starting up module 3

7/28/2019 Starting Up Module 3

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Starting a Business -The No Nonsense Guide

Module 3: Planning

your business


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Module 3: Planning your business

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The business plan: what it is and why its needed 2

Why do you want to set up a business? 4

What type of business? 6

Naming your business 7

How will you run your business? 8

Your responsibilities 13

Summarising the business plan 16

Action plan 21

What you will learn and understand asa result of working through this module

This module takes you through thesteps you need to take to put togethera practical plan for setting up andrunning your business. It covers:

thebusinessplanandwhyits

so useful choosingthetypeofbusiness(sole trader, partnership, limitedcompany and so on)

whatyoucancallyourbusiness youraimsforyourbusiness howyouregoingtorunthebusiness yourresponsibilitiesinlaw.

Arealistic,workingbusinessplanisessentialwhenyouresettingupinbusiness.Doingthegroundworkwillhelp to make your business sound.

How to use this moduleThisisaself-helpmodule,withbothreferenceinformationandworksheetmaterial to help guide you through startinga successful business.

Youwillfindiconsthroughoutthemoduleto help guide you:

Tipsforhowtomaximiseyourbusiness

Colour-coded links to other modulesLinkstotheBusinessLinkwebsite

An action plan at the end of this module tohelp you plan your activity for starting up.

Worksheetswithlinkstothebusinessplanin module 6.

Links to the essential business plan

Links to the comprehensive business plan

Starting a Business - The No Nonsense Guide is produced by Business Link as part of itsStarting a Business service. Business Link provides impartial advice and information tohelpyoustart,growandsucceedinbusiness.Helpandsupportisalsoavailableonline,throughlocalworkshopsandoverthetelephone.Visit businesslink.gov.uk or call 0845 600 9 006, for further details.


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3.1 The business plan:what it is and why its needed

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Thebusinessplan:w

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One of the most important things youshoulddowhensettingupanewbusinessis prepare a business plan. This isadocumentthatsetsoutwhatyouaimtodoinyourbusinessandhowyoulldoit.

The business plan has four main purposes:

toenableyoutodevelopyourvisionabout your business

tomakesureyouvethoughtof everything

tohelpyouraisestart-upfinanceifyouneed it

tocompareyouractualprogresswithwhatyoudplannedattheoutset.

Your business plan is also a livingdocumentthatwillhelpyouguideyourbusinessgrowthanddevelopmentin the future.

A business plan should give you pride andconfidence in your business, and at thesame time it should encourage realismbecause it helps you to focus on importantissuesthatwillultimatelyaffectyour

livelihood and future.

Who needs to see your business plan?Your business plan is evidence thatyou have given careful thought toyourbusiness.Itshowsyourebeingprofessional and businesslike in yourapproach.Psychologically,itsanimportant statement of your commitment.

You may be asked for a copy of yourbusinessplanbyyourownbank(oranyotherbankyouwanttoborrowmoneyfrom),externalinvestors,business grant providers, potentialpartners, or anyone interested in buyingyour business.

Get started with your business planWritingyourbusinessplandoesnthavetobecomplicated.Itsthestoryofhowyouintendtorunyourbusiness,showingtherouteyouregoingtotakeonthewaytoyour destination.

Inthismodule,youllhavetheopportunityof filling in all the parts of your businessplanthatrelatetohowyouintendtosetupand run your business.

Worksheet: Key personnel - Details of owner(s)Write in the details of your key personnel. This is information about you and anyofyourbusinesspartnersandtheirrelevantexperienceandskills.

Name

Position/main responsibilities

Experience and knowledge of our industry

Previous employment

Key skills

Academic/professional qualifications/training

Find out moreYoucanwritethemarketingandsales part of your business plan inModule 4: Finding and keepingcustomersYoucanwritethefinancialelementsin Module 5: Managing money


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3.2 Why do you want to set up a business?

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Whydoyouwanttosetupabusiness?

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Most people have the aim o f being more independent and earning a good income,but there could be other reasons behind your decision.doyouwanttobuildupyourbusinesswithaviewtosellingitinafewyearstime?isthenewbusinesstoprovideyourmainincome,orjusttotopitup?doyouwantmembersofyourfamilytoworkwithyou?

