1. So you want to start a business…….
Teaching and learning material B2.1, B2.2 and B3.1
Introductions and domestic arrangements.
Package prepared for each delegate that includes handouts and workbook

2. So you want to run a business…
Aims: To give an overview of personal and legal requirements
Objectives: To identify the pros and cons of self employment To consider what experience and strengths will be needed

3. So you want to be your own boss
Who start their own business?
Anyone who has....
A Positive Attitude
Skills &/or Experience
Organisational skills
Up to date knowledge of business area
Ability to cope under pressure
Ability to deal with change.

4. So you want to be your own boss
Discussion
True or false?
You need a lot of money to start a business.
Reasons on a flipchart

5. Important Note Having premises can be prohibitive Have you considered:
Sub-contracting?
Mobile?
Events – weddings, parties?

6. Is it right for YOU?…. Have you considered the ‘pros’ and ‘cons”
You will need a Business Plan
Look at Statutory Regulations
What funding will you need?
Is there training / advice.

7. Pros and Cons of self employment
Irregular salary
No sick or holiday pay
Hours to suit YOU
Terms and conditions laid out by YOU
Full control of income and expenditure
ALL profit kept my YOU
YOU are responsible for Tax and NI
Regular salary
Minimum statutory sick and holiday pay
Hours to suit your employer
Terms and conditions laid out by your employer
Control of income and expenditure by employer
Profit share controlled by employer
Employer handles Tax and NI

8. Support available There is support out there:
Princes' Trust – if you are 30 or under
NEA – helping you if you start from unemployed
Business Wales – on going support to help business growth and development

9. 1. Is running a business right for you?
I am considering business start up because.....
My personal qualities include.....
My current skills include......
Questionnaire / self quiz that highlights positive / negative reasons for wanting to start a business
Focus on centre idea of business – peripheral issues listed separately
Family / friends. Financial if necessary. Other advisory services, e.g. Business Eye, Business in Focus
Complete a SWOT based on own business idea

10. 2. The Business Plan You – SWOT, support, time available, problems
Marketing and Advertising
Financing – start up, income, outgoing
Contingency Plans .
Working through the sections of the business plan – not completing it now but becoming aware of the requirements, why a business plan is needed, what info must be included

11. 3. Statutory Requirements
Inland Revenue – tax, national insurance
VAT
Public Liability / Professional Indemnity Insurance / product liability
Health & Safety
Limited / Sole trader / Partnership.
Introduction to the ‘officialdom’. How these departments and people will affect our business and why we must work with them
Must register as self employed within 3 months
Must register for VAT if turnover is expected to exceed £73,000 per annum
Public liability – usually about £100, covers for accidents caused by working practice
Professional indemnity –
H&S must meet legal requirements – ignorance no defence, research own industry. Must provide policy if 5 or more employees.

12. How to access necessary funding? How to source funding?
What businesses will attract funding?.
How the business can be funded, Are there any grants available/loans.
What will be needed to convince funders that your business is worth their risk

13. 5. Advice and Training
Training courses available and how to take advantage of them
On-going help and advice
Networking groups.
Training courses that are available – free and costed. Eg Inland Revenue, Business in Focus,
Newport and Gwent Enterprise.
Business support agencies

14. Summary Is self employment right for you? The Business Plan
Statutory Regulations
Funding
Available training / advice.

15. You need to consider:
Explore The Business Idea
Start Your Market Research
Build Credibility & Promote Word of Mouth Recommendations
Why would people buy from you and not the established competition?
The more you know about who your competitors are, the easier it will be for you to find what is unique about your business..
Someone else’s- a bought, borrowed or adapted idea.
The personal- an idea based on what you know/what you have learnt to do.
The inventive- a genuinely new concept.
Finding out about your competitors and potential customers.
Assessing if your product/service is in demand.

16. How will you market your business
Leaflets
Yellow
pages
Exhibition
Establishing the unique selling point of your product/service.
Deciding on the best marketing approach for your business and which marketing tools you will use.
Finding the most cost effective methods of marketing.
How to measure the success of your marketing.
Twitter
Web site
Local
advert
Aims and objectives- flipcart
Social
networks
Word
of mouth

17. Business Planning
Have you got the finances to start up? If not, where can you access support?
Do you have a credible business idea that can support you financially?
Do you know your personal survival budget?.
Aims and objectives- flipcart

18. Business Planning
The Business Plan Document Essential that a business plan is put together. This will help identify that your business is viable.
Aims and objectives- flipcart

19. Administrative committments

20. Running your own business
You must register with
HMRC (Her Majesty’s Revenue & Customs)
Registering as self employed
Organising your tax and National Insurance contributions.

21. Managing expectations
So what must you commit?
Research the information to produce a viable business plan that potentially provides a sustainable business and income.
Be honest and open to new ideas. ,
Aims and objectives- flipcart