So you want to start a business Teaching and learning material B21 B22 and B31 So you want to run a business Aims To give an overview of personal and legal requirements Objectives To identify the pros and cons of self employment ID: 764623
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So you want to start a business……. Teaching and learning material B2.1, B2.2 and B3.1
So you want to run a business… Aims: To give an overview of personal and legal requirements Objectives: To identify the pros and cons of self employment To consider what experience and strengths will be needed
So you want to be your own boss Who start their own business? Anyone who has....A Positive Attitude Skills &/or ExperienceOrganisational skills Up to date knowledge of business area Ability to cope under pressure Ability to deal with change .
So you want to be your own boss Discussion True or false? You need a lot of money to start a business .
Important Note Having premises can be prohibitive Have you considered: Sub-contracting? Mobile? Events – weddings, parties?
Is it right for YOU?…. Have you considered the ‘pros’ and ‘cons” You will need a Business Plan Look at Statutory Regulations What funding will you need? Is there training / advice .
Pros and Cons of self employment Irregular salaryNo sick or holiday payHours to suit YOU Terms and conditions laid out by YOUFull control of income and expenditureALL profit kept my YOUYOU are responsible for Tax and NI Regular salary Minimum statutory sick and holiday pay Hours to suit your employer Terms and conditions laid out by your employer Control of income and expenditure by employer Profit share controlled by employer Employer handles Tax and NI
Support available There is support out there:Princes' Trust – if you are 30 or under NEA – helping you if you start from unemployedBusiness Wales – on going support to help business growth and development
1. Is running a business right for you? I am considering business start up because..... My personal qualities include.....My current skills include......
2. The Business Plan You – SWOT, support, time available, problemsMarketing and Advertising Financing – start up, income, outgoingContingency Plans .
3. Statutory Requirements Inland Revenue – tax, national insuranceVAT Public Liability / Professional Indemnity Insurance / product liability Health & SafetyLimited / Sole trader / Partnership.
4. Funding How to access necessary funding?How to source funding? What businesses will attract funding?.
5. Advice and Training Training courses available and how to take advantage of themOn-going help and adviceNetworking groups .
Summary Is self employment right for you? The Business Plan Statutory Regulations Funding Available training / advice .
You need to consider: Explore The Business Idea Start Your Market Research Build Credibility & Promote Word of Mouth Recommendations Someone else’s- a bought, borrowed or adapted idea. The personal- an idea based on what you know/what you have learnt to do. The inventive- a genuinely new concept. Finding out about your competitors and potential customers. Assessing if your product/service is in demand. Why would people buy from you and not the established competition? The more you know about who your competitors are, the easier it will be for you to find what is unique about your business..
How will you market your business Establishing the unique selling point of your product/service. Deciding on the best marketing approach for your business and which marketing tools you will use. Finding the most cost effective methods of marketing. How to measure the success of your marketing . Twitter Leaflets Social networks Web site Yellow pages Local advert Exhibition Word of mouth
Business Planning Have you got the finances to start up? If not, where can you access support? Do you have a credible business idea that can support you financially? Do you know your personal survival budget? .
Business Planning The Business Plan Document Essential that a business plan is put together. This will help identify that your business is viable.
Administrative committments
Running your own business You must register with HMRC (Her Majesty’s Revenue & Customs)Registering as self employed Organising your tax and National Insurance contributions.
Managing expectations So what must you commit? Research the information to produce a viable business plan that potentially provides a sustainable business and income. Be honest and open to new ideas. ,