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The ultimate step-by-step guide
This edition first published in Great Britain 2010 by Crimson Publishing, a division of Crimson Business Ltd Westminster House Kew Road Richmond Surrey TW9 2ND First edition published by Crimson Publishing 2009 Second edition published by Crimson Publishing 2010 © Crimson Publishing, 2009 All rights reserved. No part of this publication may be reproduced, transmit- ted in any form or by any means, or stored in a retrieval system without either the prior written permission of the publisher, or in the case of repro- graphic reproduction a licence issued in accordance with the terms and licences issued by the CLA Ltd. A catalogue record for this book is available from the British Library. ISBN 978 1 85458 489 2 Printed and bound by MPG Books Ltd, Bodmin 00SYOB_FM1.indd iv00SYOB_FM1.indd iv 10/15/09 10:42:46 PM10/15/09 10:42:46 PM iii CONTENTS INTRODUCTION 1 1.0 IDEAS FOR STARTUPS 25 2.0 DECISION TIME 59 3.0 PRE-STARTUP RESEARCH 83 4.0 WRITING A BUSINESS PLAN AND FINANCE ISSUES 103 5.0 SETTING UP 139 6.0 FINDING A NAME AND CREATING A BRAND 167 7.0 PRODUCT PREPARATION 183 8.0 TELLING THE WORLD 223 9.0 OPEN FOR BUSINESS 247 10.0 NEXT STEPS: REVIEW AND IMPROVE 279 00SYOB_FM2.indd iii00SYOB_FM2.indd iii 10/15/09 10:43:03 PM10/15/09 10:43:03 PM IV CONTENTS INTRODUCTION 1 Still a good time to start up… 2 Entrepreneurs are people like you 4 Can you do it too? 24 1.0 IDEAS FOR STARTUPS 25 The right startup for you 26 Shoestring startups 28 Other popular options 40 Protecting your business ideas 50 2.0 DECISION TIME 59 What it takes to become an entrepreneur 60 The reality of starting up 61 The average UK entrepreneur 62 The entrepreneurial personality 65 How and when to quit your job 70 Women entrepreneurs 73 So you’ve made your decision… 79 3.0 PRE-STARTUP RESEARCH 83 Market research 84 Understanding your competition 97 4.0 WRITING A BUSINESS PLAN AND FINANCE ISSUES 103 Why write a business plan? 104 Preparing data for your business plan 106 Your break-even point 108 Key elements of your business plan 110 Forecasting your sales 114 00SYOB_FM2.indd iv00SYOB_FM2.indd iv 10/15/09 10:43:03 PM10/15/09 10:43:03 PM v CONTENTS SWOT analysis 116 The people 120 The mission statement 121 The executive summary 123 Getting people to read your plan 124 Raising finance 129 5.0 SETTING UP 139 Limited company 140 Sole trader 147 Business partnerships 152 Banking on success 157 6.0 FINDING A NAME AND CREATING A BRAND 167 What’s in a name? 168 What you can and can’t call your business 170 Checking for originality 171 A great name is good marketing 172 Your domain name 175 7.0 PRODUCT PREPARATION 183 Searching for the right premises 184 Before you secure the space 190 Equipping your office 192 Building the right team 194 Once you are an employer 202 Finding and dealing with suppliers 206 Insuring your business 216 Pricing 219 8.0 TELLING THE WORLD 223 What is marketing? 224 Building a marketing plan 225 00SYOB_FM2.indd v00SYOB_FM2.indd v 10/15/09 10:43:03 PM10/15/09 10:43:03 PM vi CONTENTS Getting your message heard 229 Public relations 231 Low-cost marketing strategy 234 9.0 OPEN FOR BUSINESS 247 Paying yourself 248 Making a sale 249 The importance of getting paid 253 Travel and expenses 267 Bookkeeping 268 Why you need an accountant 272 10.0 NEXT STEPS: REVIEW AND IMPROVE 279 Time management 280 Self-motivation 287 Enhancing performance 290 Personal development 291 Personal and staff training 294 Over to you… 301 00SYOB_FM2.indd vi00SYOB_FM2.indd vi 10/15/09 10:43:03 PM10/15/09 10:43:03 PM 1 WHAT’S IN THIS CHAPTER ■ What are the elements of a successful business? In this chapter we profi le four successful, inspiring businesses, learning what drove them to start up, the challenges they faced along the way and the key lessons they learnt. INTRODUCTION 00SYOB_Intro.indd 100SYOB_Intro.indd 1 10/15/09 10:43:24 PM10/15/09 10:43:24 PM 2 START YOUR OWN BUSINESS 2010 Still a good time to start up… If you have picked up this guide and are reading this page, the chances are that you are thinking about starting your own business. And, despite whichever direction the prevailing economic wind is blowing in, you are not alone. Until the recession in 2008, more and more people were feeling the entrepreneurial urge. More than 200,000 new businesses registered for VAT (value-added tax) in 2007, according to the latest government statistics in November 2008 – a rise of 23,700 over 2006. Although the 2008 fi gures won’t be available until late 2009, indications are that there will be only a small decline in VAT registrations, despite de-registrations – those companies going out of business – expected to increase signifi cantly, according to the Department of Business, Enterprise and Regulatory Reform. This is because many people who have lost their job are starting up on their own. Despite the downturn, small- and medium-sized businesses remain