{"id":60,"date":"2013-10-19T18:39:00","date_gmt":"2013-10-20T01:39:00","guid":{"rendered":"https:\/\/blogs.ubc.ca\/etec522makerspaces2013\/?page_id=60"},"modified":"2013-11-07T13:03:28","modified_gmt":"2013-11-07T20:03:28","slug":"business-models","status":"publish","type":"page","link":"https:\/\/blogs.ubc.ca\/etec522makerspaces2013\/the-million-dollar-question-guide\/business-models\/","title":{"rendered":"Business Plans and Models"},"content":{"rendered":"

Planning is the key to success,\u00a0but not all success stories follow the same model. This section will outline just a few of the many models behind commercially successful spaces, after which we will provide suggestions on your makerspace planning process.<\/p>\n

TechShop<\/a> is a member-based makerspace corporation.\u00a0 It operates in the genre of industrial tools and employs technician \u201cDream Consultants\u201d as lynchpin supports at workshops. For an in-depth look at model and story of TechShop, please navigate to Samples of Makerspaces<\/a>.<\/p>\n

Sprout & Co.<\/a>\u00a0began in 2008 as an EdTech venture concept, with the driving mission of science as a cultural activity and an objective of providing programs to schools within their community. Because of their initial concept, securing their own physical space wasn’t an issue at the onset\u2013 the main concern was the development of programs and services, and afterwards, the tools for implementation, at the various physical locations of their clients. With their initial vision realized, Sprout now boasts a\u00a0significant repertoire<\/a> of past and present programs and services covering a great variety of market segments. Sprout has a team of three staff and a board of three seasoned EdTech venturists to guide and realize their mission.<\/p>\n

Artisan’s Asylum<\/a> is a nonprofit initiative originally sponsored by Sprout, with the value statement Making Creativity a Way of Life<\/i>.\u00a0\u00a0In addition to artists and hobbyists, Artisan’s Asylum specifically supports early entrepreneurs, and some extraordinarily successful projects and businesses have been\u00a0<\/span>kickstarted from this site<\/a>.\u00a0<\/span>The initial Sprout sponsorship allowed for a scaffolded mentorship to the entrepreneurs behind the Asylum; as the venture itself had no proven track record and was initially volatile. The space started with a model of paid educational and training workshops, paid memberships, and studio rentals.<\/p>\n

Three different models, with three different makerspace visions. If you wish to have a successful space, taking the time to set out your initial vision, and scheduling time to revisit that vision and plan, is essential to keep you on the right track. A solid business plan will help motivate your venture on a deeper level, help you make decisions, and help you to stay realistic through the process. In addition, a written and detailed plan will enable flexible application to funding opportunities that may arise.<\/p>\n

Identify your fundamental assumptions and projections:<\/p>\n

    \n
  1. Venture profile – <\/strong>What is your context, your mission and vision, your goals and objectives? What type of space are you trying to put together, and who will comprise your community?<\/li>\n
  2. Educational Market Research – <\/strong>What is the overview of your intended venture, and what is already locally available to you? What do you intend to make in your space, and what is the market for your creation? Who are you serving, who is your competition, and what is the SWOT analysis?<\/li>\n
  3. Marketing – <\/strong>How will you gain buy-in to your space? What is your cost\/benefit analysis and positioning? What is your pricing and sales strategy? Will you advertise? Can you form alliances with other departments or stakeholders?<\/li>\n
  4. Operations\u00a0 – <\/strong>Do you have a physical and\/or virtual location? How will you address legal issues, staffing, and other risks? How will you manage your space?<\/li>\n
  5. Finance\u00a0 – <\/strong>What are your startup costs? Are you able to forecast sales, cashflow, or income?<\/li>\n<\/ol>\n

    You should provide a pitch summary on each section of your business plan, as well as a detailed breakdown for further analysis.\u00a0<\/span><\/p>\n

    Depending on your context, there are a variety of tools available to help you get started with planning. You may find the following planning aids helpful when considering business models and business plans:<\/p>\n

    The Business Model Canvas<\/a>, is a creative-commons licensed modelling canvas suggested by Hackerlab.org for budding maker entrepreneurs.<\/p>\n

    MAKE Magazine: Makerspace Business Plans<\/a>, a comprehensive guide to makerspace business planning.<\/p>\n

    CYBF Interactive Business Plan Writer<\/a>, a user-friendly and professional business plan writing tool. For further assistance when writing your business plan,\u00a0CYBF has created a comprehensive\u00a0webinar series<\/a>\u00a0covering each of their suggested five segments in depth.<\/p>\n

    Discussion:\u00a0 <\/strong>In addition to those listed above, what are some of the key specific pieces of information that you would expect to see included \u00a0in a makerspace business plan?<\/p>\n

    Discussion Summary:<\/strong> Based on the ETEC522 2013 Winter Term 1 cohort discussion, additional important considerations for the development of a business plan include:<\/p>\n