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Make Your Mark 2w/c 15th November 2010

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© Sheffield City Council 2010

Welcome to Global Entrepreneurship Week

• Last year, over 32,000 events run in 88 countries, attended by more than 7.5 million people.

• “Entrepreneurs are not born, they are made. Entrepreneurship is a skill that can be taught just like any other” Peter Jones

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Why am I here?

• One winning team from today could get to the South Yorkshire Finals

• If successful, First place teams will receive a trophy and each team member will get £50 Shopping Voucher

• Second place teams in both categories will receive a trophy and £15 Shopping Voucher.

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© Sheffield City Council 2010

Background

In our town/city many shop spaces have become empty as businesses struggle to survive in difficult economic times.

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Background

• This year MYM2 would like the entrepreneurs of the future (that’s YOU!) to think about the best way to use one of these spaces.

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The ChallengeSheffield currently has a number of empty shops.As a young person visiting the City Centre, what would you like one of those shops to be?A club? A shopping space? An internet cafe?You can design whatever you want it to be as long as it will make money as a business.

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The Process• Select an empty retail space in the Town/City

Centre– There are different sizes and costs to choose from

• Brainstorm different ideas to select the best use of space

• Design the space• Work out the finance – cost and profit• Decide who your customers will be and how you

will reach them• Prepare a report and presentation

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Task 1Choosing your business

– Develop your business ideas. Will you offer products or services? What competition is there at the moment? Who will your customers be?

– Do you want to provide something for young people, for families or adults?

– Is there something that you think is missing from the Town/City Centre that could make YOU money?

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What businesses are in your town/city centre?

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Which offer products?Which offer services?

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Different types of customers

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So, what gaps are there? What’s YOUR idea?

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Task 2

Setting up your business– Select the best space for your idea. The bigger the

space, the higher the cost to set up, but perhaps you can make more money when the business is running?

– How will you design the internal space, do you need special equipment? What budget should you set for the furniture and decorating costs?

Create a plan to show what the space will look likeand an image of the front of the shop.

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The SpaceUse Google SketchUp?

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Task 2 (cont.)

Setting up your business - Detail the product range/services that will be

offered from the outlet.

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Task 3Marketing your business

– What is your company name?– Do you need a logo and a strap line?

– Identify who your customers will be.– How will you advertise your business?

Make an advert for either TV, radio or newspaperDesign a poster or leaflet

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Which business?

“Have it your way.”

“I’m lovin’ it!” “Good with food”

“The World’s local bank”

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Task 4Your Finances

– How will the business make money?– How much will it cost to rent the space? How

much will it cost to set up? How much will your marketing cost? What will your running costs be? (staff etc)

– How much profit will you make by selling your products or hiring out your services? Are there extra ways that you can make money? e.g. by renting the whole space for events.

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Profit and Loss• Produce a Profit and Loss Account1- What the income is going to be (what people will pay

you per month for your products)2- What the cost of sales is going to be (what you have

to pay out to sell the products e.g. cost of production)

3- What the overheads are (e.g. staff costs, advertising, rents)

• Work out 1-2+3= Profit (money you make) or Loss (how much you will owe)

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Financial spreadsheetPROFIT AND LOST ACCOUNT (in £000s)

Income Qtr 1 Qtr 2 Qtr 3 Qtr 4

Sales of Product 1 20 30 40 60

Sales of Product 2 5 0 3 15

Sales of Product 3 100 150 150 100

Room Hire     50  

Launch Event 180      

Total income (Qtr) 305 180 243 175

Less        

Cost of sales 35 40 45 40

Cost of event 45      

Gross profit 225 140 198 135

Expenses        

Advertising 15 10 10 5

Rent, electric, phone etc 10 10 10 10

Salaries 25 20 20 20

Total Profit 175 100 158 100

Total profit for Year       533

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Financial spreadsheet

CASH FLOW FORECAST (in £000's)

  Qtr 1 Qtr 2 Qtr 3 Qtr 4

Cash In        

Start up money 1000      

Sales 305 180 243 175

Total Income 1305 180 243 175

Cash Out        

Start up costs 5000      

Cost of sales 75 40 45 40

Other expenses 25 20 20 15

Salaries 25 20 20 20

Total Out 5125 80 85 75

Balance -3820 100 158 100

Balance at Year End     -3462

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Task 5

Presenting your Business– As a group you will need to present your idea to the

other teams.– A winner will be chosen, who may get to represent the

school at the South Yorkshire finals on 29th November.– Remember to include: a description of your idea, who

your customers are, how you will tell your customers about you business, how much it will cost you to set up and how much money you will make!

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Presentation tips

• Use visual aids • Eye contact• Speak up • Divide between the team • Practice, practice, practice• And Smile!

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What next? Entering the South Yorkshire Finals

The winning team will need to email their business plan by 3pm on Friday 19th November This report will be judged by an independent panel and the best businesses will be invited to present their business at Barclays Bank in Sheffield on Monday 29th November.

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Well Done

• All teams have come up with some very creative ideas

• Some of these could be developed into real businesses

• Remember- “Entrepreneurs are not born, they are made. Entrepreneurship is a skill that can be taught just like any other” Peter Jones