Send the link below via email or IMCopy
Present to your audienceStart remote presentation
- Invited audience members will follow you as you navigate and present
- People invited to a presentation do not need a Prezi account
- This link expires 10 minutes after you close the presentation
- A maximum of 30 users can follow your presentation
- Learn more about this feature in our knowledge base article
Do you really want to delete this prezi?
Neither you, nor the coeditors you shared it with will be able to recover it again.
Make your likes visible on Facebook?
Connect your Facebook account to Prezi and let your likes appear on your timeline.
You can change this under Settings & Account at any time.
Starting a Small Business - Lesson 1
Transcript of Starting a Small Business - Lesson 1
Aim of this unit
Start thinking about what business you are going to set up!
Unit Learning Outcomes
To get you to understand the skills needed to set up and run a business and the regulations that need to be complied with.
You will have the opportunity to create a detailed business plan
Be able to present your initial business idea using relevant criteria
Understand the skills and personal development you will need to run your business successfully
Know the legal and financial aspects that will affect the start up of your business
Be able to produce an outline business start-up proposal
List the three different types of business
Give an example of each
What is a small business?
In your groups, list as many small businesses as you can
You should be able to think of at least 10
Types of small business
A new business
Buy an existing business
Less restrictive than a franchise or existing business
You control all aspects of the business - products, services, marketing, location, staff...
Money! Financial rewards are higher than working for someone else
Advantages and Disadvantages
What are the advantages and disadvantages of setting up your own business?
Write down at least two advantages and two disadvantages on Post It notes
Need financial resources to start and grow a business - can be extensive
Could lose a lot of money
No guarantee of income
Stress - caused by problems, responsibilities and decisions
Time commitment higher than when working for someone else
Might not be what you expect
What existing business would you buy?
Find a business for sale that you would like to buy
Think about why you would buy it
You will feed back to the group about your choice
Pre-existing business - Advantages
Groundwork to get business up and running is already done
Problems already discovered and solved
Easier to get finance as business already has proven track record
A demonstrated market for product or service
Established customers and reputation
An existing useful network of contacts
Business plan and marketing method should already be in place
Existing employees with experience that can be drawn on
Pre-existing business - Disadvantages
Often need to invest a large amount up front
Business may have been neglected and may need large investment for success
May need several months of working capital to assist with cash flow
May need to honour existing contracts
May need to renegotiate existing contracts
Current staff may not be happy with a new boss
Business may have been run badly and staff morale may be low
Needs to be done to minimise risk
Past standing of business
Current standing of business
Potential for the future
All financial aspects
Lesson Aim & Objectives
List three different types of business
Give an example of each different type
Identification of types of business
How franchises work
How franchises work
Sells the licence of the original business
Sets out details of how business to be run
Gives advice on running the operation
Takes a share of the proceeds
Check that nothing is being done to damage the brand
Buys the right to use the company name and logo
Sells company products / offers company services