START YOUR OWN BUSINESS Maria Stammers info@westminster-enterprise.org.uk www.westminster-enterprise.org.uk T: 020 7266 0636

Ready or not? A good place to start Business Canvas Key partners Key activities Key resources Key proposition Channels Cost Structure Customer segments Revenue streams

Market Qualifiers Location Environment Product

Market Qualifiers Location Environment Product

Order winners Availability Price Customer service Quality

Business structure Sole Trader You and the business are one legal entity Easy to start & wind up Liable for all your debts Partnership Same as sole trader but two or more involved Joint and several liability applies Limited Company Separate legal entity More complicated to start and wind up Usually need professional adviser Limited Liability Partnership

What’s in a name or product Check the Patent Office for information on www.ipo.gov.uk Trademarks Registered Designs Patents Copyright is automatic (©)

When do I have to register my business? Must legally register within 3 months of starting Tax year is from 4th April to 5th April April 2016 to April 2017 Personal allowance £10,800

Do you need to open a Business Bank Account ? Not compulsory by law Required by the Bank as it is a paid for service Benefits Professional appearance - Cheques and Account in the name of your business/company Your Personal Finances don’t become mixed with your Business Finances Barclays Bank offer a business account for under 18 year old A Debit Card A Cheque Book Online Banking and Telephone Banking Business Insurance A Shopping Cart for your Website An Overdraft Facility

When do you need to register for VAT? Compulsory registration A business must register for VAT if its taxable turnover for any consecutive 12-month period exceeds the VAT registration threshold. The current VAT registration threshold is £81,000 but this tends to increase every year. Voluntary registration Consider your customers – are they already VAT registered ? Consider your service/product – are you better off being VAT rated?

Business - Planning & Skills What about the Law? Ignorance of the law is no defence Do you need licences or permissions? Contracts of sale Distance selling regulations Health and safety Criminal records checks Food hygiene standards Employment law

Finance How much do you need ? Business - Planning & Skills Finance How much do you need ? Personal savings Friends and family Government Small Business Loan https://www.gov.uk/start-up-loans SEED Enterprise Investment scheme http://www.seis.co.uk/ New Enterprise Allowance Scheme https://www.gov.uk/government/collections/new- enterprise-allowance-campaign Small Firms loan Guarantee Scheme https://www.companypartners.com/content/resource/sflg Banks Business angels- https://www.angelsden.com/ Venture capital- www.bvca.co.uk British Private Equity and Private capital

Crowd Funding Kick Start Crowd cube Indiegogo Rent a crowd

Business - Planning & Skills Where to get more help Business advisor Enterprise Agency Chamber of Commerce Local Council – licenses Professionals – accountants, solicitors, bank Govt Agencies e.g. HM Revenue and Customs Funding organisations Trade associations Family and friends

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