CORNWALL BUSINESS START-UP WORKSHOP
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C O R N W A L L B U S I N E S S S TA R T - U P W O R K S H O P
Mobile phonesPitch
A new business model
Planning Your New Business
What is a business plan?
Who needs it?
How do you feel about generating one?
Business plans
A new business model:
Lean Canvas
Good news!
What is Lean Canvas?
Business planning
tool
A one page document
For you and your
business to use
Focuses on 9 key questions
Lean Canvas
A LIVE documentPopulate with your thoughts and ideas throughout workshopSuccess = on your office wall / updated regularlyCommon strand as you continue to work with us
The problem
PROBLEM
Why do people buy?
The power behind the ‘Why’?
Work on the ‘Problem’ section of your canvas
Why do you buy?
Why do you buy?
FUNCTIONAL NEED
EMOTIONAL NEED
FUNCTIONAL PURPOSE/RESULT
THE WAY IT MAKES YOU
FEEL!
THE WAY IT MAKES YOU
LOOK!
Are you looking to address…
FUNCTIONAL NEED
EMOTIONAL NEED
Both?
Key messages
What are the key problems or
emotional drivers?
Why is your offering a viable
option?
How do people solve it today?
Have you validated this?
Customer segments
PROBLEM CUSTOMERSEGMENTS
Customer segments…Who will be your most important customers?
Who will understand your products, the benefits and value?
Who are the people who will talk about you?
Is it a business to business or a business to consumer offering?
Have you made assumptions about your potential customers?
If you are talking to everybody, you are talking to nobody.
Who will be your early adopters?
WHO WILL LISTEN?
WHO WILL GET IT?
WILL THEY SELL IT
FOR YOU?
What does your customer look like?
How old?
What gender are they?
What interests do they have?
Where do they live?
What’s important to
them?
Your customer segments?
WORK ON YOUR CUSTOMER SEGMENTS
CONSIDER B2B or B2C
WHAT ASSUMPTIONS
HAVE YOU MADE?
COULD THERE BE ALTERNATIVES?
HOW WILL YOU TEST IT?
Key messages
You can’t sell to everyone
Keep focused
Be clear as to who you will target
How are you going to validate your
customer segment?
The solution
PROBLEM CUSTOMERSEGMENTS
SOLUTION
Key Elements
Features and Benefits
Brilliant Basics and Compelling Differences
The clever element(s) you provide which solve the problem
Features & Benefits?
What the customer derives from using your product or service
Remember...People buy benefits not
featuresDefine the
value provided by the features
Help your customer
connect the two
This wetsuit is built from a unique composite material making it the thinnest steamer suit on the market
Who might benefit from this product?
The elite performer
Intermediate improver
Fashionista
What benefit might they gain?
The elite performer
Ability to achieve more dynamic movement
Intermediate improver
Ability to stay in the water longer
Fashionista
They feel and look cool!
A single feature
Providing numerous benefits
Applicable to different buyers
Think about your businessWhat are the primary features that address the problem
you have identified and the associated benefits?
Job done?
Brilliant Basics and Compelling Differences
Your benefits must also:
Be compelling for the customerand
Differentiate you from the competition
How often have you seen this?Come to our restaurant!
Good foodFriendly service
Great atmosphere
Is this enough to attract customers?
These are ‘brilliant basics’…
Good food,Friendly service,
Great atmosphere.
NO!
…the minimum we expect.
‘Compelling Differences’ are vital
What will make you stand out from the
crowd?
What will prompt customers to
change?
If there is nothing to differentiate you from the competition why might
anyone buy from you?
Lose or Win?
Brilliant Basics – without them you lose customers
Compelling Differences – with them you win customers
What are the brilliant basics & compelling differences for your business?
BB CD
BUILD – MEASURE – LEARN
• What assumptions have you made?• How will you test your assumptions?
IDENTIFIED A PROBLEM OR EMOTIONAL
DRIVER
IDENTIFIED YOUR
CUSTOMER SEGMENTS
IDENTIFIED A SOLUTION
Progress…
What is your…
Minimum viable product…
“A product that has just enough features to enable you to test the market place and get feedback”
Created a conceptual idea
Used KickStarter to
validate interest
It could be…
Initial market research
Perfecting your conceptual pitch
Creating a prototype
What is your minimum viable product?
How will you test your minimum viable product?
Build – Measure – Learn
WHAT IS BML?
WHY IS IT BENEFICIAL?
SHARE CASE STUDY
BUILD
MINIMUM VIABLE
PRODUCT
MEASURE
HOW IS IT RECEIVED?
LEARN
TAKE NOTE OF
FEEDBACK
REPEAT THE PROCESS
BUILD – MEASURE – LEARN
Helps to reduce the risk
Allows you to pivot or change your offering
Ensures you focus on your MVP
Allows you to connect & listen to
your customers
Homework
Think some more about your minimum viable product.
What might Build – Measure – Learn look like for your business?
PROBLEM CUSTOMERSEGMENTS
SOLUTION
REVENUESTREAMSCOSTSTRUCTURE
IDENTIFIEDASSUMPTIONS
KEYACTIONS
What is your unique value proposition??
• Value proposition is a clear statement that. explains how your product solves customers' problems or improves their situation (relevancy)
• delivers specific benefits (quantified value)
• tells the ideal customer why they should buy from you and not from the competition (uniquedifferentiation)
Our goal with MacBook was to do the impossible: engineer a full-size experience into the lightest and most compact Mac notebook ever. That meant reimagining every element to make it not only lighter and thinner but also better. The result is more than just a new notebook. It’s the future of the notebook. And now, with sixth-generation Intel processors, improved graphics performance, faster flash storage, and up to 10 hours of battery life,*MacBook is even more capable
MacBook Light. Years ahead.
Unfair Advantage?
Arealunfairadvantageisonethatcannoteasilybecopiedorbought.
• We have feature X
• We are better at SEO and social media
• We all have MBA’s/PHD’s
• We are passionate/work harder/are cheaper
• Insider information
• The team
• Authority/credibility/reputation
• Single minded uncompromising obsession
This isn’t! This is!
Channels?
Channels are how your business will reach your customers (those very important people who are going to pay you!)
There are four main functions of Channels:
1. Communicating your offer to your clients – how they will find you (Can be pushing out to them or pulling them in)
2. How will you actually get your product or service to them? (Distribution)
3. Sales – How will they actually buy the product? Online, at a store over the phone? How will you get the money in?
4. Post sales support – How will you look after them once they have received your product? Guarantee's, refunds, faulty goods, re-ordering
Work through your canvas and identify each of the potential channels for your product or service.
Remember…..
Your channels may differ depending on the customer segment you have identified.
THANK YOU!
If you and are looking to start a business in Cornwall contact us to see how we can support you!
WWW.BREAKTHROUGHCORNWALL.CO.UK
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