Michael Johnston, CEO of Microfinance Ireland talking about the future plans. Next stage is to grow to lending 8 million next year (it is now 6 million) and an expected growth of 25% each year for the coming years.
If you are interested in applying for a loan, please go to http://microfinanceireland.ie/how-to-apply/
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While there can be so many differences that appear between business managers when they want to create a really effective financial business plan, this does not mean that there is always a guarantee that funding will be found. Many think that once financing was obtained once, something similar is going to appear in the future. This is not always the case. Let’s take a look at why your business plan wasn’t funded.
Expertise in creating financial business plans is the most important factor that has to be taken into account when you want to obtain funding. You have to adapt to the market situations and you need to always take into account what the funders want to invest in at the moment.
In order to successfully obtain funding, you have to prove that the company is prepared for investments. This means that you basically have to prove the fact that you are going to generate a profit for the investors in a given period of time. Knowledge of what the investors want is a necessity.
The very first reason why a company is not getting funding is the fact that it does not have a competitive edge in the niche/industry that is chosen. The marketing strategy in this case is not well-created or there is actually a complete lack of a strong strategy. Remember that investors want to see that the company will succeed. If the marketing strategy is not great, how can they see that?
Most people think that they just need to show that the business is viable and that the management team and the owner are not going to be analyzed. This is completely incorrect. The business plan needs to highlight the management approach and there is a really strong possibility that the investors are going to want to know as much as possible about past experiences before making a decision.
If the business strategy is not clear and there is risk that capital is going to be lost, nobody will want to invest. With this in mind, taking the necessary time to create a really strong business strategy is a necessity even before funding is considered.
Most of the business plans that are sent in for funding consideration are incredibly optimistic. Assumptions are made and there is no proof that these assumptions are realistic. The assumptions that are made have to be proven. There are stress-tests that are performed and if you do not have realistic assumptions, it will show and the investors are going to walk away.
The bottom line is that you should never treat the situation lightly. If you need funding and you have to look for investors, the most important thing is to be properly prepared for their analysis. The facts that were highlighted above are just the most common. Remember that even one improper assessment can be seen by the investor as a sign that something will go wrong. In the event that you do not have experience in creating business plans for companies that would receive funding, it is a lot better to simply hire someone that has. This drastically increases the possibility of receiving money.
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The business plan really is all about the market niche – researching it, understanding its needs, identifying how the needs are best met, and designing products and services that are aligned with the identified customer needs. From page one to the end, the entrepreneur is building a business plan that caters to clearly defined customers.
Sometimes it is challenging to convey what the business has to offer the niche because people concentrate on the product or service rather than the how the products and services are bringing market niche solutions. Startups are building a niche from the ground up, so it is important for the business plan to always stay focused on exactly who the business is serving.
Following are some tips to keep the business plan’s line of sight on the target market.
All clothing retailers sell clothes, but each one has a different customer base. One may sell children’s clothing while another sells haute couture. Obviously the marketing, pricing, and product sourcing will be vastly different for each type of retailer.
In the business plan, the entrepreneur is presenting a picture of the target market. Assume the startup is another clothing retailer. What makes this particular business unique, and who exactly is the business selling to? What is it about the business that makes it different from all the other clothing retailers.
Basically, the important question is: What is the business really selling? Is it comfort for young children? Is it glamour? Each business has a brand which is based on the ultimate purpose of the business. Sure, the clothing retailer sells fashion, but more importantly, the business is selling an image and qualities the target market will appreciate. Capturing in the business plan what is really being sold will present a much clearer picture of the enterprise to readers.
Why does the entrepreneur believe the niche market exists? The business plan should always reflect in-depth market research. Once potential customers are identified, it is wise to conduct a market survey and pinpoint the needs.
The next step is to identify the competitors and discover why the need remains unmet. This process gives businesses critical insight into the niche market and opportunities that may have not been realized yet.
Small businesses must cater to a limited group of people. That does not mean they should only sell one product, but a good growth strategy is specifically identifying the target market for every product or service sold. It is possible that the business will sell to more than one market niche.
However, going through this process will help the entrepreneur avoid stretching to far during the startup and early operations stage. As market niches are added, it becomes clear that each one needs special marketing, pricing, promotion, customers support, and so on. Products and services can always be added over time as a growth strategy.
