STARTING A BUSINESS: FUNDAMENTALS

1 Day Online Course Outline, Course Objectives, and Scheme of Work: Starting a Business: Fundamentals

Course Title:

Starting a Business: Fundamentals

Course Duration:

1 Day (6-8 hours, delivered online)

Target Audience:

Aspiring entrepreneurs, individuals with a business idea, or those in the early stages of starting a business.

Course Objectives:

By the end of this course, participants will be able to:

1. Understand the key steps involved in starting a business.
2. Develop a clear business idea and value proposition.
3. Learn about the basics of business planning, including market research, competition analysis, and financial forecasting.
4. Explore legal structures, compliance, and registration processes.
5. Gain an introduction to marketing, branding, and customer acquisition strategies.
6. Understand the importance of managing finances and accessing funding options.

Course Outline and Scheme of Work

Session 1: Introduction to Starting a Business (1 hour 30 minutes)

• Objectives:

  • Learn the fundamentals of entrepreneurship.
  • Understand the process of validating a business idea.
  • Identify key success factors for new businesses.

• Topics Covered:

  • What makes a successful entrepreneur: Traits and mindset.
  • Idea validation: Researching demand and assessing market potential.
  • Defining your business purpose, vision, and mission.
  • Understanding your value proposition: What problem does your business solve?

• Activities:

  • Group discussion: Participants share their business ideas and receive feedback.
  • Practical task: Create a draft business purpose and value proposition statement.

Break (15 minutes)

Session 2: Business Planning Essentials (1 hour 30 minutes)

• Objectives:

  • Learn how to develop a basic business plan.
  • Understand the importance of market research and competition analysis.
  • Gain insights into financial forecasting and budgeting.

• Topics Covered:

  • The structure of a business plan: Executive summary, market analysis, operational plan, and financials.
  • Conducting market research: Identifying target customers and analyzing competitors.
  • Basic financial forecasting: Estimating costs, revenues, and profit margins.
  • Defining your unique selling proposition (USP) and understanding market positioning.

• Activities:

  • Practical task: Participants create a simple SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis for their business idea.
  • Group discussion: Market research tips and insights into understanding customer needs.

Break (30 minutes)

Session 3: Legal Structures and Compliance (1 hour)

• Objectives:

  • Learn about different business structures and their implications.
  • Understand the legal requirements for starting a business in the UK.
  • Gain insight into tax obligations, licenses, and registrations.

• Topics Covered:

  • Choosing the right business structure: Sole trader, partnership, limited company, etc.
  • Business registration: Steps to officially register your business.
  • Understanding taxes for small businesses (VAT, self-assessment, corporation tax).
  • Compliance with legal and industry-specific regulations.

• Activities:

  • Practical task: Participants assess which legal structure is best suited for their business idea.
  • Group discussion: Common compliance challenges for new businesses.

Break (15 minutes)

Session 4: Marketing and Branding Fundamentals (1 hour 30 minutes)

• Objectives:

  • Learn how to create a marketing strategy that attracts customers.
  • Understand the basics of building a brand and online presence.
  • Gain insight into customer acquisition techniques.

• Topics Covered:

  • Introduction to branding: Developing a brand identity (logo, color scheme, tone).
  • Crafting a marketing strategy: Defining target markets, channels, and messaging.
  • Customer acquisition: Digital marketing basics (social media, email, SEO).
  • Networking and using online platforms to grow visibility.

• Activities:

  • Practical task: Participants create a simple marketing plan for their business, outlining target customers and key marketing activities.
  • Group discussion: Participants share branding ideas and receive feedback.

Session 5: Managing Finances and Accessing Funding (1 hour 30 minutes)

• Objectives:

  • Learn the importance of financial management and cash flow.
  • Explore funding options for startups.
  • Understand the basics of managing business expenses and profit.

• Topics Covered:

  • Managing cash flow: Inflows, outflows, and budgeting.
  • Basic bookkeeping and financial tools for small businesses.
  • Sources of funding: Bootstrapping, government grants, bank loans, angel investors, and crowdfunding.
  • Creating a pitch to attract potential investors.

• Activities:

  • Practical task: Participants create a basic cash flow forecast for the first six months of their business.
  • Group discussion: Sharing experiences or concerns about accessing funding.

Assessment:

• Continuous assessment through practical tasks and group discussions.
• Final task: Participants present a simplified business plan and marketing strategy.

Resources:

• Digital handouts on business plan templates, market research tools, and financial forecasting.
• Suggested reading: Articles on entrepreneurship, marketing strategies, and financial management for small businesses.

This 1 day online course provides participants with the foundational knowledge and skills needed to start a business. From business planning and market research to legal considerations and marketing, the course offers a step-by-step guide to turning business ideas into reality.