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Starting up a business Is it right for me ????

Starting up a business Is it right for me ????. Gill Hamer , BL West Midlands . Deciding to start your own business . People decide to work for themselves for a variety of reasons: • to be their own boss • to achieve a better work-life balance • to earn money

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Starting up a business Is it right for me ????

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  1. Starting up a businessIs it right for me ???? Gill Hamer , BL West Midlands

  2. Deciding to start your own business People decide to work for themselves for a variety of reasons: • to be their own boss • to achieve a better work-life balance • to earn money •to take control of their careers • to turn their hobby into a money-spinner And more ......

  3. Key questions to ask yourself • Does your business idea have a good chance of succeeding ? • Have you got what it take to be your own boss? • Will running a business suit what you want from your life?

  4. What you need to find out before you start • Researching the market – do you know your market , who are your competitors, who are your customers and where are they, what price will you charge ? • How can you make your business idea stand out from the crowd – what is your USP? • How much should you charge for your service – what is your mark-up? What is its value to the customer ?

  5. Business Planning • Business Plan – to focus ideas, to make case for funds • Type of business – sole trader, Ltd Co etc . • Business Name • Where to work from • Employing people • What equipment will you need • How to access your customers • Finding the right suppliers • Marketing and promotion

  6. Financial Planning & Legal responsibilities How much will it cost to set up your business? • Running costs • Cash-flow forecast • Raising Finance • Keeping financial records – will you do this yourself or employ an accountant Compliance with the law • Tax • Health and safety/insurances • Planning permission • Licences

  7. Business Start-up service offer • Awareness raising – telephone advice & introduction to SE workshop • Half day workshops on key business skills • One to one mentoring • Available across the region and its free!! • Further research on www.businesslinkwm.co.uk

  8. Other Business Link Services • Telephone based advice • How To events – www.howtowithbl.co.uk • Procurement Training events • Coaching For High Growth • Monthly E newsletter • Online - businesslink.gov.uk • Contact us Tel : 0845 113 1234 Email: info@businesslinkwm.co.uk

  9. Questions ?

  10. Contact details: My details Business Link 0845 113 1234 businesslinkwm.co.uk Gill Hamer Head of Operations Tel : 0121 569 0629 E-mail: gillhamer@ businesslinkwm.co.uk

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