1. Make Your Mark 2 w/c 14 th November 2011

2. Gratefully supported by: © Sheffield City Council 2010 Welcome to Global Entrepreneurship Week Each year, over 32,000 events run in 88 countries, attended by more than 7.5 million people. “Entrepreneurs are not born, they are made. Entrepreneurship is a skill that can be taught just like any other” Peter Jones

3. Gratefully supported by: © Sheffield City Council 2010 Why am I here? One winning team from today could get to the Sheffield Finals If successful, First place team will receive a trophy and £120 Shopping Voucher Second place team will receive a £60 Shopping Voucher

4. Gratefully supported by: © Sheffield City Council 2010 Background In Sheffield, many shop spaces have become empty as businesses struggle to survive in difficult economic times.

5. Gratefully supported by: © Sheffield City Council 2010 Background Even some sporting facilities have closed down or are finding it hard to attract customers

6. Gratefully supported by: © Sheffield City Council 2010 Introduction to the Challenge As it’s the Olympics in 2012 why not plan to make money out of sport? This year MYM2 would like the entrepreneurs of the future (that’s YOU!) to think about the best way to develop one of these empty sites into a sports themed business

7. Gratefully supported by: © Sheffield City Council 2010 The Challenge Sheffield currently has a number of empty shops as well as disused leisure facilities. Could you develop one of these into a successful sports retail outlet? OR focus your business on one of the towns derelict sports sites? (eg Woodburn Road Athletics Stadium)

8. Gratefully supported by: © Sheffield City Council 2010 The Challenge Here are just a few ideas to get you started City Centre -‘Buy it and try it’ sports shop -Roof top golf driving range -Virtual sports centre Tip: Don’t just think about selling sports clothes- Be Creative! Think outside the box! Leisure Site -Sports cinema and café -Sports hotel for families -Extreme sports centre

9. Gratefully supported by: © Sheffield City Council 2010 The Process Select your space (City Centre or disused leisure site) Consider the space you need and running costs Brainstorm different ideas to select the best use of space Design the space Work out the finance – cost and profit Decide who your customers will be and how you will reach them Prepare a report and presentation

10. Gratefully supported by: © Sheffield City Council 2010 Task 1 Choosing your business – Develop your business ideas. Will you offer products or services? What competition is there at the moment? Who will your customers be? – Do you want to provide something for young people, for families or adults? – Is there something sports related that you think is missing that could make YOU money?

11. Gratefully supported by: © Sheffield City Council 2010 What sports businesses are in your city centre? Can you be more creative?

12. Gratefully supported by: © Sheffield City Council 2010 Which of these businesses offer products? Which offer services? What will your sports business provide?

13. Gratefully supported by: © Sheffield City Council 2010 Different types of customers. Who will you target your business on?

14. Gratefully supported by: © Sheffield City Council 2010 So, what gaps are there? What’s YOUR idea?

15. Gratefully supported by: © Sheffield City Council 2010 Task 2 Setting up your business – Select the best space for your idea. The bigger the space, the higher the cost to set up, but perhaps you can make more money when the business is running? – How will you design the internal space, do you need special equipment? What budget should you set for the furniture and decorating costs? Create a plan to show what the space will look like and an image of the front of the shop.

16. Gratefully supported by: © Sheffield City Council 2010 The Space Use Google SketchUp?

17. Gratefully supported by: © Sheffield City Council 2010 Task 2 Setting up your business - Detail the product range/services that will be offered from the outlet.

18. Gratefully supported by: © Sheffield City Council 2010 Task 3 Marketing your business – What is your company name? – Do you need a logo and a strap line? – Identify who your customers will be. – How will you advertise your business? Make an advert for either TV, radio or newspaper Design a poster or leaflet

19. Gratefully supported by: © Sheffield City Council 2010 Which business? “Have it your way.” “I’m lovin’ it!” “Good with food” “The World’s local bank”

20. Gratefully supported by: © Sheffield City Council 2010 Task 4 Your Finances – How will the business make money? – How much will it cost to rent the space? How much will it cost to set up? How much will your marketing cost? What will your running costs be? (staff etc) – How much profit will you make by selling your products or hiring out your services? Are there extra ways that you can make money? e.g. by renting the whole space for events.

21. Gratefully supported by: © Sheffield City Council 2010 Profit and Loss Produce a Profit and Loss Account 1- What the income is going to be (what people will pay you per month for your products) 2- What the cost of sales is going to be (what you have to pay out to sell the products e.g. cost of production) 3- What the overheads are (e.g. staff costs, advertising, rents) Work out 1-2+3= Profit (money you make) or Loss (how much you will owe)

22. Gratefully supported by: © Sheffield City Council 2010 Financial spreadsheet CASH FLOW FORECAST (in £000's) Qtr 1Qtr 2Qtr 3Qtr 4 Cash In Start up money1000 Sales305180243175 Total Income1305180243175 Cash Out Start up costs5000 Cost of sales75404540 Other expenses2520 15 Salaries2520 Total Out5125808575 Balance-3820100158100 Balance at Year End -3462

23. Gratefully supported by: © Sheffield City Council 2010 Financial spreadsheet PROFIT AND LOST ACCOUNT (in £000s) IncomeQtr 1Qtr 2Qtr 3Qtr 4 Sales of Product 120304060 Sales of Product 250315 Sales of Product 3100150 100 Room Hire 50 Launch Event180 Total income (Qtr)305180243175 Less Cost of sales35404540 Cost of event45 Gross profit225140198135 Expenses Advertising1510 5 Rent, electric, phone etc10 Salaries2520 Total Profit175100158100 Total profit for Year 533

24. Gratefully supported by: © Sheffield City Council 2010 Task 5 Presenting your Business – As a group you will need to present your idea to the other teams. – A winner will be chosen, who may get to represent the school at the Sheffield finals on 29 th November. – Remember to include: a description of your idea, who your customers are, how you will tell your customers about you business, how much it will cost you to set up and how much money you will make!

25. Gratefully supported by: © Sheffield City Council 2010 Presentation tips Use visual aids Eye contact Speak up Divide between the team Practice, practice, practice And Smile!

26. Gratefully supported by: © Sheffield City Council 2010 What next? Entering the Sheffield Finals The winning team will need to email their business plan by 3pm on Tuesday 22nd November This report will be judged by an independent panel and the best businesses will be invited to present their business at Barclays Bank in Sheffield on Tuesday 29 th November.

27. Gratefully supported by: © Sheffield City Council 2010 Well Done All teams have come up with some very creative ideas Some of these could be developed into real businesses Remember- “Entrepreneurs are not born, they are made. Entrepreneurship is a skill that can be taught just like any other” Peter Jones