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INTRODUCTIONPeople can find it hard to turn their business

ideas into reality.This workshop will look into;

The first steps into setting up a business,The best business structure to suit you,The rules and regulations you need to be

aware of,Support and finance for would be young

entrepreneurs.

DO YOU HAVE WHAT IT TAKES?Persistence Enthusiasm Creativity Single-mindedness Ambition Risk taking Commitment Self-belief Talent

DO YOU HAVE WHAT IT TAKES?This is only a guide, not a rule book.Many entrepreneurs start up business based

on their hobbies or skills.Already understanding your product and

customers will give you a big advantage.Consider you skills, interests and hobbies.

Can you turn these into a profitable business.Consider your goals in the short, medium and

long term.

STARTING A BUSINESSStarting a business begins with an idea.Carry out a test to find out if the business has

legs. You can either:Ask potential customers,Compare against existing business,Read newspapers and trade journals to give you a

better picture.However you structure your business, ask

yourself:Does your business need a licence,What’s the right name for you business.

WHEN SETTING UP A BUSINESSPrepare a business plan.Consider how you’ll finance your business.Consider who your customers and markets are?Consider what regulations will apply to your

business.Think about seeking professional advice.

Accountants, Insurance Brokers, Lawyers and Bankers.The Prices Trust can help you:

Test your idea,Offer mentoring,Offer financial Support.

CONSIDERATIONS FOR YOUNG ENTREPRENEURSAge may be an obstacle for young

entrepreneurs when setting up a business.Finance

No track recordFew Assets

There are schemes to help including:The Price’s TrustShell LiveWIRECommunity Development Finance Institutions

CONSIDERATIONS FOR YOUNG ENTREPRENEURSExperience

A lack of experience can be an obstacleTalking to experience entrepreneurs can be helpful

Professional and Career Development LoanA deferred repayment bank loanAimed at financing training and qualifications to

help individuals further their career or business.Premises

Working from home may be the most viable option.

PLANNING FOR SUCCESProfile - What does your business do and do you

have the right skills.Market Research – Who will buy your

products/services and who are your competitors.Marketing Strategy – How will you market and

sell your product.Financial Information – Realistic financial

forecasts; profitability and funding your businessDetailed Business Information – Operations,

legalities, premises etcExit Strategy

SECURING FINANCEYou may not have a lot of your own money to

invest in your business.Can you gain finance from friends and family.Main forms of finance

Loans, Overdrafts, Shares, Grants, Joint VenturesCredit History

If you have little or no credit history and few assets, it may be difficult to get a loan from a bank.

Grants

FINANCIAL PLANNING AND CONTROLA successful business generates enough cash

to cover costs and make a profit.Don’t expect to make a profit from day one.Prepare a Break-Even Analysis

Fixed Costs Selling Price–Variable costs

Cash is king, Cash flow is vitalKeep accurate records (legal requirement)Monitor your finances, make informed

decisions.

RECRUITING STAFFYou may want to employ staff to spread the

workload.This is a big step for a new business and has to

be consider carefully.Do you require extra help and how long will it be

for.There are a number of options:

permanent staff - either full time or part time staff with fixed-term contracts casual or agency staff freelancers and outside contractors

NETWORKING AND MENTORINGTalk to experience entrepreneurs.

They may have faced the same problems as you and may be able to offer guidance.

Social Networking SitesLinkedInFacebookEcadamy etc

TO CONCLUDEDo the researchGet involvedBe creative and think outside the boxBe motivatedAnd just believe in yourself

THE END - THANKS FOR COMINGFor more information,

Twitter: @JasonCatesSlideShare: slideshare.net/AdrJasonCatesVisit BusinessLink.Gov.uk

Information fromBusiness Link