ENTERPRISE TRAINING PROGRAM STAGE 3 ACT! Your Presenter is Phil Deem
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1 ENTERPRISE TRAINING PROGRAM STAGE 3 ACT! Your Presenter is Phil Deem
2 EXETER BUSINESS Support A Partnership Organisation Phil.deem@exeterbusinesssupport.co.uk
3 HOW CAN WE HELP? Information, advice & guidance. Referral to specialists. Business training. Signposting. Networking. Advisors/Mentors. Incubator units.
4 OUTLINE OF THE WORKSHOP What it takes to run a business. Why Businesses Fail. Research and Marketing. Finances. Legal and Statutory. Business Plan.
5 WHAT DOES IT TAKE TO RUN A BUSINESS? Skills: Sourced from Knowledge and Experience. Qualities: Determination/Vision/Commitment/Self Belief
6 BUSINESSES FAIL BECAUSE OF A LACK OF: Lack of sales/turnover. Debtors not paying you. Lack of Cash Working capital. Competition. Lack of skills and Experience. Lack of planning Insufficient start up or working capital Over trading Poor Financial control
7 THE IDEA What will make your idea Stand out? Trends Product Life Cycle
8 THE PRODUCT LIFE CYCLE
9 KEY QUESTIONS TO CONSIDER? What is the potential? Current Trend/Where is it on the product life cycle. Is it viable? What are its Principle Strengths and Weaknesses and What Opportunities and Threats to your business idea are there in the market place.
10 INTRODUCING YOU TO SWOT! Strengths Weaknesses Opportunities Threats
11 INTRODUCING YOU TO SWOT! Strengths (inside the business) Weaknesses (inside the business) Opportunities (outside the business) Threats (outside the business)
12 INTRODUCING YOU TO SWOT! Strengths (inside the business) Experience Skills Quality Weaknesses (inside the business) Opportunities (outside the business) Threats (outside the business)
13 INTRODUCING YOU TO SWOT! Strengths (inside the business) Experience Skills Quality Weaknesses (inside the business) Lack of Preparation Lack of funding Lack of Market Research Opportunities (outside the business) Threats (outside the business)
14 INTRODUCING YOU TO SWOT! Strengths (inside the business) Experience Skills Quality Weaknesses (inside the business) Lack of Preparation Lack of funding Lack of Market Research Opportunities (outside the business) New housing development or regeneration = more people Begin exporting Competitions problems. Threats (outside the business)
15 INTRODUCING YOU TO SWOT! Strengths (inside the business) Experience Skills Quality Weaknesses (inside the business) Lack of Preparation Lack of funding Lack of Market Research Opportunities (outside the business) New housing development or regeneration = more people Begin exporting Threats (outside the business) Clients shelf-life. life. Technology Interest rates. Location.
16 LETS TAKE THE IDEA ONE STEP FURTHER We have considered: Product Life Cycle/SWOT We need to know what your potential customer thinks. We call this Market Research/Test Marketing
17 WHAT YOUR MARKET RESEARCH SHOULD BE TELLING YOU: Who will likely buy your product or service? How much demand is there likely to be. What sales levels can you realistically forecast? What are people prepared to pay? What is the size of the Potential Market? Who are you likely to be competing against?
18 PUTTING YOUR IDEA TO THE TEST.
19 MARKETING Core Principles and Objectives The Management process responsible for Identifying, Anticipating and Satisfying Customer needs Profitably
20 MARKETING OBJECTIVES To Attract new customers To increase your customer spend with you. To encourage your customers to buy more of your products. To retain existing customers.
21 MARKETING MUSTS Create your business identity/logo/branding/business name. Define your market. Understand your routes to market. Set goals and have a marketing strategy to meet them. Make it easy for your customers to contact you and know what you do. Give your customers what they want, not what you think they want.
22 FINAL THOUGHTS AND MARKETING WISDOM Customers buy for their reasons not yours. People don t want to be marketed to but rather communicated with. You must have Mind Share before you can achieve Market Share. What helps people helps business. If you think advertising doesn t work, consider the millions that now think Yogurt tastes good!
23 RAISING FINANCE FOR YOUR BUSINESS Personal Finance/Family and Friends/Redundancy/Property remortgage. Term loans: Banks /Wessex Trust/SWIG. Overdrafts. Commercial Mortgages. Factoring and invoice discounting. Hire Purchase/Lease Purchasing Share Equity. Grants: Check :
24 THE IMPORTANCE OF FINANCIAL INTELLIGENCE What is the Number one Rule of Wealth Creation? Income Statement and Balance Sheet. (Basic Structure) Measures of Survivability. (Net Worth Cash Flow Debt/Equity Ratio Break Even Analysis)
25 THE POWER OF MONEY THE POWER OF YOUR MIND Money without financial intelligence is soon gone:
26 INCOME STATEMENT Balance Sheet Basic Structure Sales A-L = Net Worth
27 INCOME STATEMENT Balance Sheet Wealth Creation Sales A-L = Net Worth
28 USING YOUR FINANCE IN YOUR BUSINESS Business Start up costs. Legal fees and insurances Advertising and Marketing Vehicles and insurance Business purchases /Improvements Communication infrastructure/web presence. Lease/Rent deposits. Purchase raw materials or stock. Purchase fixed assets Additional (Working Capital) Personal Budget planning.
