Chapter 4- Business Plan.
•You need to put customers at the heart of the business. The business plan needs to persuade them to part with their money.
•The business plan must be relevant to the audience and include the information that they require.
•Constantly revise your business plan plan. If some areas need changed don't hesitate to do so. Addressing issues before they become problems is a good way to gain respect.
•Use the business plan as a 'to do' list.
•Do not treat each part of the plan as a separate entity. Overlaps will show a clear picture of how the business will operate.
•Be realistic, dont be too optimistic. Don't put yourself under too much pressure, enjoy running your business.
•Understand your finances.
Chapter 5- Financing your Business
The Business start-up finance must include,
•purchasing or leasing of machinery, tools, vehicles, computers and basic office furniture and equipment.
•cost of leasing and fitting out premises, including structural alterations, rewiring, redecoration and refurbishment, installation of equipement and survey, legal and removal costs.
•purchase of any bought components, etc.
•initial working capital for overheads before customers begin to buy your product.
•a contingency plan to cover any un-budgeted costs.
Sources of Finance
•Savings. The more you put in the more you are likely to receive from finance companies.
•Family.
*Someone else working for the company.
•Someone with business experience who is willing to be your mentor.
•Your bank.
•A grant-making organisation.
Chapter 6- Premises
•Keep costs to a minimum. Identify all set-up and running costs before agreeing on a lease.
•Plan well- How much space do you need? how much is insurance?
•Check risks associated with materials you are working with.
•If premises is to be used as part showroom is it easy for customers to access? does it have adequate parking?
•Try to include space to speak to customers, but look into insurance issues.
•Contact estate agents, arts magazines, your local arts council, college notice board, local arts organisations and council for local studio space and other premises.
•Who is liable for the cost of maintenance and repairs? Are the lifts maintained? Is the electrical wiring safe?
•Is there 24hr access?
•What security arrangements are in place?
•What noise restrictions are in place?
•Speak to other tenants to find out any problems.
Are there subsidies available?
Working from Home
•Do you need planning permission?
•Does your lease or your local council prevent you running a business from home?
•Are there any restrictions such as access or privacy?
•What are the health and safety regulations?
•Can you get business insurance if working from home?
•Make sure that parking and loading are accessible.
•Check with neighbours that noise will not be an issue.
•Are there many distractions?
•Where will you meet clients? Is the environment look professional?
•Will you feel isolated working from home everyday?
•Cost your overheads correctly so you can cost work realistically.
•Make a professional and clear recorded phone message.
•Print professional letter heading and stationary.
Setting up a Co-Operative studio.
•Use a solicitor, each co-operative works in a different way and a proper legal contract is vital.
•Make sure you are not liable to pay the landlords solicitor fees for preparing the lease.
•Devise a set of house rules.
•Appoint one person to manage all bills and standing orders.
•Arrange regular meetings each month to discuss workshop and studio management.
•Ask people for advice.
•Always get more than one quote for any building work to be done on the premises.
•Do not pay in advance for work.
•Apply for funding as a group.
•Obtain a group bank account.
•If you need further advice, use the Citizens Advice Bureau.
•When running a co-operative studio, it is a good idea to get some basic business training.
