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SESSION 5: Competitors and Organisational and legal structure

SESSION 5: Competitors and Organisational and legal structure. TOPICS COVERED Participants will produce a formal business plan that will include a component of each of the following: Week 1: Introduction Week 2: Entrepreneurship Week 3: Idea development Week 4: Marketing

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SESSION 5: Competitors and Organisational and legal structure

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  1. SESSION 5: Competitors and Organisational and legal structure

  2. TOPICS COVERED Participants will produce a formal business plan that will include a component of each of the following: Week 1: Introduction Week 2: Entrepreneurship Week 3: Idea development Week 4: Marketing Week 5: Competitors and Organisational and legal structure Week 6: Technical developments and Risk assessment Week 7: Finance Week 8: Integrating and control Week 9: Guest speakers Week 10: Summary

  3. CONTACT DETAILS SURGERY HOURS On Request

  4. Mind stretcher • What recent competitive strategies have you seen in the market place? E.g. Tesco vs Sainsbury

  5. Team • You need a team! • What to check for: proven and relevant experience; diversity of personal qualities; balanced in terms of skills and experience; mutual trust • There will be conflict! • Invest in people, not ideas!

  6. Importance of legal structure • The tax and National Insurance that you pay • The records and accounts that you have to keep • Your financial liability if the business runs into trouble • The ways your business can raise money • The way management decisions are made about the business

  7. Sole trader • Advantages: independence, ease of set up and running, and all the profits go to you. • Disadvantages: lack of support, unlimited liability, personally responsible for any debts run up by your business.

  8. Partnership • Advantages: ease of set up and running, range of skills and experience that the partners can bring to the business. • Negatives: disagreements between partners, personally responsible for any debts that the business runs up.

  9. Limited liability partnership (LLP) • Advantages: retain the flexibility of a partnership, personal liability is limited, no restriction on the number of members, but at least two must be "designated members” • Disadvantages: formation is more complex and costly

  10. Limited liability company • Advantages: personal financial risk will be restricted to how much you invest in the business and any guarantees you have given in order to obtain financing • Disadvantages: a range of extra legal duties, including the maintenance of the company's public records

  11. Franchise • Advantages: takes advantage of the success of an established business and support networks. • Disadvantages: freedom to manage the business is limited, pay a share of their turnover to the franchiser

  12. Competitors • Identify competitors by name and sector • Identify their positives and negatives • What is their single most important uniqueness • How can you compete against them?

  13. Exercise

  14. Questions?

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