Lots of people seem happy to work for someone else, why do I feel uncomfortable with this idea?

The thing is that some people are followers, they prefer others to make the decisions, they want others to control, manage and create a structure for their lives. The fact that you are not at all like this is great and the UK needs more like you to have belief in themselves and their ideas and go out and make it happen.  It is worth having a look at http://www.businesslink.gov/ or pop into Business Enterprise at the Coventry University Technology Park and have a chat with the team. BEW is full of people just like you and it will feel like being at home … see you there

 

What sort of things will tell me if I am an entrepreneur?

One of the main things will be having ideas to make money and possibly you will have had lots of business ideas over the years. The ideas could of course not necessarily be about making money but will be about helping to improve a service or an aspect in your community. The latter is called social enterprise and at Business Enterprise (BE) at Coventry University Technology Park we can help you with these social enterprise ideas as well as business ideas which have a profit motive. Other entrepreneurial traits will be more self confidence than average, a willingness to make decisions and a desire to be in control of your own life rather than let someone else run it. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

I want to be as successful as Richard Branson/Anita Roddick what do I do?

The first thing is to find a business enterprise mentor. He or she will help you with your ideas and drive and will channel your energy in the right direction. By the way Business Enterprise supplies mentors free of charge on their Enterprise scheme as well as providing courses that will help you make your Branson/Roddick ideas happen. The second thing is to get along to the BEW networking events and meet like minded entrepreneurial people, who are following their dream like Richard and Anita did. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

How old do you have to be an entrepreneur?

Age has got nothing to do with entrepreneurship. It is all about ideas, belief and energy to actually go out there and implement your ideas. At BEW we have had entrepreneurs under twenty and over seventy. It is the drive that makes the difference and it is how you feel inside that is crucial. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.org/ at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

Where is there an entrepreneurial club where I can meet successful entrepreneurs who think like me?

Business Enterprise runs hugely successful networking events for entrepreneurs once a month at the Coventry University Technocentre in the evenings. Most of them are free to attend and are full of people following their dream, walking their talk and making it happen. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

I get lots of ideas… what should I do with them and how do I know if my idea will work?

That’s great if you get lots of ideas and the first thing to do is write them down before you forget about them. You should carry around a small notebook like Richard Branson so that like him, when you get an idea you can write it down immediately. The notebook should also be kept beside your bed for when you wake up with an idea. If you are not very good at writing things down then get a small digital recorder and hang it around your neck ready for the next idea. The next point is that there are a great number of people whop have lots of ideas and do nothing with them because they are just ideas. In order to do something with the idea, the best thing is to test it out with some other people, a sort of mini market research project, and get their feedback. This will give you some idea if your idea will work or not, but meanwhile ring up Business Enterprise on 02476 236001 for an application form for the BEW Programme or look on http://www.businessenterpriseworks.org/

 

 
Starting the Business

The Business Link website has lots of very useful general information http://www.businesslink.gov.uk/bdotg/action/detail?r.l1=1073858805&r.l3=1073862288&type=RESOURCES&itemId=1073789245&r.l2=1073859137&r.s=sc

We recommend the book “E-myth Revisited” by Michael Gerber. It gives some excellent information about how to start and run a business. There is a website with the same name with some very good information, but beware it is very commercial

Visit your bank and ask them for their “Starting a Business” pack

Have a look on the Federation for Small Business website http://www.fsb.org.uk/general/about/ and the National Federation of Enterprise Agencies http://www.nfea.com/

Please register at http://www.shell-livewire.org/ as there is a wealth of information there and we will be returning for a look at different subjects regarding setting up your business

For anybody interested in setting up a rural based business this is a useful website  http://www.ruralindex.net/smallbusiness.html#starting

I find that starting a business is a very male dominated environment, why is that?

You are right and research shows that men seem to have a little more confidence that just gives them that edge to take the plunge, go out on their own and start their own business. That said at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at Coventry University Technology Park, we are bucking this trend and we have almost 40/60 female and male start ups. Sufficient to say that good ideas do not depend upon the gender, it is all about the implementation and the ladies work extremely hard and bring certain flair to business that seems to be missing from the men. The thing about BEW is that it is like a sort of large family with everyone helping each other and it all provides a huge positive energy bubble that everyone finds very motivating. So male or female come on down to BEW we help everybody.

 

I’ve never started a business … what’s involved?

