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Julie Walters BA(hons)
Business Adviser, Business in Focus
Starting your own
Business
The basics
0870 950 90 90 www.businessinfocus.co.uk
Business in Focus – who are we?
• Business support company dedicated to helping
b...
0870 950 90 90 www.businessinfocus.co.uk
Who am I?
• Business Adviser with Business in Focus
• Self Employed for 20 years ...
Some Statistics
• 526,446 businesses were registered with Companies
House in 2013, beating the 484,224 businesses
recorded...
0870 950 90 90 www.businessinfocus.co.uk
The Reality
Starting a Business – The Basics
Advantages
Financial
rewards
Persona...
0870 950 90 90 www.businessinfocus.co.uk
Developing my business
idea
• Use your skills
• Spot a gap in the market
• Turn a...
0870 950 90 90 www.businessinfocus.co.uk
• Key ingredients to start your own business?
The idea Customers Suppliers
Financ...
0870 950 90 90 www.businessinfocus.co.uk
The business plan
• A written business plan sets out broadly:
– What you are goin...
0870 950 90 90 www.businessinfocus.co.uk
Your business idea
• Have you clearly defined your proposal?
• Will your idea tra...
0870 950 90 90 www.businessinfocus.co.uk
Legal issues to consider
• Legal structure of your business venture
• Taxation, N...
0870 950 90 90 www.businessinfocus.co.uk
Legal status of your business cont.
Options
• Sole Trader
• Partnership
• Limited...
It’s the law:
Choosing your legal status
Starting and Growing a Profitable Business – Starting Up : Taking The Plunge
• So...
It’s the law:
Choosing your legal status
Starting and Growing a Profitable Business – Starting Up : Taking The Plunge
• Pa...
It’s the law:
Choosing your legal status
Starting and Growing a Profitable Business – Starting Up : Taking The Plunge
• Li...
0870 950 90 90 www.businessinfocus.co.uk
My Customers
– Who are your customers going to be?
– Where do they buy from at pr...
0870 950 90 90 www.businessinfocus.co.uk
Suppliers
• Do you have suppliers in place?
• Do you know what levels of stock yo...
0870 950 90 90 www.businessinfocus.co.uk
Location
• Where will your business be run from?
• Is this the right location for...
0870 950 90 90 www.businessinfocus.co.uk
Finance & money
• Do you know how much it will cost to set up your
business?
• Wi...
0870 950 90 90 www.businessinfocus.co.uk
Types of Finance
• Loans
• Grants
• Your own money
• Equity/ Venture Capital
• Fa...
0870 950 90 90 www.businessinfocus.co.uk
Your own money
• The best way to fund a project if you can is to use
your own sav...
0870 950 90 90 www.businessinfocus.co.uk
Grants
• Next best thing to own money is free money that
is not yours!
• Why is t...
0870 950 90 90 www.businessinfocus.co.uk
Grants – different types
• Grant funding
– Technology - TSB
– Waste Recycling
WRA...
0870 950 90 90 www.businessinfocus.co.uk
Training Grants
• Support is available for training and recruitment
and includes ...
0870 950 90 90 www.businessinfocus.co.uk
Loans
• Bank Loans – business or personal
• Government backed loans – Enterprise ...
0870 950 90 90 www.businessinfocus.co.uk
Campari principles of good
Lending
• Character
• Ability
• Margin
• Purpose
• Amo...
0870 950 90 90 www.businessinfocus.co.uk
Asset Finance and Factoring
• Two types of lending
• One secured against a fixed ...
0870 950 90 90 www.businessinfocus.co.uk
Venture capital
• In addition to the owners’ cash equity in a
business, two forms...
0870 950 90 90 www.businessinfocus.co.uk
Who can Business in Focus help?
• Anyone thinking about setting up a new business...
0870 950 90 90 www.businessinfocus.co.uk
DID YOU
?KNOW
0870 950 90 90 www.businessinfocus.co.uk
Life is about…
0870 950 90 90 www.businessinfocus.co.uk
Listening to your
heart
Taking calculated risks
Creating Value
Realising your
asp...
0870 950 90 90 www.businessinfocus.co.uk
So is
Entrepreneurship
0870 950 90 90 www.businessinfocus.co.uk
Why
are
Entrepreneurs
Unique ??
0870 950 90 90 www.businessinfocus.co.uk
Some defined their lives..
