Business in Focus is a business support company that helps startups and growing businesses. The document provides an overview of starting a business, including developing an idea, writing a business plan, legal structures like sole proprietorship or limited company, finding customers and suppliers, financing options, and the support Business in Focus can provide. It notes that starting a small business involves both advantages like financial rewards but also disadvantages like long hours and financial pressure.

1. Julie Walters BA(hons)
Business Adviser, Business in Focus
Starting your own
Business
The basics

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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 0870 950 90 90 www.businessinfocus.co.uk
Types of Finance
• Loans
• Grants
• Your own money
• Equity/ Venture Capital
• Factoring
• Asset Finance

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. 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. 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. 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. 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. 0870 950 90 90 www.businessinfocus.co.uk
Campari principles of good
Lending
• Character
• Ability
• Margin
• Purpose
• Amount
• Repayment
• Insurance

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. 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. 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. 0870 950 90 90 www.businessinfocus.co.uk
DID YOU
?KNOW

30. 0870 950 90 90 www.businessinfocus.co.uk
Life is about…

31. 0870 950 90 90 www.businessinfocus.co.uk
Listening to your
heart
Taking calculated risks
Creating Value
Realising your
aspirations ……….

32. 0870 950 90 90 www.businessinfocus.co.uk
So is
Entrepreneurship

33. 0870 950 90 90 www.businessinfocus.co.uk
Why
are
Entrepreneurs
Unique ??

34. 0870 950 90 90 www.businessinfocus.co.uk
Some defined their lives..

35. 0870 950 90 90 www.businessinfocus.co.uk

36. 0870 950 90 90 www.businessinfocus.co.uk
Some changed the world…

37. 0870 950 90 90 www.businessinfocus.co.uk

38. 0870 950 90 90 www.businessinfocus.co.uk
Some are in school…

39. 0870 950 90 90 www.businessinfocus.co.uk
Anshul Samar
Age: 13
Does homework regularly
Plays computer games
Fights with his sister

40. 0870 950 90 90 www.businessinfocus.co.uk
…also an entrepreneur
Anshul Samar
CEO, Elementeo
www.elementeo.com

41. 0870 950 90 90 www.businessinfocus.co.uk
Some are in college…

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. 0870 950 90 90 www.businessinfocus.co.uk
…also an entrepreneur
Mark Zuckerberg
CEO, Facebook
www.facebook.com

44. 0870 950 90 90 www.businessinfocus.co.uk
Some sold rubbish…
Still became millionaires…

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. 0870 950 90 90 www.businessinfocus.co.uk
Some started at Home …

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. 0870 950 90 90 www.businessinfocus.co.uk
So what
NeXt ??

49. 0870 950 90 90 www.businessinfocus.co.uk
Do You Want To Join
elite league
of
Entrepreneurs ??
the
If so..

50. 0870 950 90 90 www.businessinfocus.co.uk
Keep
‘em
Open

51. 0870 950 90 90 www.businessinfocus.co.uk
Plan
Organis

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. 0870 950 90 90 www.businessinfocus.co.uk
Business in Focus
Committed to your future

54. 0870 950 90 90 www.businessinfocus.co.uk
Presentation by:
Julie Walters
Business in Focus