The business plan needs to stay focused on the market niche from beginning to end. This will make it much more attractive to investors. Just as importantly, this approach will keep the entrepreneur focused on a path to success.
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Wikipedia states “WooCommerce is an open source e-commerce plugin for WordPress. [..] Launched on September 27, 2011,[3] the plugin quickly became famous for its simplicity to install and customisation and being free in nature. [..] In May 2015, WooThemes and WooCommerce were acquired by Automattic, operator of WordPress.com and core contributor to the WordPress software. [..] For the 2nd week of March 2015, Trends indicated that WooCommerce ran on 24% of e-commerce sites online with total downloads reaching 6.7 million.”
But as a Woo-lover and Woo-developer, numbers don’t really mean much. The more entrepreneurs I meet in town, the more website owners I speak to, the more social media addicts I “talk” to, WooCommerce is sure to become the biggest provider of Ecommerce functionalities in the next few months.
Automattic, the company behind WordPress, has just acquired WooCommerce, included its worldwide staff of 50+ people, for an amount that is close to $30,000,000. Now, that is what you call an investment!
With 7million downloads worldwide, we’ve decided to start a Dublin WooCommerce Meetup.
The first event saw approximately 25 entrepreneurs attending, all from different backgrounds (web designers, developers, ecommerce entrepreneurs, WordPress enthusiasts). Realex Payments kindly sponsored venue and….. drum roll… free drinks!
Good news is – we’re running our WooCommerce Meetups every 2nd Wednesday of the month, in Dublin 2 (and specifically in the Dublin Chamber of Commerce, 7 Clare Street).
Or next appointment is on Aug 12th (RSVP here by Aug 11). We’ll discuss:
The main obstacle being faced by web developers, graphic designers and website owners is… TIME.
You would agree with me if I said WooCommerce is easy and fast, however this only applies to basic ecommerce functionalities. There are hundreds of free and premium plugins, thousands of themes, millions of PHP snippets available to accomplish advanced tasks.
So, TIME is money and we wish we had some extra hours a day to run the whole process smoothly!
This month, we’ll discuss openly about hosting providers, hosting plans, website speed, backup and restore planning and whatever is related to the best practices of “starting with the right foot“.
If you charge a considerable amount of money to develop WooCommerce websites, or if you’re investing in your next WooCommerce website, it’s extremely important to select the best hosting options before starting with the development.
Happy Woo-Entrepreneurs of Dublin while enjoying their Free Drinks On July 8th
As already mentioned, we’ll be meeting in the Dublin Chamber of Commerce at 8pm on August 12th.
We asked Blacknight, Letshost, SpiralHost, Digiweb and other companies to attend so we’ll see if they’re brave enough to attend and answer our questions!
For sure, there will be myself, recently appointed WooCommerce Meetup Organiser by WooThemes/Automattic, and several other entrepreneurs such as website owners, designers and developers. In the first event, 2 great guys drove down from Cork to attend – so there is really no excuse if you live in Dublin!
To register (it’s free of course, plus Realex Payments will get you a free drink afterwards!), visit http://www.meetup.com/Dublin-WooCommerce-Meetup/events/223649210 now.
Hope to see you there!
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Marketing is changing to meet the wants of users just like you. Inbound marketing shifts the focus from talking at people to a point that they simply tune out, to providing people with something that they genuinely value and enjoy. It focuses on providing solutions to problems, saving time or money and causing them to have a positive emotional reaction. When done effectively it converts people to become loyal customers who see your brand as one that can help solve their problems.
As technology improves and we gain more options in what media we consume and how we consume it, the world around us changes. As we adapt to these changes, our expectations and demands change dramatically. We’re watching fewer television commercials and moving towards ad free on demand services, we’re opening less direct mail and instead looking to communicate directly with brands on the channels we choose and we’re blocking more ads than ever before as we browse our favourite websites. As this type of behavioural change increases, it has pushed the cost of traditional advertising even higher while making the benefits of inbound marketing, providing users with relevant and helpful information at the right time, even stronger.
User behavioural changes are already well underway, we don’t consume data or use technology as we used to. The algorithms that control search ranking, social promotion or paid advertising are picking up on the changes there and actively promoting the content that’s providing the best user experience, or at least continually trying to. The question now is how long it will take businesses to catch up.
