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Starting a Small Business - Lesson 1

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by

Patricia Quashie

on 18 March 2014

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Transcript of Starting a Small Business - Lesson 1

Unit 36: Starting a Small Business
Aim of this unit
Start thinking about what business you are going to set up!
Unit Learning Outcomes
Recap
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

A franchise

Buy an existing business
Advantages
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

Creativity

Personal satisfaction
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
Disadvantages
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
Reliable income
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
Research
Needs to be done to minimise risk
Past standing of business
Current standing of business
Potential for the future
Location
Competition
Reputation
Internal operations
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
Franschisor
How franchises work
Franchisee
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
Full transcript