That is a big question. Basically you need an idea, some energy, a desire to make some money, some get up and go, some self-confidence and a willingness to learn new information and work hard. Apart from this it helps if you are numerate, i.e. can add up and subtract, and like chatting to people. These are the basics of what is involved on a personal level. On a business level, it is about doing some market research to check out your idea and ensure you know about the competition and the market. Armed with this information it is then a question of writing a business plan and implementing the plan. All of this and much more is taught at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshop plus all the free mentoring. With all this help starting a business just got very much easier.

 

 I’ve heard people talk about a Business Plan, what are they talking about?

The Business Plan is a sort of map of what your business idea looks like and what you

Need to do get your idea trading or maybe you can think of it like a recipe of ingredients and a description of what you need to do to get your idea off the ground. The list of ingredients is the same for every business:

Vision of what you want to achieve

Description of idea

Details of you and your team’s skills and experience

What market you are going to enter

What your typical customer looks like

How you are going to market your idea, detailing the 8P’s

What production system you will implement

What costs and sales you expect, laid out in a Cash Flow and Budget

Explanation of the profitability of your idea

How much finance you will need and where it is going to come from?

Its length will vary from a few pages to dozens or hundreds for a very complicated idea, but it is important to remember that length or lots of pages is no substitute for quality. It is very important to realise that there are a number of people like accountants and consultants who offer to write Business Plans for start-ups and businesses and unless they really understand your idea and are very supportive and understand in depth what you want to do, it will be precious money wasted. All of this and much more is taught at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshop, plus all the free mentoring. With all this help starting a business just got very much easier.

 
The Princes Trust provides a free mentor service .. where can I find one?

Having a good mentor is about 80% to  90% of the recipe for success of any business idea, so having a good one is crucial to your success. The Princes Trust provides soft loans i.e. money at lowish interest rates with repayment holidays for deserving people who come from minority community groups as well as a personal mentor with practical business experience. This means that they know what they are talking about and that is the key for your success, having access to someone who is interested in your success and knows where the pitfalls are, how to avoid the minefields and how to motivate you when it appears that it is all too much and your idea sounds and feels great to you but the market does not respond the way you expected. It is crucial to remember that mentoring comes as part of the package at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park, where free mentoring is an integral part of the process. With all this help starting a business just got very much easier.

 

Sole Trader .. is that what I need to be or should I start a Limited company?

The title or legal entity of being a sole trader is the easiest way to start a business in the eyes of the Inland Revenue and providing you let them know within a few months of you starting to trade, sell or send out invoices all will be fine. The question of whether you should trade as a sole trade or a limited company is a longer, more complicated question. It all depends upon what the product is, who you are, how big a company you want to build, who you want to sell to – individuals or other limited companies, and the image that you want to portray. All of this and much more is taught at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshops, which is all very clearly explained together with free mentoring that is provided. With all this help starting a business just got very much easier.

 

My friend and I want to start a business together …what should we do next?

The next step really depends upon how much you know about the product or service that you want to sell. Assuming that you know what you want to sell or provide, the next step before forming a company is to have a really in depth chat about what you both want to get out of the business and what part each of you will play in running and managing the business. This is normally laid out in a document called a Shareholders Agreement, which has got lots and lots of questions in it, that deal with tricky items like how much each person wants to invest, how much each person wants to earn, what happens if one of you goes ill or is unable to work, or how do part company if someone does not pull their weight, or how you sell your shares or close down the company, etc. Lots of questions and it is invaluable for when you start to write the business plan, because you already know what each person will do and who should write those parts of the plan that will be their specific responsibility. All of this and much more is taught at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

I have heard about Franchises .. which one is best?

This is another short question with a long answer. The basic answer is which one suits your passion, personality and experience. Without doubt a franchise has a much higher rate of success than any other form of business set-up because there is a tried and tested process, which although costs money to purchase, invariably turns out to be much cheaper in the long run. It save on time, going down wrong routes, has supply lines already sorted, has lots of experience of the route to market and the marketing, has all the packaging sorted, the promotional campaign created and knows what the cash flow looks like and how much finance is involved. They often have banks already on hand to provide the necessary finance. The best way to find out about franchises is to go on the website above and also go along to the various franchise exhibitions and talk directly to the people offering them. The most important thing is to investigate those franchises that offer a product or service that will provide the returns and income that you want in the market sector that interests you and where your passion in life lies. All of this and much more is taught at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshops, plus free mentoring. With all this help starting a business just got very much easier.

 

Finance

I haven’t got any cash to start my business… where can I get money from?

If you have no cash you will probably have a difficult trail to blaze. It is unfortunately a pre-requisite of any business to have some cash, even a few hundred pounds. If you don’t even have this amount, often this is where the Princes Trust can help if you are under 30 years old http://www.princes-trust.org.uk/ . Certainly the banks will help fund start-ups but they will always want security in the form of property or a guarantor for any money lent. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

People ask me how much money do I need and I don’t know, so how can I work out how much I need?

