Starting Your Own Business – Top Tips

1. Starting Your Own Business – Top Tips Fiona Thurley Careers Adviser Careers Service

2. Content of session • SYOB in a credit crunch? • Things to think about • Things to do • How/where to access information

3. SYOB in a credit crunch? • 16% more businesses run from home than last year • 72% optimistically planning to win new customers over next 6 months • 66% planning to increase turnover • 58% developing new products and services • 33% increase in spare-time start-ups = lower risk source: BT 2008 Home Business Survey

4. However… • 2,000 shops close on the high street each year • 27 pubs close a week • 40 businesses close a day • Over 80 per cent of members said their costs had increased in the last year • 46 per cent had seen a decrease in trade Source: Federation of Small Businesses Survey ‘Number Crunching the Credit Crunch’ 2008

5. Different types of self-employment • Franchise • Freelance • Business owner/partner

6. Franchise • You buy into an established business (e.g. Body Shop or a restaurant chain) • The company provides raw materials, training and support which you pay for • Thereafter, you are responsible for generating your own income/profits

7. Freelance • You work for another organisation on a temporary contract (e.g. journalist, photographer, financial adviser) • Often only contracted for a period of time, or a particular project, or a particular commission • They pay you their set rate

8. Business owner/partner • You set up and run your own company • You may be the sole owner, or in a partnership • You (and partners) are responsible for generating income and profits • You (and partners) are responsible for creating a demand for your product/ service

9. Advantages? • Autonomy • Freedom • Choice of when/where/how you work • Tax benefits • Sense of achievement/satisfaction

10. Disadvantages? • Big responsibility - self - family/dependents - employees • Motivation • Poor sales = £0 • On holiday = £0

11. You are your own boss You get to do what you’re interested in Your firm = your deadlines Get creative It’s not that hard to do It can be very profitable It’s varied You can have a second career Cut the commute The big dream really can become reality! 10 reasons to go for it

12. 10 top tips • Be honest with yourself • Research the market thoroughly • Investigate your potential competitors • Meet other entrepreneurs • Be realistic about what you can afford • Be realistic about your earning needs • Ensure you can raise funds • Seek professional advice • Prepare your friends and family • Go for it!

13. 6 steps for success • Plan for perfection • Choose a name carefully • Polish up your permits • Business premises • Tax and tribulations • Cover your back

14. Executive Summary Mission – purpose of the business Details of product(s) or service(s) Who are your customers Marketing Plan Costing & pricing Cash flow – what you expect to earn & spend & when Premises Employees, professional advisers & others who will be involved Admin, IT & accounting Writing a Business Plan

15. www.bl.uk/bipc • To use the Business and IP Centre resources you will need a Library Reader Pass. • Bring along 2 original forms of ID - 1 showing your signature (i.e. bank/credit card/driving licence or passport) and another showing your home address (i.e. Utility bill, bank statement or driving licence) • Go to Reader Registration Office (Upper Ground Floor), fill in a form and get your reader pass

16. How to register your self-employment status You can register in two ways: By phoning the Helpline for the Newly Self-Employed- 08459 15 45 15 By completing the forms from the SE1 leaflet available on the HMRC website www.hmrc.gov.uk

17. 7805A-PP 17 MAY 2006

18. What Records? Keep records of all business income and outgoings: • all sales invoices and receipts • bills and invoices of purchases • business assets • personal money introduced • bank statements and paying in slips • petty cash record

19. Portobello Business Centre: www.pbc.co.uk Start Ups website: www.startups.co.uk/ Business Link: www.businesslink.gov.uk British Library Business & IP Centre: www.bl.uk/bipc Complete Business Start-up for home or internet businesses: www.completebusinessstartup.co.uk Small Business: www.smallbusiness.co.uk Horsesmouth business mentoring: www.horsesmouth.co.uk Breakfast networking: www.4networking.biz/ www.business4breakfast.com/public/ www.businessjunction.co.uk/index.php/fuseaction/events.main www.business-networking-waterloo.co.uk/ Million Impossible: www.millionimpossible.com/ Federation of Small Businesses: www.fsb.org.uk/ Small Business Essentials: www.smallbusinessessentials.co.uk British Chambers of Commerce: www.britishchambers.org.uk/ Useful events: Business Start Up, Olympia, 28th November Idea to Business, Business Link London , 10th December Leaders in London, Central Hall Westminster, 3rd-4th December Useful websites

20. Queen Mary Careers Service WG3 Queens Building – 020 7882 5065 Opening times: Monday-Thursday 10.30am-5pm Friday 10.30am-4pm Drop-in sessions: Monday-Thursday 10.30am-12.30pm 2.00pm-4.30pm Part of www.careers.qmul.ac.uk