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Unit 2 Planning Your New Business

Updated: Jun 20

This unit is all about giving you the knowledge, understanding and skills needed to start planning your new business venture.

It’s a fairly comprehensive unit with lots of resources to read through and choose which bits apply to you and your business.

You will have likely made some adjustments to your original concept idea through testing the assumptions it is built on in Unit 1 Assessing Your Business Idea. It’s now time to use that valuable data to formulate a detailed action plan which strategically builds-out your business.

Your action plan is an essential working document that will change with your business over time. A well-designed plan can make or break a new business so you’ll need to spend some careful thought and effort on this part of the Academy Course.



The challenges facing a new business


Part of being a successful Entrepreneur long-term is understanding how your mindset and behaviours change in the day-to-day running of a business compared to when being an employee of a business.

The skills you learn during this course will enable you to look at the creation of your business from a holistic view point and answer some of the most prominent questions people ask themselves when moving away from the securities of employment.

This is an important part of conditioning yourself as an entrepreneur. You will need self-confidence in your ability to plan and make decisions correctly, so that when you go through the tougher periods with your business, you don’t lose focus and start second guessing yourself.



Cashflow

You’ll learn why cashflow is one of most significant causes of startup failure and how planning your business’s expenses accurately can vastly reduce the chances of unexpected costs.

Similar to the concept creation phase in Unit 1 Assessing Your Business Idea, this is a crucial step many people overlook, instead choosing to run with vague ideas of costs and figures.

Having time on the course to research and outline real-world expenses for your own project with the support and guidance of your coach and peers is a valuable experience not to be missed when launching a business with the Academy.





Keep it Customer-centric

Entrepreneurs can easily find themselves in a situation where their work demand vastly outweighs their capability as an individual or small team. Time management will become one of your most perfected skills as an entrepreneur. You will need to become masterful in identifying opportunities that can save you time, resources and ultimately costs.

Adopting a customer-centric approach to your business ensures that you are continually assessing and changing with the needs of your business demands. An effective way to save time and resources on learning about the needs your customers and where your industry is in terms of supplying those needs is to look closely at your competitors.

Remember core to your strategy for launching a successful business is sustainability. Most startups will need to begin generating cash as soon as possible so finding a business model that is proven to work and performs well is likely going to be the quickest and most cost-efficient way to start generating income, at least in the beginning.

Building a Brand for your Business

As you roll-out your business over the initial months you’ll want to make a conscious effect that any and all funds spent on advertising align to one common goal for creating a business brand. Brand awareness is an important factor for growing a successful enterprise long-term.

During Academy Courses you have access to interviews with top industry professionals and experts in branding such as Professor Robert Jones, Brand Leadership, University of East Anglia. They will share their insights in how to create and mature a brand successfully for your business.

Becoming a Business Entity

During this part of the unit you will start to plan the physicality of your business as a legal entity.


You will look in detail at the different types of business structure available to you, learning about the operative characteristics, benefits and constraints of each of them. Working through case study examples applicable to UK law you will learn how to source and modify information so that it is relevant for any business worldwide.


You’ll also look at factors around Intellectual Property (IP) and Contract Law and discuss the impact they will play on your business. This strategic process and the steps it involves help you to protect your business from others copying what you do, sell or from using your original ideas.

The Blue-print to Success

By the end of this unit you will have created a selection notes, reports and lists that form the bases of your Business’s Action Plan.

You will have a clear idea of your business’s needs and the next steps you will need to take. The last part of your plan will now look at the resources you’ll need to procure to achieve those goals written down in your plan.

You can request a copy of our free Business Template Pack which includes a ready to use template and examples for the Action Plan here.

As we move forward to Unit 3 Developing Your Strategy, you will need to decide which remaining units will benefit your project the most and notify your Coach so that they can register your unit choices for completing the Qualification.





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