0870 950 90 90 www.businessinfocus.co.uk
0870 950 90 90 www.businessinfocus.co.uk
Some changed the world…
0870 950 90 90 www.businessinfocus.co.uk
0870 950 90 90 www.businessinfocus.co.uk
Some are in school…
0870 950 90 90 www.businessinfocus.co.uk
Anshul Samar
Age: 13
Does homework regularly
Plays computer games
Fights with his...
0870 950 90 90 www.businessinfocus.co.uk
…also an entrepreneur
Anshul Samar
CEO, Elementeo
www.elementeo.com
0870 950 90 90 www.businessinfocus.co.uk
Some are in college…
0870 950 90 90 www.businessinfocus.co.uk
Mark Zuckerberg
Age: 22
Hangs out with girl friends
Stays in a rented apartment
D...
0870 950 90 90 www.businessinfocus.co.uk
…also an entrepreneur
Mark Zuckerberg
CEO, Facebook
www.facebook.com
0870 950 90 90 www.businessinfocus.co.uk
Some sold rubbish…
Still became millionaires…
0870 950 90 90 www.businessinfocus.co.uk
Szaky
Age: 23
CEO, TerraCycle (www.terracycle.net)
Selling Plantfood taken from r...
0870 950 90 90 www.businessinfocus.co.uk
Some started at Home …
0870 950 90 90 www.businessinfocus.co.uk
Jared Isaacman
Age: 22
CEO, United Bank Card
Revenue: $58 million
Manages 45,000 ...
0870 950 90 90 www.businessinfocus.co.uk
So what
NeXt ??
0870 950 90 90 www.businessinfocus.co.uk
Do You Want To Join
elite league
of
Entrepreneurs ??
the
If so..
0870 950 90 90 www.businessinfocus.co.uk
Keep
‘em
Open
0870 950 90 90 www.businessinfocus.co.uk
Plan
Organis
0870 950 90 90 www.businessinfocus.co.uk
Or
Else.. Join the league ofDSMJFY*
or
NJOG*
DSMJFY: Doing the
same monotonous jo...
0870 950 90 90 www.businessinfocus.co.uk
Business in Focus
Committed to your future
0870 950 90 90 www.businessinfocus.co.uk
Presentation by:
Julie Walters
Business in Focus
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'Starting a Business - the basics' - Business in Focus presentation slides

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'Starting a Business - the basics' - Business in Focus presentation slides

  1. 1. Julie Walters BA(hons) Business Adviser, Business in Focus Starting your own Business The basics
  2. 2. 0870 950 90 90 www.businessinfocus.co.uk Business in Focus – who are we? • Business support company dedicated to helping businesses to start and grow • Formed in 1983 • Part-funded through Welsh Government • Most services at no cost at point of delivery • 2 offices in Swansea –Fforestfach & DTC
  3. 3. 0870 950 90 90 www.businessinfocus.co.uk Who am I? • Business Adviser with Business in Focus • Self Employed for 20 years in my own consultancy – online business and face to face raising of funds. Owned a managed workshop • Management accountant for a large plastic recycling firm and a Waste transfer station • Currently Studying a Masters in ICT and Leadership
  4. 4. Some Statistics • 526,446 businesses were registered with Companies House in 2013, beating the 484,224 businesses recorded in 2012, and 440,600 in 2011. The number of active business in the UK has reached 2.82m, • 95% of all businesses are micro-businesses less than 10 employees • ⅓ of new businesses fail in 1st year • Improved survival rate for those that seek support and guidance
  5. 5. 0870 950 90 90 www.businessinfocus.co.uk The Reality Starting a Business – The Basics Advantages Financial rewards Personal satisfaction Freedom Sense of achievement Flexibility Being in control Rising to the challenge Job security Disadvantages Long unsociable hours Financial pressure Stress Responsibility 24/7 – no escape Fluctuating income Juggling everything Facing the unknown
  6. 6. 0870 950 90 90 www.businessinfocus.co.uk Developing my business idea • Use your skills • Spot a gap in the market • Turn a hobby into a business • Buy in a product • Create a product or service • Take up a franchise • Buy an existing business THINK HOW YOU CAN DEVELOP YOUR BUSINESS Starting a Business – The Basics
  7. 7. 0870 950 90 90 www.businessinfocus.co.uk • Key ingredients to start your own business? The idea Customers Suppliers Finance Location The Business Plan legalLegal Starting your own business – the vital ingredients - MAIR
  8. 8. 0870 950 90 90 www.businessinfocus.co.uk The business plan • A written business plan sets out broadly: – What you are going to do (Business idea) – How you are going to do it (Sales/Marketing) – Where you are going to do it (Legal status) – What you want to achieve (Products/Service) – When you are going to do it (Forecasts)
  9. 9. 0870 950 90 90 www.businessinfocus.co.uk Your business idea • Have you clearly defined your proposal? • Will your idea translate into a viable business? • What do you know about your competitors? • How are you different from the competition? • There is always going to be competition !!
