WebActivate "Start your own business"
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Transcript of WebActivate "Start your own business"
Page 1Thomas St John LLP
WebActivate PROGRAMME
Start Your Own Business
St
Page 2Thomas St John Business Management
AGENDA
Entrepreneurship
Business Start-Up
Budgeting
Finance
Business Planning
Page 3Thomas St John LLP
ENTREPRENEURSHIP
Page 4Thomas St John Business Management
WebActivate Programme
Entrepreneurship
“The best time to plant a tree was 20 years ago. The
second best time is now.”
- Chinese Proverb
Page 5Thomas St John Business Management
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Entrepreneurship Is becoming Self-employed for me?
What are the traits of an entrepreneur?
Do I share any of these traits?
Page 6Thomas St John Business Management
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Entrepreneurial Traits An All-rounder
Big picture focused / Unfazed by detail
Resilience or “Bounce-Back-Ability” Ian Dowie Former Northern Ireland
Footbal payer / Crystal Palace Manager
Innovative
Courage to take risks
Optimistic
Page 7Thomas St John LLP
BUSINESS START-UP
Page 8Thomas St John Business Management
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Business Start-Up
“The beginning is the most important part of the
work.”
- Plato
Page 9Thomas St John Business Management
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Business Start-UpWhich business structure?
Sole trader
Partnership
Limited company
Page 10Thomas St John Business Management
WebaActivate Programme
Business Start-UpWhich business structure?
Sole trader
Page 11Thomas St John Business Management
WebActivate Programme
Business Start-UpWhich business structure?
Partnership
Page 12Thomas St John Business Management
WebActivate Programme
Business Start-UpWhich business structure?
Limited company
Page 13Thomas St John Business Management
WebActivate Programme
Business Start-UpOpening a business bank account
The bank will want to see:
A Certificate of Registration of Business Name
OR
A Certificate of Incorporation
Page 14Thomas St John Business Management
WebActivate Programme
Business Start-UpRegistering for Taxes
Which taxes?
Income Tax
Value Added Tax
Page 15Thomas St John Business Management
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Business Start-UpRegistering for Taxes
When do I register?
Income tax
As soon as you go into business
Page 16Thomas St John Business Management
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Business Start-UpRegistering for Taxes
When do I register?
VAT
In the year that you think your fee income from the business will exceed €37,500
Page 17Thomas St John Business Management
WebActivate Programme
Business Start-UpRegistering for Taxes
How do I register?
VAT and Income Tax
Use form TR1 (TR2 for Limited companies)
Download from revenue.ie
Page 18Thomas St John Business Management
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Business Start-UpPaying Tax
How do I pay tax?
VAT
Income Tax
Page 19Thomas St John Business Management
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Business Start-UpPaying Tax
How do I pay tax?
VAT
Pay and file
Usually every 2 months
Page 20Thomas St John Business Management
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Business Start-UpPaying Tax
How do I pay tax?
Income Tax
Pay and file
31 October in the year following the year of
assessment
Extension to mid November if filing online through
ROS
Page 21Thomas St John Business Management
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Business Start-UpAccounting / Book-keeping
Essential records
Level of detail
Basic financial statements
Page 22Thomas St John Business Management
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Business Start-UpAccounting / Book-keeping
Essential records
Sales
Receipts
Purchases
Payments
Time-records
Page 23Thomas St John Business Management
WebActivate Programme
Business Start-UpAccounting / Book-keeping
Level of detail Date
Type of transaction
Party involved
Amount
Net
VAT
Gross
Page 24Thomas St John Business Management
WebActivate Programme
Business Start-UpAccounting / Book-keeping
Basic financial statements
Profit and Loss Account
Balance Sheet
Page 25Thomas St John Business Management
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Business Start-Up
CASH!!!!!
Page 26Thomas St John Business Management
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Business Start-UpAccounting / Book-keeping
Information you should always know:
How much is in the bank.
What you are owed by customers.
How much you owe your suppliers.
Page 27Thomas St John LLP
BUDGETING
Page 28Thomas St John Business Management
WebActivate Programme
Budgeting
“Success always comes when preparation meets
opportunity.”
