HAVE YOU EVER THOUGHT ABOUT STARTING YOUR OWN BUSINESS?

Basic guide to the fundamentals of starting a businessBy Chloe Welsby, Ali Hart, Sara Mcknight and Stefany Emsley

• What are you going to sell? – • Where ? - Online? - Benefits - Store? - Benefits• Is there a gap in the market for it?

CREATING YOUR BRAND OR PRODUCT

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Shopping Online

Buy online ONCE a month!

SIZING UP THE RELEVANT MARKET

1. Measurability2. Accessibility3. Target Market4. Size

RESEARCH THAT MARKET

• Research tools your going to use?• Who are your potential customers?• The competition• What price can you charge your product? (Comparing to what is already out there)

WHAT’S IN A NAME

STARTING UP COST ON A BUDGETS

Before you work out how to fund your business, you need to work out how much is needed.• Stock • Premises• Equipment and stationary• Website building• Logo and Brand design

FUNDING• DO NOT – Go too big too soon!• Where to get funding from? - Savings - Family and Friends - The Bank - Credit Cards - Grants - Investors

BASIC BOOKKEEPING USING EXCEL Picture 1 -

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MARKETING VS ADVERTISING

• Marketing – The action or business of promoting and selling products or services, including market research and advertising.• Advertising- The activity or profession of producing advertisements for commercial products or services.

VS

MARKETING PIE (MIX)

ADVERTISING

Media

Pla

nning

PRProduct

Pricing

Distribution

Customer

Support

Sales Strategy

Community

Involvement

Market Research

SOCIAL MEDIA

Social media is another platform to allow you to spread your business influences far wider than other marketing strategies at little or no

cost.

It provides another way of meeting business objectives and gaining new customers

SOCIAL MEDIACONTINUED

To make social media marketing work, you need to:• Make time to work it• Train staff on how to use it• Set aside a budget for advertising

SOCIAL MEDIACONTINUED

Benefits of Social Media Marketing:

• Increased Brand Recognition• Improved Brand Loyalty• More Opportunities to Convert• Higher Conversion Rates• Higher Brand Authority• Increased Inbound Traffic• Decreased Marketing Costs• Better Search Engine Rankings• Richer Customer Experience• Improved Customer Insights

LEGAL AND TAX FOR BUSINESS IN THE UK

• Legalities– and why they are important?• Business Structures • Employer and Employee Liabilities• Tax and VAT

LEGAL AND TAX FOR BUSINESS IN THE UK CONTINUED

• Copyright• Trademark • Patents

• Money Laundering• Data Protection

LEGAL AND TAX FOR BUSINESS IN THE UK CONTINUED

SALES OF GOOD ACT 1979

1. Lawful authority to transfer ownership2. Goods will match description3. Satisfactory quality4. Suitable for any purpose specified by the

buyer5. Match any sample shown to the buyer

prior to the contract

We hope now that you have listened to our presentation, you all have a better understanding of why most businesses fail and the key fundamentals of starting a business in the UK.

Thanks for your time

CONCLUSION