  10. 10. 0870 950 90 90 www.businessinfocus.co.uk Legal issues to consider • Legal structure of your business venture • Taxation, National Insurance & Value Added Tax • Licences • Various Insurances
  11. 11. 0870 950 90 90 www.businessinfocus.co.uk Legal status of your business cont. Options • Sole Trader • Partnership • Limited Company (Shares/Guarantee) • Limited Liability Partnership (LLP) • Co-operative/ Social Enterprise
  12. 12. It’s the law: Choosing your legal status Starting and Growing a Profitable Business – Starting Up : Taking The Plunge • Sole Trader  One person is the owner  You can employ others  No business registration  Keeping records and accounts is straight-forward  You keep all the profits  You are personally responsible  Fewer social security benefits
  13. 13. It’s the law: Choosing your legal status Starting and Growing a Profitable Business – Starting Up : Taking The Plunge • Partnership  Two or more people own the business  Working with someone who is equally involved in the business  Partners have no financial protection  Jointly and Severally Liable  One partner can make commitments of behalf of the partnership
  14. 14. It’s the law: Choosing your legal status Starting and Growing a Profitable Business – Starting Up : Taking The Plunge • Limited Company  Business is a separate legal entity  Company’s finances are separate from the owners  You are not liable for the company’s debts  Must be registered with Companies House  Tax advantages; access to finance, etc.  Strict requirements on registration, record keeping and submission of accounts  Profits belong to the company
  15. 15. 0870 950 90 90 www.businessinfocus.co.uk My Customers – Who are your customers going to be? – Where do they buy from at present? – Why do they buy? – When do they buy? – More importantly why will they buy from you?
  16. 16. 0870 950 90 90 www.businessinfocus.co.uk Suppliers • Do you have suppliers in place? • Do you know what levels of stock you will require? • Do you know what terms your suppliers will require for payment? • Where will you keep your stock? • Example – Figurine client
  17. 17. 0870 950 90 90 www.businessinfocus.co.uk Location • Where will your business be run from? • Is this the right location for the sort of business you want? • Do you need premises? • Do you know the complete cost of occupation? • Is working from home a viable option? • Business in Focus property portfolio
  18. 18. 0870 950 90 90 www.businessinfocus.co.uk Finance & money • Do you know how much it will cost to set up your business? • Will you be investing your own money into the business? • Will you need to borrow money to commence? • Are you aware of sources of finance / grants? • Have you worked out your minimum survival income?
  19. 19. 0870 950 90 90 www.businessinfocus.co.uk Types of Finance • Loans • Grants • Your own money • Equity/ Venture Capital • Factoring • Asset Finance
  20. 20. 0870 950 90 90 www.businessinfocus.co.uk Your own money • The best way to fund a project if you can is to use your own savings and funds i.e no debt • Best way to get through University would be no student finance – • Reality! • We don’t all have £ under the bed – so we have to rely on others • Important to show commitment
  21. 21. 0870 950 90 90 www.businessinfocus.co.uk Grants • Next best thing to own money is free money that is not yours! • Why is this the next best thing? • How long to get a grant • Spend and then reclaim “A tiny amount of money can start an empire” Richard Branson
  22. 22. 0870 950 90 90 www.businessinfocus.co.uk Grants – different types • Grant funding – Technology - TSB – Waste Recycling WRAP – Welsh office – Tourism – Young people – Training grants • Mainly government funds in the economy to boost business and kick start the economy • Dragon Innovation Partnership
  23. 23. 0870 950 90 90 www.businessinfocus.co.uk Training Grants • Support is available for training and recruitment and includes the following schemes • Jobs Growth Wales (18 to 24 year olds) • Skills Growth Wales • Go Wales (Graduates) • Workforce Development • ReAct
