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The REETA ProjectDuring the first meeting with clients, REETA uses a simple checklist to find out more about their ideas and their level of commitment to those ideas. A checklist of this nature will help you to gather the following information and is useful as a basis for discussion:
- The client’s background, such as previous experience related to the business idea;
- The client’s training and experience in starting up and running a business;
- Clarifying what the client wants to achieve by going into business; and
- Finding out what the client particularly enjoys about the business idea, including his or her interest and motivation.
Following the initial meeting, REETA and the client determine what the client needs to do next and how REETA can give effective support. This can include REETA directing clients to local or London-based training to develop their business and other specific skills and knowledge.
Given that clients have sufficient experience and commitment to work on developing their ideas, they will then need to undertake market research to find out whether customers would buy their products or services. Market research is the first stage in a client’s business planning action plan. REETA offers guidance on how to carry out research by the interview questionnaire technique. Clients would research in their business target area where the business idea is be shop-based. Otherwise, clients are given guidance on internet and desk research and on how to approach successful enterprises in their chosen business areas.
Once REETA and the client have analysed the market research and they are convinced that the business idea has real potential, they then draft a business plan together. REETA can support this process by providing clients with a template which includes background history, qualifications, business objectives and details of the clients’ projected turnover. Clients prepare the first draft of the business plan. After discussion with and feedback from REETA, clients will refine their plans until they are robust. REETA recommends their clients to www.businessballs.com for guidance.
You can contact Fartuun Shide at REETA, Pepys Community Forum, Unit 2, Victoria Wharf, Grove Street, London, SE8 3QQ. Tel 020 8694 3503, email fartuun@pepyscommunityforum.org.uk or reetabusinessadviser@googlemail.com.
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