Crucial to any business idea is to work out how much cash will be needed to get it off the ground. The starting point is to know what you are going to offer as a product or service. Once you know what your offer is, you then need to research what you will require in terms of equipment, software, stock, R&D, marketing – advertising, website, brochures - employing staff, sales, premises, etc. All of these things will depend on your idea, your experience and knowledge of the market, how fast you want to grow and how big your dream is. Finally once you have all this information the figures have to be put into a Cash Flow and a Profit & Loss spreadsheet. Once this has been completed you will have a good idea about how much finance you will need. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

Seems to be lots of banks and people offering to lend money but which is the best bank to go to?

There are lost of people offering money and all this advertising makes it seem easy to borrow money. In general it is a lot easier than in the past but it is still necessary to be a good credit risk i.e. paid all your bill, have no bad debts and no county court judgements against you. You can find out what your credit risk rating is at http://www.experian.co.uk/ As well as being a good credit risk you need to demonstrate a well thought out business idea backed up by a business plan. This then needs to be supported by some form of security. Once you have all this you can then start to visit at least three banks in order to get a feel for what is on offer in terms of amount of finance available and interest cost. There isn’t really any best bank as they are all after making a profit out of you and to ensure that they will get their money back. Each bank though has preferences for different sorts of market sectors and one of them in particular is the Coop bank, which is hugely supportive of charities, ideas that involve social enterprise and ideas that help the environment and are ecological sound. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

I don’t particularly like going into banks .. what sort of questions will they ask me and where can I get the answers from?

As mentioned above all banks will want to know how sound is your business idea, your experience, the team that will be involved and the security that you can offer for any finance that you borrow. It is important to remember that nowadays money is just a commodity like pasta or cars and banks are in business to lend it out and make a profit. For this reason it is very important to go to at least three banks to compare their offers and even use one to lever a better deal from another. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

I have heard that cash is king .. what do people mean?

Cash is king is the basic rock of business, in that even if you are not making profits you must have cash in the bank to pay your bills, invoices and wages when they become due for payment. It does not matter if you are making huge profits but you have not been paid yet, the fact remains that you still need “working capital” in your bank account to pay staff or suppliers when they want it. This involves planning flows of cash in and out of the bank account and it is always shown in a spreadsheet report called a Cash Flow. The Cash Flow contains all the invoice payments due to come in and all the payments going out on a monthly basis. This will give a position at any time during the year of how much you will have in your bank account and will prompt action if you don’t have enough money or even if you have enough cash to meet your bills it will demonstrate how you can improve the Flow of your Cash for your business. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

I don’t like talking about money … how do I get money from my customers who don’t pay?

Lots of people don’t like talking about money but in business it is very important to be able to talk about your prices, invoices owed, outstanding payments due to be paid by your customers and invoices that you need to pay to your suppliers. You will find that the more you talk about money, the easier it will become to talk about it. The process of ensuring that customers pay your invoices on time starts off with your Terms and Conditions of Sales, which should be sent out to your customers with any quotation or tender. This is then followed up with telephone calls to ensure that the invoice arrived, that it has been sent to the correct person at the correct address and is for the correct amount. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

How much can I borrow?

Borrowings are totally dependant on the security you have available to offer the lender, your ability to pay the monthly interest and eventually repay the loan back. It is also dependant upon your business idea, and as mentioned above, your team and their experience. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

Premises and Location

I have read about people who run internet businesses from their bedroom … can I?

The miracle of the flexibility of the internet means that anyone can run a business from one’s bedroom, dining room, garden shed or kitchen. Anybody who runs a business from home needs to inform the Inland Revenue and a recent law states that everybody must have a contact address page on their website for contact purposes. The address does not necessarily have to be where you operate from but an address where people can contact you, as it is not a good idea to have your residential address on your website for security reasons. One of the advantages of running a website from home is that your business costs are kept to a minimum and you can work on it at any time of the day or night. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

What is Hotdesking and is it free?

Hot-desking is a relatively new word or piece of jargon created a few years ago, that refers to a desk provided in an office environment that can be reserved by the hour or day. This way the desk is continuously kept “hot” by having someone potentially working at it all the time. At Business Enterprise at Coventry University Enterprise hot-desking is provided free of charge as part of the Business Start-Up programme. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

I think I need a shop for my idea  … how can I find out if I do?

