Have you got the passion, an idea, an invention?
Introduction
The John Cracknell Youth Enterprise Bank is here to guide you along the way, we’re here to support you every step on the road to success. In this guide we have highlighted some of the aspects you will need to consider when starting a business, as well as throwing in some helpful hints from Hull based young entrepreneurs who have been there and made the mistakes – so you don’t have to!
We all know how difficult it can be to find work/employment in the current economic climate, because of this more and more people are turning their hand to setting up a business, and it is no different with young people. There are many issues which you may face along the way, issues such as lack of finances, lack of credit history/assets, lack of experience are three main factors holding back young people.
That’s where Youth Enterprise comes in. We provide the guidance and support needed to help young entrepreneurs succeed.
It won’t be an easy process but with hard work and dedication you can make a real change to your life!
So, what are you waiting for? Let’s get started!
Do you have what it takes?
Before launching a business, it’s worth thinking through your ideas and taking a look at you.
These are just a few situations you may face in the early stages of your business so you should be preparing yourself for these now.
Find out if you have what it takes!
Take the Youth Enterprise self assessment test
Evaluate your own skills and make judgments about whether you’re ready to own your own business!
Starting a business
People who start their own business can be put into two groups. You will either be developing an existing hobby or skill into a business or you may want to start a business, but have no real idea about what you would like to do. Which group do you fall into?
If you have no clear idea of what you want to do, it is wise that you examine this further. We’re here to help, give us a call on 01482 613 775 or alternatively why not speak to our resident Entrepreneur, email Charles.Cracknell@hullcc.gov.uk today!
When you are more confident about your idea you will need to start making more important decisions and start focusing your time on:
This guide will act as a reference guide helping you answer these questions and signposting you to companies for extra assistance.
do I need a business plan?
Yes. Download our easy business plan template and get started today.
What is my legal structure?
What you need to do to set up depends on your type of business, where you work and whether you take people on to help.
What regulatory issues apply to your business?
You may need a licence, permit or certification for your business
Considerations for Young People
Everybody setting up a business will face challenges, however there are financial and legal restrictions that apply to young people that need to be considered.
Lack of money
Unless you have your own cash to invest in your business idea you will need to find an alternative source to fund your idea. If you are aged under 18 you are legally considered to be a young person and as a result of that you cannot obtain finance from banks. We can assist in helping you find funding for your business/idea.
Mixing Work/School/College Balance
Young people are further restricted by their age. Those under 16 are regulated by when they can begin work and the number of hours they can work per week. By law all people under 16yrs MUST receive a full time education. Please refer to the table on the following page to learn more about age restrictions facing young people. Sometimes you can’t do it all, whilst there are many young people who have setup their business and successfully balanced their education and their business you must ask yourself – can you do this?
Lack of experience
A lack of business experience is another obvious obstacle to getting your business started. You may feel insecure about talking with business people, confused by all the business practices or feel like your ideas are not being taken seriously. Talking with people who have been in the same situation you find yourself in now is always helpful. They can give you hints and tips to deal with potential problems. Attending local business events and career days can be a great way to forge relationships with local business leaders.
Extra Resources Available
Youth Enterprise
We can help you via our associates or put you in touch with young people helped by the programme. Contact us on 01482 613 489 for details. Email Charles.Cracknell@hullcc.gov.uk
The Kings Trust
Get free support to develop the skills and confidence you need to find a job or start a business.
Young Enterprise
We believe that the potential of the UK’s young people is unlimited, and an academic education on its own is not enough. We empower young people to discover, develop and celebrate their skills and potential.
Planning for Success
Starting a business is a huge step. You have to have a good idea, research all the details needed to put it into operation, and be firmly convinced and dedicated in your ability to make it work.
Having it all worked out in your head is ok, but it’s only when you take the time to create a written document that details all your thoughts that you realise how big the task ahead will be and what’s involved in running a business. A business plan deals in facts and figures and should help to bring some reality to the situation – you’re setting up a business!
