Starting A Small Business 100 Hours Certificate Course

There are 12 lessons:

1 Introduction to Small Businesses:

• Nature and success factors
• Primary, Secondary or Tertiary business
• Scope and Types of Businesses
• Options –size, products, positioning, legal structure, specialisation, type of industry
• What makes it a “small” business
• Key Success factors –entrepreneurship, market niche, information, reputation, flexibility
• Understanding Risk of Failure
• Set task
• Assignment

2 The Business World;

• Business structures –sole trader, partnership, companies (public and proprietary)
• Advantages and disadvantages of different types of ownership
• Small Business and the Law
• Importance of record keeping
• Regulations affecting site and operations
• Components of a legal system –lawmakers, interpreters, enforcers, administrators, advisors
• Common law rights and obligations
• Protection of Consumers
• Trade practices, trademarks, brands, business, IP.
• Business Registration
• Employment Law –employment contracts
• Business disputes –negotiation, arbitration, mediation, etc.
• Contract Types –employment, lease, sale of goods or services, insurance, etc.
• Prerequisites of a contract –what comprises a contract?
• Taxation and small business
• Insurance –private, property damage, life insurance, business insurances for risk management
• Business Case Study
• Set Tasks –researching local issues
• Assignment

3 Your alternatives - different types of ventures;

• Goods manufacturing, or services
• Factors to consider -market niche, location, goodwill, personal factors, etc
• Business terminology
• Establishing a new small business
• Considering options of buying into a franchise, buying an established business or starting up from nothing.
• What to look for when buying an established business
• Understanding franchising
• Guidelines for starting something new
• Assignment

4 Marketing;

• Nature and scope of marketing
• Purpose of Advertising
• Managing the marketing process
• The marketing concept
• Marketing goals
• Marketing plans
• Strategic marketing planning
• Marketing objectives and strategies
• Target markets
• Developing a marketing mix
• Organising the Planning Process
• Reviewing a Business Situation
• Business Mission Statement
• Establishing marketing objectives
• Broadening geographical representation
• Maximizing customer service
• Developing strategies to achieve objectives
• Increasing market share –geographical expansion, market penetration, price factors
• Analyzing market opportunities –external influences and internal influences
• General economic conditions
• Government policies and regulations
• Marketplace laws
• International influences
• Demographics
• Technology
• Changing Customer attitudes and values
• Activity of competitors
• Alternative marketing methods
• Analyzing business resources, market share, product characteristics, advertising, price, innovation potential financial capacity.
• Selecting Target markets
• Mass marketing, niche marketing, differentiated marketing, etc
• Physical basis for market segmentation
• Behavioural basis for market segmentation
• Developing the Marketing Mix
• Branding and packaging
• Understanding the price element
• Pricing methods
• Understanding the promotion element
• Public relations, advertising, sales
• Distribution
• Product life cycle
• Analyzing costs and benefits
• Managing a marketing plan
• Structuring advertising or promotions
• Publicity Marketing
• Set task
• Assignment

5 Planning;

• Scope and nature of planning
• Developing a business plan
• The planning process
• Checklist for a business plan
• Market research
• Business plan pro forma –a template for you to follow for creating a very detailed business plan

6 Basic Bookkeeping;

• What records are essential?
• The simplest approach to financial bookkeeping
• The value of financial records
• Source documents
• Cash book
• Credit sales and credit purchases
• Bank reconciliation
• Petty Cash
• The Balance Sheet
• Classification of the balance sheet
• Working capital
• Profit and loss statement
• Preparing a profit and loss statement
• The link between profit and the balance sheet
• Assignment

7 Sales Methods;

• Personal Selling
• Rules of Selling
• Types of Selling
• Types of customers
• The Salesperson -characteristics and knowledge needed
• Using the telephone
• Set task
• Assignment

8 Budgeting;

• Scope and nature of budgets
• Types of budgets
• Assignment

9 Developing a 12 month business plan;

• Planning for manpower needs
• Planning where to work from initially (eg. home, leased or purchased property)
• You will create a simple plan within the following framework, submit, and recive feedback from our academic staff on what you propose.
• Description of the Business
• Motives for Entering Business
• The Opportunity and Strategy
• The Target Market
• Relevant Experience and Skills
• Financial Assistance Required
• Financial Projections
• Financial Summary

10 Implementing a business plan;

• This lesson considers how the plan you developed might be implemented.
• Consider who is going to do the work: how will you manage to get things implemented
• Motivating employees
• Delegating work tasks
• Assignment

