start up new apr 09

8/6/2019 Start Up New Apr 09

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BusinessLinkforC

ornwallandtheIslesofScilly,DevonandSomerset

Providing information, advice and support for those planning to start their own business

new business owners


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Starting a business can be a

very exciting time and finding

the most practical and impartial

sources of help is now veryeasy. A single phone call to

Business Link is all it takes to

start turning ideas into reality:

0845 600 9966

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At Business Link, we

have helped tens of

thousands of people

make a successful start in business.

We have the knowledge and experience to guide you through

what you need to know, whether its helping you choose the

most appropriate specialists, planning finances, giving you

advice on sales and marketing, suggesting useful trainingcourses, or providing information on taxation and legislation.

Our service is completely impartial and has no charge attached.

This brief information guide will introduce you to the package

of support that is available and will also help you to create your

own personalised business plan. This plan is ultimately the most

important working document you can produce. All you need to do

is complete the sections provided in this booklet.

There is a range of support available and this

should be taken advantage of along your journey.

To start, follow the timeline chart opposite, which

will guide you through to your first 12 months of

trading and includes local workshops, telephone

clinics, website diagnostic tools, information

factsheets and electronic updates.


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STARTING-UPWITH BUSINESS LINK

E-alert we will keep you

informed about local events and

business updates through our

electronic newsletters.

First contact register your

interest with Business Link and we

will provide you with informationcontaining all you need to know

about starting a business.

Complete your business plan

you can use the easy-to-complete

sections provided in this guide to

help you along.

6 months prior to starting up

attending an Awareness event

locally will provide an insight into

whether your business idea haspotential, how to get finance and

who your customers might be.

3 months prior to starting up

attend our 3-day Start-up

workshop programme covering

Sales & Marketing, Finance &

Accounts, Planning & Regulations.

The first 3 months of trading

congratulations! Dont forget toinform us that you have started

trading. Call on 0845 600 9966 or

email [email protected]

6 months download a range of

factsheets and information guides

from www.businesslinksw.co.uk.Perhaps you now need to consider

employing staff, finding new

customers and reviewing finances.

3-6 months of trading you can

still attend the Start-up workshop

programme or, if you have a specific

business issue youd like to discuss,

a telephone consultation with an

adviser might suit your needs.

11 12 months the end of your

first year! Contact Business Link

and we will introduce you to the

next stage of support.

8 months review your business

plan and keep up-to-date on

business issues with the electronic

newsletters. Register for local

events and networking with

potential suppliers and customers.


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Business Link was flexible in its support

as I was able to access all the information

I needed to run my online business.

I literally fell into setting up an online trading business

after selling a few items. I realised that I could turn it

into a business that could fit in with when my children

were at school.

During a networking event my business adviser invited

me to book a dedicated one-hour Phone Clinic. This was

an opportunity to discuss my business plan and agree an

action plan for my first year of trading. This started by

registering my business with HM Revenue and Customs,

which I did through the Business Link website.


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YOUR BUSINESS IDEA

Briefly outline below the nature of your new business along with any experience

you have, the opportunity you have spotted in the market, what your offer is going

to be, who you think will be interested and why you think theyll pay for it.

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NEED HELP? CALL 0845 600 9966


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GOALS AND OBJECTIVES

Its impossible to plan effectively if you dont have a clear picture of what you are

trying to achieve. Once your business starts and things get busy, itll be easy to

get distracted. A set of written goals will help you to prioritise and stay focussed.

Business Goals:

Personal Goals:

Notes:Try to make your goals SMART:

Specific Measurable Agreed upon Realistic Time-based

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Business Link gave me the confidence

to use some of my redundancy money

to invest in setting up my own business.

I was working in the retail sector when I was made redundant.

I tried to find another job, but with little success.

I contacted Business Link and was surprised to be speaking

directly to a business adviser. They really listened and gotme thinking about things I had not yet considered. The

adviser suggested I attend the half-day Business Awareness

workshop that was being held locally. I was also sent an

info-pack with factsheets on the type of business I could

set up.

The workshop was a great boost to my confidence and I was

given lots of information about the pros and cons of settingup my own business.


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CUSTOMERS AND SALES

Here you need to paint a clear picture of your ideal customer, what you are going

to say to them and how you will deliver that message in order to generate sales.

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Notes:When describing your ideal customer, relevant information might include:

age, gender, occupation, social class, lifestyle, location, likes and dislikes.

Then try and picture someone you know who personifies these characteristics.

Your message should be the single most motivating and differentiating thing you

can say to your ideal customer about your offering try and make it no longer than

one sentence! Communication methods could include a website, telesales calls,direct mail, email marketing, advertising in traditional media (press, radio and TV),

exhibitions, business networking and online search engine Adwords.


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PRICING PRODUCTS AND SERVICES

Its important to charge enough to make sufficient profit, yet not so much

that your offering becomes unattractive. Be realistic about costs, and research

what some competitors are charging. Use the following to help you calculate

the viability of your product or service:

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Product or Service: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cost to deliver product/service* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Selling price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Anticipated margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Potential profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notes:* There will be a range of factors that could affect your cost to deliver, such as

legislation or regulations, premises, employing people, delivery and book-keeping.

You can create a list relevant to you in the space above, or visit:

www.businesslink.gov.uk/southwest/startup to identify more potential areas.



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FINANCING YOUR BUSINESS

Work out how much money you need to get up and running. The figure will

depend on what youve listed in the previous sections. Youll need to consider:

Do you need external funding, and if so, how much?

What security can you offer lenders?

How do you plan to repay any borrowing?

What sources of revenue and income can you realistically count on?

What personal finances are you planning to put into your business?

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Notes:There are many different sources of investment and finance to consider.

