make your mark 2 w/c 14 th november 2011. gratefully supported by: © sheffield city council 2010...
TRANSCRIPT
Gratefully supported by:
© Sheffield City Council 2010
Welcome to Global Entrepreneurship Week
• Each year, over 32,000 events run in 88 countries, attended by more than 7.5 million people.
• “Entrepreneurs are not born, they are made. Entrepreneurship is a skill that can be taught just like any other” Peter Jones
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© Sheffield City Council 2010
Why am I here?
• One winning team from today could get to the Sheffield Finals
• If successful, First place team will receive a trophy and £120 Shopping Voucher
• Second place team will receive a £60 Shopping Voucher
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© Sheffield City Council 2010
Background
In Sheffield, many shop spaces have become empty as businesses struggle to survive in difficult economic times.
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© Sheffield City Council 2010
Background
• Even some sporting facilities have closed down or are finding it hard to attract customers
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© Sheffield City Council 2010
Introduction to the Challenge• As it’s the Olympics in 2012 why not plan to
make money out of sport?• This year MYM2 would like the entrepreneurs
of the future (that’s YOU!) to think about the best way to develop one of these empty sites into a sports themed business
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© Sheffield City Council 2010
The Challenge
Sheffield currently has a number of empty shops as well as disused leisure facilities.
Could you develop one of these into a successful sports retail outlet? OR focus your business on one of the towns derelict sports sites? (eg Woodburn Road Athletics Stadium)
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The ChallengeHere are just a few ideas to get you started
• City Centre- ‘Buy it and try it’ sports shop- Roof top golf driving range- Virtual sports centre
Tip: Don’t just think about selling sports clothes- Be Creative! Think outside the box!
• Leisure Site- Sports cinema and café- Sports hotel for families- Extreme sports centre
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The Process• Select your space (City Centre or disused leisure
site)• Consider the space you need and running costs• Brainstorm different ideas to select the best use
of space• Design the space• Work out the finance – cost and profit• Decide who your customers will be and how you
will reach them• Prepare a report and presentation
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Task 1Choosing your business
– Develop your business ideas. Will you offer products or services? What competition is there at the moment? Who will your customers be?
– Do you want to provide something for young people, for families or adults?
– Is there something sports related that you think is missing that could make YOU money?
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What sports businesses are in your city centre? Can you be more creative?
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Which of these businesses offer products? Which offer services?
What will your sports business provide?
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Different types of customers. Who will you target your business on?
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Task 2
Setting up your business– Select the best space for your idea. The bigger the
space, the higher the cost to set up, but perhaps you can make more money when the business is running?
– How will you design the internal space, do you need special equipment? What budget should you set for the furniture and decorating costs?
Create a plan to show what the space will look likeand an image of the front of the shop.
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© Sheffield City Council 2010
Task 2
Setting up your business
-Detail the product range/services that will beoffered from the outlet.
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Task 3Marketing your business
– What is your company name?– Do you need a logo and a strap line?
– Identify who your customers will be.– How will you advertise your business?
Make an advert for either TV, radio or newspaperDesign a poster or leaflet
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Which business?
“Have it your way.”
“I’m lovin’ it!” “Good with food”
“The World’s local bank”
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Task 4
Your Finances– How will the business make money?– How much will it cost to rent the space? How
much will it cost to set up? How much will your marketing cost? What will your running costs be? (staff etc)
– How much profit will you make by selling your products or hiring out your services? Are there extra ways that you can make money? e.g. by renting the whole space for events.
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Profit and Loss• Produce a Profit and Loss Account1- What the income is going to be (what people will
pay you per month for your products)2- What the cost of sales is going to be (what you have
to pay out to sell the products e.g. cost of production)
3- What the overheads are (e.g. staff costs, advertising, rents)
• Work out 1-2+3= Profit (money you make) or Loss (how much you will owe)
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Financial spreadsheet
CASH FLOW FORECAST (in £000's)
Qtr 1 Qtr 2 Qtr 3 Qtr 4
Cash In
Start up money 1000
Sales 305 180 243 175
Total Income 1305 180 243 175
Cash Out
Start up costs 5000
Cost of sales 75 40 45 40
Other expenses 25 20 20 15
Salaries 25 20 20 20
Total Out 5125 80 85 75
Balance -3820 100 158 100
Balance at Year End -3462
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Financial spreadsheetPROFIT AND LOST ACCOUNT (in £000s)
Income Qtr 1 Qtr 2 Qtr 3 Qtr 4
Sales of Product 1 20 30 40 60
Sales of Product 2 5 0 3 15
Sales of Product 3 100 150 150 100
Room Hire 50
Launch Event 180
Total income (Qtr) 305 180 243 175
Less
Cost of sales 35 40 45 40
Cost of event 45
Gross profit 225 140 198 135
Expenses
Advertising 15 10 10 5
Rent, electric, phone etc 10 10 10 10
Salaries 25 20 20 20
Total Profit 175 100 158 100
Total profit for Year 533
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Task 5
Presenting your Business– As a group you will need to present your idea to the
other teams.– A winner will be chosen, who may get to represent the
school at the Sheffield finals on 29th November.– Remember to include: a description of your idea, who
your customers are, how you will tell your customers about you business, how much it will cost you to set up and how much money you will make!
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Presentation tips
• Use visual aids • Eye contact• Speak up • Divide between the team • Practice, practice, practice• And Smile!
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What next? Entering the Sheffield Finals
The winning team will need to email their business plan by 3pm on Tuesday 22nd November This report will be judged by an independent panel and the best businesses will be invited to present their business at Barclays Bank in Sheffield on Tuesday 29th November.
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Well Done
• All teams have come up with some very creative ideas
• Some of these could be developed into real businesses
• Remember- “Entrepreneurs are not born, they are made. Entrepreneurship is a skill that can be taught just like any other” Peter Jones