2. Think about your longer term objectives:Wheredoyouseeyourbusinessin3-5yearstime?

Whatarethepossibletrendsthatwillaffectyourmarket,customersandcompetitionegtheintroductionofnewtechnology,ornewproducts?

Whatwillbetheeffectofthosechangesonyourbusiness?(egstaffing,location,

premises, and financing requirements.)

Worksheet: Identifying your goals

1.What do you want to achieve in your first year of business? Think about:Howmanykeycustomersdoyouhopetohave?

Howwillyourbusinesshavegrown?

Willyouneedstaff?

Whatwillyourpremisesrequirementsbe?

Wheredoyouseethebusinessbeingfinancially?

Find out moreFor more information seeModule 2: Is starting a businessright for you?

The goals for your businessYourgoalswillinfluencehowyouplanyourbusiness.Forexample,ifyouwanttosell

yourbusinesson,youllwanttobuilditupandmaximiseitsvaluequickly.Banksorinvestorswillwanttoseeyourgoalswritteninto your business plan ifyoureapplyingfor finance.


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3.3 What type of business? 3.4 Naming yourbusiness

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Namingyourbusiness

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When setting up your business, you needtodecidewhattypeofbusinessitwillbe.Everybusinesshasalegalstatus(thewayitsviewedinlaw)andtherearefourmaintypes,withafifthforthosebusinessesthatare run for social purposes only:

Sole trader:Thisisabusinessfullyownedbyonepersontheproprietor.Ifyoureasoletradertheliabilitylieswithyou,andyour personal savings and assets could beat risk if your business fails.

Ontheplusside,itsquickandeasytosetup and you only need to keep minimumrecords. Unless your earnings are high,yourtotaltaxpaymentsmaybelowerthanif you formed a l imited company.

Partnership: Partnerships,exceptforprofessional partnerships such asaccountants and solicitors, cannotnormally have more than 20 partners. Anyprofitisnormallydividedequallybetweenthepartners.However,aswithsoletraders,partners are regarded as liable and theirassets may be seized to pay off debts.

The good things about being a partnershipare that you pool your skills and youmay have more initial capital. You mayalso be able to raise money by introducingnewpartners.

Limited Liability Partnership (LLP):In a Limited Liability Partnership, thepartners are not personally liable for

the debts of the business and the LLPhasthesameorganisationalflexibilityofapartnership.Thepartnersaretaxedinthesamewayasapartnership,andtaxischargedonalltheprofitswhetherornottheyredistributedtothemembers.

Limited company:With a limited company,it can be easier to raise large sums ofmoney for the business or to sell part of it.The main advantage of trading asa company is limited liability: the liabilityis limited to the initial cost of the shares.You can keep your personal wageslowtohelpthebusinesscashflowandminimiseincometaxasyougoalongandyoucantake other money you need as dividends orbonuseswhenthebusinesscanaffordit.

Social enterprises:A social enterprise isabusinesswithprimarilysocialpurposes.Any profits are largely reinvested in thebusiness or in the community, rather thangiventoshareholdersandowners.

There are many different types of socialenterprises, including community

development trusts, housing associations,worker-ownedco-operativesandleisure centres and Community InterestCompanies (CICs).

Choosing a name for your business isacreativeandenjoyableprocess.Itsalsoone that you need to get right. Customerswilloftenformtheirfirstimpressionsfrom your business name and firstimpressions count.

Rememberthatyourbusinessnamewillbe the cornerstone of your brand. It shouldworkwellandbeclearwhereveryouuseit - on the phone, in your logo, signage,stationary,advertisements,website,uniforms and any other media you plan touse to reach the target market. Remembertocheckwhetherithasalreadybeenregistered as a trade mark. Once you havechosen your business name and checkedthat nobody else is using it, you mightwanttoregisteritandprotectit.

Find out moreLegal structures: the basicsbusinesslink.gov.uk/startstructure

Name: Nick JenkinsCompany: Moonpig

Managing director Nick Jenkins foundedMoonpig, a London-based company sellingpersonalised greeting cards over theInternet.