Despite a lot of negative press about the slow death of the retail trade in the UK there is still a huge amount of interest in shops. It is crucial to understand that the shopping process is becoming more and more about the whole buying experience, involving enjoyment, browsing, tea, coffee, etc. making the whole experience more pleasurable and more informative. It must be said that with the introduction of internet shopping, that this browsing, info-gathering often takes place prior to purchasing on the internet from home and therefore even more thought needs to be given to shop location and foot flow than ever before. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

I have heard about leases and rent contracts .. what’s the difference?

First of all Lease contracts for renting commercial buildings must not be confused with Lease contracts that one sees advertised all over the place for cars, equipment for offices or factories. So returning to Lease contracts for commercial buildings tend to be quite complicated contracts often running to dozens of pages and costing quite a lot of money to be drawn up by solicitors acting for you and those acting for the owner of the building t be rented. These contracts cover things like responsibility for internal and external maintenance of the building, utilization of the building for signage boards, amount of noise that will be tolerated, etc. Rent contracts on the other hand tend to be residential properties and although they cover similar aspects but are far more standardized. Due to this standardization they are readily available on the internet and at some stationery shops for a few pounds. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.org/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

How do I find out how much space I need?

 The amount of space that you will require is very dependant upon your business idea. For example if you have an idea for some new software all you need is a desk and a kettle for tea and coffee, which amounts to about 5 to 8 m2. If you want to produce screen printed clothes or special flags and you want to print it all yourself rather than sub-contract it, you will need space for preparing the screens, washing out the screens, drying the screens, the printing machine and space for drying the clothes or flags. So lots of discussion is needed to decide exactly what you need and how to achieve it. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.org/ at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

How much rent should I pay?

The rent one pays is a moveable feast. It will depend upon the:-

• amount of space you need – the less you want to more expensive it will be
• amount of add-on services – secretarial, heating, telephone, copying – will all add cost to the rent
• length of contract – one month will be more expensive than one year
• condition of the building – new premises will be more expensive than old ones
• location of the building – near to public transport and shops will be more expensive than further away
• any special conditions like pollution – drains or noise – will be more expensive

Having said all that office space in the midlands can range from £5 per sq ft for poor accommodation up to £20 per sq ft. the further south you go and the nearer you get to London or the close you get to major cities this can increase to £50 per sq ft. Factory space in the midlands can vary from £3.50 per sq ft up to £15 per sq ft depending upon the condition, the floor loading specification, eaves height, parking and proximity to motorways. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

         
What is a Full Repairing Lease?

A full repairing lease is one of the items involved in Lease contracts and refers to the tenant who on signing the lease for a building, becomes responsible for all of the repairs to the building internally and externally. This can be a very onerous responsibility and before entering into this sort of contract it is normal to draw up a Statement of Condition of the building, which covers decoration, carpets, conditions of the roof, ceilings, guttering, etc. and is carried out by a registered surveyor, who will also take photographs to back up any adverse comments. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

Why is that people say that the most important thing for selling is Location, Location, Location, Location?

This saying Location, Location, Location is to underline the most important aspect of any trade – retail, hotel, restaurant, fast food, cars and property purchase. It is all about the importance of being located where to get the foot fall or people passing by or driving by, as a crucial means of attracting customers. Cars is not foot fall but location is still very, very important to be where cars slow down enough to make a decision and enter or to know where an establishment is because they have passed it many times, either on foot or in the car, taxi or bus. Invariably the rent or purchase price will be higher but the return is with the higher number of customers that are attracted in. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

The Market

Why do people talk so much about the Market?

The market is where your customers live. It is where you need to know as much as possible. It is where your competition is and the more you know about the market the more successful you will be. This knowledge involves items such as:-

·               your customer’s buying habits

·               the range of suppliers

·               the logistics and supply lines

·               the different pricing strategies that people are accustomed to

·               the various buying patterns that shoppers adopt

·               the way your competitors advertise

·               the best geographical location for passing trade

·               the type of website and portal needed

This is only a small sample of knowing the market and all of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

Everybody says that success depends upon the Marketing.. why is that?

Marketing is the catch phrase for a whole range of subject headings that are intimately involved in the process of ensuring that your product or service is found by the customer that you are targeting. The whole aspect about Marketing and Customer is sort of Chicken and Egg, which comes first. Starting with the Product, you then have to decide who is going to be the targeted customer market and how they are to be described under a number of headings like age, disposable income, socio-economic group, their buying habits, etc. The group of Marketing subjects go under the title of the 9P’s and involve subjects like Price, Promotion, Place, etc. It is a very crucial area and all of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

Lots of people talk about Market research ..and why do I need to do it?

