Gratefully supported by: © Sheffield City Council 2010 Make Your Mark 2 w/c 15 th November 2010

Gratefully supported by: © Sheffield City Council 2010 Welcome to Global Entrepreneurship Week Last 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

Gratefully supported by: © Sheffield City Council 2010 Why am I here? One winning team from today could get to the South Yorkshire Finals If successful, First place teams will receive a trophy and each team member will get £50 Shopping Voucher Second place teams in both categories will receive a trophy and £15 Shopping Voucher.

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

Gratefully supported by: © Sheffield City Council 2010 Background This year MYM2 would like the entrepreneurs of the future (that’s YOU!) to think about the best way to use one of these spaces.

Gratefully supported by: © Sheffield City Council 2010 The Challenge Sheffield currently has a number of empty shops. As a young person visiting the City Centre, what would you like one of those shops to be? A club? A shopping space? An internet cafe? You can design whatever you want it to be as long as it will make money as a business.

Gratefully supported by: © Sheffield City Council 2010 The Process Select an empty retail space in the Town/City Centre – There are different sizes and costs to choose from 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

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 that you think is missing from the Town/City Centre that could make YOU money?

Gratefully supported by: © Sheffield City Council 2010 What businesses are in your town/city centre?

Gratefully supported by: © Sheffield City Council 2010 Which offer products? Which offer services?

Gratefully supported by: © Sheffield City Council 2010 Different types of customers

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

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.

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

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

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

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”

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.

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)

Gratefully supported by: © Sheffield City Council 2010 Financial spreadsheet PROFIT AND LOST ACCOUNT (in £000s) IncomeQtr 1Qtr 2Qtr 3Qtr 4 Sales of Product Sales of Product Sales of Product Room Hire 50 Launch Event180 Total income (Qtr) Less Cost of sales Cost of event45 Gross profit Expenses Advertising Rent, electric, phone etc10 Salaries2520 Total Profit Total profit for Year 533

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 Sales Total Income Cash Out Start up costs5000 Cost of sales Other expenses Salaries2520 Total Out Balance Balance at Year End -3462

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 South Yorkshire 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!

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!

Gratefully supported by: © Sheffield City Council 2010 What next? Entering the South Yorkshire Finals The winning team will need to their business plan by 3pm on Friday 19 th 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 Monday 29 th November.

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