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Start and Run Your Own Business
Preface
Thinking Through Your Idea
Complying With Legislation
Setting Objectives
Defining Your Business Strategy
Obtaining The Right Support
Researching Market
Identifying Your Products
Setting The Right Price
Employing New Staff
Being In The Right Place
Promoting Your Business
Using Professional Help
Compiling Financial Forecasts
Looking At Grants And Subsidies
Writing Your Busines Plan
Raising Finance
Keeping Your Accounts
Looking At Franchising Options
Buying An Existing Business
Maintaining Quality Standards
Exporting For The First Time
Dealing With Problems
Staying Ahead Of The Competition
Using Technology In Your Busines
Business
Start and Run Your Own Business
Preface
Thinking Through Your Idea
Gaining The Support Of Your Family
Do You Have The Skills Required To Run A Business?
What Sort Of Business Do You Want To Start?
How Will I Start My Business?
Investing In Your Own Business
Complying With Legislation
A Word Of Warning To Start This Chapter
The Different Forms Of Business
Deciding On A Business Name
Protecting Your Business Ideas
Keeping The Inland Revenue Happy
Registering For Value Added Tax (Vat)
Trading Laws That Might Affect Your Business
Setting Objectives
Setting Smart Objectives
Having A Clear Mission Statement
Setting Marketing Objectives
Defining Your Business Strategy
Strategic Analysis
Analysing The Environment Using A Peste Analysis
Strategic Choice
Strategic Implementation
Strategic Threats To Consider
Obtaining The Right Support
Business Links
Enterprise Agencies
The British Chambers Of Commerce
The Federation Of Small Businesses
Shell Livewire
The Forum Of Private Business
Lawyers For Your Business
Researching Market
Segmenting The Potential Market
The Importance Of Competitive Advantage
Using A Swot Analysis
Establishing Your Unique Selling Point
Defining Your Critical Success Factors
Identifying Your Products
Using The Boston Consulting Group (Bcg) Matrix
The Product Life Cycle Concept
Using The Product Life Cycle For Product Development
Using The Ansoff Matrix To Consider Products And Markets
Targeting The Right Product Into The Right Market
Understanding Product Management
Setting The Right Price
How Important Is Price To The Consumer?
Selecting The Right Price For Your Products
Techniques For Fixing A Price
Using Price As An Effective Marketing Tool
Employing New Staff
Recruitment And Selection
Your Responsibilities As An Employer
The Rights Of Your Employee
Dealing With Tax And National Insurance
Assessing The Performance Of Your Staff
Being In The Right Place
Understanding The Importance Of Location
Establishing The Methods Of Distribution
Designing The Right Distribution System
Managing The Supply Chain Effectively
Promoting Your Business
Understanding The Importance Of Promotion
The Marketing Promotion Mix
Evaluating Your Promotion Options
Using Promotion Methods To Achieve Objectives
Using Professional Help
Choosing And Using An Accountant
Using The Services Of A Solicitor
Using A Consultant
Compiling Financial Forecasts
The Cash Flow Forecast
The Profit And Loss Forecast
The Balance Sheet
Looking At Grants And Subsidies
Applying For Grants
Knowing The Difficulties
Looking For Local Help
Writing Your Busines Plan
Why Do I Need A Business Plan?
Where Do I Start?
Make Sure The Content Is Understandable
Use Fact Not Fiction
What To Include
What Not To Include
The Contents Of A Good Business Plan
Raising Finance
Investing Your Own Money
Short-Term Finance
Long-Term Finance
Gaining Equity Finance
Keeping Your Accounts
Why You Need To Keep Accounts
Balance Sheet
The Profit And Loss Account
Comparing Actual Performance With Your Forecasts
Computerising Your Accounts
The Benefits Of Computerising Your Accounts
Looking At Franchising Options
The Advantages And Disadvantages Of A Franchise
Different Types Of Franchise
What Will The Franchise Offer?
The Cost Of The Franchise
Buying An Existing Business
Undertaking A Personal Inspection Of The Business
Valuing The Business
Managing The Purchase Process
Financial Considerations
Maintaining Quality Standards
What Exactly Is Quality?
Linking Quality To Your Objectives
Linking Quality To Competitive Advantage
Dealing With Complaints
Introducing A Quality Management System
Exporting For The First Time
Why Should You Consider Exporting?
Identifying Export Opportunities
Starting To Export
Managing The Export Process
Arranging Insurance
Dealing With Problems
Formulating Contingency Plans
Avoiding Disaster
Staying Ahead Of The Competition
Using Market Intelligence
Retaining Competitive Advantage
Avoid Complacency At All Costs
Establishing A Management Information System
Updating Your Business Plan
Using Technology In Your Business
Choosing A Computer System
Using The Internet