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Title: bussinsess time
Description: Home XSwitch back to your default edition. This content is tailored to our readers in the United States.Make it your default. STARTING A BUSINESS 5 min readBusiness Description Let readers of your business plan know exactly what type of business you're in. 71 Shares AUGUST 01, 2006 The business description usually begins with a short description of the industry. When describing the industry, discuss the present outlook as well as future possibilities. You should also provide information on all the various markets within the industry, including any new products or developments that will benefit or adversely affect your business. Base all of your observations on reliable data and be sure to footnote sources of information as appropriate. This is important if you're seeking funding; the investor will want to know just how dependable your information is, and won't risk money on assumptions or conjecture. When describing your business, the first thing you need to concentrate on is its structure. By structure we mean the type of operation, i.e. wholesale, retail, food service, manufacturing, or service-oriented. State this right away in the description, along with whether the business is new or already established. In addition to structure, legal form should be reiterated once again. Detail whether the business is a sole proprietorship, partnership or corporation, who its principals are, and what they will bring to the business. You should also mention who you will sell to, how the product will be distributed, and the business's support systems. Support may come in the form of advertising, promotions, and customer service. Once you've described the business, you need to describe the products or services you intend to market. The product description statement should be complete enough to give the reader a clear idea of your intentions. You may want to emphasize any unique features or variations from concepts that can typically be found in the industry.
Description: Home XSwitch back to your default edition. This content is tailored to our readers in the United States.Make it your default. STARTING A BUSINESS 5 min readBusiness Description Let readers of your business plan know exactly what type of business you're in. 71 Shares AUGUST 01, 2006 The business description usually begins with a short description of the industry. When describing the industry, discuss the present outlook as well as future possibilities. You should also provide information on all the various markets within the industry, including any new products or developments that will benefit or adversely affect your business. Base all of your observations on reliable data and be sure to footnote sources of information as appropriate. This is important if you're seeking funding; the investor will want to know just how dependable your information is, and won't risk money on assumptions or conjecture. When describing your business, the first thing you need to concentrate on is its structure. By structure we mean the type of operation, i.e. wholesale, retail, food service, manufacturing, or service-oriented. State this right away in the description, along with whether the business is new or already established. In addition to structure, legal form should be reiterated once again. Detail whether the business is a sole proprietorship, partnership or corporation, who its principals are, and what they will bring to the business. You should also mention who you will sell to, how the product will be distributed, and the business's support systems. Support may come in the form of advertising, promotions, and customer service. Once you've described the business, you need to describe the products or services you intend to market. The product description statement should be complete enough to give the reader a clear idea of your intentions. You may want to emphasize any unique features or variations from concepts that can typically be found in the industry.
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MAKE BUSINESS
YOUR BUSINESS
A GUIDE TO
STARTING
AND DEVELOPING
A NEW BUSINESS
A GREAT TIME TO START!
here has never been a better time to start a business
...
This is your opportunity to join the 4
...
5 million small businesses in the UK
...
Mums are spotting gaps in the market and the over 50’s are surging
ahead when it comes to launching new ventures
...
And by doing so embracing free and low-cost technology that
enables you to sell to local markets and reach customers on a global scale
...
“
”
A GUIDE TO STARTING AND DEVELOPING A NEW BUSINESS | 1
Easily said and easily done: 3 good
reasons to start a business today:
1
2
Low start-up costs – most businesses can now start on a bootstrap of a
budget and for less than £100
...
3
High level of support – when starting a business, you won’t be alone! There is
an abundance of support to help you start and grow, including:
Enabling technology – social media platforms and trading sites offer start-ups
a powerful route to market
...
public and private sector support – assisting with essentials like workspace,
guidance and finance
corporate brands – who are opening up accelerators and their own retail outlets to
help small businesses grow at speed
peers – other small business owners are on hand to deliver advice and expert
mentoring
With all this on offer, can you resist the urge to become your own boss?! This guide
will point you to the help and resources to make this happen and it comes complete
with clips of companies who tell their story of success
...
com/businessinyoustories to see why and
how they started and you could soon be following in their footsteps
STEPS TO STARTING OUT
hen starting out in business, there are important things to consider
...
Are you aiming for something innovative and niche and /
or can your product or service match or beat your competition?
You don’t need to know the answers immediately; you can make a plan and work on
this whilst ‘Working 5 to 9’ - keeping hold of the day job, being a parent or studying
by day and building the business at night and weekends
...
My New Business (www
...
gov
...
