Starting your own Business?

Presented by David Vane – Southern Business Growth Network

Some popular myths…

•Being employed is “safe” and secure

•BHS? HSBC? BREXIT?

Some popular myths…

•Being self employed is “risky”?

•There were 581,000 new companies created in 2014 and 2015 is expected to be another record-breaking year, with more than 600,000 expected to launch

Some popular myths?

•Starting your own business is “risky”?

•Since 2011, annual start-up rates have increased from 440,600 in 2011 to a record-breaking 581,173 in 2014 (Centre for Entrepreneurs)

22% of 15 to 18 year-olds want to start a business• 32% of teenagers believe they would benefit

from starting their own business • 47% said they were not afraid of taking risks

when it comes to making money.• 28% of girls aged 15 to 18 were found to be

confident about starting a business and 36% of boys indicated to be “much more likely” to think about starting a business right after finishing school

Traditional route for graduates…• Finish your degree• Search for a job• Attend interview• Secure a job offer• Start work• Average salary £22,000• Overseas students – secure a visa

• Alternative is to start your own business?

Apprenticeships & Traineeships• £2.5 billion will be invested in apprenticeship training

by 2020 under plans unveiled by the government.• The apprenticeship programme has already given

2.9 million people the chance to learn new skills so they can go on to access fulfilling careers and help boost UK business.

• New Apprenticeships in 2017??- Entrepreneur apprenticeships??

Why would you want to start your own business?

• “Be your own boss”• “Control your own life”• “Do something you enjoy”• “I have a good idea.”• “Something for the future…”• “I like excitement”• “ Do it my way”• “Money???”

What do you need to be successful?• Are you… • able to make decisions?• comfortable taking risks?• persuasive?• creative?• persistent?• organised?• motivated?• resilient?

“Everything begins with an idea”

• Retail – a shop• Service – repairs • Manufacture – making things• Consultancy - advice• Creative – design, web• professional – accountant, trainer• other…

How do I know that it will work?• Research –• Online research – local? national?• Find successful competitors• Ask people• Questionnaires• Surveys

What sort of business structure?

• Sole Trader

• Partnership

What sort of business structure?

• Limited Company

• Social Enterprise

• Some case studies

Arran Rice :  Wizzed Media Age: 17

Before he was even legally allowed to drive Arran Rice had set up more than 500 websites and 200 mobile applications, after he first started experimenting with creating a web presence at the age of just 11!

Now aged 17, Rice runs Wizzed Media: a Cheshire-based start-up that owns a portfolio of websites and mobile applications with 10 main sites covering celebrity gossip, cars, animals, sports, health and Bollywood.

www.wizzedmedia.com

Phoebe Gormley : Gormley & Gamble Age: 22

Quitting university in your final year to start a business might seem like a big risk but for budding entrepreneur Phoebe Gormley it’s a ‘gamble’ that has paid off.

An undergraduate in costume design, Gormley was frustrated with the high fees of university and lack of contact time so decided to take her £9,000 in final year tuition fees to start Gormley & Gamble.

www.gormleyandgamble.com

What sort of business? – other options

• Purchase an existing business?

• Join an existing business

• Franchise?

Whatever you do get some advice!!

What else will I need?

• A business plan and financial forecast• Funding or some financial support• Business skills (that you may not know about yet)• A network of business people who can help and

connect you!• A willingness to work!• A mentor• A coach

Other questions• How will I find customers?• How much money will I need?•Who can help?• Enterprise First• Hampshire Chamber• Federation of Small Business• Solent Growth Hub• Solent Business Growth Network

Why Southampton?

• Busy port – “cruise capital of Europe” - (foot fall = customers?)• High-tech and science businesses• Two Universities• 1,035 start ups in 2014 • Office space and co-working space available• Business support agencies…not forgetting -• Predicted growth in the city -

Southern Business Growth Network• A network of local business owners with a wide range of

businesses • A mixture of experience in corporate life and lifetime

entrepreneurs• Each person has over 500 business connections on

Linkedin!• Each member wants to encourage successful start ups• And we help start ups and new business with..

help | practical advice | knowledge | contacts

Online Resources…•http://www.letsstartup.startupdonut.co.uk/•http://www.letsdobusinessgroup.co.uk/•http://www.myownbusiness.org/resources.html •http://www.syob.net/uk/

But it is always better to get some face to face advice

So what’s your idea??

And how can we help you to make it work?

Any Questions?

Thank you! David Vane

www.sbgn.co.uk

David Vane

• Ex Teacher• Local business man• Workzmarter – online marketing and social media• Solent Business Growth Network – help for new businesses• Mentor for SWIG Start up loans• Business Advisor• Life Long Entrepreneur

Ideas4business start-up package

• A twelve month programme providing• Help with setting up your business• A series of intensive workshops on aspects of

setting up your business• Help and advice on funding and financing your

business• Access to specific workshops • Networking meetings• Ongoing Mentoring and support