Starting A Business When You're Young

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Starting A Business When You're Young

  1. 1. © Crown CopyrightInformation used with permission and is covered by Crown Copyright
  2. 2. INTRODUCTIONPeople 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.
  3. 3. DO YOU HAVE WHAT IT TAKES?PersistenceEnthusiasmCreativitySingle-mindednessAmbitionRisk takingCommitmentSelf-beliefTalent
  4. 4. 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.
  5. 5. STARTING A BUSINESSStarting 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.
  6. 6. WHEN SETTING UP A BUSINESSPrepare 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.
  7. 7. CONSIDERATIONS FOR YOUNGENTREPRENEURSAge may be an obstacle for young entrepreneurs when setting up a business.Finance No track record Few AssetsThere are schemes to help including: The Price’s Trust Shell LiveWIRE Community Development Finance Institutions
  8. 8. CONSIDERATIONS FOR YOUNGENTREPRENEURSExperience A lack of experience can be an obstacle Talking to experience entrepreneurs can be helpfulProfessional 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.
  9. 9. PLANNING FOR SUCCESProfile - 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 businessDetailed Business Information – Operations, legalities, premises etcExit Strategy
  10. 10. SECURING FINANCEYou 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 VenturesCredit History If you have little or no credit history and few assets, it may be difficult to get a loan from a bank.Grants
  11. 11. FINANCIAL PLANNING AND CONTROLA 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 costsCash is king, Cash flow is vitalKeep accurate records (legal requirement)Monitor your finances, make informed decisions.
  12. 12. RECRUITING STAFFYou 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
  13. 13. 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
  14. 14. TO CONCLUDEDo the researchGet involvedBe creative and think outside the boxBe motivatedAnd just believe in yourself
  15. 15. THE END - THANKS FOR COMINGFor more information, Twitter: @JasonCates SlideShare: slideshare.net/AdrJasonCates Visit BusinessLink.Gov.ukInformation from Business Link

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