The Start-up Learning Directory is a collection of resources
featuring real-life examples, online tutorials, links to relevant websites and e-learning
tools to help guide start-ups in key areas like: Developing a business idea; Creating a
business plan; Customers, sales and marketing; Choosing the right
business model and legal structure; Getting to grips with VAT, tax, IT
and PA
YE
...
The best business plans are simple and clear, addressing
key areas like:
Background on you, your team and its capabilities
Your business idea and a description of your product and/or
service
Market assessment and opportunities for your business
Costs, pricing and forecasts for sales and profit
Investment strategy, i
...
what you need investment for and how
these funds will be used
Head to tinyurl
...
Make noise – get to know the media that cover your industry
and/or local area and send them good stories with top quality
images
...
Peoplefund
...
2
Make sales – target friends and family as customers and
branch out from there
...
Make sales at
events, through local shops or online via your own website or other
powerful sales platforms
...
That way, both you and the
business will stay in productive and profitable balance!
4
4 | A GUIDE TO STARTING AND DEVELOPING A NEW BUSINESS
You don’t have to register a company straightaway to be up and running and trading
...
Here are three examples which may benefit you:
• Registering a company is a quick and inexpensive process – for £18 and in less
than 24 hours using Companies House web incorporation service
...
Head to www
...
gov
...
• When the time comes to employ and grow the team, Taking on an
employee (www
...
gov
...
SUPPORT ON OFFER
hether you are looking for funds or recruiting an experienced helping hand,
there’s a wide range of support on offer
...
Home-Based Business
Your home may offer you your biggest business resource – join
55% of businesses that start from home and take advantage of
reduced costs, no commute and the flexibility that comes with
building a business around the family
...
bis
...
uk/home-business-guide
), which offers guidance on everything from home office layout to trading
responsibly when it comes to insurance, business rates and health and safety
...
These offer office and
workshop facilities alongside support, advice and peer-to-peer learning to help
businesses establish themselves
...
startupbritain
...
Here are some examples:
Wayra | www
...
org/en/wayra-uk-2012
Springboard | www
...
com
Accelerator Academy | www
...
com
CASE STUDY: RE-JIG
Carol Powell decided to start her business from home so she could be on hand for
the family whilst earning a living
...
http://youtu
...
Try using Finance Finder and Business Finance Explained to understand and locate funding
options and wider business support on offer
...
improve
...
gov
...
Business Finance for You (www
...
co
...
This is supported by Better
Business Finance (www
...
co
...
Other modest sources of funding are available from sources such as Shell LiveWIRE
which give up to 4 x £1000 cash awards via the monthly Grand Ideas Awards
www
...
org/awards
The Institute of Chartered Accountants in England and Wales (ICAEW) and its
members provide a Business Advice Service, which offers free advice to businesses in over
2,400 locations across the country
...
www
...
com
If it’s small amounts of credit you’re after, microfinance providers like Community
Development Finance Institutions can offer loans from a few hundred pounds up to
£25,000 (www
...
org
...
The StartUp Loan Fund
There is also finance and support available to back young people with bright
business ideas
...
The StartUp Loan Fund is for those aged 18 to 24, offering loans of
around £2,500 plus online training, business
support and mentoring as an ideal route to get
started in business
...
startuploans
...
uk
...
A GUIDE TO STARTING AND DEVELOPING A NEW BUSINESS | 7
You may have heard of ‘crowdfunding’ or ‘peer-to-peer lending’ – fastgrowing web platforms connecting lenders and investors with
businesses that are looking for new and innovative ways to fund their
business using quick and easy methods of transaction
...
The Next Generation Finance Consortium
(www
...
org
...
Finding Funds
Here are some examples of online crowdfunding platforms offering finance to
business:
www
...
com
www
...
com
www
...
com
www
...
com
www
...
com
www
...
co
...
seedrs
...
thincats
...
Developed over the last five years by ex-bartender, author and drinks expert Alex
Kammerling, the firm has secured funding from 85 ‘armchair’ investors through the
equity crowdfunding website, Crowdcube
...
“We initially approached the high street lenders with our business plan in the hope
of raising enough capital to move our project forward and grow the business,” says
Alex
...
Crowdcube offered us a totally unique way to secure the funding we
needed
...
