Is Self Employment Right for you

1
Is Self Employment Right for you?

• By the end of this session you should
• know a bit more about the workshop series
• have started to think about the processes
  involved
• started to think about where you might fit in

• Inspiring Enterprise 4 All
• LEED2100 Skill Build for Enterprise

2
Workshop Series

• 16 sessions
• 2 semesters
• Lecture Series 4 in each session
• Scene setting session
• Is Self Employment Right for you? maybe not for
  you right now but this sessions should raise
  questions to ask of any business start-up you
  read about

3
Aims Objectives

• Develop your framework for understanding about
  starting and running an enterprise
• Overview of the main elements
• Approach is active learning

4
Self-employment can be lonely

• Potentially unstable and ever-changing
• Why do people start up their own enterprises?
• Flip chart your ideas

5
Why Start?

• I want to be my own boss
• I want to answer to no one
• I want more freedom
• I want to be in control
• I want more money
• I want to work less hours
• I dont want to jump through hoops to get a job
• I dont want to sell to awkward customers
• I dont want to travel
• I dont want any stress

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What makes an enterprise successful?

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What makes an enterprise successful?

• Good planning
• Good understanding of key financial information
  (cash flow)
• Good understanding of the market
• A viable business idea
• Effective leadership (control monitor
  processes)
• A skilled team

8
Setting Personal Aims to have a successful
enterprise

• Think hard about your approach and evaluate it.
  If you dont know where you are going you are
  unlikely to get there.
• Aims should be
• S Specific
• M Measurable
• A Achievable
• R Relevant
• T Timed

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Assessing your personal SWOT analysis
Weaknesses

• Strengths

External Factors Internal Factors
Threats
Opportunities
Doing yourself is hard lets try someone else
10
Jamie Oliver

• Strengths
• Opportunities

• Weaknesses

Threats
Discuss in groups and put ideas on Post it notes,
add to flip chart
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Jamie Oliver

• Strengths
• Young/innovative
• Popular
• Personality
• High profile
• Creative
• Opportunities
• New trends
• Healthy eating
• Sponsorship - Sainsburys
• Books / TV

• Weaknesses
• Fashion / fads change
• Outspoken
• Controversial
• Public opinion - fickle

Threats

• Bad publicity
• Change in Fashion/trends
• New up and coming chefs
• Lose sponsorship
• Become out of date

12
Types/Models of Enterprise

• Sole Trader you are the business
• Small Partnership
• Limited Company

13
Your Business Structure has Implications for Tax

• Sole Trader Small Partnership
• Just do it
• Inland Revenue www.hmrc.gov.uk Form PSE1 CWF1
• Limited Company
• Register at Companies House
• www.companies-house.gov.uk Form 10 12
• GET PROPER ADVICE. KEEP ALL RECEIPTS

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You need a Plan

• Setting a goal is not the main thing. It is
  deciding how you will go about achieving it and
  staying with that plan.
• Tom Landy (Dallas Cowboys Coach)

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Business Plans

• Give you focus
• State what you will do, when and how
• Help you monitor and control the direction of the
  business
• Are living, breathing documents
• Forecast your business and financial activity
• Need to be frequently referred to and updated
• Keep you going when the chips are down

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What do you need to earn to survive while you get
ready to start?

• Your Personal Budget is
• All your living and personal expenses
  minus
• All income from sources other than your new
  business
• Make a realistic list. A very realistic list

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Create a starting-up costs budget

• Property
• Fire Safety
• Insurances
• Decoration Signage
• Stock materials
• Printing stationery

• Advertising
• Legal fees
• Equipment fixtures
• Telephone internet
• Transport
• Contingencies

Be realistic
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Market Research

• Researching the market is vital to
• understand what the market really is
• understand past performance
• develop clear views of future trends
• confirm, or not, opportunities and options.
• You are looking for concrete information on what
  customers require. It is time to set aside your
  personal preconceptions.
• When I started out in business, I spent
  a great deal of time researching every
  detail that might be pertinent to the deal I
  was interested in making. I still do the same
  today. People often comment on how
  quickly I operate, but the reason I can move
  quickly is that Ive done the
• background work first, which no one usually sees.
  
• I prepare myself thoroughly, and then
  when it is time to move ahead, I am ready to
  sprint. Donald Trump

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What Else?

• Business Advisors
• Funding Grants
• Public Relations
• Having ideas and developing ideas
• Networking
• Negotiating
• Role of IT
• Next Steps
• Accumulate Practice and understanding
  workshops reading role models lectures
  conversations, .. research

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Is Self Employment Right for You?

• If this is all new it can seem to be
  overwhelming. The trick is to identify what you
  need and get the information and skills
• Timescale? now / next year / five years
• Experience - accumulate the skills
• Motivation - No rush or is there?

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Next week

• Ideas and Innovation
• Everyone has ideas
• Remember this is in the Worsley Building
• For one week only!

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• Is self employment right for you? Reflection
  Points
• .
• 1. What were your motivations for attending
  this session?
• 2. Why do people start up their own
  enterprises? What are their motivations?
• How do you react to the S M A R T targets
  (Specific, Measurable, Achievable, Relevant,
  Timed). Is goal or target setting using these
  headings something you can use now?
• You did three activities in teams, Why Start?,
  What makes a successful enterprise? and SWOT
  targets for Jamie Oliver. What are your thoughts
  about how people in the room responded to the
  tasks, you group responded and you responded?
• 5. What do you know now that you didnt know
  this morning? Two thoughts
• 6. Before the next session I ought to