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Starting a Small Business

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Brodie Martin

on 6 March 2013

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Transcript of Starting a Small Business

Starting a Small Business Starting Off 4 Key Concepts Starting a Business: Concept
Development Concept A Concept: An Abstract idea or a general Notion, A Plan or Intention.
When starting up your small business you must figure out what exactly you will be doing in that business, therefore you must have a concept for your Business if you want it to get anywhere.
Try asking other people for ideas on what you can do. Ideas Of A Concept When thinking up on concepts remember to keep a few things in mind: Make sure you want to do it, Find something you like and enjoy, Be good at what you are doing, Make sure it is a sustainable business, Scope out your options of buying or starting a new Business, Do some statistics on the area. And Work Hard!
Starting a business is no light task you must put a lot of effort into it, So push yourself. Research When beginning a small business research is a key part of making your business as successful as possible, it helps to scope out opportunities, rivalries, competition and much more.
Doing as much research as possible allows you to maximize gains while keeping from getting risky, it also allows you to base yourself against other stores in the area. Remember this when starting your business. Assistance When starting a business you must remember to 'Ask for Help!' people with specialties can always help to better contribute to your business. External Finances Adviser's/Finances Government Incentive's Accountant Bringing an accountant into your business is a good use of money, and can be very beneficial to your and will save you time and money in the long run and leave you to worry about different matter than figures and numbers. Government Incentives and help are a huge part of starting a business, using government incentives you can get tax benefits, money support and other benefits to help start off. Adviser's/Financers are a huge contributor to the business, They are a time free asset who will help to sort out your business finances and is effective for owners focusing on other things in the business. External finances are a big part of business, they help support your business and can allow for an Increased ROI but also increase Debt Ratio, having high external finance rates are risky but come with high rewards. Different Forms of External Finance Bank Overdraft Trade Credit Bank Loans Bank Overdraft is a facility given by banks and other loaners that allows an entity to draw out more money than they have in their accounts which can be repaid later.
This can help to let a business
repay debts or wages etc. Trade Credit is where an external entity gives you a service or goods for an agreed upon price, which is to be repaid back at the agreed upon time, this allows a small business or company to get equipment or services at a time of need and to pay back when they are better able to pay back at a later date. Bank loans are loans to a business that are taken out by the business on a specified amount agreed upon by both the bank and the business, this loan will generally include interest and must be repaid in a few years. Development Developing a business can be a hard task, you have to have the dedication and ambition to go well in your new business, developing a business means hard work and making your customers happy, you have to make sure that you are starting a small business for the right reason and here are 3 for establishing and 3 disadvantages of owning a small time business. Belief in Earning More Money Desire to Be Independent Identifying a Market Opportunity Internal and External Financing Options Retained Earnings Capital Contribution Asset Swapping Retained earnings is money owed to shareholders but they have elected for it to be returned back into the business which will increase the business profit and allow for increased profit in the future.
Retained earnings is good for a business because it allows to buy new equipment and such meaning a better business and more income flow. Capital contribution is when a business owner puts his/her own money into the business to increase assets, this is generally what happens when starting up the business because you must put assets into the business to get it started in the first place. Banks like to see that you have invested in your business meaning you won't just leave the bank with all the debts and finances to worry about. Asset swapping is a common occurrence when getting along well in your business, it shows your business is going strong and can afford to take the next step towards a more independent business, Asset Swapping is where the business gives away shares of the business for a profit, usually money. This is generally to increase its liquidity and in the long term allows the business to grow more and have a smaller Debt Ratio and Large ROI. Risk of Being Sued Risk of Failure No Pension Most people who want to start their own small business do it for a few reasons, one of these reasons is they believe more money can be earned running their own business instead of working for someone else, in some cases this can be true and in others it is less likely, when starting your own business make sure you have all options covered and you know you want to do it, Money is a powerful motivator but can lead people to expect to make big profits in just days, You must persevere and continue on your business for years to see good return, Making big money is about working hard and being successful. The desire to be independent is a big push for people planning on starting their own business, In dependency on yourself allows for a big drive in your work, most people want to be independent because they are tired of working for others all the time, being your own Boss can have rewards, but it also has big risk and can drag you down, make sure you are always ready to work long hours and put money into your business, working for yourself also means you can change things to your liking set the standard for your business and make your own rules should you see fit just make sure you want to and are prepared. A lot of people start their own business based on the fact that they see a good opportunity to start a large successful business that will be sustainable and bring in good money, this is generally what happens when an System in the world has a shortage or needs more of a new or different type of item and people like to cash in and to take advantage of this need by creating a new business that will profit successfully off of the new business opportunity. This shows good initiative and will generally help your business get good help and to be more likely to get a loan having the banks know you had put an investment into the business. When starting a small business, things might not go your way, and when you finish up with your business you will not have the pension that all workplaces give you as security for once you finish at your job this is a big disadvantage Starting your own business can be hard and there is always as risk of failure, as a business owner and manager you must be able to accept and bounce back from failure. This is Required Being your own business manager means that there is a possible chance to get sued should the wrong circumstances come together at the same time, you have to be prepared for this situation and to come to terms with losing large amounts of money.
Sueing is a part of every large business. Other Sources of Finance Shares A risky but rewarding source of finance that doesnt include being tied down to your own business would be shares, having shares is a good and often safe way to make money and can be worth lots of money if done correctly. Investment Properties Houses are a good term long investment as they bring in a sense of financial security and give benefits to the investors, it is a long term dedication but a very safe method because houses are always rising in price, this is considered quite a sound investment. What makes a Successful Business Successful businesses aren't just about making lots of money, you have to make the right choices and have dedication and commitment to your job, this requires you to be a type of person that will, think about things thouroughly working through each problem as you go, be a happy person (No one wants to deal with a Grumpy sales man or owner) and be resourceful, you will never get anywhere in your business if you can not improvise. Maintaining The Business It's not just about starting the business as well as maintaining it. When you are running your business remember, Be kind, Work Hard, Be Happy, and Make sure you enjoy your job! And that is what you need to start a Business
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