What I didIwantedbusinesstospreadbyword-of-mouthsoitwasimportantmycompanysnamewasbothcatchyandmemorable.Idecidedithadtobeonlytwosyllablessothatpeoplewouldntforgetit,andphoneticsothattheywouldntmisspellit.Moonpig is fun and cheeky. Most of ourcards are humour based and Moonpigencapsulates that.

The name also had to be easilyrepresented in graphical format. Onceyouveseenourlogoyouneverforgetit.I commissioned a cartoonist to design themoonpig.Thewholebrandingexercisecost200andthreedayswork,butithasbeenfarmoreeffectivethanwecouldeverhaveexpected.

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Onceyouhavedecidedonyourbusinesstypewhatactionsdoyouneedtodotogetyourbusinesslegallysetup?

Find out moreCompany name and trademark checker:businesslink.gov.uk/namecheck

Afteryouhavecomeupwithaname,whatareyournextsteps,egcheckwhetherthenameisalreadyinuseandregisterthedomainnameURL?

Heres how I chose thename for my business


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3.5 How will you run your business?

Beforeyoustartup,youwillneedtomake certain practical decisions aboutthe running of your business (youroperations). Once you have made thosedecisions,youshouldwritethemintoyourbusiness plan.

Belowaresomeofthekeyconsiderationsyouwillneedtomake:

Staff:Whatstaffwillyouneed,ifany?Will they be full-time, part-time, casual ortemporary?Whatwilltheydo?Howmuchwillyoupaythem?

Premises: Working from home suits manypeople,butotherswillneedseparatepremises.

Youmayknowalreadywhereyoullbeworkingfrombut,ifyoudont,drawupalistofwhatyouneedfromyourpremisesto help you decide.

Afterdrawingupyourlistofrequirements,youmaydecidethatworkingfromhomecouldsuityou.However,thereare

important legal and practical issues youneed to take into account.

Suppliers:Yoursupplierswillbecontributors to your success. Almost everybusiness is dependent to a greater orlesser degree on its suppliers. Ideally youshouldlooktocreateastrongwin-winrelationshipwithyourkeysuppliers,inparticularwheretheyalsoshareinyoursuccess. If you sell more, they sell more.

Youneedtodecidewhotheyllbeandwhatyoushoulddoifsomethinggoeswrong,forexampleiftheydontdeliverontimeor if they should cease trading.

Equipment/resources:Every businessneeds resources this could be equipmentfor manufacturing your product, ITequipment for running your business orpromotional material such as leaflets.

Distribution: What products and materials,orstaff,willyouneedtomovefromplacetoplace?Howoftenwillyouhavetodothis,andhowmuchwillitcost?CouldyouusetheInternettodothis?

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Capacity planningAspartoftheplanningprocess,youshouldthinkabouthowmuchtimeandresourcesareneededtodeliveryourproduct/service.Theadvantagesofworkingthisoutare:youcanbesureyoullbeabletomeetanychangesindemandforyourproduct/serviceyourresourcespeopleandequipmentwontbeunder-utilised.

Think about:whatsthemaximumamountofworkyoucouldcompleteinagivenperiodoftime?atwhatpointshouldyouincreasecapacity,byhowmuchandhowyoucandothis?

Planningyourcapacityefficientlywillhelpyoukeepyourcostsdownandyourprofitabilityup.

Operational risksLooking back on your o perations, can you identify any problems that could come up,suchaswhatyouddoifyourstafforsuppliersletyoudown?Whatwouldbeyoursolutiontoeachproblem?

Worksheet: Key business decisions1. Deciding on staffAdditionalstaffyouwillneedtorunyourbusiness.

Role (What willthey be doing?How many staff ineach role?)

Total cost (salary,National InsuranceContributions(NIC) etc)

What experiencedo they need tohave?

What specialistskills and/orqualifications dothey need to have?

Find out moreStarting a business from home:

businesslink.gov.uk/homestartup

Choosing the right suppliers:businesslink.gov.uk/startsuppliers


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2. Finding the right premisesWherewillyouberunningyourbusinessfromandwhatwillbethecost?

3. Finding the right suppliersWritedownthenamesofyoursuppliers,whatyoullbebuyingfromthemandthenumberofdayscredit.

Your key suppliers and their credit terms:

Premises required at start-up stage:

Premises required in the future (if different):

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Supplier What youll buy from them Number of days credit

4. Getting the equipment you needAssesswhatresourcesyoullneedatdifferentpointsinyourbusinessdevelopment.Youmayalreadyownsomeitems.Explainwherethemoneywillcomefromandhowmuchtheyllcost.

