Why not?
Disclaimer
For the expression 'start a business' please also read;
- become a freelance designer
- be a practicing artist
- start a collective with other creatives
- start a creative commune in a squat
Issues
Why start a business?
- be passionate - something you can't let go and drives you from within
- collaborations - why not go to the top? Don't under estimate yourself
- 4 P's - product, pricing, promotion and place.
- marketing - talked about brand, how tries to create scarcity
- risk - why not take a risk? Why wait?
- copyright - getting ripped off
Getting Started
'They think it takes luck, a clever idea or just knowing the right people. That's not true. It's about you.' - Mark Boulton, Web Designer
It comes down to working with the right person.
Growingbusiness.co.uk
- do what you love
- start your business while you are still a student or still employed
- don't do it alone - get advice!
- write a business plan
- do the research
- get professional help
- get legal and tax issues right first time
Start Your Business
- come up with a good business idea
- write a business plan
- choose a winning name for your business
Better Business - bytestart.co.uk
- why are you starting a business?
- company structure
- skills
- funding
- competition
- marketplace
- business plan
- staff
- seek professional advice
- biggest causes of failure
What is a business plan?
It's a statement, of where it is you're trying to go, what you're trying to achieve and how you're going to achieve it.
circle diagram thing
What's the driving force behind this business? What problems are you going to solve? How are you going to make a difference in your sector? What are the values you hold behind everything you do?
It's not what you're going to do, it's how you're going to get people involved with you that will make it work.
In Short
What you are going to do?
What is the value proposition?
What resources you need?
How much it will cost to get it started?
How will you pay for it?
Who are your target customers?
Why do we need one?
- to focus your efforts
- set some clear objectives
- to enable you to track your growth
- to raise finance
- attract collaborators
www.freelanceuk.com
Where to find a business plan
- a high street bank
- the arts council
How to write a business plan
www.businessballs.com
www.businesslink.gov.uk
Where to find funding
- by helping others to get grants
- crowd funding - google them - better to go for specialist websites
- we did this - crowd funding website
- cooperative?
How do we get organised?
...work alone, in a team, as an equal partner with others, etc.
There are 9 roles within a team
image of 9 examples
Income streams
image example of this
Don't put all eggs in one basket, do a variety of things some which can last longer term.
What status?
Status is determined by:
- what you choose to do with your profits
- profitable growth of the business
- increading income for the people in the business
- have just enough money to be able to continue practicing
- share the profits with everyone in the business
- give all profits to charity
A list of legal status types
- sole trader
- partnership
- limited company
- limited liability partnership
- public limited company
- social enterprise
Legal Status
- determines how the business is run
- what records must be kept
- whether you should be registered with companies house or not
- how much tax you pay
- how you pay
Places to go for information
links and images here
Taxation in the UK
This is the money that educates us, protects us, keeps us healthy and enables economic growth.
Personal Taxation rates
Tax Types
- personal
- tax allowance - £7476
Tax bands
- tax bands
- £0 - £35 000 = 20%
- £35 001 - £150 000 = 40%
- over £150 000 = 50%
NICs
National Insurance Contributions
Class 2 (self employed) Weekly - £2.50
Or monthly direct debit
Class 4 (self employed) Collected annually on tax return
9% of profits up to £42 475
+2% over £43 475
Class 1 (paid on behalf of employees) 3.7%
If you have a limited company you have to pay corporation tax of 21%.
VAT
20% on all goods and services
5% on
- children's car seats
- some property renovations
- insulation
- gas & electricity
xero rated
- advertising for charities
- water supplies
- food, other than take aways
exempt
- admission charges
- health services
- sight tests
- tolls
building sales and rentals
£70 000 before you register for VAT.
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