author, presenter and co-producer of the start your own ... · • earn enough money to support my...

The Must Know Guide to: Start Your Own Businesswww.startyourownbusinessdvd.co.uk

Mike FosterAuthor, presenter and co-producerof the Start Your Own Business DVD

Start Up Templates

Personal sacri�ceFinancial insecurityLoss of company perksPressure on close relationshipsIsolation

The Must Know Guide to: Start Your Own Businesswww.startyourownbusinessdvd.co.uk for DVD details

T1Are you ready?Is starting a business really for you, and are you prepared for the challenges it brings?

Are You Ready?

The day-to-day reality check

Financial management Product development People managementBusiness planning Marketing skillsCustomer/supplier relationship managementCommunicationsQuality controlTime managementSales skills

Business skills check

Self-con�dence Self-determination Being a self-starter Judgment Commitment PerseveranceInitiative

The entrepreneurial quality check

I have commitmentI have personal driveI know when I need adviceI can take adviceI get on with peopleI can negotiateI am organisedI am enthusiasticI have speci�c aims and objectivesI am aware of the risksI have the support of my familyI can put in as many hours as it takes to succeedI can put in as much e�ort as it takes to succeedI learn from mistakesI cope with stressI am in good healthI don’t give up when the going gets toughI have patience I can delegate when appropriate

Is it really for you?

• earn enough money to support my lifestyle• provide for a family• have a healthier lifestyle• earn enough to save money as a nest egg• have job security• have a job that allows me to develop new skills• a sense of achievement• exploit a gap in the market• have freedom and flexibility during my working day• work different hours• be my own boss• achieve something in my community• produce an excellent product• deliver exceptional service• be respected by my family and friends• be seen as successful and respected in the business community• influence the environment• employ others


T2What is your motivation?What’s making you want to start a business? Some motives that may help your thoughts.

Are You Ready?I want / need to:

• more take home pay• more cash• more wealth• the feeling of power • worry free retirement• debt free - mortgage paid off• smart car• big house• education & house deposit for kids • holiday home abroad• better work-life balance• more investment income• more security

Why do you want to start your own business?


T3Personal Survival BudgetWhat is the worst case scenario for you and your family? This template will help you calculate your minimum income requirements to survive in the �rst 12 months.

Are You Ready?

Total survival income required in the year (A less B)

Income in year (B)

Estimated Annual Income

Estimated Annual ExpenditureMortgage / RentCouncil tax, water, ratesGas, Electric, Oil, PowerInsurancesFood & housekeeping expensesClothingTelephoneTV & broadband (Sky, Virgin Media)EntertainmentSubscriptionsCar tax and insuranceCar running costs (inc petrol)Car service and maintenanceChildren’s expenditure (inc pocket money, presents)Savings plansHP agreementsCredit card repaymentsOther (please state)

Expenditure in year (A)

Income from family / partnerSavings available in year Other income (please state)

£


T4Estimate of personal worthThis template will help you to assess your personal worth and consider assets that you may have available to you in di�cult times.

Are You Ready?AssetsProperty – value of family home Property – value of other propertyCash in bank – current and savings accountsInsurance policy surrender valuesStocks and sharesCar – value ofOther assets you can sell to raise money

Total AssetsLiabilitiesOutstanding mortgageLoan repaymentsCar �nance repaymentsOther regular payments

Total current liabilities

Estimated net asset value

£


T5Whom to informThis is not an exhaustive list, as there may be other registrations that your speci�c business may need to consider.

Are You Ready?Taxation o�ce (HMRC) National InsuranceBank accountPAYE scheme required?VAT registration

Limited company

Annual Return

Property related (rates, licences, �re etc)

Plus business dependantHealth & HygieneHealth & Safety

Done

Companies House registration

Data protection


T6InsurancesThis is a checklist of insurances that you will have to have or may possibly need to consider.

Are You Ready?Insurances to considerEmployers’ liabilityMotor insurancePublic liability Product liabilityBuildings & contents (�re, theft, damage)

Contract insurance

Key person cover

Goods in transit

Business interruptionPortable equipment Business money

Done

Credit insurance

Loss of stock

Professional indemnity

Legal expenses


T7Tactical Marketing Have you considered the following?

Are You Ready?Social mediaWebsiteAdvertisingDirect mailPremisesSales promotions

Merchandising

Packaging

Word of mouth

Face to faceTelephone useEvents and exhibitions

Retail channels

Sponsorship

E-marketing campaigns

Sales tools

Press releasesCompany literature


T8Training Record

Employee name:

Are You Ready?Date Subject or Title of training Trainer or locationRead Sta� handbook & H&S Manual

Display Screen equipment

Manual Handling

author, presenter and co-producer of the start your own ... · • earn enough money to support my...

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