How To Become Your Own Boss

Brought to you by: Funded by: For every Business Inspiring, advising and supporting enterprise across Wiltshire and North East Somerset.

Introductions Where are you now ? What is your business idea ? The essentials of setting up your business Next steps Questions Agenda

Your name Where you live Your business/business idea What you want to get out of today Where you heard about us Introductions

Lack of security Unlimited losses It’s all down to YOU Isolation No sick pay 24/7, always on Independence Unlimited income You make the decisions Flexibility Choosing who you work with Doing something you love Self-Employment Advantages Disadvantages

Customers: - who are they ? - who do they buy from now ? - what is their budget ? Competitors: - who are they ? - what do they sell ? - what are they good at ? - how much do they charge ? Market: - size - value - positioning External factors: - political - economical - sociological - technological Is my business idea viable ?

Market Intelligence

Why is this important ?..... ….because it will affect: which authorities you have to notify that your business exists the tax and National Insurance that you pay the records and accounts that you have to keep your financial liability if the business runs into trouble the ways your business can raise money the way management decisions are made about the business Legal Status

Sole trader Partnerships Private Limited Company Public Limited Company Social Enterprise/Charity A Franchise Legal Status - Options

Full-time, part-time OR spare time ? Work from home or buy/rent premises ? What gaps are there in my knowledge ? Can I cover my living expenses from day 1 ? How can I protect my business from being copied ? What records must I keep ? Other things to consider…(part 1)

A business plan “A business plan is a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts. It has many functions, from securing external funding to measuring success within a business”.

Executive Summary Your business – its products & services Your market and your competition Sales & marketing Your skills (& those of your team) Operations Financial forecasts A business plan

Other things to consider…(part 2) How do I register for self employment ? What insurances do I need ? What legislation do I need to comply with ? Do I need a licence ? Do I need a business bank account ? Who else can help me ?

Next steps Has anyone been put off becoming their own boss ? Complete your market research Write a business plan Raise finance as necessary Book a free one to one with a Business Manager Stay in contact with your friendly, local Business Manager GET STARTED !!!

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