Business Startup
Transcript: The proposal Identifying your target market Types of businesses; Sole Trader Partnership Limited Company Limited Liability Partnership Organisation Other legal aspects to consider Confidence- Well spoken- Willing to speak to new people- Present yourself professionally and prepare- Self-confidence – In small groups, come up with a simple business plan to present to the group in 20 minutes You can use the template provided Our Business Task Business Start up Selling General running Financial aspects that will affect the start-up of a business You will need to create your own terms and conditions: Think of everything that could possibly go wrong, and then think of what you would do in each case; Put yourself in the shoes of your customer, make your terms and conditions user friendly; Terms of trade should be regularly updated. Personal development In 5 minutes, find as many businesses that offer the same service as you in the local area. Based on your findings, try and come up with a unique selling point to offer organisations There is lots of information on how to register as a business on www.gov.uk Skills needed to run a business An example of a start up business is Charming, it is a DIY bracelet service that offers good quality good value custom made charm bracelets. Segments of the market are different groups a business can target Customers are targeted by... Gender Age Geography (rural or urban) Income Residential or commercial Legal liabilities You need to think about the type of insurance you’ll need when starting up your own business. Here are a few insurance types to think about: Professional indemnity insurance; Public liability insurance; Employers’ liability insurance; Bespoke insurance covers. Our proposal is to sell these charm bracelets at break and lunch in the college cafeteria, and also at any events that the college may hold, such as the Christmas fete or open evenings. We would like to sell these bracelets for around £5 each, this would include the charms and the chain for the bracelet. To cover the finances of buying the parts and marketing them, we would each have to put in around £7, this would cover the cost of making 72 bracelets. A group of people who a business targets to sell products to Way for a business to save money Focus marketing resources on one part of the market Subgroup (segment) of the market it targeted A businesses target is who they are likely to sell products to There are several different targeting strategies Undifferentiated – markets are ignored. Differentiated – markets are advertised to in different ways. Focused – a single segment is marketed to. Fill out the questionaire to establish your target market While starting up and running your business you will notice many new things about yourself, this may be that you don't like working in teams with certain people, but you also need to learn from this and maybe become more tolerant of those peoples opinions and ideas. You may also develop a specific taste for one or two parts of the business such as marketing and finance, it is important to develop all of the skills required so that you can become a better business man/ woman. By: William Armstead, Bethany Craven, Sammy Turner, Jamie Wilson, Lewis Marshall, Heather Barlow Identifying target market Trading standards Licences Record keeping Resolving problems National/local laws Regulations and bylaws Health and safety Fire regulations Planning permission, contracts, duties and responsibilities Regulatory bodies Patience- Public speaking – Good problem solving – Self sufficient with accounts and book keeping – Good vision for business- Be commercially aware- Time management- Prioritize workload- Well organised – The legal aspects that will affect the start-up of a business Personal survival budget; Cost of premises; Equipment and supplies; Running costs; Employing staff; Pricing policy; Cash flow forecasting; Profit and loss budgets and accounts; Sources of finance; Record keeping.
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