Transcript WEB - ELIE - Employability: Learning through International

Starting up a business in a new
country
Are you familiar with other
cultures?
(Cross-cultural skills)
How to communicate in a
new culture?
(Ccommunications skills)
How to build networks?
(Networking skills)
How to develop my
entrepreneurial skills?
(Entrepreneurial skills and
traits)
How to start up a business in
a new country?
How to expand your business
to a foreign country?
How to start up a business in
a new country?
This module gives you basic understanding about starting a business. The focus is on aspects related
setting up a business in a foreign country, but the information offered is applicable also if you are
planning to start a business in your home country.
The topics to be covered in this module include formalities of business start-up, market information,
business planning skills and funding. We also provide you some links to additional information
about the topics.
Business planning skills
Market information
Formalities of
business start-up
Funding
Business planning skills
Business Planning Skills
Every business needs planning. No matter if it is a start-up or a long established
company. The goals and aims of a firm need to be set, the steps toward the goals need
to be planned, as well as the criteria for monitoring your success.
Core competency areas needed in business planning
1.
2.
3.
4.
5.
6.
7.
goal setting
organizing, analyzing and gathering data
diagnosing problems and their causes
predicting and forecasting
communicating
evaluating and comparing courses of action
implementing and monitoring actions. (Dan J. Power of Planningskills.com)
A business plan is a document which helps you to manage your plans.
What is a business plan? (1)
“A business plan is a document that
summarizes the operational and
financial objectives of a business
and contains the detailed plans and
budgets showing how the
objectives are to be realized.
Because the business plan contains
detailed financial projections,
forecasts about your business's
performance, and a marketing
plan, it's an incredibly useful tool
for business planning.
For anyone starting a business, it's
a vital first step.”
(by Susan Ward, About.com Guide)
What is a business plan? (2)
• There are different forms for different audiences
1.
2.
3.
4.
a written presentation for external stakeholders
an oral presentation
an "elevator pitch"
an internal operational plan
A written presentation for external stakeholders is most
commonly referred as a business plan.
Why do I need a business plan?
• By creating a business plan you’ll make
the your ideas more explicit which gives
you an opportunity to evaluate them
critically and change your plans when
needed.
• A good business plan is a living
document. It should be updated
regularly.
• It is a concise way to inform your
potential financers and investors about
who, what, when, where, how and why –
some financers and investors even
require a business plan.
• Thorough planning is even more essential
when starting in a foreign country!
”The business plan made it easier to
communicate our business idea with other
people. It was very useful when searching for
the premises to rent and when applying for
public grants and financing.”
Irish shopkeeper in Finland
”My mentor was a great help for me. He
encouraged me in entrepreneurship and
helped me in further developing and testing
my business plan. It is important to have
some ”outsider” to comment your business
plan.”
Caribbean business consultant in Finland
What should I write into a business plan?
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The plan should define specific business objectives and goals with general
parameters to guide the organization
What should it include?
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basic information of the business (ownership, business form etc.),
business idea,
business environment,
goals and strategies,
marketing plan,
product development plan,
production and logistics,
organisational and personnel plan,
financial plan,
risk analysis.
Remember: Business plan should be simple, specific, realistic and complete.
What should I focus on when
planning a business in a new country?
•
The customer behaviour and needs may vary from country to country:
”We came from Persia and started an ethnic retail shop in Finland just before Christmas time. We ordered lots of figs for the season, which
all went bad. We just did not know that it was not a custom in our new home country to eat figs during Christmas time. Now we know better,
and order many kinds of special nuts for the holiday seasons. And they sell very well.”
•
A marketing strategy that is efficient in one country may be inefficient in another:
”The Finns seem to be obsessed with the Internet! Being visible in the social media has helped our grocery in many ways.”
•
Not only social environment (habits and valuations) differ, but also the physical environment – and
it affects the business as well:
”After moving to Finland I soon realised that the high season for selling garden furniture is quite short. Between August and April hardly
anyone will buy garden stuff. The gardens will be mostly frozen that time. Coming from South-East Asia this was something new. ”
•
The value of skills and competences is always in relation to the environment you are in. Matching
your skills and competences to the needs of the new environment might be a key to success.
Eg. ability to speak fluent Spanish in Spain, may not be much of a skill, but in some other country it is an asset that gives you competitive
advantage, when starting a business dealing with Spanish speaking countries or enables you to work as a freelance Spanish teacher.
Why not start today? It’s fun.
It is not hard!
