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Starting up a business Is it right for me ????. Gill Hamer , BL West Midlands . Deciding to start your own business . People decide to work for themselves for a variety of reasons: • to be their own boss • to achieve a better work-life balance • to earn money

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starting up a business is it right for me

Starting up a businessIs it right for me ????

Gill Hamer , BL West Midlands

slide2

Deciding to start your own business

People decide to work for themselves for a variety of reasons:

• to be their own boss

• to achieve a better work-life balance

• to earn money

•to take control of their careers

• to turn their hobby into a money-spinner

And more ......

key questions to ask yourself
Key questions to ask yourself
  • Does your business idea have a good chance of succeeding ?
  • Have you got what it take to be your own boss?
  • Will running a business suit what you want from your life?
what you need to find out before you start
What you need to find out before you start
  • Researching the market – do you know your market , who are your competitors, who are your customers and where are they, what price will you charge ?
  • How can you make your business idea stand out from the crowd – what is your USP?
  • How much should you charge for your service – what is your mark-up? What is its value to the customer ?
business planning
Business Planning
  • Business Plan – to focus ideas, to make case for funds
  • Type of business – sole trader, Ltd Co etc .
  • Business Name
  • Where to work from
  • Employing people
  • What equipment will you need
  • How to access your customers
  • Finding the right suppliers
  • Marketing and promotion
financial planning legal responsibilities
Financial Planning & Legal responsibilities

How much will it cost to set up your business?

  • Running costs
  • Cash-flow forecast
  • Raising Finance
  • Keeping financial records – will you do this yourself or employ an accountant

Compliance with the law

  • Tax
  • Health and safety/insurances
  • Planning permission
  • Licences
business start up service offer
Business Start-up service offer
  • Awareness raising – telephone advice & introduction to SE workshop
  • Half day workshops on key business skills
  • One to one mentoring
  • Available across the region and its free!!
  • Further research on www.businesslinkwm.co.uk
other business link services
Other Business Link Services
  • Telephone based advice
  • How To events – www.howtowithbl.co.uk
  • Procurement Training events
  • Coaching For High Growth
  • Monthly E newsletter
  • Online - businesslink.gov.uk
  • Contact us

Tel : 0845 113 1234

Email: info@businesslinkwm.co.uk

contact details
Contact details:

My details

Business Link

0845 113 1234

businesslinkwm.co.uk

Gill Hamer

Head of Operations

Tel : 0121 569 0629

E-mail: gillhamer@

businesslinkwm.co.uk