a key driver of the UK economy. The days of hundreds of large companies employing thousands of staff are no more. The number of aspiring entrepreneurs starting small businesses has surged in recent years, and their companies now make up 99.9% of the total businesses in the UK, and are responsible for almost half of the UK’s workforce. Starting a business in a recession – pros and cons Reasons not to start in a recession 1. People are spending less money 2. It will be harder to raise money 3. It feels risky at a time when everyone is scared of risk Despite the downturn, small- and medium-sized businesses remain a key driver of the economy 00SYOB_Intro.indd 200SYOB_Intro.indd 2 10/15/09 10:43:24 PM10/15/09 10:43:24 PM 3 INTRODUCTION Reasons not to start in a recession 1. It is cheaper to start now than at any other time 2. So it needs less cash to start than at any other time 3. Your opportunity cost is small 4. People and businesses still consider some new options 5. Creative non-cash deals easier to do e.g. partnerships 6. Easier to hire great staff/consultants 7. Your positive energy amid a sea of depression will stand out 8. Cheap acquisitions Technology has advanced to such a stage, it’s now possible to start a global business from a laptop, forcing the entrepreneurial doors wide open to everyone from teenagers to the retired and those who quite sensibly want to dip their toes in the water (or at least on eBay) before taking the plunge. There’s also a greater range of fi nance available to help make your entrepreneurial dreams a reality than ever before. Even though some of the key sources of fi nance, such as banks and equity investors (which take a stake in your company in exchange for fi nance) have been badly hit by the credit crunch, and are investing less in new businesses, money is still available. So if your idea is good enough – and presented in the right way – people will want to invest in you. (For a detailed discussion of fi nance options, see Chapter 4). What’s more, if you can gain investment in tougher economic times, it’s tantamount to a rubber stamp of success. There has also never been so much help and information for people who are thinking about striking out on their own, and the government has never been so geared to encourage enterprise. The National Enterprise Academy, which will open its doors in September 2009, will deliver the UK’s fi rst full-time accredited courses in Enterprise and Entrepreneurship. It is the brainchild of Dragon’s Den entrepreneur Peter Jones and its aim is to give students – aged from 16 to 18 – the skills, experience and support to learn how to set up and run successful and innovative businesses, or to become enterprising employees, helping to grow existing businesses – skills that can be used across any business sector, and skills for life. CONTACT The National Enterprise Academy www.thenea.org 00SYOB_Intro.indd 300SYOB_Intro.indd 3 10/15/09 10:43:24 PM10/15/09 10:43:24 PM 4 START YOUR OWN BUSINESS 2010 Prime-time television shows such as Dragon’s Den, The Apprentice, Tycoon and Risking It All have pushed the idea of running your own business to the forefront of the national psyche – no longer is it exclusive to the daring or the pinstriped, it’s for everyone. Of course, startups.co.uk has been championing business pioneers and helping those inspired to follow in their footsteps for some time now, through its website, awards and other events. As such, startups.co.uk has been more aware than many of the rise in interest in entrepreneurialism. But even we were surprised when our fi rst book How They Started, telling the startup stories behind some of the UK’s best-loved brands, from Innocent Drinks to Pizza Express, hit Amazon’s Top 20 on its release in 2007, and garnered considerable media coverage. Such is the current buzz around business. The startups.co.uk website has become a font of knowledge and debate on starting your own business, and Start Your Own Business 2010 draws all this vital information together in a defi nitive guide to starting your own company. The book is presented in the readable, sharp, jargon-free style that characterises startups.co.uk, with key tips, action points and engaging case studies to help you on your way. Whether you have designs on becoming the next Richard Branson or simply want to go it alone and be your own boss, you have come to the right place. The following pages will guide you through choosing the right business to run and deciding whether you are up to the job of launching your own company, to drawing up your business plan and everything else involved in preparing you for take off. So fasten your seatbelt and get ready for the ride of your life… Entrepreneurs are people like you For some people, the word ‘entrepreneur’ automatically brings to mind Peter Jones and his ilk – those high fl yers who set up and run 00SYOB_Intro.indd 400SYOB_Intro.indd 4 10/15/09 10:43:24 PM10/15/09 10:43:24 PM