For the expression of 'start a business' please also read;
- become a freelance designer
- be a practising artist
- start a collective with other creatives
- start a creative commune in a squat
JONNIE CUPCAKES - itsbongoboy.com
ISSUES he talked about
- Why start a business - be passionate - something that drives you from within otherwise it wont be something you wont put your heart and soul into.
- Collaboration - Disney, Warner Bros - go to the top then work down - you want the best for your business. What have you got to lose?
- 4 P's - Product is T-shirt, Price is regular and limited editions, Promotion - USA tour and Place - fanticy bakery on sterioid
- Getting ripped off - copyright matters
- Marketing - brand, longevity, scarcity
- Risk - Take a chance, learn from mistakes
- Overseas trade = London
GETTING STARTED
Starting business...they think it takes luck, a clever idea, or just knowing the right people. That's not true. It's about you.'
It comes down to you - if they like you - you wont get the account if you and the client don't click
UK GROWING BUSINESS says
- Do what you love
- Start your business while you are still a student or still employed
- Dont do it alone - get advice, dont be an island
- Write a business plan
- Do the research
- Get professional help
- Get legal and taxi issue rights first time (what you will have to pay right from the start)
START YOUR BUSINESS says
- Come up with a good business idea
- write a business plan
- chose a winning name for your business
- chose a legal status for your business
BIT START & BETTER BUSINESS
- think about why you are starting a business
- look at the company structure
- think about the skills you NEED not just the skills you have got
- Funding
- Competition
- Marketplace - customers - understand it and know exactly what they are about - network with them
- Business plan
- staff
- seek professional advice
- biggest causes of failure
- If you can afford it - employ people who are more clever than you are.
BUSINESSS PLAN
- a bussiness plan is a written statement of your bussiness, where you want to go and how you want to achieve this
- activity and skills required, mission and values
- Resources and equipment needed (overheads)
- Marketing - 4 Ps - how you are going to promote it, what lengths are you going to go to.
- Money, Finance needed, Budgeting, Money Management
IN SHORT - how are you going to pay it back / build business?
- what are you going to do
- what is the value proposition
- what resource you need
- how much it will cost to get it started
- how will you pay for it
- who are your target customers
WHY DO YOU NEED ONE?
- To focus your efforts
- set some clear objectives
- to enable you to track your growth
- to raise finance
- attract collaborators
WHERE TO GIND A BUSINESS PLAN
- high street bank
- the arts coucil
- www.businessballs.com
- businesslink.gov.uk
WHERE TO FIND FUNDING
- by helping others to get grants - lateral thinking - if you know of a community or non profit organistion that could use your experties that they could get help for - think about what they might need - this would then pay you a fee. It may also pay you to aquire a piece of equipment or software to do the project with and this is something you could hold onto afterwards.
- crowd funding
- we this this
- cooperative
INCOME SRREAMS
- Piavet commissions
- free lance design work
- workshops
WHAT STATUS - status is determined by - what you chose to do with your profits
- profitable grown of the business
- increasing income fo rthe people in the business
- have just enough noney to be able to continue practising
- share the profits with everyone in the business
- give all the profits to charity
- use profits to fund community projects
- share profits with customer / members.
A LIST OF LEAL STATUS TYPES
- sole trader
- partnership
- limited company
- limited liable partnership
- public limited company
- social enterprise
LEGAL STATUS
- determins how the business is run
- what records much be kept
- wheather you should be registered with companies house or not
- how much tax you pay
- how you pay your employees and how yourself
- can affect your ability to borrow money
TAXATION IN THE UK
This is the money that educates us, protects us, keeps us healthy and enables economic growth. This is what makes a western society.
TAX TYPE
- personal
- tax allowance - £7.475
TAX BANDS
- tax bands
- 0 - 35,000 = 20 %
- 35,001 - 150,000 = 40%
- 150,000 + = 50 %
NIC's - National Insurance contributions
- Class 2 - self employed - weekly £2.50
- Or monthly direct debit
- Class 4 (self employment) collected annually on taxi return
- 9 % of profits up to £42,475
- +2% over £42,475
- Class 1 (paid on behalf of employees) 3.7 %
PARTNERSHIP
- run by two or more people
- share of profits
- share of debts
- share needs
LIMITED COMPANY
- directors and shareholders liability for debts is limited to their % of ownership
- you are employee of the company
- corporation tax will be paid on profits.
LIMITED COMPANY LIABILITIES
- NIC payments
- Corporation tax payments
- VAT payments
CORPORATION TAX
- turnovers of less than £300, 000 - 21%
VAT
- 20% on all goods and services
- 5% on
- childrens car seats
- some property renovations
- insulation
- gas & electricity supplies
- feminine hygene products
- nicotine patches
VAT EXEMPT
- admission charges
- building sales and rental
- burrial and cremation
- health sercies
- sight tests
- postal servies
- tolls
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