Sources of advice available
for pre-business start up.
Advice and guidance needed:
1. choice of legal structure; advantages and disadvantages of each structure,
eg flexibility, protection, required investment;
2. advice in support of business plan;
3. adapting profitability calculations to create a margin;
4. advice on local, regional, national, EU, global and industry-wide issues and
trends, eg social, political, technological, environmental and legal factors
affecting venture;
5. seasonal factors and trends, eg UK tourism;
6. advice and guidance on financial planning, eg checking costing and pricing,
cash flow monitoring and planning, setting up robust record-keeping
systems, ensuring appropriate financial reserves and contingency plans,
availability of both emergency and long-term finance for growth;
7.
advice on online operations and project management
Possible sources of advice
for start up businesses
Sources of Advice
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Small Business Service (SBS);
Confederation of British Industry (CBI);
Institute of Directors (IOD);
Department of Trade and Industry (DTI);
Clearing banks;
Business Link Partnerships;
Revenue and Customs;
Companies House;
Regional Development Agencies (RDAs);
Sector Skills Councils (SSCs), eg Financial Services Skills Council (FSSC), e-skills UK;
Sector Skills Bodies (SSBs), eg Management Standards Centre (MSC), Small Firms Enterprise
Development Initiative (SFEDI);
Trade associations;
Local authority business support units;
Non governmental sources of support, eg Prince’s Trust, and Shell Livewire;
Market research reports from specialist agencies, eg Datastream, Federation of Small
Businesses;
Chambers of Commerce;
Accountants;
Solicitors;
Independent financial advisers;
Business press, eg Financial Times;
Published materials from government agencies, eg The Stationery Office (TSO), Eurostat
Dedicated publishing houses, eg Kogan Page
Sources of Advice
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Business Link
Small Business Service (SBS)
Department for Business Innovation and Skills
Companies House
Trade Associations – Travel agencies
HM Revenue and customs
Chambers of Commerce
Banks - Barclays
Legal Structures
• The main ones for a start up would be
– Sole Trader
– Partnership (Limited Partnerships)
– Franchise
– Private Limited Company
– Public Limited Company
Other Factors to Consider
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Competition
Employment / Skills - availability
Consumer Spending
Market trends
Legal and political factors
Social issues
• PESTLE
Business Plans
• Role:
– Link
• Contents
– Link
• Importance of:
– Secure funding
Task 1
• You need to produce a multi page advice booklet for
your start up business.
• Make sure it has
– an appropriate front cover.
– An introduction covering the purpose of the booklet.
– Have separate sections with headings of:
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What is the role of the Business Link Partnership?
Where can I get other sources of advice?
Which legal structure shall I choose for my business?
What other factors do I need to take into account?
Why I need a business plan?
– A bibliography at the back.
Make your booklet look professional.
Use subheadings and images appropriately.
Task 1 – More specifically
– Have separate sections with headings of:
• What is the role of the Business Link Partnership?
– Use the internet to find out who Business Link are and
what they do. Write up about it and what / how it could
offer your start up business advice.
• Where can I get other sources of advice?
– Using the list in Appendix 1 in your assignment booklet
pick at least 6 different sources of advice which are
appropriate to your business and write about what they
are and what advice they could offer your business.
Task 1 – More specifically
• Which legal structure shall I choose for my business?
– Have a section covering each of the types of ownership (sole
trader, partnership, franchise, PLC, LTD, Cooperative) and
within each section write about the advantages and
disadvantages of each.
• What other factors do I need to take into account?
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You need to consider external factors such as
Political
Economic
Social
Technological
Legislative
Environmental
– Also competition through carrying out a SWOT analysis.
Task 1 – More specifically
• Why I need a business plan?
– You will need to explain what a business plan is and how
it is vital to a businesses start up success. Also include
how it will be useful when approaching third parties for
help / advice / cash etc. (ie banks for loans)