Market research is the key to getting your idea right and it is carried out right at the beginning of having your idea. The challenge is to check out your perspective of what the market needs and comes prior to setting up your business. It involves checking out all the information about your prospective competitors, what they offer, the price that is charged and what are the different routes to market, how they advertise .. in fact all the information regarding the 9P’s of Marketing mentioned above but it is all researched before you start. Additional information can be gleaned from prospective customers, potential suppliers and other people in the market but not necessarily directly in competition with you. Additional information can be found on the Internet, in Libraries, from Research Associations and companies that specialise in Market Research. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

What is a Marketing strategy and where do I get one?

A Marketing strategy involves creating a plan of action that encompasses all of the above Marketing 9P’s and is framed around a diary of actions that will be undertaken to ensure that your product or service finds its way into the mind of your prospective customer. It is a crucial part of the Business Plan and a lot of time is spent explaining how to produce on at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

How do I work out the price?

The price is a balance of what the market will bear, mixed in with what your competitors are charging, how much your product or service cost, what the quality of your product or service is and how much profit you want to make. You will find that there is a range of prices from the very cheap to the very expensive and although there is nothing to say that the most expensive will be the best quality, there certainly is an understanding in society that the more you pay the better it will be. Costs play a very important part in the pricing plan and need to be looked at very carefully. Normally pricing information forms a focus of the market research mentioned above. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

Seems there are lots of different ways to advertise..what sort of advertising should I do?

Advertising comes under the banner of Promotion, which is one of the 9P’s of Marketing and is a very extensive subject covering a whole range of different ways of getting your message out into the Market place… brochures, backs of buses, in taxis, business cards, direct mail, PR, speeches, presentations, free offers, leafleting, inserts in magazines, internet, radio, TV, newspapers, magazines hoardings, shop windows, flags, ashtrays, the list is almost endless .. anywhere where potential customers might read about you. The challenge is the wastage and how much the wastage costs. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

  

Getting Orders

How many customers do I need and where can I find some?

The number of customers that your business needs depends upon the sort of business you have. Some businesses that offer specialist consultancy services might only have a few clients at any one time, whereas a fast food operation will have hundreds of clients every day passing through buying sandwiches, coffee and tea. It is all about the size of operation and what is being offered. The key question though is how much margin are you making out of each customer to cover your overheads and give you enough profit at the end of the day to pay you the salary that you want. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

I’ve never done any selling before .. what should I do and who can help me?

Selling is skill that some people have in bucket loads and they are very adept at getting orders. The fact that you might not have dome any selling is an important point,  because once you have set up your business it will be necessary to start getting orders. The best way of thinking about sales is that you are helping your customer resolve a problem that he or she is unable to resolve without your help. So in fact you are helping people, which is a completely different way of looking at selling and a way that most people are happy with. Learning it is all about practicing and having the self confidence in your product to go out into the market place and try and help people. The more you help the more successful you will be. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

How do I overcome my fear of cold calling and selling my product over the phone?

Cold calling can be really difficult and not many people like it, because they themselves don’t like receiving calls from unknown sources at supper time or at odd times during the day some people seem to thrive on the challenge of ringing up strangers and are very good at it but they are few and far between. The best idea is to create a marketing and sales strategy that does not force you into a situation that requires it, although at times it is necessary. There are companies that specialize in telesales, which carries out cold calling for others but it is invariably with different degrees of success. The best way of overcoming it is to practice and be sincere in wanting to help people and be very polite. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

My family and friends have all bought from me but what do I do for more customers?

The classic approach of any new business is to sell first of all the one’s immediate family, then outer family, then friends and then things dry up. It is called selling to hot contacts, warm contacts and so on as you get further away from the family. The most important part is to use the selling to one’s immediate family as testing and practice for the real thing that will come later. One other important aspect of selling to one’s family and friends is to get them to give you referrals and testimonials that can be used in future marketing brochures and sales calls. One crucial question that we ask people is how are they going to get clients outside of their immediate family and friends and the answer to this single question is a very important part of the setting up  a business. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

We get lots of mail through the door and it gets thrown away.. is leafleting something I should do?

Huge amounts of junk mail is received by households every day and the response rate is very low at way under 1%. That means that any company – double glazing, pizzas, indian restaurants – have to leaflet many thousands of house to get an order. It does work but it is not for every business. Like all businesses it is important to study what works and what doesn’t based on experience and knowledge of the market place. There is the possibility that leafleting is one of the forms of marketing that you need to do but it needs to be well thought out and backed up with other marketing plans, carefully thought out, worded and executed. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

I’m good at getting ideas but talking to people is not one of my strengths ..what should I do?

