INTRODUCTIONPeople can find it hard to turn their business ideas into reality.This workshop will look into; The first steps into setting up a business, The best business structure to suit you, The rules and regulations you need to be aware of, Support and finance for would be young entrepreneurs.
DO YOU HAVE WHAT IT TAKES?PersistenceEnthusiasmCreativitySingle-mindednessAmbitionRisk takingCommitmentSelf-beliefTalent
DO YOU HAVE WHAT IT TAKES?This is only a guide, not a rule book.Many entrepreneurs start up business based on their hobbies or skills.Already understanding your product and customers will give you a big advantage.Consider you skills, interests and hobbies. Can you turn these into a profitable business.Consider your goals in the short, medium and long term.
STARTING A BUSINESSStarting a business begins with an idea.Carry out a test to find out if the business has legs. You can either: Ask potential customers, Compare against existing business, Read newspapers and trade journals to give you a better picture.However you structure your business, ask yourself: Does your business need a licence, What’s the right name for you business.
WHEN SETTING UP A BUSINESSPrepare a business plan.Consider how you’ll finance your business.Consider who your customers and markets are?Consider what regulations will apply to your business.Think about seeking professional advice. Accountants, Insurance Brokers, Lawyers and Bankers.The Prices Trust can help you: Test your idea, Offer mentoring, Offer financial Support.
CONSIDERATIONS FOR YOUNGENTREPRENEURSAge may be an obstacle for young entrepreneurs when setting up a business.Finance No track record Few AssetsThere are schemes to help including: The Price’s Trust Shell LiveWIRE Community Development Finance Institutions
CONSIDERATIONS FOR YOUNGENTREPRENEURSExperience A lack of experience can be an obstacle Talking to experience entrepreneurs can be helpfulProfessional and Career Development Loan A deferred repayment bank loan Aimed at financing training and qualifications to help individuals further their career or business.Premises Working from home may be the most viable option.
PLANNING FOR SUCCESProfile - What does your business do and do you have the right skills.Market Research – Who will buy your products/services and who are your competitors.Marketing Strategy – How will you market and sell your product.Financial Information – Realistic financial forecasts; profitability and funding your businessDetailed Business Information – Operations, legalities, premises etcExit Strategy
SECURING FINANCEYou may not have a lot of your own money to invest in your business.Can you gain finance from friends and family.Main forms of finance Loans, Overdrafts, Shares, Grants, Joint VenturesCredit History If you have little or no credit history and few assets, it may be difficult to get a loan from a bank.Grants
FINANCIAL PLANNING AND CONTROLA successful business generates enough cash to cover costs and make a profit.Don’t expect to make a profit from day one.Prepare a Break-Even Analysis Fixed Costs Selling Price–Variable costsCash is king, Cash flow is vitalKeep accurate records (legal requirement)Monitor your finances, make informed decisions.
RECRUITING STAFFYou may want to employ staff to spread the workload.This is a big step for a new business and has to be consider carefully.Do you require extra help and how long will it be for.There are a number of options: permanent staff - either full time or part time staff with fixed-term contracts casual or agency staff freelancers and outside contractors
NETWORKING AND MENTORING Talk to experience entrepreneurs. They may have faced the same problems as you and may be able to offer guidance.Social Networking Sites LinkedIn Facebook Ecadamy etc
TO CONCLUDEDo the researchGet involvedBe creative and think outside the boxBe motivatedAnd just believe in yourself
THE END - THANKS FOR COMINGFor more information, Twitter: @JasonCates SlideShare: slideshare.net/AdrJasonCates Visit BusinessLink.Gov.ukInformation from Business Link