1. START YOUR OWN BUSINESS
Maria Stammers T:

2. Ready or not? A good place to start Business Canvas
Key partners
Key activities
Key resources
Key proposition
Channels
Cost Structure
Customer segments
Revenue streams

3. Market Qualifiers
Location
Environment
Product

4. Market Qualifiers
Location
Environment
Product

5. Order winners
Availability
Price
Customer service
Quality

6. Business structure Sole Trader
You and the business are one legal entity
Easy to start & wind up
Liable for all your debts
Partnership
Same as sole trader but two or more involved
Joint and several liability applies
Limited Company
Separate legal entity
More complicated to start and wind up
Usually need professional adviser
Limited Liability Partnership

7. What’s in a name or product
Check the Patent Office for information on
Trademarks
Registered Designs
Patents
Copyright is automatic (©)

8. When do I have to register my business?
Must legally register within 3 months of starting
Tax year is from 4th April to 5th April
April 2016 to April 2017 Personal allowance £10,800

9. Do you need to open a Business Bank Account ?
Not compulsory by law
Required by the Bank as it is a paid for service
Benefits
Professional appearance - Cheques and Account in the name of your business/company
Your Personal Finances don’t become mixed with your Business Finances
Barclays Bank offer a business account for under 18 year old
A Debit Card
A Cheque Book
Online Banking and Telephone Banking
Business Insurance
A Shopping Cart for your Website
An Overdraft Facility

10. When do you need to register for VAT?
Compulsory registration
A business must register for VAT if its taxable turnover for any consecutive 12-month period exceeds the VAT registration threshold. The current VAT registration threshold is £81,000 but this tends to increase every year.
Voluntary registration
Consider your customers – are they already VAT registered ?
Consider your service/product – are you better off being VAT rated?

11. Business - Planning & Skills
What about the Law?
Ignorance of the law is no defence
Do you need licences or permissions?
Contracts of sale
Distance selling regulations
Health and safety
Criminal records checks
Food hygiene standards
Employment law

12. Finance How much do you need ?
Business - Planning & Skills
Finance How much do you need ?
Personal savings
Friends and family
Government Small Business Loan
SEED Enterprise Investment scheme
New Enterprise Allowance Scheme enterprise-allowance-campaign
Small Firms loan Guarantee Scheme
Banks
Business angels-
Venture capital- British Private Equity and Private capital

13. Crowd Funding
Kick Start
Crowd cube
Indiegogo
Rent a crowd

14. Business - Planning & Skills
Where to get more help
Business advisor
Enterprise Agency
Chamber of Commerce
Local Council – licenses
Professionals – accountants, solicitors, bank
Govt Agencies e.g. HM Revenue and Customs
Funding organisations
Trade associations
Family and friends