A lot of people who start up in business get lots of ideas because they have a very fertile creative brain. Their brain is so full of ideas that they spend a lot of their time thinking about them and for this reason are not very good chatting to people. This group of ideas people have a very important part to play in Entrepreneurship, because without you businesses would not have the basic ingredient to start with. The most important thing is to gather around you people and form a team where you have different people with different skills, someone with administration skills that can deal with the details, someone who can chat to people easily and who could be good at sales or the marketing, someone who like making or designing things and they can be involved in production and finally yourself who come up with the ideas. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

Human Resources

I have heard of natural resources but what is meant by Human Resources?

Human resources deals with all those aspects of running a business that involve employing people and is normally carried out by the HR Department and is invariably something that only quite large companies above 30 to 40 people have. This includes aspects such as recruitment – job descriptions, advertising, employment contracts, following up references, salary levels, sick pay, holiday entitlement, pensions, grievances, harassment complaints and regular job assessments. In smaller companies that don’t have enough employees to have an HR department these responsibilities are carried out by a part time employee or are sub-contracted out. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

Interviewing and writing adverts sounds scary .. who can help me?

It is not as scary as it sounds as there are certain processes to follow to make sure that you cover all the necessary points. Certainly Employment agencies can be of considerable help and can do all the work but will need paying. In fact if you advertise a job you will probably get calls from local companies with potential candidates. For this reason it is a good idea to check them out first but check on their charges first. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

I have never employed anybody .. how do I go about it?

Because there are a lot of rules and regulations to follow, there are quite a number of companies able to provide a thorough guide to all the processes needed and are able to support you through them. There is of course lots of information about the subject on the internet but be careful as not everything on the internet is correct. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

I have never liked maths and numbers … how do I sort out paying people?

A great number of people are in the same boat and there are many people who are good with numbers and don’t like or want to get involved with the PAYE Income Tax process. For this reason many accountants and bookkeepers offer payroll services for small companies. This can take all the pain out of the process and alleviates this employment headache. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

I remember that I had an Employment Contract when I was employed … where can I get one for people that I employ?

Employment contracts are readily available from most good stationers and they are also available from http://www.simply-documents.com/ for a nominal membership fee, which give you access to a huge list of other very useful business documents for sales, terms and conditions, license agreements, shareholder agreements, etc. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

Running the Business

Where do I find a good book-keeper and accountant?

It is absolutely crucial for any company to have a good set of accurate accounts to create the Income Tax return at the end of the year, to show the bank if you have borrowed any money and finally but most importantly for yourself to run the business. In order to do all this you must find an accurate book-keeper and accountant. In order to find somebody accurate, helpful, friendly and cost effective, the best way is to ask for referrals from local companies and any friends. The local chamber of commerce and Business Link are often a useful source of possible names and just like banks it is crucial to go and see at least three and get quotes from each before you employ one. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

Should I be VAT registered?

Basically by law a company, sole trader, limited or PLC needs to be VAT registered if their sales are above £61,000 in any financial year. There are various types of VAT registration, different ways of paying VAT and other reasons for registering for VAT, too complex to go into here. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

I like talking to people but paperwork is not one of my strengths ..Who can help me with the paperwork and administration side of the business?

This is a very important aspect of running a business and not one that everybody who starts a business is aware of. Paperwork is a necessary part of business and it is very important to ensure that it is carried out efficiently. Filing is part of this whole admin process and fortunately there are people who offer a part time admin service for small companies, which often includes book-keeping. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

What do people mean by a registered address and is it the same as a trading address?

A registered address is where all communication from Companies House, and maybe the tax authorities, is sent when there are specific reasons for centralizing communication. Sometimes it is the address of their accountant. People have separate trading addresses where they have a number of branches around the country, and they have one registered address where all the administration and accounts are held. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

Expanding the Business

I never seem to have any time due to demands of the business... what can I do about it?

A major challenge for any individual starting and running a business is how to allocate their time. Time management is the name of the game and one that lots of entrepreneurs are not good at. One of the main reasons is that entrepreneurs are naturally full of ideas which means that they tend to live in the “now”. Because of this they can get distracted very easily and do what they WANT to do rather than what they NEED to do. This can be cured by good time management and lots of lists. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

What happens when I sell lots and I need to expand?

