This week we will nail P1 as above and the good news is that you have got notes on this already.
Your challenge is to create a powerpoint presentation or add it into your business plan either way it needs to tell me what we need to consider when starting up a new business. First start by telling me what business you will talk about starting in Oxford City Centre:
- A new coffee shop
- A sandwich or panini bar
- A hairdressers
- A window cleaners
- A burger or kebab van
- A Gardener
- Clothes shop
You will then need to research and collect information on the local and national factors which could affect the business environment, remember PESTLE
As a minimum the presentation should include information on the likely effect of the following factors:
- Local factors - this link is helpful here and here
- National factors this is where your PESTLE comes in
- Politics - what is the Conservatives view on new business? Why does the conservative government like to charge low levels of corporation tax? What do you think of the 20% rate of VAT. Why does the government try to keep interest rates low?. Why does the government try to give grants and government backed loans to encourage start up business?
- Economic - is this a good time economically to start a business ? think UK, EU and globally ? Do people have jobs, money to spend and are they happy with their rates of pay? What is the exchange rate and why is it so important for start up businesses?. Why is it important to keep inflation low?
- Social - do people have more time to spend with your business? Are people more health conscious, living longer and living longer and healthier to take advantage of your business?
- Technology - how can you use it to build your business and get more customers? Is it easy to use or hard? How would you use it to get more customers?
- Legal - is the business environment easy to set up in the UK? What do you need to do apart from tell the HMRC that you would like to send them a TAX RETURN every year to pay tax and collect NATIONAL INSURANCE and TAX of your workers and hand it to them? What is the other TAX that you need to pay and does this relate to your business?
- Environmental - how will CO2 emissions, pollution and recycling give your business a boost or will it cost it money?
So six slides with facts and figures along with a front page, introduction and conclusion should fix it
Check out these other resources to support P1:
Office for National Statistics
Interesting Government Statistics
Telegraph Article Britain By Numbers Top 20 Facts
Recent McKinsey Report November 2014
Deadline date: Wednesday 15th July 2015
For M1 you need to take this further and 'explain how changes in the current business environment are likely to impact on start up businesses
How would your business be able to cope with any changes that might occur within the local business environment. Areas top consider could be:
- Competition - more set up shop
- Unemployment rises in the local area
- The local government
- Regional redevelopment businesses move out and housing building increases
- Increased costs such as rent and rates
- Supplier issues!
Pick three of the above and explain how the change will impact on your start up. Hint state what the change is and then how this will impact on your selected business