Business Planning

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Business Planning Workshop
Presentation by
Stephanie Barwick
31.10.2012
Practical guide to starting a
business
Questions to ask yourself:
Pre Start Checklist
The need for a Business Plan
What help is available
What do I do next?
HAVE YOU GOT WHAT IT TAKES?
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Can you find a new angle?
Do you thrive on adversity?
Could you make a decision and stick to it, regardless?
Are you in it just for the money?
Are you really suited to working alone?
Could you take big risks?
Are your plans realistic?
Can you hack it when the going gets tough?
Pre- Start Checklist
Why do you want to start a business?
In detail, think about what your business will do - try to
be specific.
What makes you think it is a good idea for a business?
Do you have all the technical skills or knowledge to
make your business succeed?
THINGS TO THINK ABOUT, NOW!
•What, exactly is your business
idea?
•Have you got what it takes to run
a successful business?
•How much do you need to ‘earn’
from the business?
•How much money do you need to
start the business and where will it
come from?
•What will happen to your business if
you are ill, injured or have a personal
crisis to deal with?
Who do you think your customers
will be?
Where do they go at the moment?
List who your competitors are. If you have no
competition, WHY NOT?
How do you plan to compete with them, and
DON’T say that you will be cheaper as this does
not always work.
If you are on benefits now, find out exactly what
you will be entitled to when you start your
business as you may not be entitled to any.
Please check carefully.
Important things to think
about pre start up
How much money will you need to pay yourself from the
business each month, to cover your personal drawings?
How much money do you need to start the business everything leading to day one of your business?
How will you raise the money?
How much time are you able to give to
researching and planning to set up your
business?
What do you hope to achieve in the first year of
business?
What do your family think of your self employment
ideas?
What are the risks that you face in starting your
business?
FORMS OF TRADINGWhat’s the difference?
•Sole Trader
•Partnership
•Limited Company
•Co-operative
•Franchise
Sole Trader
•One self employed proprietor
•Simplest method of trading
•Tax advantages over a Ltd. Co.
•NO registration
•Liable for all debts
•Lack of continuity
Partnership
•Two or more self employed
• proprietors
•Simple method
•Tax advantages over a Ltd.
•Co.
•Shared responsibility
•Each responsible for all business debts
•Potential disagreement in decision making
Limited Company
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Some business transactions may be easier
Not legally self employed
Tax advantages when profit exceeds £50k
Avoids inheritance tax
Little personal asset protection
Statutory accounts required
Start up and running costs higher
CAN I CALL THE BUSINESS WHAT I
LIKE?
•No - you need to check •You should display your
that the name is not
being used by anyone
else.
•Ltd. Co’s must register
business details at your
place of work
•You should display your
with Companies House
business details on all
your paperwork
•Others may register
•Take advice before you
voluntarily
finally decide on the
name.
BlackBerry®,
I’VE HEARD ABOUT BUSINESS PLANS - I
DON’T NEED ONE, DO I?
•YES! Initially a business plan is
for you, to help you to decide
whether the business is going to
work before you start.
Why you need a business plan
A business plan should
include:
What you want to do
Where you want to go
How you are going to
get there
SO, WHAT WILL A BUSINESS PLAN DO FOR
ME?
•Sets targets and helps
you decide how you will
reach them
•Once you are trading, it
will make sure you stay
focussed on your goals
•‘Organises’ your Market •It helps you to
•Helps to identify
resources
‘measure’ the
performance of your
business
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•It is a necessity to raise
finance
Research
Helps you to decide
whether the Business
idea is viable
ISN’T FORECASTING JUST GUESSWORK?
•No - it is more calculated than that.
•Once you have carried out MARKET
RESEARCH you will have some real facts to deal
with.
Testing out your ideas
Creating a demand for something that you
•produce
or offer as a service to your fellow
students.
Promoting it through word of mouth
or on your intranet etc.
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• Extending the boundary by crossing
• over into other media that the
• target market uses