Business planning, marketing, funding and feasibility are all key components of setting up and running a successful business.
Dudley has produced a toolkit to help support you as you set up and develop your business. This covers: a business health check, writing a business plan, marketing, finance, funding and grants, staffing, employment and training, management, raising the bar (work life balance and the me2 award) and legal responsibilities.
To receive your copy of the toolkit, entitled piecing it together, contact your childcare support officer, who will be able to support you with your business development needs.
Business planning
For a business to be successful, there needs to be a plan to map out its future. The majority of businesses work to a business plan, most business plans looks at the short term, medium or long term strategy for the success and sustainability of the business.
The business plan is not a static document. The time and effort taken to produce a plan is worth the initial effort, and can be used over and over again, as long as it is regularly updated. (Black Country Business Link)
The benefits of having a business plan can enable you to:
- direct the quality of the service provided
- manage the performance of the business
- identify areas where the business may need to improve
- prepare for the future and forward plan
- establish criteria against which the business can be measured
Without a business plan, things will happen to the business rather than the business making things happen.
Marketing plan
A marketing plan is important to a business, and if it is implemented effectively, will supply the enterprise with customers and high profits keeping it afloat.
In most established businesses, operations and finance systems are usually the strongest processes while the marketing plan is usually the weakest. Few if any, resources are consistently directed toward adding and retaining customers, yet the steady flow of new and repeat customers is what helps a business survive.
A strong marketing plan has the following components; almost any business weakness can be strengthened by initiating and installing one or more of the following processes:
- marketing research and analysis
- customer retention
- public relations
- strategic marketing
- database marketing
- direct marketing
Making these processes part of your regular business operational procedures will ensure constantly new and repeat customers. If you aren’t using all of these strategic marketing processes, it will be difficult for your business to stay healthy or grow.
External Funding
Childcare start up grants are no longer available through the Childcare Strategy Team, however there are a range of funding bodies you may be able to apply to. If you are interested in exploring external funding opportunities then please contact the childcare strategy team on 01384 814291.
What funding bodies are looking for when you apply for funds?
When assessing the merits of each application, a funding panel may be looking for the following: (Please note different types of funding have different criteria)
- is the application form fully completed?
- are the answers to who, what, why, when and how Included in the application?
- is it clear what the group is proposing?
- does the proposal address a particular problem?
- has it been well researched and planned?
- what impact will the proposal have?
- is the proposal creative and innovative?
- is the project sustainable?
- are the financial figures provided accurate?
- is the proposal offering good value for money?
- are there any gaps?
- what benefits does the organisation bring to the community?
- is the community involved in the planning and implementation stages of the proposal?
- does the organisation have a good track record?
Contact the following organisations for assistance and support with funding:
Registering your business
Whichever employment status you elect, you must register with HM Revenue and Customs. If you are trading as a limited company you will need to register at Companies House.
All businesses need to contact HM revenue and Customs and register their business, so if you are:
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self-employed – and do not register within the first three months of your self-employment, you may be liable to pay a penalty of £100
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a limited company – you will need to register with Companies House, the Companies Registrar will pass on its details to HM Revenue & Customs, you must also contact your local Revenue and Customs office to let them know you exist
Feasibility study
There is a wide range of sources where you can find out information to help you assess demand for your business, as well as keep a check on your competition.
A childcare development officer will support and guide you through, and provide you with a sample feasibility study form.
For further information contact the childcare strategy team on 01384 818121.
