Starting A Business

Starting A Business

When you start a business you are entering an unfamiliar world so here we provide information on what you should do and what is available to you. Whichever sector you are in getting the essentials right from the outset is the only way to start.

YBC Academy : Business Plan

A Business Plan is a document that lays out in simple terms what your business is, its objectives, plans and resources. They are primarily used when raising finance and as a means of measuring performance.

There should be an executive summary at the start of the document which outlines opportunities and defines strategies along with financial predictions and an overview of the business and its operations. It should explain who you are, what the business will do now and how it will develop in the future.

Strategies should focus on marketing and sales and highlight which channels you will be promoting your business through, how you will achieve sales and your pricing policy.

Operations should discuss where your business will be working from and your proposed systems for IT and managing information.
The financial forecast should include cash flow statements, profit and loss and sales forecasts. List any security you can offer and how the business will be able to repay any borrowings.

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YBC Academy : How To Trade

Sole Trader
You’ll be working for yourself and will be solely responsible for everything.

Partnership
You’ll be working with one or more others to share decisions and any profits. We highly recommend putting a partnership agreement in place because circumstances can change. A template is free to download in the members’ area.

Limited Company
A limited company is a legal entity in its own right and is run by its directors on behalf of its shareholders who have a financial stake in the company. Template documents are available in the members’ area.

Limited Liability Partnership

Similar to a limited company in that it has its own legal identity. It is run by its members and, again, we recommend appropriate documentation be put in place.

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YBC Academy : MLM – Business of the 21st Century

What is it?
MLM meaning Multi-Level Marketing is where individuals seek to grow their sales base by word of mouth and direct recommendations! The majority of them are privately run companies (i.e no shareholders and everyone involved can earn the right to year end bonuses) and a small number of them are listed on the stock exchange where dividends are paid to the shareholders.

Multi- level comes into play when some of the customers who buy regularly see the advantage of registering with the company direct so that they can receive a hefty discount on their recurring purchases and so on and so forth – this then provides the “multi-level” effect.

Notice I hesitate to use the word “selling” and this is because even though people are happy to purchase MLM products when approached about considering it as a business under the umbrella of the MLM company the first question they ask is – “Is it selling?” In the majority of cases these people are usually already in business. No one seems to like the word “selling” despite this being key in any business structure. So please note that it doesn’t matter if you are selling a service or a product or indeed yourself at an interview without sales there is no business and/or income.

Are MLMs Pyramid Schemes?
This is a popular question that is asked a lot so let’s get this straight from the getgo…

It’s pretty simple really, Pyramid schemes do not involve an actual product or service and are illegal.

MLMs have a product or service to sell directly to the consumer and are governed legally by each country’s Direct Selling laws – in the UK this is the DSA (Direct Selling Association).

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YBC Academy : So You Want To Have A Website

So you have created your business and know you need an online presence to help support and grow your business. How do you get started, what do you need to make the process as smooth, secure and professional as possible?

There are three fundamental things you require to achieve your goal of having an online presence:
– A domain name
– A hosting package
– A website

Domain Names
The first and most important thing to say about domain names is that it is crucial that you purchase your own domain name. Do not let anybody else purchase it on your behalf no matter how easy it is to do or how simple it makes the whole process. Anybody who owns a domain has the ability to sell it, close any website on the domain down or redirect the domain to another website. Letting somebody else purchase your domain is similar to giving that person the keys to your office or the password to your office PC.

What do you do if you are already in this position? Well the best solution is to visit the following website, https://who.is/ . Type in your domain name and search for the results. In the results section, look for the details of the registrar. This is the business where your domain has been purchased. Go to that registrar’s website and create your own account with them and then contact the person who bought the domain name for you and ask them to transfer the domain to your account. It is easiest and quickest if you have an account with the registrar, as this makes the transfer an internal one which is simpler to process.

Here are some other things you should consider when purchasing your domain name:

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YBC Academy : Strength in Numbers

As a newly self employed person, partner or owner of a newly formed limited company you very quickly find yourself on all sorts of mailing lists offering you solutions, products and services. If you use social media for your business your feeds will start to fill up with similar offers.

Some of these offers will be genuine but others will be targeting your vulnerability as someone new to running a business. Scammers are well aware of this vulnerability and it is important to identify ways of knowing what is real and what is a scam.

Joining YBC gives you full access to all of the Business Academy articles, unlimited free advice and the opportunity to attend our regular networking events.

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YBC Academy : Start Up Finance

Are you looking to raise finance to start or grow your business?

Join the tens of thousands of Start-Up Loan recipients and realise your business dream.

The Government-backed Start-Up Loans Company provide funding and free mentoring support to help start or grow your business. It offers personal loans for business purposes up to the value of £25,000.

This scheme has provided startups with literally hundreds of millions of pounds since its inception and is available at a very attractive interest rate.

To be eligible you’ll need to have started your business within the past 2 years.

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YBC Academy : Why Form a Limited Company

Forming a limited company limits your liability. This means that only the company itself is liable for any obligations and debts accrued.
Limited companies, generally speaking, have more credibility and are easier to sell.

There are 4 distinct parts to a company:
– Firstly the company which is a legal entity in its own right.

– The Directors who are responsible for the running of the business.

– The Shareholders who own shares in the company.

– The employees who work for the company.

Of course in practical terms you can be a director, shareholder and employee. All of these perform separate functions though.
Any property bought by the company is owned by the company and not by its directors or shareholders.
In terms of definition the directors run the company on behalf of the shareholders and ultimately can be removed by them. Shareholders own shares in the company but don’t run it.

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