Day 1 intro to self employment, working from home

B R I A N W S T E E Ldeveloping higher performance

Starting in BusinessThe nature of self employment


The Start-up Programme Programme outline:

The nature of self employment

Building the foundations of good business

Streetwise marketing and business development

Managing the money

Putting the plan together

Pitching for business and investment


So what do you want out of this programme?

Introductions

Who are you?

What’s your business?

What do you want to achieve by joining us here?

What do you want from me?


Start your business

Taking care of the key aspects of business start-up can help ensure your adventure gets off to a good start and builds the foundation for a great future.

Starting a business of your own can be a life changing experience.

Survival rates vary but around a third of new businesses fail within the first year and half those left go within two years.

The good news is that still leaves a huge number of very happy people making a good living.


Decide what type of business


How much time can you afford to devote to your venture?

How much money do you need to get it off the ground?

What are your potential customers expectations of your business and how might that effect your business model?


When will you launch?


Don’t rush headlong into launching.

What seasonal factors influence your trading year?

Be realistic about what will give you the greatest advantage.


Who's your customer?


It’s never everybody.

It’s never anybody.

What do you know about their needs, wants and desires?

In what segment do they reside?

How do they buy?


Have you got a brand in mind?

Advertising is what you do when you can’t be there in person.

Got a business name?

What’s the package you propose to offer?

How do your competitors promote themselves?

Will you have a web presence?


Organise the money?

Cash is the lifeblood of a business. If you let a business bleed dry it dies

Sort out your banking?

Establish your capital requirement.

Deal with cash shortfalls?

Plan your financial profile – cash flow and profit forecast.


Promote, promote, promote.


Its all about the marketing.

Plan your annual activity.

Where, when a how to advertise.

Focused promotion.

Get it down on paper.


Publish your plan.


Its not War and Peace.

Its a working document.

Its key to managing your business

Can be key to obtaining investment


Programme objectives:

The objective of this programme is to provide you with the knowledge and understanding needed to build a sustainable business regardless of sector or size.


Do you want a job or a business?


The difference is clear. You either go to work on the business or you go to work in the business.


Do you have what it takes?

Questions that must be answered:

Have you got a viable business idea?

Are you sufficiently entrepreneurial?

What are your Strengths and Weaknesses?


Will it work?

5 3 11 A c b2 B a c3 A b c4 C b a5 B a c6 A c b7 B c a8 B a c9 B a c10 B c a11 A b c12 A b c13 C b a14 A c b15 B a c

60 – 75 It would appear you have all the key elements covered and your business idea is viable. You will, though, still have to develop an appropriate business model and produce a workable business plan to ensure you give yourself the greatest chance of success.

45 – 59 You certainly have some key elements covered but may be missing critical understanding or information about certain elements. You need to talk through your responses to this questionnaire with a business adviser before you start planning the business or developing the business model.

30 – 45 You need to completely review your understanding of business and how small businesses are developed. At present your business idea may be viable but you could be in serious danger of losing all you invest if you do not take advice about your way forward.


Scoring Success?

A = 5

B = 3

C = 1


Legal entity

Sole trader:

No registration requirements other than with HMRC for tax and NI. [Form CWF 1]

Personally responsible for all debt in the business and all actions undertaken as part of the businesses activities.

Benefit from all profits generated in the business.

Business expenses deducted from income to give profit.

Pay Class 2 national insurance contributions at current rate.


Legal entity

Partnership:A business relationship between 2 or more individuals [generally max of 20]

No registration requirements other than with HMRC for tax and NI. [Form CWF 1]

Personally responsible for all debt in the business and all actions undertaken as part of the businesses activities on joint and several basis.

Benefit from all profits generated in the business according to agreement of share.

Business expenses deducted from income to give profit.

Pay Class 2 national insurance contributions at current rate.

Should have a ‘Deed of Partnership’ drawn up to identify roles, responsibilities and share of income/profit.


Legal entity

Limited Company:

Legal entity in its own right.

Registered at Companies House together with names and addresses of officials [directors]

Directors are employees of the business and benefit from some protection under limited liability.

Process of registration very straight forward. Can be done on-line for under £20.


Legal entity

Limited Company:


What’s in a name?

Must be legal and decent.

No requirement to register but can be protected as Trade Mark.

Cannot imply that you are something you are not – local business calling itself international, associated with the crown or government.

Must not ‘trade off’ another business.

Care needs to be taken to thoroughly check out proposed names.


Don’t get it wrong



www.therapistfinder.com



www.penisland.net



www.whorepresents.com


The Start-up Programme

Insurance

Three key types:

Public Liability

Employers Liability

Professional Indemnity


By tomorrow!!!

Business name

Logo Script

Logo

Brand values


Working from home


Working from home

Have a set workplace: Get organised

Get computer savvy

Don’t allow distractions: You are at work. Kids, TV,

a warm bed are out.

Plan your day. If you have spare time work on developing your business


Working from home

Make sure you have somewhere comfortable to work:


Working from home

Set your office hours: Make sure family and

customers know when you are available.

Take breaks and have a proper lunch.

Get out of the house: If can get very lonely.

Make sure you take time to get out and meet people.

Find a local coffee house to use for meetings.


Working from home

Avoid trying to do too many things: Use experts to do what

you may struggle to do.

Don’t take too much on.

Make sure you schedule face time: Where and when practical

schedule meetings face to face.

Take every opportunity to network.


Registering Self Employed

Day 1 intro to self employment, working from home

Business

Transcript of Day 1 intro to self employment, working from home