According to The Second UPC Report on Ireland’s Digital Future, Irish online consumer spending was estimated to be in the region of €5.9 billion. Of this, more than 60% (~€3.6 billion) is being spent abroad. The report alarmingly estimates that fewer than one in four small Irish businesses (24%) have the ability to conduct online sales, meaning there is no Irish competition for those billions leaving the country. With all estimates pointing to online spending more than doubling by 2020, the stakes are only going to get higher.
The main obstacle being faced by businesses is how to address the current problems. Many wish to sell online, many wish to export through their sites but they simply don’t know where to start or how to execute it. Others have started and are now looking to expand their reach and improve their performance. In either case, education is the vital first step.
Research carried out recently by HubSpot and Smart Insights collected data from over 700 content marketers across Europe. When asked to rate their content marketing capabilities, 68% rated themselves at basic or inconsistent. Over half of those surveyed (51%) said that they found the measurement of their effectiveness a real challenge and only 39% claimed they were able to measure return on investment from their work. In spite of these challenges, only 3% were sceptical of the value of their marketing efforts.
Learn Inbound brings together an active community of business owners and marketing professionals, all of whom tackle these issues on a daily basis just like you. Leading industry experts come in to outline tactics and strategies, with case studies and technical details on execution, to help improve efficiencies and performance. Providing detailed technical talks with the benefits of peer review and discussion with an active and engaged community helps improve information retention and ensures the events stay fun and relaxed. That’s also helped a little with a free bar and some snacks to help you keep up with the fast pace of the evenings.
If you’d like to learn more, do check out the free videos available from earlier events. There’s a wealth of digital marketing advice on the site and these topics will continue to grow and expand in the future.
The next event is on the 21st of October in The Academy, Dublin. We’re delighted to welcome to Ireland Rand Fishkin of Moz, Elizaveta Lavrienko of SEMrush, Wil Reynolds of SEER Interactive, Gianluca Fiorelli of ILoveSEO.net and Bas van den Beld of State of Digital. The demand for this event is already huge and we’re sure it’ll be a sell out well in advance. If you’re interested in joining the community for the night and spending time with some of the shining stars of inbound marketing just jump over to the Learn Inbound event page to save your seat.
These events really are all about the marketing community and all about you. If you’ve any thoughts, ideas or suggestions for the team here we’d love to hear from you and discuss them.
The post [Event] Learn Inbound – A Digital Marketing Event that delivers appeared first on Small Business Can.
It has been a while in the making and we were told not to tell anybody…..
Until now.
Combining banking with fintech, start ups and innovation
Ulster Bank and DogPatch Labs are going to start working together. Combining banking with fintech, start ups and innovation. Leveraging the international connections through RBS and the links through IBOS (which for example, gives you direct access to Silicon Valley Bank).
Melting pot of opportunities
Combine that with the 20,000 resident entrepreneurs on Smallbusinesscan and the Business Achievers Award and you have a melting pot of fantastic opportunities.
Watch this space (and this video).
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Outsourcing became popular in the 90s, when businesses struggled to keep up with rising labour costs of the time. In the beginning, outsourcing was the reserve of large businesses, but now it’s more likely that SMEs will use outsourcing to help curb costs, while big businesses will often keep things in-house. But how exactly is outsourcing beneficial for employers? Let’s take a look at some of the pros of using outside contractors.
SMEs can benefit from cost savings on multiple levels when outsourcing some tasks. They may not have enough resources to take on another member of staff in-house, but no extra infrastructure or technology is required to hire a freelancer who works from home. SMEs should avoid laying out money unnecessarily while they are still growing, so they don’t bite off more than they can chew, and that’s why freelancers are the perfect, flexible option. You can also outsource extra work within a budget that suits you.
Outsourcing jobs can free up your current members of staff, so they can work their way through their daily task list and your SME can move forward smoothly. Jobs can be turned around quickly and effectively, without your employees having to work longer hours. Staff will then have the time to work on other tasks such as looking for ways to improve processes and services within your company.
By outsourcing work, you can employ the most skilled and specialist of freelancers in their niche. You won’t need to purchase any highly technical equipment or provide any extra training, as your outsourced employee should have everything they need to deliver your company with a quality service or product.