It is always great to have lots of sales, providing that they are profitable and you get paid for them. The saying that “sales are vanity, profit is sanity and cash in the bank is reality” is a very important saying to remember. Increasing sales invariably means the need for more finance for working capital to pay for more stock, more staff, larger premises, more overheads and more credit for customers, if you provide credit that is. The thing is also that maybe you will need to

have more equipment which will need to be financed either with a purchase or by leasing. Whatever finance is needed, an accurate cash flow will be of prime importance to identify how much and when it will be needed. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

My business is going great... but there never seems to be any money left for me?

A major challenge for all businesses owners is paying themselves. Invariably they leave themselves last in the list of people to be paid, which leads to real problems for the person who is the most important person of the lot, because without the owner in good health there is not much hope for the rest of the business and its suppliers. Despite this there is always a period of time at the beginning of any business when there is not enough money for a regular wage or salary for the starter-upper/owner. When the business is going great and sales are high, and yet there is still insufficient money for the owner, this can be an indication of poor cash flow management, unprofitable sales, customers not paying due to poor credit control, working capital being used up for unnecessary purchase, high levels of overtime payment due to lack of control of hourly paid staff, etc. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

The bank keeps asking for a Cash Flow …what is it?

The cash flow is an extremely important document made with an excel spreadsheet which shows all the various amounts of money being paid in by your customers or loans from banks or grants for organizations or investment money from the owners and shareholders. This cash coming in is counterbalanced by money that the business needs to pay out for purchases, for salaries, interest payments to the bank, for equipment purchases or any overheads like rent, council rates and utility bills. The reason why the bank wants to see your Cash Flow is to ensure that you have one and to check that everything is being planned for and nothing untoward is lurking in the future. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

I need more cash to pay for expansion...where is the best place to borrow some?

Like previous answers this depends upon how much you want to borrow, what your business is, what you want the money for, which sector you are working in, how profitable you are, what the expansion business plan looks like, etc. The first thing before you go around the banks and finance houses it is crucial to be very clear about the answers to the questions in the first sentence. Once you know the answers and have a credible Cash flow then you go start going around the banks. Before you do that though check how much of the cash is “leasable” i.e. if there is any equipment, machinery or fittings that can be leased, which could reduce the amount you need to borrow significantly. There probably is no best place to borrow money, except that the same rules apply as a previous answer and to be well prepared and ask everyone. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 
I’ve heard that factoring and leasing can help with Cash Flow... which is best?

Again there is no best, as it is very much horses for courses. Both can help with Cash Flow in slightly different ways and both have different costs depending upon the size and type of business, the profile of your customers, the size of your invoices and the profitability of your company. Both factoring and leasing involve passing your invoices to a finance house, often linked to a bank, and them paying you % of their value earlier than you would normally be paid. All of this has cost and it needs to be investigated very carefully before you sign any contract. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

Ending the Business

What happens if I want to stop the business and how easy is to stop?

There are many things to consider when ending a business and it depends if you want to end it voluntarily or you are being forced into doing it. Either way you will need to involve your accountant and book-keeper to ensure that the accounts are up to date for the authorities, any creditors and any bank or financial institution that might be involved. It is very much simpler to start a business than it is to stop one, although if you have kept good records of all your sales and purchases, your invoices and bank statements it is a lot easier. There are two things to remember – one is that it is very important to end the business cleanly, like paying outstanding bills and salaries, as it might effect your credit rating in the future if you have. The second item is that if you have been going a few years, built up a customer base and market knowledge of the sector, there is the possibility that someone would pay you something for the business as a going concern, because it means that they don’t have to start from scratch, which you and anyone who has started a business knows is a time, money and energy consuming business. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

Can I sell the business if I want to do something else and how do I go about it?

Certainly you can sell your business and there is always a healthy market for well run profitable businesses. Normally accountants and corporate solicitors are the people who deal with company sales but only if there is a margin in it for them. Small businesses tend to be advertised in Daltons Weekly and of course nowadays in the internet. Whichever way you go there are some basic steps that you need to take – prepare your company for sale (get the accounts in order, ensure that the business can function without you being there by having a good team, have all the business processes well documented, be up to date with all Inland Revenue and VAT payments, ensure that there are no skeletons in the company’s cupboard), once ready prepare a prospectus, create a marketing strategy, market your company, go through the interested parties and begin the negotiating. Remember that it is always better to have more than one company interested so that you can play one off against the other and have a fall back situation and that a sale can take as much as 18 months from beginning to end, even if the company is sale ready. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

What is a sleeping partner and can I be one or even find one?

A sleeping partner is one that invests money in a business but who is quite happy to remain in the background and watch from the sidelines and not take any active part in the running of the business. They will normally require regular information regarding monthly or quarterly accounts but basically leaves the running of the operation to the owner(s). Anyone can be a sleeping partner but it is very important to be careful who you invest your money with as there is a big difference between delegating responsibility and abdicating responsibility. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

Will my competitor buy my business?