”
8 | A GUIDE TO STARTING AND DEVELOPING A NEW BUSINESS
CASE STUDY: BLACK TOMATO
For Tom Marchant and James Merrett, it was a small government-backed loan in
2008 that made the difference to launching their venture, Black Tomato, which has
grown 75% year on year
...
be/4NJAOtT3DPo
Helping hands
Large corporates and other businesses are actively seeking to support small
businesses in a range of ways – like offers of space, mentoring and access to
customers and capital – because they recognise that firms like yours can be
customers for them in the future and the products and services you offer could be
solutions to their business needs
...
Why not search the websites of corporate firms
that buy or supply products and services related to your business and see how they
might work with a small firm like you?
A GUIDE TO STARTING AND DEVELOPING A NEW BUSINESS | 9
The might of millions
Consider accessing start-up funding from private sector projects such as MITIE Millions
(www
...
com/entrepreneurs_mitie-millions-pitching-event) which has £5
million to invest in companies that have ideas which appeal to the group
...
org/en/wayra-uk-call-2012) which offers
capital, space and support to companies with products relevant to 300 million
plus Telefonica customers
...
Mentorsme is an, easy-touse search engine providing access to around 80 organisations that offer mentor
services and 15,000 mentors
...
www
...
co
...
Web Fuelled Business provides this to enable small firms to have global
and local reach and increase their productivity
...
businesslink
...
uk/webfuelled
Doing well by doing good
Have you considered social enterprise as your business model? A social enterprise
is a business that trades for a social and/or environmental purpose – and all profits
are reinvested towards achieving that social purpose
...
Or what about a public sector ‘spin out’? Mutualisation can give public sector
workers the autonomy and control to do what they do best – the freedom to innovate
and improve the services that they run by forming their own organisation, often as a
small business or social enterprise
...
Interested? See the Useful Contacts section for links to more information
...
The programme reduces reoffending amongst those referred,
increases life chances and produces significant cost savings to society
...
BY are developing a franchise model to be rolled out nationally across the prison estate
...
www
...
org
...
IMPROVE AND GROW
ou are up and running and your focus has been to build up sales, keep in profit
and do well
...
Y
The Growth and Improvement Service (www
...
gov
...
Firms can then access support and opportunities in specific areas and
stages of their development
...
Either way, help is at hand
...
UK Trade & Investment
supports many thousands of companies each year, and
has locally-based trade advisers, helping companies to
take their first order and start building an international
business
...
ukti
...
uk/export
A GUIDE TO STARTING AND DEVELOPING A NEW BUSINESS | 11
CASE STUDY: HUDDLE
Alastair Mitchell received help from UKTI to attend a fair in the US that
successfully launched his business, Huddle, into a market that now makes up for a
significant proportion of company sales
...
http://youtu
...
The Contracts Finder website
(www
...
businesslink
...
uk) gives businesses a single place to survey
everything on offer from Government and has 97,000 viewings per week
...
12 | A GUIDE TO STARTING AND DEVELOPING A NEW BUSINESS
CASE STUDY: PUBLIC PROCUREMENT
Redfern secured a four-year contract with central government in November 2011
with one of the key factors in their success being Redfern’s innovative online
delivery approach
...
http://vimeo
...
To enable this, HP has set up
an online registration (www
...
com/go/supplierdiversity) and will run bootcamp
events for approved small business suppliers to network with HP and its customers,
offering yet further exposure and opportunities
...
mymas
...
Your local MAS Advisor can work with you at
a strategic level to create business and product strategies, reduce waste and
maximise profitability in your own business and in your supply chains
...
High growth
Growth Accelerator (www
...
com) is a new
programme that is designed to help companies that have the
potential for rapid and high growth achieve their ambitions
...
g
...
Business angels are high net worth individuals that invest on their
own or as part of a syndicate in growing businesses across all
sectors and in all parts of the country
...
Head to tinyurl
...
OVER TO YOU!
We hope that you have found this short guide useful
...
With hard work and dedication,
creativity and imagination – and sometimes the benefit of a trusted
helping hand – anyone with a good idea can start their own
business and become a success
...
Good luck and don't forget that there this a whole range of support
out there to help you
...
14 | A GUIDE TO STARTING AND DEVELOPING A NEW BUSINESS
USEFUL LINKS
The following are just a sample of contacts showcased in this Guide and publicised
more widely for you to consider
...
startupbritain
...
businessinyou
...