  24. 24. 0870 950 90 90 www.businessinfocus.co.uk Loans • Bank Loans – business or personal • Government backed loans – Enterprise Finance Guarantee Scheme • Princes Trust • Start up loan company • A4e Loan funds • Finance Wales / CDFI Loans
  25. 25. 0870 950 90 90 www.businessinfocus.co.uk Campari principles of good Lending • Character • Ability • Margin • Purpose • Amount • Repayment • Insurance
  26. 26. 0870 950 90 90 www.businessinfocus.co.uk Asset Finance and Factoring • Two types of lending • One secured against a fixed asset – normally a vehicle or a piece of equipment (tends to be short term max 3-5 years high interest) • The other against the debtor book. • Factoring vs Confidential Invoice Discounting
  27. 27. 0870 950 90 90 www.businessinfocus.co.uk Venture capital • In addition to the owners’ cash equity in a business, two forms of venture capital are available:  Institutional Venture Capital  Private (Business Angel) Venture Capital  Example – If I invested in your business – IT’S PERSONAL
  28. 28. 0870 950 90 90 www.businessinfocus.co.uk Who can Business in Focus help? • Anyone thinking about setting up a new business (Pre-start contract) • Anyone running an existing business (Post-start contract) either via Business in Focus or Business Wales
  29. 29. 0870 950 90 90 www.businessinfocus.co.uk DID YOU ?KNOW
  30. 30. 0870 950 90 90 www.businessinfocus.co.uk Life is about…
  31. 31. 0870 950 90 90 www.businessinfocus.co.uk Listening to your heart Taking calculated risks Creating Value Realising your aspirations ……….
  32. 32. 0870 950 90 90 www.businessinfocus.co.uk So is Entrepreneurship
  33. 33. 0870 950 90 90 www.businessinfocus.co.uk Why are Entrepreneurs Unique ??
  34. 34. 0870 950 90 90 www.businessinfocus.co.uk Some defined their lives..
  35. 35. 0870 950 90 90 www.businessinfocus.co.uk
  36. 36. 0870 950 90 90 www.businessinfocus.co.uk Some changed the world…
  37. 37. 0870 950 90 90 www.businessinfocus.co.uk
  38. 38. 0870 950 90 90 www.businessinfocus.co.uk Some are in school…
  39. 39. 0870 950 90 90 www.businessinfocus.co.uk Anshul Samar Age: 13 Does homework regularly Plays computer games Fights with his sister
  40. 40. 0870 950 90 90 www.businessinfocus.co.uk …also an entrepreneur Anshul Samar CEO, Elementeo www.elementeo.com
  41. 41. 0870 950 90 90 www.businessinfocus.co.uk Some are in college…
  42. 42. 0870 950 90 90 www.businessinfocus.co.uk Mark Zuckerberg Age: 22 Hangs out with girl friends Stays in a rented apartment Drives a cycle
  43. 43. 0870 950 90 90 www.businessinfocus.co.uk …also an entrepreneur Mark Zuckerberg CEO, Facebook www.facebook.com
  44. 44. 0870 950 90 90 www.businessinfocus.co.uk Some sold rubbish… Still became millionaires…
  45. 45. 0870 950 90 90 www.businessinfocus.co.uk Szaky Age: 23 CEO, TerraCycle (www.terracycle.net) Selling Plantfood taken from rubbish Revenue: ~$5 million
  46. 46. 0870 950 90 90 www.businessinfocus.co.uk Some started at Home …
  47. 47. 0870 950 90 90 www.businessinfocus.co.uk Jared Isaacman Age: 22 CEO, United Bank Card Revenue: $58 million Manages 45,000 clients daily
  48. 48. 0870 950 90 90 www.businessinfocus.co.uk So what NeXt ??
  49. 49. 0870 950 90 90 www.businessinfocus.co.uk Do You Want To Join elite league of Entrepreneurs ?? the If so..
  50. 50. 0870 950 90 90 www.businessinfocus.co.uk Keep ‘em Open
  51. 51. 0870 950 90 90 www.businessinfocus.co.uk Plan Organis
  52. 52. 0870 950 90 90 www.businessinfocus.co.uk Or Else.. Join the league ofDSMJFY* or NJOG* DSMJFY: Doing the same monotonous job for years. NJOG: No Job only gaming
  53. 53. 0870 950 90 90 www.businessinfocus.co.uk Business in Focus Committed to your future
  54. 54. 0870 950 90 90 www.businessinfocus.co.uk Presentation by: Julie Walters Business in Focus

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