It is one of the strange things of business life that you run a business and compete with other companies all of your corporate life and then when you want to sell you often sell out to one of your competitors. For this reason it is always to be on polite terms with your competitors and don’t speak badly of them, as you never know if you will need them in the future. The trouble with dealing with competitors is that during the early stages of marketing you don’t really want your commercially sensitive information – names of customers, names of suppliers, formulas, contract values - to get into the hands of your competitors. It is therefore very necessary to be very careful with the amount of information you let out, even if there is a Confidentiality Agreement signed. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

What do I do with all my stock and equipment when I end the business?

When you end your business the only thing to with your stock and equipment is to sell it off. Many times you will have seen shops closing offering their stock at special reduced prices and this is what you will have to do. It is one of the reasons to keep your stock levels down to the minimum, as when you close down nobody seems to want to pay anything for it. The same goes for equipment unless it is in great demand. There are companies who specialize in company auctions of stock and equipment, either especially for you or as part of a larger auction. Either way the value you get is a very small amount compared to its real value. “Fire sale” values around 10% and 20% are often quoted in the press for auctions of this type. Certainly there are ways to reduce the sort of loss and all of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

E Business and Commerce

I have heard lots about e-commerce..  what is it?

 Ecommerce is all about carrying out business on the internet. Ever since the start of the internet about fifteen years ago this sector of the market is growing more and more and there is no sector that is not represented somehow on the internet. Huge fortunes have and are being made on the internet by people who in a short space of time have identified niches and developed a business model around their idea and more will continue to be made. Best known examples are obviously Google at £55 billion and ebay at £29 billion after being around for less than 10 years proves that e commerce will only grow more and more. Many people have already bought or sold something on ebay and have purchased a holiday, plane or train ticket on the internet, so much so that some airlines only sell their tickets on the internet and lots of people have small e-commerce businesses on ebay working from their bedrooms. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 
I have got an idea for an internet product...what do I do now?

If you have an idea for an internet product the way forward is to develop it, enough to such a point that you can begin to research the validity of your idea pretty much as you would with any other product or service. The challenge is that your internet idea may not be patentable and therefore it is about how to protect your idea. Size, hits on your website and financial clout are some of the ways to protect your idea. It is often therefore necessary to get out there on the internet as quickly as possible and get established with traffic to your website as quickly as possible before someone sees your idea and copies it. IT skills, knowledge about website software and Search Engine Optimisation are certainly very necessary to get the ball rolling quickly. For this you will need to create a team that includes someone who has the necessary IT skills and experience until you get your e-commerce business up to a critical mass to employ someone. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 
I have seen and used shopping carts on websites how can I get hold of one?

“Shopping carts” is the terminology for the pages of a website where you put your virtual shopping products, which will eventually lead you to an invoice page and a means of paying by credit card or Paypal (owned by ebay and considered to be quite expensive). When shopping carts first started they were expensive to include on to your website but they, along with a lot of data based technology is become cheaper and cheaper as more and more companies offer bolt on products. The challenge is to find someone to design and develop your website that knows all the codes and html language that will probably be needed to achieve the result you want. Like everything in life from doctors to dentists, accountants and bankers, there are lots of web designers around but good ones are hard to find. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

 

I need a website but I don’t know anyone who can build one... can you help me?

Like everything in life and business it is crucial to find someone to build a good website that has good Search Engine Optimisation (SEO), the right Adwords and Keywords, reflects your brand values, is easy to navigate, is attractive to visitors and does what you want it to do – provides information, helps them make a decision to ring you, gets them to buy from you, helps them compare prices and select the right product or service. The first step is to decide what you want to achieve and this involves creating a Marketing Strategy online and offline. Once you have an Online strategy then it becomes a whole lot easier to identify the sort of person who can design and build your website. All of this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier.

I am new to this entire website, internet, Google, search engine talk … do you have anyone who can explain it to me in simple words?

 It can be quite daunting to the uninitiated at first and all this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier

I want to get online but don’t have an email or a broadband... can you help me?

Certainly this first step regarding involvement with the internet can be tricky and most people are able to get the relevant information from companies like BT 0870 850 8475 or Tiscali 0870 107 9000, although this and much more is explained at Business Enterprise (BE) http://www.businessenterpriseworks.gov/  at the Coventry University Technology Park in the free four module workshops, plus the free mentoring. With all this help starting a business just got very much easier