11 Reviewing progress in a new business;

• Monitoring performance
• Evaluating Performance
• Modifying performance
• Assignment

12 Improving profitability;

• How can profits be increased
• Business expansion and sources of finance
• Overdraft facility
• Equity Credit
• Fully Drawn Advances / Term Loans
• Bills of Exchange
• Leasing
• Inventory Financing
• Sources of Funds
• Information required when sourcing funds
• Good Management Practices
• Set Task
• Assignment

Your learning experience with ADL will not only depend on the quality of the course, but also the quality of the person teaching it. This course is taught by Michael Booth and your course fee includes unlimited tutorial support throughout. Here are Michael's credentials:

Michael Booth
B.Sc (Hons) Chemical Engineering, (University of Leeds), MSc with Merit Computer Science, (University of Kent), Executive Associate, Institute of Independent Business International

Michael has over 20 years experience in industry with a diverse academic background incorporating executive management, chemical engineering, and computer science. Michael has an international background and has worked as a technical director, production manager, and operations manager throughout companies across the world. He recently completed his MSc in Computer Science from the University of Kent, and is an executive associate of the Institute of the Independent Business International.

a/ Home Services ‑Cleaning, garden care, ironing, rubbish removal etc.

b/ Plant Nursery – Garden Design

c/ Craft ‑ sell through markets or wholesale to shops.

d/ Party Plans (e.g. Kitchen ware, Cosmetics, Home goods).

e/ Retail Shop

f/ Publishing ‑freelance writing, publishing yourself, etc.

g/ Office Services ‑typing, serviced offices, etc.

h/ Mail Order businesses

i/ Equipment:

• renting or leasing equipment
• hire yards
• contract earth moving etc.

j/ Child Care

k/ Tourism and recreation:

• organizing holiday packages, tours etc.
• fitness centres/programs
• provision of recreation facilities.

STARTING A NEW BUSINESS

Things to Consider

The Market Niche

This is best when competition is weak, non‑existent, or not keeping up with the growing market or customer demands/requirements. It can be good if customer loyalty is not a factor, or if you can bring customers with you. Keep in mind that once you approach a niche market, a larger competitor may decide to move into that market. Be prepared for competition, even if it doesn't exist in the early days.

Personal Aspects

Starting a new business can be more of a challenge and more satisfying when you are successful. You can start when you are ready, or you can start part‑time initially. You have the freedom to introduce your own ideas and style from the beginning. However, there is more worry and pressure; it requires certain skills and attitudes; and takes time to research, decide, organise and become competent.

Goodwill

You start with a clean slate with potential customers; the cost of buying the ‘goodwill’ price premium, of an existing business, is excluded. It is hard, however, to predict volume and market patterns, and there is generally a greater risk of the business failing because of the need to build‑up a customer base.

Location

You can choose your own site for your business in the best available area, or the area that best suits you (e.g. close to home). If you are going to have leased facilities you will be able to have the full lease period: however, good sites may be all occupied, and choosing an alternative site may involve a bit of uncertainty. You might also have to upgrade any new premises to meet regulations, your own requirements, to provide the necessary décor, or services for your customers.

Staff

When starting a new business you can start small, and hire people to fit your particular needs and style. When looking at staff, consider what weaknesses you may have and try to select some staff with strengths in those areas.

Equipment and Stock

You can select the most modern equipment or choose fresh stock, however, it takes time to select, ship, and install these. Costs are high for new equipment and stock, and a sensible balance between the risk of failure and such costs should be considered.

Financing

You can start small, BUT many costs are commonly not foreseen. Suppliers may require cash on delivery (C.O.D.), financing may be hard to come by, and initial cash flow can make servicing debts difficult.

BUSINESS TERMINOLOGY

The business world has a language all of its own. Do you know the meanings of ALL of the terms listed below?

FRANCHISE - A company grants a business operator the right to offer the services or goods of that company (sometimes exclusively) within a specified area. The business then has the right to use the company’s marketing facilities as well as their expertise and trademarks.

WHOLESALER - A business that sells its goods to a retailer usually in large quantity and at reduced pricing for re-sale

ENTREPRENEUR – A person who sets an enterprise (or several) using their own money and skills .

SOLVENCY – A business is solvent when it can pay all its debts

LIQUIDITY – Having fluid assets that can be readily converted into cash

RECEIVERSHIP – A business under receivership has been appointed a receiver through the courts to manage the property and receive/distribute the monies of the business to the creditors

PROFIT – The gain or money made...