Five reasons why businesses fail:
1. Failure to adapt to a changing market
2. Failing to continuously market yourself
3. Not seeking advice or professional help when necessary
4. Inadequate accounting records
5. disregarding or misinterpreting financial records.
Smart business people hire or subcontract people who are more skilled or intelligent than them.
1. Failure to adapt to a changing market
- keep up
- Be informed
- Understand your macro and micro environments.
- SWOT your competitors (3 in presentation) be objective, only criticise if your would say to their face
- PEST your environment - Why is it a good idea at this time?
NESTA website - quotes, evidence research for presentation
Design week website - quotes,
A-N.org.uk - knowledge bank - how much to charge, contracts, business plans.
Creative Choices - videos - Essential tools for artists -
Subsribe to website. Focus on careers guidance, graduate startups.
2. Failing to continuously market yourself
Refer to slide / Marketing Communication mix (Murray and O Driscoll /Use three methods to promote your business
3. Not seeking advice or professional help when necessary
Video off Creative Choices website - Its time to stop dreaming
Collaborate, get your team excited, compromise, be brave and original, be passionate,
Frank Design belfast.com videos. Damian Craney.
Presentation - how we are going to organise ourselves - administration, promotion and accounts.
How much money do you need - do you need a professional?
5. disregarding or misinterpreting financial records.
Business plan
What resources will you need
Equipment
Space
Stock
Will you buy, rent or lease your equipment
Why will people but from you
Look at 3 competitors - look at strengths and weaknesses
Say what opportunities this presents to you
Compare
Marketing plan
3 effective methods
Explain why they will be effective in reaching your particular target market.
How much will it cost
Start up costs
Overheads -rent, equipment, insurance,
Product Direct costs (Materials and labour).
Your presentation
No more than 10 slides
Use powerpoint only as a visual aid
Do not use it as a crutch
Hold your notes in your hand.
How to use this stuff for interviews
- To get that job
- Remember the employer is in business to make a profit.
- Look at their competitors / market, discuss this at interview.
- SWOT analysis - Look at their strengths - how can you add value to these?
- What are they developing?
- Know what their unique selling point is - values, people
- What someone who can make a difference.
- Looking for passion/interests. what makes you unique?
- Ask about their competitors at interview?
- Ask them about what is effecting their business - Read three serious newspapers - know what is going on globally especially if its effecting the creative industries. What threats?
Organisations around Leeds working with Graduates
Arts Mix - Building Enterprise through the ARts - freed mentors and advise.
Factory 4 - Creative facilities -Screen printing facilities, laser cutting,
East Street Arts - Artists and small business units - cheapest space in Leeds. Mainly disused mills.
Umbrella - Small business start ups - space for creatives. Virtual creative agency
Limehouse - The Creative Production Comapany - expert advise, managed space, share wih others,
Round Foundry Media Centre - Holbeck - Pods. Heart of Creative Industries.
Mention these types of spaces if you cant afford to rent a normal office..
Old Broadcasting House - hot desking workspace. 20 creative businesses starting up. Theatre, exhibition space, coffee bar.
Wildfire - Business advise for young people. - Info., subscribe
A business pitch - Promote your idea..
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