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Starting in business

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10 Feb 10 - Cheltenham Business Advice Open Day - From small acorns...

A seminar giving you essential tips for starting up in business and giving you a head start.

Speaker: Roger Wilkins

Published in: Business
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Starting in business

  1. 1. From Small Acorns … Roger Wilkins Start-Up Manager http://www.businesslink.gov.uk/southwest/eventspresentations
  2. 2. Who are we and what we do? <ul><li>Business Link provides the information, advice and support you need to start, maintain and grow your business. </li></ul><ul><li>Last year we helped 16000 businesses in the South West </li></ul><ul><li>We are here to help, are government funded and provide services which are:- </li></ul><ul><li>Independent </li></ul><ul><li>Impartial </li></ul><ul><li>Confidential </li></ul>
  3. 3. Starting a Business <ul><li>Vision </li></ul><ul><li>Hard Work </li></ul><ul><li>Determination </li></ul><ul><li>A bit of luck! </li></ul>
  4. 4. The Vision <ul><li>I will ….. </li></ul><ul><ul><ul><li>Why am I doing it </li></ul></ul></ul><ul><ul><ul><li>What do I want from it </li></ul></ul></ul><ul><ul><ul><li>Where do I want to be in ???? </li></ul></ul></ul>
  5. 5. The Plan <ul><ul><ul><li>Who </li></ul></ul></ul><ul><ul><ul><li>What </li></ul></ul></ul><ul><ul><ul><li>Why </li></ul></ul></ul><ul><ul><ul><li>When </li></ul></ul></ul><ul><ul><ul><li>Where </li></ul></ul></ul><ul><ul><ul><li>How </li></ul></ul></ul>
  6. 6. Why have a plan? <ul><li>To raise money </li></ul><ul><li>To cut down the risks to yourself </li></ul><ul><li>It reminds you why decisions were reached </li></ul><ul><li>You know where you are going </li></ul><ul><li>You know when you have got there! </li></ul><ul><li>It forces you to deal with all aspects of the business </li></ul><ul><li>It encourages realism </li></ul><ul><li>It helps to convince you of the viability </li></ul>
  7. 7. Do your Market Research <ul><li>Product </li></ul><ul><ul><ul><li>Know what you are selling </li></ul></ul></ul><ul><ul><ul><li>Know your competition </li></ul></ul></ul><ul><li>Price </li></ul><ul><ul><ul><li>Get the price right </li></ul></ul></ul><ul><ul><ul><ul><li>Is it high enough to make a profit ? </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Is it low enough to sell ? </li></ul></ul></ul></ul><ul><li>Promotion </li></ul><ul><ul><ul><li>Understand what your customer wants and how they buy </li></ul></ul></ul><ul><li>Place </li></ul><ul><ul><ul><li>Sell it in the right place at the right time </li></ul></ul></ul>
  8. 8. Do the numbers <ul><li>Costs and prices, comparisons </li></ul><ul><li>Start up costs </li></ul><ul><li>Sales, gross and net profit, breakeven </li></ul><ul><li>Cashflow </li></ul><ul><li>Loans </li></ul><ul><li>Survival budget - you and the business! </li></ul>
  9. 9. The Cashflow Forecast <ul><li>This document helps to: </li></ul><ul><li>Establish the amount of money you need and when </li></ul><ul><li>Ensure that expenditure is controlled </li></ul><ul><li>Encourage efficient use of resources </li></ul><ul><li>Identify any shortfalls </li></ul><ul><li>Provide facts to help with decision making </li></ul>
  10. 10. Important Decisions <ul><li>Legal Status – </li></ul><ul><ul><ul><li>Sole Trader, Partnership or Limited Company </li></ul></ul></ul><ul><li>Choose your business partners </li></ul><ul><ul><ul><li>Make sure you have a partnership or shareholder agreement </li></ul></ul></ul><ul><li>Choose your professional advisers- </li></ul><ul><ul><ul><li>Accountant, Lawyer, Banker & business adviser </li></ul></ul></ul><ul><li>Raising finance </li></ul><ul><li>Priorities and Timescales </li></ul>
  11. 11. Have a Plan <ul><li>Who is going to do it </li></ul><ul><li>What are you going to do </li></ul><ul><li>Why are you doing it </li></ul><ul><li>When are you doing what </li></ul><ul><li>Where are you doing it </li></ul><ul><li>How will you make it work </li></ul>
  12. 12. What next ? <ul><li>The Business Link Start up programme helps you to fill the gaps and find answers in a supportive, friendly and informal environment. </li></ul><ul><li>The programme contains 3 distinct modules :- </li></ul><ul><ul><li>Planning & Regulations </li></ul></ul><ul><ul><li>Sales & Marketing </li></ul></ul><ul><ul><li>Finance & Accounts </li></ul></ul><ul><li>Continuing business advice and support from our advisers </li></ul>
  13. 13. Contact Business Link – 0845 600 9966 Visit www.businesslink.gov.uk/southwest Email [email_address] Questions and Answers
  14. 14. <ul><li>Do it! </li></ul>www.businesslink.gov.uk/southwest/eventspresentations

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