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Starting Your Own Business

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33% increase in spare-time start-ups = lower risk. source: BT 2008 Home Business Survey ... only contracted for a period of time, or a particular project, or a ... – PowerPoint PPT presentation

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Title: Starting Your Own Business


1
Starting Your Own Business Top Tips
  • Fiona Thurley
  • Careers Adviser
  • Careers Service

2
Content of session
  • SYOB in a credit crunch?
  • Things to think about
  • Things to do
  • How/where to access information

3
SYOB in a credit crunch?
  • 16 more businesses run from home than last year
  • 72 optimistically planning to win new customers
    over next 6 months
  • 66 planning to increase turnover
  • 58 developing new products and services
  • 33 increase in spare-time start-ups lower risk
  • source BT 2008 Home Business Survey

4
However
  • 2,000 shops close on the high street each year
  • 27 pubs close a week
  • 40 businesses close a day
  • Over 80 per cent of members said their costs had
    increased in the last year
  • 46 per cent had seen a decrease in trade
  • Source Federation of Small Businesses Survey
    Number Crunching the Credit Crunch 2008

5
Different types of self-employment
  • Franchise
  • Freelance
  • Business owner/partner

6
Franchise
  • You buy into an established business (e.g. Body
    Shop or a restaurant chain)
  • The company provides raw materials, training and
    support which you pay for
  • Thereafter, you are responsible for generating
    your own income/profits

7
Freelance
  • You work for another organisation on a temporary
    contract (e.g. journalist, photographer,
    financial adviser)
  • Often only contracted for a period of time, or a
    particular project, or a particular commission
  • They pay you their set rate

8
Business owner/partner
  • You set up and run your own company
  • You may be the sole owner, or in a partnership
  • You (and partners) are responsible for generating
    income and profits
  • You (and partners) are responsible for creating a
    demand for your product/ service

9
Advantages?
  • Autonomy
  • Freedom
  • Choice of when/where/how you work
  • Tax benefits
  • Sense of achievement/satisfaction

10
Disadvantages?
  • Big responsibility
  • - self
  • - family/dependents
  • - employees
  • Motivation
  • Poor sales 0
  • On holiday 0

11
10 reasons to go for it
  • You are your own boss
  • You get to do what youre interested in
  • Your firm your deadlines
  • Get creative
  • Its not that hard to do
  • It can be very profitable
  • Its varied
  • You can have a second career
  • Cut the commute
  • The big dream really can become reality!

12
10 top tips
  • Be honest with yourself
  • Research the market thoroughly
  • Investigate your potential competitors
  • Meet other entrepreneurs
  • Be realistic about what you can afford
  • Be realistic about your earning needs
  • Ensure you can raise funds
  • Seek professional advice
  • Prepare your friends and family
  • Go for it!

13
6 steps for success
  • Plan for perfection
  • Choose a name carefully
  • Polish up your permits
  • Business premises
  • Tax and tribulations
  • Cover your back

14
Writing a Business Plan
  • Executive Summary
  • Mission purpose of the business
  • Details of product(s) or service(s)
  • Who are your customers
  • Marketing Plan
  • Costing pricing
  • Cash flow what you expect to earn spend
    when
  • Premises
  • Employees, professional advisers others who
    will be involved
  • Admin, IT accounting

15
www.bl.uk/bipc
  • To use the Business and IP Centre resources you
    will need a Library Reader Pass.
  • Bring along 2 original forms of ID - 1 showing
    your signature (i.e. bank/credit card/driving
    licence or passport) and another showing your
    home address (i.e. Utility bill, bank statement
    or driving licence)
  • Go to Reader Registration Office (Upper Ground
    Floor), fill in a form and get your reader pass

16
How to register your self-employment status
  • You can register in two ways
  • By phoning the Helpline for the Newly
    Self-Employed-
  • 08459 15 45 15
  • By completing the forms from the SE1 leaflet
    available on
  • the HMRC website www.hmrc.gov.uk

17
7805A-PP 17 MAY 2006
18
What Records?
  • Keep records of all business income and
    outgoings
  • all sales invoices and receipts
  • bills and invoices of purchases
  • business assets
  • personal money introduced
  • bank statements and paying in slips
  • petty cash record

19
Useful websites
  • Portobello Business Centre
  • www.pbc.co.uk
  • Start Ups website
  • www.startups.co.uk/
  • Business Link
  • www.businesslink.gov.uk
  • British Library Business IP Centre
  • www.bl.uk/bipc
  • Complete Business Start-up for home or internet
    businesses
  • www.completebusinessstartup.co.uk
  • Small Business
  • www.smallbusiness.co.uk
  • Horsesmouth business mentoring
  • Breakfast networking
  • www.4networking.biz/
  • www.business4breakfast.com/public/
  • www.businessjunction.co.uk/index.php/fuseaction/ev
    ents.main
  • www.business-networking-waterloo.co.uk/
  • Million Impossible
  • www.millionimpossible.com/
  • Federation of Small Businesses
  • www.fsb.org.uk/
  • Small Business Essentials
  • www.smallbusinessessentials.co.uk
  • British Chambers of Commerce
  • www.britishchambers.org.uk/

20
Queen Mary Careers Service WG3 Queens Building
020 7882 5065
Opening times Monday-Thursday 10.30am-5pm Friday
10.30am-4pm Drop-in sessions Monday-Thursday 10.
30am-12.30pm 2.00pm-4.30pm
Part of
www.careers.qmul.ac.uk
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