At Business Link we are not only knowledgeable, but truly independent.

Before committing yourself to any particular funding it makes sense to

talk to us for some expert unbiased advice.

SOURCES OF FINANCE

To fund my business plan I will consider the following sources of finance:

Source Amount

Directors loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Family investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Personal savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Remortgage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Bank loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Investor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Business Angel investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



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MANAGING YOUR FINANCES

Your business needs careful financial management, not just to get started, but

to survive. The chart below will help you plan how much money will be needed.

It is important to be realistic dont be too optimistic in your income projections,

dont underestimate your outgoings, and remember that income will tend to lag

a few months behind outgoings. Cashflow is the biggest cause of new business

failure, so once this chart is completed, it can be divided over the months of your

first year to ensure theres no danger of running out of cash.

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FINANCIAL TEMPLATE

Cashflow Per AnnumProjected Income Sources

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Total Annual Income . . . . . . . . . . . . . . . . . . . . . . . . . .

Projected Outgoings

Premises . . . . . . . . . . . . . . . . . . . . . . . . . .

Power . . . . . . . . . . . . . . . . . . . . . . . . . .

Telephone . . . . . . . . . . . . . . . . . . . . . . . . . .

Insurance . . . . . . . . . . . . . . . . . . . . . . . . . .

Postage . . . . . . . . . . . . . . . . . . . . . . . . . .

Bank charges . . . . . . . . . . . . . . . . . . . . . . . . . .

Stationery . . . . . . . . . . . . . . . . . . . . . . . . . .

Salary . . . . . . . . . . . . . . . . . . . . . . . . . .Products/Goods . . . . . . . . . . . . . . . . . . . . . . . . . .

Motor fees . . . . . . . . . . . . . . . . . . . . . . . . . .

Accountancy fees . . . . . . . . . . . . . . . . . . . . . . . . . .

Loan repayments . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital expenditure . . . . . . . . . . . . . . . . . . . . . . . . . .

VAT payments . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Annual Outgoings . . . . . . . . . . . . . . . . . . . . . . . . . .

Net cashflow . . . . . . . . . . . . . . . . . . . . . . . . . .Profit before tax . . . . . . . . . . . . . . . . . . . . . . . . . .


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I love being my own boss, but didnt realise

how hard it is to run my own business.

There is so much to do and such little time.

Whilst serving my apprenticeship I knew that I wanted

to work for myself. Now, after six months of trading

I realise that there is more to owning a business than

just turning up and doing a job. It also involves managing

the finances, finding customers and lots of paperwork.

I went onto the Business Link website and was able

to email a request that they phone me. The next day,

someone called and I found out that they had workshops

tailored for my needs.

Now, after attending these workshops, I have a clear plan

that my business adviser can help me with. Ive a long

way to go, but Business Link is always there to help me.


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LOCATING YOUR BUS INESS

Do you want to work from home, or rent or buy premises? You need to keep costs

down but must be able to operate effectively. You might like to list:

Projected premises costs

Projected costs working from home

Business equipment costs (furniture, IT hardware/software, machinery/tools,

vehicle, heating/lighting/power)

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NEXT STEPS

If you have any further thoughts on making the next few steps to turning your

business ideas into reality, then list them below for action later.

Item Due Date Responsibility Status

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THE START-UP PROGR AMME

Starting out in business is a major step for

anyone to take, but there is no need to face

your journey alone. Whatever business you

are thinking of starting, we have a practical

programme of FREE events and workshops

to guide you from the early planning stages

through to success.

Awareness Is it for me?event

This half-day workshop is for those who areconsidering starting their own business and will cover:

- Is self-employment right for you?

- Does your idea have business potential?

- Understanding legal rules and regulations

- Managing and securing finance

- Business planning

Workshops

Establishing the right skills to help your business through the early stages

is important. Our series of three workshops will help you to get the essentials

right and you can attend any or all of them. They are:

- Sales and marketing

- Business planning and regulations

- Finance and accounts

Telephone clinics

Business Link understands that it is difficult for owners to take a day out of

the business in its early stages. Therefore, appointments can be made for a

45-minute telephone consultation and business review with one of our advisers.

You can discuss specific areas of your business that you would like to develop

and strengthen, or have a general performance health check, resulting in the

development of an action plan for your business.


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GETTING MORE HELP

Its crucial to get sound information and advice business can be a bit of a

minefield, so it makes sense to follow people who know the way! Very few

entrepreneurs, even those with years of experience, succeed alone. They

have a team of professional advisers and trusted colleagues guiding them.

At Business Link, weve helped tens of thousands of people make a successful

start in business youll find our knowledge and experience utterly invaluable.

Whether its helping you choose the most appropriate specialists, planningfinances, giving you advice on sales and marketing, suggesting useful training

courses, or providing information on taxation and legislation, we can save you

time, money and hassle.

Whats more, our services are entirely impartial, and most of them are free.

If you want to know more about any of the topics covered in this booklet go to

www.businesslink.gov.uk/southwest/startup - where every aspect of starting

in business is covered.

We can also answer questions relating to this booklet over the phone. If you

would like to talk through any of the subjects covered, dont hesitate to contact

us at any stage were here to help.

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For immediate help or information

Call our enquiry service on . . . . . . . . . . . . . . . . . . . . . . .0845 600 9966

Minicom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .01752 762300

Visit our website at . . . . . . . . .www.businesslink.gov.uk/southwest

E-mail us at . . . . . . . . . . . . . . . . . . . . . . . . [email protected]

We have offices in Cornwall, Devon and Somerset

In the South West peninsula the Business Link service is delivered by Peninsula Enterprise

SUA

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start up new apr 09

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