- Henry Hartman
Page 29Thomas St John Business Management
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BudgetingApproaches to budgeting:
Revenue Focused Budgeting
- How much will I make if I sell this amount?
Cost Focused Budgeting
- What are my fixed costs?
- What revenue do I need to earn to cover these?
Page 30Thomas St John Business Management
WebActivate Programme
BudgetingKey terms:
- Turnover = Sales / Fees
- Direct costs = Costs directly related to the sales you
make
- Gross profit = Sales – Direct costs
- Fixed overheads = Costs that will be incurred regardless of sales levels
(e.g. Support staff, Rent, Legal costs, Accountants
costs, Utilities)
Page 31Thomas St John Business Management
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BudgetingUsing a budget:
- Regularly compare actual costs to budgeted costs
- Measure variance from budget
- Take corrective action
Page 32Thomas St John LLP
FINANCE
Page 33Thomas St John Business Management
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Finance
“A banker is a fellow who lends you his umbrella
when the sun is shining, but wants it back the
minute it begins to rain.”
- Mark Twain
Page 34Thomas St John Business Management
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FinanceTwo (maybe three) types:
- Equity
- Debt
(- Government Support)
Page 35Thomas St John Business Management
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FinanceEquity:
- Generally relies on receiving a return from business
profits, and takes the risk that a business may
make a loss.
Page 36Thomas St John Business Management
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FinanceTypes of Equity Investments:
- Seed capital (< €100,000)
- Venture capital (> €100,000)
- Development capital / Private equity (> €500,000)
Page 37Thomas St John Business Management
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FinanceSources of Equity Investment:
First round of funders:
- Family and friends
- Business contacts
- Business angels
- Government bodies:
- Enterprise Ireland
- County Enterprise Board
Page 38Thomas St John Business Management
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FinanceSources of Equity Investment:
Second Round of Funders:
- All of the previous funders
- Venture Capital Funds
Page 39Thomas St John Business Management
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FinanceDebt:
- Generally seeks a guaranteed fixed interest return
at some given time in the future.
Page 40Thomas St John Business Management
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FinanceTypes of Debt Finance:
- Bank overdraft
- Bank loan
- Mortgage over personal property
- Leasing
- Invoice discounting
Page 41Thomas St John Business Management
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FinanceSources of Debt Finances:
- Family and friends
- Business contacts
- Bank
- Credit Union
Page 42Thomas St John Business Management
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FinanceTypes of Government Support:
Back to Work Enterprise Allowance
Employment Grants
PRSI holidays for employers
Page 43Thomas St John Business Management
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FinanceTypes of Government Support:
Back to Work Enterprise Allowance
Local Social Welfare Office
File out and submit form BTW 2
Employment Grants
County Enterprise Boards
PRSI holidays for employers
Page 44Thomas St John Business Management
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Finance
YOU WILL NOT RAISE A CENT UNLESS:
- YOU ARE SEEN TO INVEST EQUITY
YOURSELF
- YOU PREPARE A REALISTIC AND
COMPREHENSIVE BUSINESS PLAN
Page 45Thomas St John LLP
BUSINESS PLANNING
Page 46Thomas St John Business Management
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Business Planning
“Victorious warriors win first then go to war.
Defeated warriors go to war first then seek to
win.”
- Sun Tzu
Page 47Thomas St John Business Management
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Business PlanningExecutive Summary
Introduction and Background
Ownership, Management and Employees
Market and Marketing Strategy
Operations
Financials
Funding Proposal
Detailed Projections
Page 48Thomas St John LLP
CONTACT
DETAILS
Page 49Thomas St John Business Management
Jim Gilmartin FCADIRECTOR
THOMAS ST JOHN BUSINESS MANAGEMENT LTD60 Lower Baggot Street
Dublin 2
THOMAS ST JOHN LLP85 Crawford StreetLondonW1H 2HB
THOMAS ST JOHN LLC
10866 Wilshire Blvd, Suite 400Los Angeles
T: 01 602 4772M: 087 9484716E: [email protected]
CONTACT DETAILS