The Younger Members Convention

1
The Younger Members Convention
abcd

• 2-3 December 2002
• The De Vere Daresbury Park Hotel, Warrington,
  Cheshire

2
The Younger Members Convention
abcd

• Setting up a Business
• Presented by Stephen Ainsworth

3
Agenda

• Introduction
• Why start a business?
• Getting Started
• Turning dreams into reality
• Growing Pains
• Managing business growth and diversification
• Going international
• Developing international links

4
Introduction

• The following slides set out the outline content
  of this presentation. Those attending the
  session are encouraged to think about the issues
  in advance so that the session can include an
  active discussion on the ideas.
• Please note that there are no uniquely right
  answers to business issues, so that the views and
  comments of all participants will be valuable!

5
Why start a business?

• Possible reasons-
• To be your own boss
• To exploit new opportunities
• To avoid redundancy
• To make more money
• Do you have the right temperament?

6
Getting started

• What is the unique selling point ?
• Working capital
• Business Plan
• Premises
• Support services
• Professional Indemnity cover
• FSA registration if conducting regulated business
• Accounting systems, VAT registration etc
• And finding clients!

7
Setting charging rates

• Charging rates need to be established
• How competitive need they be?
• Consider need for formal client agreements

8
Corporate form

• Should you set up as
• A limited company
• A sole trader/partnership
• Companies are more effective in limiting
  liability
• But have more statutory requirements
• And tax issues should also be considered

9
Coping with growth

• Small is beautiful
• But big may be better
• Growth may also be inevitable

10
Employment Terms

• Determining staff salaries
• What terms and conditions of service

11
Reasons for Diversification

• For defensive reasons
• Reactive to client demands
• For offensive reasons
• For opportunistic reasons
• For new challenges

12
So why develop internationally ?

• Some businesses do not need to
• But not all businesses are like that
• International links can also broaden ones
  experience

13
How to develop internationally ?

• One to one links with overseas firms
• Membership of an international network
• Links with an international consulting firm
• No right answer to this, as it all depends upon
  type of business and personal aspirations

14
Bibliography

• The presentation will include quotes from
• Francis Bacon
• Michelangelo Buonarotti
• Noel Coward
• Jerome K Jerome
• Samuel Pepys
• Bertrand Russell
• George Bernard Shaw
• Oscar Wilde
• And more!