuss your unique and specific characteristics of your products

and services.

How do they differ from similar products or services?

What customer reactions may be anticipated due to these

characteristics?

How will you satisfy customer needs and wants?

Describe any unique value-added characteristics your products and

services provide to the customer and how these will give your

company a competitive edge.

Describe how the product works or the service is used. Will your

product save your customer time or money?

Have any tests or case studies been performed that help you back up

your claims? (Obtain that vital information and document it in your

plan).

What is your product or services life cycle? Explain it to the

investor. Include the time factors influencing your ability to make

money and the effects of economic cycles.

Discuss your plans for the next generation of products and services

that will be introduced in the near future.


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PRODUCE A BUSINESS PLAN

The business plan should be clean, conservative, simple, clearly

written and properly bound. Your business plan is a reflection of the

quality of your business.

A business plan is a written document that describes a business, its

objectives, its strategies, the market it is in and its financial

forecasts. It has many functions, from securing external funding tomeasuring success within your business.


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PRODUCE A MARKETING PLAN

Who is your competition. What can they do/not do. Can your productoutsell them, is it cheaper, is it better, do you offer higher quality

service/products? Do you have a unique selling proposition that none ofyour competitors have?

You need to account for:

Your product's features

Nature of your customers

Geographical issues Cyclical Issues

List any advantages you have:

Actual performance

Quality and reliability

Production efficiency Distribution

Pricing

Promotion

Public image or reputation

Business relationships or references


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MARKETING STRATEGY

Marketing strategies are designed to enhance, promote, and support

the advantages, features and benefits of your products and services


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UNIQUE SELLING POINT Everybody within an organisation should have a solid understanding

of what sets you apart from the competition. Your USP is that single, unique advantage, benefit, essence, appeal,

or big promise that holds your product or service out to the

prospective customerone that no other competitor offers or

advertises. You should be able to articulate, in one or two crisp,

clear paragraphs, the USP of your businesss product or service. You

should consider the following comments: Your USP is literally the unique advantage that distinguishes your

business from everyone elses. This is a concept that your entire

enterprise should be built around.

Without a USP, you cannot build a consistent and effective marketing

campaign.

Identify the unique advantage you should build your marketingefforts

Go ahead! Create a USP that lets people feel like they cannot live a

moment longer without your product or service.


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QUALITY CONTROL PLAN 1

Clearly understand Customer requirements, make sure therequirements can be met, keep the Customer informed and track

Customer satisfaction;

Collect information, determine its meaning and make improvements;

Control and maintain necessary measurement and test equipment

and use the equipment in the appropriate work environment;

Control Customer property to prevent damage; Create and maintain a satisfactory workplace, prepare people for

the job and provide resources for the system;

Define a quality policy, provide a vision and demonstrate

commitment;

Define and measure important product, process and service

characteristics against requirements; Determine process functions and interactions ahead of time, then

control the processes;

Determine the root cause of problems, fix the cause of the problem

and verify the corrections are permanent; practice, Implement

continuous improvement your system to achieve quality;


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QUALITY CONTROL PLAN 2

Establish the responsibility for providing quality products andservices and keep everyone informed;

Examine internal operations and report the results to management;

Identify good and bad items, preserve good items, keep bad items

away from good items and determine what to do with bad items;

Keep track of delivered products and services and ship only what

was ordered; know what you need to purchase and check-out yourSuppliers;

Know what you are designing and create a design plan, identify

measures for the success of the plan and review the design as it

progresses, verify the design does what it has promised and control

changes;

Make instructions available to Operators, keep the instructions up-

to-date and maintain necessary records of activities;

Say what you do and do what you say;

When the product can't be checked then check the process to

ensure it remains capable;

Write down the important functions, match the spec to the task and

organise


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SEMINAR ACTIVITY TASK ONE Form groups of 4 students. You are each a specialist in one of the

following professional disciplines: Quantity Surveyor, ConstructionManager, Site Engineer, Business and Financial Manager.Architectural Technologist, You wish to come together to start aconstruction industry focused business.

TASK TWO Produce an A1 /A2 poster, including:

Company Name

Describe the individual roles of your management team

Target a customer market, and identify your unique selling point

How you will fund your company start-up

Your Mission Statement

Type of company chosen with justification for choosing it

A bullet point summary of your Business Plan, and Marketing Plan

TASK THREE You will display and explain your poster in tomorrow's seminar session.

TARC 2010 SETTING UP A BUSINESS(2).pptx

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