Depending on how well your SME is doing, you can be flexible with outsourcers and only allocate them work when there is demand for it – or you can afford it. You won’t have to make anyone redundant and you’re not tied into any lasting contracts. This will allow you to manage a business that may be seasonal, or cyclical in nature – you can have a pool of freelancers to draw from at whatever time you need.
If you want to know more information on your rights as a business working with freelancers, hire a solicitor who assists employers to explain the finer points.
Do you outsource your work to freelancers as an SME? What are your favourite benefits of choosing this employment route and why?
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[Event] Coming to America – Workshop for Irish Startups Considering U.S. Expansion: July 28, Dogpatch Labs
Featuring: US Embassy, PwC, Fried Frank, Frontline Ventures and Teamwork.com
Panel discussions will focus on the practical aspects of setting up operations in the US including:
Where? Dogpatch Labs, The chq Building, Custom House Quay, 1 Dublin, Ireland
When? Tuesday, July 28, 2015 from 9:00 AM to 1:00 PM (IST)
Register for free here.
Limited 1-2-1 office hours with expert panelists are also available in the afternoon on appointment. PwC is offering free tax and accounting advice for your US expansion, Fried Frank is offering free personalized legal advice for your startup, and Frontline Ventures is taking 15 minute pitches from startups. To take an appointment just select from the office hours tickets above. (First come first serve, and only one office hours ticket per startup please.)
Great networking opportunity with industry leaders and other startups.
Admission is free. Come join us – next stop New York! Register here.
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WELCOME, in collaboration with the DCU Ryan Academy and Bank of Ireland, is hosting a pitching competition for startups on Tuesday 28th July at 6:30pm in Bank of Ireland Grand Canal Square with an amazing prize for 2 startups.
The winning companies will attend 2 major European tech conferences for FREE (including travel) from a choice of the following fantastic events:
Travel expenses and event tickets will be paid for by Welcome, leaving you free to concentrate on meeting customers, investors and other startups from across Europe who can help you with your business.
Welcome is looking for exciting, scalable tech startups looking to raise investment and export outside of their home country. Startups will be accompanied to each event by Welcome partners who can help you get the most out of the experience to benefit your business. Apply today.
Pitching competition is kindly supported by Bank of Ireland.
The closing date for entry to the pitching competition is Thursday 23rd July and interested parties can apply via https://www.f6s.com/europassdublin
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As a startup leader, you need to recognize the importance of learning and self-growth. You are the heart of your business, and there are a few specific qualities you need to focus on to be successful. The following are five of the most essential leadership qualities.
Starting a business is an involved and often time-leeching process. There are going to be times when you want to quit, and there are going to be times when you think you should. Passion is the heart of dedication. Passion is going to be the fire that keeps you dedicated when then entire world looks like it wants to drag you, and your business, down. Find ways to be passionate about what you do. Outsource the tasks you find grueling and focus on the tasks you’re passionate about.
When you love and are good at what you do, money and success will follow. If all you seek is money, you may never find it. Your employees and customers will see through you if you’re not authentic and giving your best effort. Set an example by working hard and being enthusiastic. Your authenticity will shape your office-environment into a productive and happy one.
A startup runs on ideas and innovation. Build a thoughtful relationship with your co-workers. Recognize the worth of those under you by encouraging thoughtful discussion. Allow anyone to approach you with his or her idea, and then digest it for a while before saying no. It will keep people happy, and it will keep your startup competitive.
Take time to decide what’s working for your startup and what’s not. Your business partner, your workflow, or your receptionist could be stunting your business’s growth. It could even be you. At least once every week, evaluate what need to be improved, even if it results in the hard decision of letting someone go.
A fumbling, quiet-toned, shaky leader is not going to inspire greatness. You need to be charismatic and confident in both yourself and your vision. A startup consultant with a Military History degree says charisma is a powerful motivational tool that has been used by leaders for thousands of years. If you want to persuade and motivate your team, you have to play the part. It’s okay if you’re not naturally charismatic—you can work to build confidence and charisma. Read books, practice in the mirror, hire a coach, and put yourself in situations where you’re required to perform.
You are the best representation of your business. Constantly strive to improve yourself. Be dedicated, authentic, open-minded, reflective, and charismatic. Your startup will reflect your qualities.
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