Things you need to buy or lease (including IT, office furniture, telephones, company

vehiclesandanyotherequipmentyoullneedforyourbusiness).

5. Distribution

6. Operational risks

Resource When needed How funded Cost

Product/item totransport

How often Specialrequirements

Cost

Problem Solution

Staff

Suppliers

Cost

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Once I had the letter from OFSTED,Iwasabletogeta600grantfromthe council to buy the t hings I neededbecause my postcode comes underwhatisclassedbyGovernmentasadeprivedarea.

What Id do differentlyIfIcoulddoanythingdifferentlyIwouldhaveperhapsdecidedexactlywhichpartsofmyhomewouldbeusedforthebusinessandwhatIwouldreserveas my personal space. This minimisesthe rooms that have to be inspected by

OFSTED and also limits the disruptiontoyourlivingarea.

Heres how I ensured thatmy home was safe for useas a workplace

Name: Sarah SeisayCompany: Urban Kids

Sarah Seisay runs Urban Kids,a childminding and mobile crche servicebased in West London. When setting up

the childminding side of the business fromher home in 2002, Sarah discovered shehad to make various changes to ensurethesafetyofherclientschildren.Heresheexplainshowshemettherequirementsandhowitfelttoturnherpersonalspaceintoherbusinessworkspace.

What I didWhen I first decided to set upa childminding business from homeIwasntsurewhatthehealthandsafetyrequirementswere.IwenttomylocalChildrensInformationServiceinWestminsterwhosentmeonacourse.While there I discovered that I needed tofillinaformforOFSTEDandtheywouldthen send someone to inspect my homeandmakerecommendationsaboutwherethingsshouldbechanged.

Aftertheinspection,whichtookaroundtwohours,IwassentaletterstatingwhatchangesIneededtomake.Thesewerethings like installing stair gates, puttinglocks on the bottom cupboards in thekitchen, using plastic covers for electricalsockets and covering the hobs on top ofthe oven. Although it makes perfect sensefor the business, some of the changesarentidealwhenyouwantyourpersonalspacetolookacertainway.

3.6 Your responsibilities

Whenyoureabusinessowner,youllhaveanumberofresponsibilitiesthatyoudonthavetoconcernyourselfwithwhenyourean employee. Among other things, you haveto keep accounts, be personally responsibleforpayingyourincometaxandNational

Insurance Contributions (NIC), take outinsurances,andtakeaccountoflawsandregulations relating to employment, healthand safety and the environment.

You may also have to apply for planningpermissionif,forexample,youchangehowabuildingisusedand,dependingonwhatyour business is, you may have to apply fora licence.

Income tax, National Insurance and VATHowyoupaytaxwillbedifferent,dependingonwhetheryoureasoletrader,apartnership, or a limited company.

VATisataxchargedtocustomersonthesale of goods and services, and you mustregister your business for VAT if its turnoverin any period of up to 12 months is morethan the current registration threshold.

InsuranceYoumusthaveemployersliabilityinsuranceif you employ staff. Most businesses alsohave public liability insurance and may alsoneed product liability insurance. If you haveavehicleyoullneedmotorinsurance.

There are also a number of non-compulsoryinsurances, including theft, fire and specialperils, goods in transit and specialistinsurances depending on the nature ofyour business.

This could include cover for computers,deterioration of frozen foods, agriculturalactivities, professional indemnity and others.

Employing peopleThere are many Acts of Parliament

that include regulations in the areaofemploymentlaw.Oneofthemostimportant responsibilities you have is togiveeveryemployeeawrittenstatementshowingthemaintermsandconditionsoftheiremployment.Youmustdothiswithineightweeksoftheirstartdate.

Employmentlawalsocoversavarietyof issues including redundancy, unfairdismissal, discrimination, the minimumwageandnoticeoftermination.

Health and safetyAllbusinessescomeunderthejurisdictionoftheHealthandSafetyExecutive.Somebusinesseswillneedtoregisterwiththeirlocal authority. Check to see if this appliesto you. If you have five employees or more,youmusthaveawrittenhealthandsafetypolicy. If you have commercial premises,

youllalsoneedanasbestossurveytocomplywithlegalrequirements.

