make your mark 2 w/c 14 th november 2011. gratefully supported by: © sheffield city council 2010...

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Make Your Mark 2 w/c 14 th November 2011

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Make Your Mark 2

w/c 14th November 2011

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

Gratefully supported by:

© 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

Gratefully supported by:

© Sheffield City Council 2010

Background

In Sheffield, many shop spaces have become empty as businesses struggle to survive in difficult economic times.

Gratefully supported by:

© Sheffield City Council 2010

Background

• Even some sporting facilities have closed down or are finding it hard to attract customers

Gratefully supported by:

© 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

Gratefully supported by:

© 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)

Gratefully supported by:

© Sheffield City Council 2010

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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© Sheffield City Council 2010

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

Gratefully supported by:

© Sheffield City Council 2010

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?

Gratefully supported by:

© Sheffield City Council 2010

What sports businesses are in your city centre? Can you be more creative?

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© Sheffield City Council 2010

Which of these businesses offer products? Which offer services?

What will your sports business provide?

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© Sheffield City Council 2010

Different types of customers. Who will you target your business on?

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© Sheffield City Council 2010

So, what gaps are there? What’s YOUR idea?

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© Sheffield City Council 2010

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.

Gratefully supported by:

© Sheffield City Council 2010

The Space

Use Google SketchUp?

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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.

Gratefully supported by:

© Sheffield City Council 2010

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

Gratefully supported by:

© Sheffield City Council 2010

Which business?

“Have it your way.”

“I’m lovin’ it!” “Good with food”

“The World’s local bank”

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© Sheffield City Council 2010

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.

Gratefully supported by:

© Sheffield City Council 2010

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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© Sheffield City Council 2010

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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© Sheffield City Council 2010

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

Gratefully supported by:

© Sheffield City Council 2010

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!

Gratefully supported by:

© Sheffield City Council 2010

Presentation tips

• Use visual aids • Eye contact• Speak up • Divide between the team • Practice, practice, practice• And Smile!

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© Sheffield City Council 2010

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.

Gratefully supported by:

© Sheffield City Council 2010

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