A business plan is designed to help you to:
Download the Youth Enterprise business plan and get started on your business idea today.
Securing finance
Unless you have your own cash to invest in your business idea you will need to find an alternative source to fund your idea. If you are aged under 18 you are legally considered to be a young person and as a result of that you cannot obtain finance from banks. The main sources of finance available for young people are:
Under 18yrs:
Over 18yrs:
If you need to secure finance to help you get your business idea off the ground why not visit our funding page . Here you can learn more about local business start up grants or loans for the under 30’s, including: The John Cracknell Youth Enterprise Bank; The Princes Trust; New Entrepreneur Scholarship & Sirius.
Don’t be afraid to ask! A well written business plan, along with a passionate young entrepreneur can gain funding from the many sources available. If you don’t ask or apply for funding you won’t get it; at the Youth Enterprise Bank even if we cannot provide funding for any reason we always advise and assist as much as possible.
Tax & VAT
Throughout your business life you will need to pay tax. What tax you pay will differ depending on the type of business you start, whether you employ staff or need to register for VAT.
The best source of information relating to tax is available direct from HM Revenue & Customs . They have HM Revenue & Customs Advice Teams on hand to help you understand your tax responsibilities, and give you the confidence to get it right, first time.
Extra Resources Available
business link
Find out what TAX you will have to pay
Hull city council
Business rates: what you need to pay
business link
Importing and Exporting
Financial Planning & Control
To succeed in business, one of your most important tools is good maintenance of your business records with correct use of financial planning & control.
If you do your finances right and keep them up to date you can answer important questions about your business, such as:
Ensuring you have a good book keeping system is the foundation on which all of this valuable financial information can be built. We have developed a few finance templates that you can use for your business. Feel free to download these templates today.
Recruiting Staff
Recruiting an employee is a big investment for any business. When recruiting someone to work for your business, you will need to invest time, money, training, and trust in the individual to train them for the role. If you do it right, you can move your business forward faster in a productive way; if you do it wrong, you can lose your investment of time, money, training and trust spent on that employee. You could also be subject to legal proceedings arising from unfair dismissal claims.
It’s an important process with serious implications for the future of your business, and you should put in the time to examine your needs and to recruit the right way.
Developing a Website
Before you consider getting a website it is wise for you to consider:
Websites can be costly depending on what you want the website to do. You may just want a simple website that lists what you do, where you are and how people can get in touch with you. Or you may want a more advanced website that allows for:
We provide free single page static websites to young people free of charge. Please contact Charles.Cracknell@hullcc.gov.uk.
Developing websites on a low budget
You can still have a website with little or no money.
Social media is your friend, use Facebook and Twitter to promote your business
Develop an Ebay or Etsy Store
Free Websites available from Microsoft and Wix
Get a Youth Enterprise associate to help your website. Call us on 01482 613 775 for more information.
Sales & Marketing
Planning the sales and marketing to be used by your business is very important. Customers will not come to you if they don’t know where you are and what you do. There are key sales and marketing questions that should be answered for every business. Below are just a few to consider.
Networking & Mentoring
Did you know that you may be networking and not even know it? If you have a Facebook or Twitter, you are already taking part in social networking.
In business the same networking principles apply. The difference is that most introductions will be done face to face rather than over the internet. You need to meet people for them to be reassured in you & your business. It also helps you to learn more about your customers.
The networking & mentoring opportunities available in Hull are:
Extra Resources Available
Youth Enterprise
We can help you via our associates or put you in touch with young people helped by the programme. Contact us on 01482 613 489 for details. Email Charles.Cracknell@hullcc.gov.uk
The Kings Trust
Get free support to develop the skills and confidence you need to find a job or start a business.
Young Enterprise
We believe that the potential of the UK’s young people is unlimited, and an academic education on its own is not enough. We empower young people to discover, develop and celebrate their skills and potential.
Business Startup Checklist
Download this handy checklist of all steps to complete to set up your business and get the ball rolling. Everything from concept to launch.