1 / 12

Sources of advice available for pre-business start up.

Sources of advice available for pre-business start up. Advice and guidance needed :. choice of legal structure; advantages and disadvantages of each structure, eg flexibility, protection, required investment; advice in support of business plan;

paige
Download Presentation

Sources of advice available for pre-business start up.

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Sources of advice available for pre-business start up.

  2. Advice and guidance needed: • choice of legal structure; advantages and disadvantages of each structure, eg flexibility, protection, required investment; • advice in support of business plan; • adapting profitability calculations to create a margin; • advice on local, regional, national, EU, global and industry-wide issues and trends, eg social, political, technological, environmental and legal factors affecting venture; • seasonal factors and trends, eg UK tourism; • advice and guidance on financial planning, eg checking costing and pricing, cash flow monitoring and planning, setting up robust record-keeping systems, ensuring appropriate financial reserves and contingency plans, availability of both emergency and long-term finance for growth; • advice on online operations and project management

  3. Possible sources of advice for start up businesses

  4. Sources of Advice • Small Business Service (SBS); • Confederation of British Industry (CBI); • Institute of Directors (IOD); • Department of Trade and Industry (DTI); • Clearing banks; • Business Link Partnerships; • Revenue and Customs; • Companies House; • Regional Development Agencies (RDAs); • Sector Skills Councils (SSCs), eg Financial Services Skills Council (FSSC), e-skills UK; • Sector Skills Bodies (SSBs), eg Management Standards Centre (MSC), Small Firms Enterprise Development Initiative (SFEDI); • Trade associations; • Local authority business support units; • Non governmental sources of support, eg Prince’s Trust, and Shell Livewire; • Market research reports from specialist agencies, eg Datastream, Federation of Small Businesses; • Chambers of Commerce; • Accountants; • Solicitors; • Independent financial advisers; • Business press, eg Financial Times; • Published materials from government agencies, eg The Stationery Office (TSO), Eurostat • Dedicated publishing houses, eg Kogan Page

  5. Sources of Advice • Business Link • Small Business Service (SBS) • Department for Business Innovation and Skills • Companies House • Trade Associations – Travel agencies • HM Revenue and customs • Chambers of Commerce • Banks - Barclays

  6. Legal Structures • The main ones for a start up would be • Sole Trader • Partnership (Limited Partnerships) • Franchise • Private Limited Company • Public Limited Company

  7. Other Factors to Consider • Competition • Employment / Skills - availability • Consumer Spending • Market trends • Legal and political factors • Social issues • PESTLE

  8. Business Plans • Role: • Link • Contents • Link • Importance of: • Secure funding

  9. Task 1 • You need to produce a multi page advice booklet for your start up business. • Make sure it has • an appropriate front cover. • An introduction covering the purpose of the booklet. • Have separate sections with headings of: • What is the role of the Business Link Partnership? • Where can I get other sources of advice? • Which legal structure shall I choose for my business? • What other factors do I need to take into account? • Why I need a business plan? • A bibliography at the back. Make your booklet look professional. Use subheadings and images appropriately.

  10. Task 1 – More specifically • Have separate sections with headings of: • What is the role of the Business Link Partnership? • Use the internet to find out who Business Link are and what they do. Write up about it and what / how it could offer your start up business advice. • Where can I get other sources of advice? • Using the list in Appendix 1 in your assignment booklet pick at least 6 different sources of advice which are appropriate to your business and write about what they are and what advice they could offer your business.

  11. Task 1 – More specifically • Which legal structure shall I choose for my business? • Have a section covering each of the types of ownership (sole trader, partnership, franchise, PLC, LTD, Cooperative) and within each section write about the advantages and disadvantages of each. • What other factors do I need to take into account? • You need to consider external factors such as • Political • Economic • Social • Technological • Legislative • Environmental • Also competition through carrying out a SWOT analysis.

  12. Task 1 – More specifically • Why I need a business plan? • You will need to explain what a business plan is and how it is vital to a businesses start up success. Also include how it will be useful when approaching third parties for help / advice / cash etc. (ie banks for loans)

More Related