Today we mainly focused on narrowing down the target audience for our businesses. I decided on my target audience by researching into various different business similar to mine and searching through their 'real brides' section on their websites to build up a good image of who I would ideally sell to. I found this really helpful as I was able to start aiming my product at a potential customer. This will then lead on to help me when I start to draw up a marketing strategy for my business, and the market research. I also began to look into the costings and cash flow forecasts. This was meant to have been looked into last week but I had missed the lesson. I drew up my own persona survival budget so I knew how much money I would need to make a month to cover my own personal outgoings to make the business a job rather than just a hobby. From these figures I also completed my own cash flow forecast and financial forecast. I made sure these were realistic figures to ensure I had the best chance of making my business a success straight away. I am trying to limit my loan income and focus on saving the money myself to cut down on the potential losses when repaying my loan. I also tried to take into consideration the wedding season and the dips throughout the year so I am prepared for 'dry patches' throughout the year and I can put money aside from the busy periods to cover my outgoings in the quieter periods.
I will be looking into the marketing and promotion side of the business for next week's lesson.
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