The environmentEvery business is legally responsible forthewasteitproducesandyoucouldhaveto pay fines of several thousand pounds ifyours causes any environmental damage.Storeyourwastesafelyandsecurelyinsuitable sacks, containers or skips. Makesurethatwhoevercollectsanddisposesofit is doing so properly and that they arelegally registered.

Yourresponsibilities

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Planning permission and licencesIfyouundertakebuildingworkorchangehowyourpremisesareused,youllneedto obtain planning permission underbuilding regulations. You might require

planning permission to use your home asa business premises if this fundamentallyaltershowthebuildingisusedoraffectsthe nature of the surrounding area (eg amarkedriseintrafficornoisewhichcoulddisturb your neighbours).Somebusinesses(egtaxicompanies,hotels, hairdressers, premises sellingfood or alcohol) require a licence froma local authority. Childminders and day-carenurseriesmustregisterwiththeOffice for Standards in Education.

Data protectionInformation that your business holdsabout living individuals is protected underthe current Data Protection Act. It coversany data that is:

processedbyautomaticequipment

recordedinordertobeprocessedbyautomatic equipment

recordedaspartofanyfilingsystem,including a manual one.

Name: Phil AndrewsCompany: The Industry Exchange

PhilAndrewsismanagingdirectorofTheIndustryExchange,acompanythatbringsbusinesspeopletogether.Hemakeshealth and safety a priority because ithelps protect his five employees.

What I didWesatdownasagroupandtalkedthroughourworkingday-whatwedo,howweoperate,howwegetwhereweare going. We then carried out a riskassessment of all these activities.Themainissuewastheorganisation

oftheoffice,becauseweallspendalotof time there.

Weendedupwithahealthandsafetystatementthatwekeeponthewallandstatesthingssuchas:Iwillensuretheoffice environment is kept safe for myselfandmycolleagues,withsub-headssuch as, responsible use of leads,wiresandcables.

Worksheet: Legal requirements

1. InsuranceWritedowntheinsurancesthatyoullneedwhenyoustartyourbusiness.

2. Legal requirementsWritedownanylegalrequirementsregulations,licencesorstandardsthatapplytoyour business.

3. Youll meet your legal and insurance requirements by:

Beginnersguidetotaxandaccounts:businesslink.gov.uk/starttax

Business insurance: the basics:businesslink.gov.uk/startinsurance

Takingonanewemployee:businesslink.gov.uk/startemployee

Your responsibilities for healthand safety: businesslink.gov.uk/starthealthsafety

Your responsibilities for the environment-anoverview:businesslink.gov.uk/startenvironment

Planning permission and buildingregulations:businesslink.gov.uk/startplanningpermission

Your type of business:businesslink.gov.uk/yourtypeofbusiness

Complywithdataprotectionlegislation:businesslink.gov.uk/startdataprotect

VAT rates, threshholds, fuel scales andexchangerates:

businesslink.gov.uk/startVAT

Heres how my businessapproaches health andsafety issues

TheBusinessLinksitecanhelpwiththeseitems


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3.7 Summarising the business plan

Summarisingthebusinessplan

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Working through this module you shouldnowbeabletocompletesomekeydetailsabout your business such as its name,location,statusandwhatitwilldo.

The summary contains only the key points

ofyourwholebusinessproposal.Whenwritingyourexecutivesummary,imaginethatyoureexplainingyourideastosomeonewhosimportanttoyourbusinessbutonlyhastimetoreadonetotwopages.It highlights the most important points,summing up seven areas:

theaimofthebusinesstheproduct/service,anditsbenefits

to the target customerthemarketopportunitywhowillrunthebusinessanytrackrecordtodatefinancialforecastsfundingneeds.

Find out moreFormorehelpwithyournewbusiness:

Do the other Starting a Business theNo-NonsenseGuidemodules

AttendBusinessLinksStartingaBusinessworkshops0845 600 9 006

Contact your local Business Link0845 600 9 006

Andourwebsitebusinesslink.gov.uk has information on the many aspectsofsettingupanewbusiness

Worksheet: Your business detailsNowthatyouhavehadtimetoconsiderthetypeofcompanyyouwant,yourereadytowritethebusinessdetailselementofyourbusinessplanegyourcontactdetails,legalstatusandwhatyourbusinessdoes.