29 FORECASTING SALES AND TRACKING CASH FLOW Forecasting Sales: Can only be calculated from the results of your market research. IE: Size of market, number of competitors, how often they buy, how much do they spend, seasonal variances, anticipated growth etc. Always forecast cautiously Cash Flow Forecasts: Tracks the anticipated flow of money In= Income Out = Expenditure Indicates potential shortfalls over any one period. Shortfalls need to be funded.
30 WHAT ABOUT PROFIT? We need to Break Even Before we can Make A Profit. We need to know our Profit Margins. Your Aim is to: Achieve a Return on Investment (ROI)as soon as possible after we start trading
31 Pounds Breakeven Chart Total Revenue 100 Breakeven Point Profits Total Cost 60 Losses Total Variable Cost 20 Fixed Cost Sales Volume 30
32 LEGAL AND STATUTORY REQUIREMENTS Tax and National Insurance Contributions. Choosing a Trading structure that suits the business. Insurances to consider. Book keeping and Accounts. Legislation: (Consumer/Employment/Data Protection/Health and Safety/Intellectual Property Rights/Environmental)
33 TAX AND NATIONAL INSURANCE Tax Rates: 20% up to 37,400 40% over 37,400 National Insurance Class 1A/1B. 12.8% employers contributions ( a week and over) Class 2. self employed 2.40 per week( 5,075 Exempt) Class 4. 8% on profits between 5,715 and 43,875 pa 1% over this threshold. Personal Allowances: 5,435 VAT Registration 68,000 Corp Tax: Small Company rate (0 300k) 21% Main rate 29.75%. Self Assessment Number: Inland Revenue and Customs Web site:
34 TRADING STRUCTURES Sole Trader. Partnership. Limited Company. Other Structures: Limited Liability Partnership Cooperatives. Community Interest Group (Social Enterprise)
35 INSURANCES Product and Public Liability Employers Liability (Mandatory if employing staff) Personal accident and sickness. Income protection. Private medical. Life Insurance Property Money Business interruption.
36 INTELLECTUAL PROPERTY AND LICENCES Protect name, logo, patents & copyrights Avoid infringements of others check! Local Authority Licences required for Child minding, Taxis, Pet Shops, Street Trading,CareHomes,Hotels,Pubs, Licensed restaurants, Public Entertainment Data Protection ICO.GOV.UK
37 BOOK KEEPING AND ACCOUNTS Requirement to keep records for 6 years plus the current year. Must select a year end or accounting period for the business. (Note the tax year ends April 5 th ) You are required to file an income tax return for the business by Jan 31 st each year. Note: You can now file online. From the second financial year of your business you will be required to make 2 pre payments on your tax in July and Sept.
38 HEALTH AND SAFETY HASAW act 1974 and amendments Food storage & preparation Pollution risks, W.E.E.E (waste electrical electronic equip)coshh (Control of Substances Hazardous to Health) RIDDOR (Recording of Injuries, Diseases & Dangerous Occurrences Regulations) COSH: (Control of Chemical Substances Harmful to health) Fire Certificate 6 bed rule Oct 2006 Risk assessments H&S policy
39 ENVIRONMENTAL What can you do to make your business ecofriendly? FSC/carbon emissions/air miles. Packaging/waste disposal/printing.
40 EMPLOYEES Employers Liability Insurance Employment legislation Working time Transfer of Undertakings (TUPE) Minimum wage Main (adult) rate for workers aged 22 and over 5.73 per hr. Development rate for workers aged inclusive 4.77 per hr 16&17 Year Old rate 3.53 per hr. NB: 16 and 17 year old apprentices will be exempt from the new young workers rate Discrimination Contract of employment/job Description. ACAS any problems, very helpful. Holidays changes. Number of days off rising to 24, Oct , Oct 2008
41 BRINGING IT ALL TOGETHER The Business Plan Its the roadmap for your business planning. It helps your decision making and will clarify what needs to be done. It identifies your financial requirements. It will be necessary if you need to borrow from potential investors. It facilitates Cash Flow and Profit Forecasting
42 THE BUSINESS PLAN Its needed for monitoring the progress of your business and for demonstrating when you will get a return on your investment. Ultimately the business plan should : Prove viability of your idea. Reduce the risk of business failure Maximise your odds for success.
43 MAIN COMPONENTS OF THE PLAN Title page/indexed/typed/page numbered/short form. Business Overview: Brief description of the business, People involved, Goals of the business, First year Sales/Profit/Trading structure/business Objectives. The Business Products/Services Markets/Competitors/Research conducted. Sales and Marketing strategy. Owners/Management Operations: Location, premises/start up costs/suppliers Financials: Forecasts/ Financial requirements.
44 WORKSHOP SUMMARY Get good advice at the early stages of your business planning. Make sure you have the skills and experience to do what you are planning to do. Conduct thorough market research first. Check the viability of your idea and write a business plan. Don t Just do It
45 NEXT STEPS Start your research and begin preparing your business plan. Make use of advice and other business courses. Exeter Business Support: Advisor services Business Link: General information, sources of research Access Business Links online services: Events/Workshops/Free newsletter/grants and Support Schemes/Start up information/women in Business.
46 Good Luck and Remember!
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