Start-up advice, inspiration and support
My New Business | tinyurl
...
businessinyou
...
startupbritain
...
inspiringthefuture
...
prime
...
uk
The Prince’s Trust | www
...
org
...
everywoman
...
enterprising-women
...
wireuk
...
mumpreneuruk
...
civvystreet
...
britishchambers
...
uk
Tools and guidance
Business Support Finder | www
...
gov
...
businesslink
...
uk/resources/tools/taking-employee
Web Fuelled Business | www
...
gov
...
companieshouse
...
uk
Business insurance: the basics | www
...
gov
...
businesslink
...
uk/skills
A GUIDE TO STARTING AND DEVELOPING A NEW BUSINESS | 15
Space
StartUp Spaces | www
...
org/spaces
The Home Business Guide | www
...
gov
...
startuploans
...
uk
Business Finance Explained & Finance Finder |
www
...
businesslink
...
uk/resources
Business Finance For You | www
...
co
...
betterbusinessfinance
...
uk
Intuit Financial Fitness | www
...
co
...
jsp
ICAEW business advice service | www
...
com
Microcredit CDFI loans | www
...
org
...
ngfc
...
uk
British Business Angels Association | www
...
org
...
bbaa
...
uk/be-an-angel
Young enterprise
NACUE | www
...
org
The Gazelle Group | www
...
com
Enterprise Village | www
...
org
...
mentorsme
...
uk
Being a Mentor | www
...
org
16 | A GUIDE TO STARTING AND DEVELOPING A NEW BUSINESS
Social enterprise and mutuals
Social Enterprise UK | www
...
org
...
locality
...
uk
UnLtd | www
...
org
...
the-sse
...
bigsocietycapital
...
mutuals
...
gov
...
Winning Business and Customers
Contracts Finder | www
...
businesslink
...
uk
HP Supplier Diversity | www
...
com/go/supplierdiversity
People Fund It | Peoplefund
...
ukti
...
uk/export
Growth
The Growth and Improvement service | www
...
gov
...
growthaccelerator
...
Visit www
...
gov
...
gsi
...
uk
Title: bussinsess time
Description: Home XSwitch back to your default edition. This content is tailored to our readers in the United States.Make it your default. STARTING A BUSINESS 5 min readBusiness Description Let readers of your business plan know exactly what type of business you're in. 71 Shares AUGUST 01, 2006 The business description usually begins with a short description of the industry. When describing the industry, discuss the present outlook as well as future possibilities. You should also provide information on all the various markets within the industry, including any new products or developments that will benefit or adversely affect your business. Base all of your observations on reliable data and be sure to footnote sources of information as appropriate. This is important if you're seeking funding; the investor will want to know just how dependable your information is, and won't risk money on assumptions or conjecture. When describing your business, the first thing you need to concentrate on is its structure. By structure we mean the type of operation, i.e. wholesale, retail, food service, manufacturing, or service-oriented. State this right away in the description, along with whether the business is new or already established. In addition to structure, legal form should be reiterated once again. Detail whether the business is a sole proprietorship, partnership or corporation, who its principals are, and what they will bring to the business. You should also mention who you will sell to, how the product will be distributed, and the business's support systems. Support may come in the form of advertising, promotions, and customer service. Once you've described the business, you need to describe the products or services you intend to market. The product description statement should be complete enough to give the reader a clear idea of your intentions. You may want to emphasize any unique features or variations from concepts that can typically be found in the industry.
Description: Home XSwitch back to your default edition. This content is tailored to our readers in the United States.Make it your default. STARTING A BUSINESS 5 min readBusiness Description Let readers of your business plan know exactly what type of business you're in. 71 Shares AUGUST 01, 2006 The business description usually begins with a short description of the industry. When describing the industry, discuss the present outlook as well as future possibilities. You should also provide information on all the various markets within the industry, including any new products or developments that will benefit or adversely affect your business. Base all of your observations on reliable data and be sure to footnote sources of information as appropriate. This is important if you're seeking funding; the investor will want to know just how dependable your information is, and won't risk money on assumptions or conjecture. When describing your business, the first thing you need to concentrate on is its structure. By structure we mean the type of operation, i.e. wholesale, retail, food service, manufacturing, or service-oriented. State this right away in the description, along with whether the business is new or already established. In addition to structure, legal form should be reiterated once again. Detail whether the business is a sole proprietorship, partnership or corporation, who its principals are, and what they will bring to the business. You should also mention who you will sell to, how the product will be distributed, and the business's support systems. Support may come in the form of advertising, promotions, and customer service. Once you've described the business, you need to describe the products or services you intend to market. The product description statement should be complete enough to give the reader a clear idea of your intentions. You may want to emphasize any unique features or variations from concepts that can typically be found in the industry.