Name and address of your business:

Telephone number:

Legal status (eg sole trader, limited company, partnership, limited liabilitypartnership, social enterprise):

What your business will do:


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Worksheet: Executive summaryWriteonetotwolinesforeachbulletsummarisingyourbusinessplan.

the aim of the business

the product/service, and its benefits to the target customer

the market opportunity

who will run the business

any track record to date

financial forecasts

funding needs

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3.8 Action plan

What needs to be done By whom Date

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Heres how having anup-to-date business planhelped my business

Name: Darren JonesCompany: AKC Home Support Services

AlthoughwritingtheirbusinessplanwasoneofthefirstthingsDarrenandhiswifeSharrondidwhenlaunching

their care business, Darren admits heoriginallysawitasabitofachore.Now,hetakesadifferentview,believingithashelped the business stay on track andtrue to its goals.

What I didWrite the planWhenwestartedthefirmIknewweneededabusinessplanbutsawitmoreas a document for everyone else thansomething to help us. If I started anotherbusinesstomorrowIwouldwriteonemuchmorewillinglyasithelpsyousecure finance and keeps you focused onyour goals.

We got help from our local enterprisecentre,lookedatexamplesfromotherbusinesses and a template from thebank.Wemixedandmatchedbitsfrom

these sources because not everythingappliedtous.Forexample,becauseweweregoingintoanewmarketwecouldntwriteaboutourcompetitorsbutneeded information about the market forcareservices.

Use the planWe purchased a residential unit fouryears ago and our business plan definitelyhelpedusdemonstratewhythebankshould lend us the money. Without itbeingputdownonpaperIdontthinkitwouldhavesoundedlikeaveryviablesuggestion.

Review the planWe used our business plan to set outthefinancialandstrategicgoalswewantedto achieve in the short and long-term.Wereviewitannuallynowunlesstheres

a significant shift in our market andthenweuseittoimmediatelyre-evaluateour goals.

Our business plan has also helped ustoavoidexpandingtooquickly.Earlyon,wewereofferedworkinanothercounty.Thisseemedgreatbutwhenwelookedat our business plan - and particularlyourcashflowforecasts-werealiseditwasimportanttoestablishafirmbaseinonecountybeforetakingonworkinanotherotherwisewewouldoverstretchourselves.

Byworkingthroughthismoduleyouvetakenanimportantstepindecidingwhetherstarting a business is right for you.

Takeafewminutesnowtowritedownanyadditionalactionsyouwanttotaketomoveyourbusinessideaforward.


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Starting a Business The No Nonsense Guideisdividedintosixeasy-to-followmodules.

Workthroughitatyourownpaceordipinandout,dependinguponyourareasofinterest.Step-by-step,thisinvaluableresourcewillguideyoutowardsyourgoalandhelpyousucceedin business.

Module 4: Finding and keepingcustomerscovers researching the market,getting your business offerright and successful selling tocustomers

Module 5: Managing moneyexplainsthekeyskillsneededtoorganise your business financesandhowtoapplyforfunding

Module 6: Your business planenables you to develop abusiness plan to use yourself orto help raise finance

Module 1: Overviewsummarises the basic stepsyoullneedtotakeinordertosetupyourownbusiness

Module 2: Is starting a businessright for you?contains information andexercisestohelpyoudecidewhetherrunningyourownbusinesswillsuityou

Module 3: Planning yourbusinesswillhelpyoutoplanthepracticaland legal aspects of yourbusiness

Aswellasthisguide,BusinessLinkoffersthefollowingsupport:

Published May 2010CrownCopyright

Printed in the UKon recycled paper

URN: BL/005

Workshops to helpyoudecidewhether

starting a businessis right for you andexplainwhatyouneedtoknowtomakeyourbusiness a success

Practical guidesand online tools

onourwebsite.Visitbusinesslink.gov.uk

Helpandadviceover the telephone.

Call 0845 600 9 006to talk to a localBusiness Link adviser

Business Link0845 600 9 006businesslink.gov.uk

starting up module 3

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