You can also get help if you need (see the links below)
Free business plan templates and more info on using the
business plans:
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Bplans.co.uk, Free Sample Business Plans and UK Business Plan Software
http://goo.gl/jF84v
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Bplans.com, What makes a good plan, Business Planning Basics, http://goo.gl/KMXzl
Bplans.com, Business Plan Outline and Instructions: http://goo.gl/7QIMB
US Small Business Administration at http://goo.gl/34qge
About.com, Small Business Information, at http://goo.gl/3xQsc
VA-Interactive, Developing a Business Plan http://goo.gl/2XOA1
Learning materials, tips and links
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Practical guide for doing business:
http://ec.europa.eu/youreurope/business/index_en.htm
www.entrepreneur.com/  A valuable resource for entrepreneurs and those
who think about becoming one.
www.entrepreneurship.org Resource center for entrepreneurs, lots of
blogs etc.
http://hbr.org/  Harvard business review, lots of blogs etc.
www.sba.gov/  U.S. Small Business Administration (business plan templates,
information on starting a business and managing a business, help on various
issues)
http://ecorner.stanford.edu/  Stanford University’s entrepreneurship corner,
lots of knowledge and inspiration
www.bplans.com/  Business Planning Central, advice in writing business
plans, how-to-articles etc.
Many thanks for using our service!
These materials were produced by
ELIE partnership
Please, visit us on:
WEB
Formalities of
business start-up
Legal forms of business (1)
After you have decided to start a business one of the important issues is the form of
business entity that will serve as the vehicle in pursuing the business.
There are many legal forms of business available for you as a business owner.
• Choosing the form of business that best meets
your needs may:
•
Protect you from unnecessary risks
•
Help you to minimise your taxation liability
•
Save you time and reduce paperwork
•
Help you to avoid government regulation and
unnecessary bureaucracy
Legal forms of business (2)
•
The following three forms are the most common
ones for a start-up entrepreneur:
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Sole proprietorship/sole trader
Partnership
Limited liability company (LLC)
Co-operative
It should be noted that
– the regulations governing particular forms of
business may differ a lot between countries.
– there might be also other kinds of business forms
available, depending on a country.
•
You should always check the country-specific
information. European Commission’s web portal
Your Europe, your opportunity - Practical guide
to doing business in Europe provides countryspecific information and links to Points of Single
Contact in each EU country.
How do I choose the legal form of business? (1)
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Choosing the right form of business is important because it will determine for example how your business
is organised, and how your business is taxed.
It is good to know that your initial choice of a business form doesn't have to be permanent.
It might be advisable consult business professionals when choosing the form of business.
There are no fixed rules determining which is the most suitable form of business. The most suitable and
appropriate form of business depends on the individual circumstances of each business owner.
Considering the following issues might help you to choose the most appropriate form of business for
yourself:
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Number of founders
• If you start your business alone, you can choose between sole proprietorship or limited liability company. If you
have one or more partners then you have more alternatives.
• You can think about your working habits: Do you prefer to do things alone?
Required capital
• The amount of capital needed for the business depends on the type and scope of the activities. Usually sole
proprietorship requires little capital whereas in a limited liability company a monetary investment is required.
• If you aim at having a large number of investors, a limited liability company is the most suitable.
Division of responsibilities
• A sole trader is responsible for any liabilities of the business with his/her personal property. The partners in a
partnership have a similar personal responsibility. The responsibility of shareholder in a limited liability
company is limited to the capital they have invested in the company.
(Enterprise Finland. Different forms of business. http://goo.gl/VXcYB)
How do I choose the legal form of business? (2)
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Flexibility of operations
– A sole trader makes all decisions alone and is responsible for the activities with his/her personal property. The
partners in partnership make decisions either solely or jointly. Limited liability companies are usually represented by
their Boards of Directors.
– Limited liability company requires more statutory paperwork to take care of than the other forms of business.
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Continuity of existence
– A sole trader’s business operations are the most vulnerable on the death of the entrepreneur. In a partnership the
share of the partner may usually be transferred to another person with the agreement of the other partners. In a
limited liability company changes in the shareholders do not affect the existence of the company.
•
Profit distribution and loss coverage
– A private entrepreneur retains any profits himself/herself, but is also responsible for the losses incurred by the
business.
– In partnerships profits and losses are distributed among the partners, but there are some variations between the
specific types of partnerships.
– A limited liability company pays its shareholders a dividend. Only the profit of the previous accounting period and
unrestricted shareholder's equity may be used for dividends. A shareholder's losses will only amount to the
investment.
•
Taxation
– Tax treatment varies depending on the form of business. Also each country has their own laws and regulations that
need to be followed.
– When determining the tax burdens falling on different forms of business, attention must also be paid to the tax
burden of the entrepreneur. The joint effect determines which form of business is the most profitable in terms of
taxation.
(Enterprise Finland. Different forms of business. http://goo.gl/VXcYB)
Sole proprietorship / sole trader
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An easy way to start to
run a business
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Usually does not require
lots of capital
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You have control over
your work: what you do,
how much you work,
when you work
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Keeping records and
accounts is fairly simple
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You can keep all profits
you make!
 Cons
+ Pros
A sole proprietorship is a business owned by one person.
As a sole trader you may operate the business alone or may employ others.
(Business Link: Business Structures, http://goo.gl/t1djE)
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You are personally liable
for the debts incurred
by the business
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There’s no job security
when you work for
yourself
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Might be lonely
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Irreregular income – it
might take a while
when you start earning
Limited liability company (LLC)
•
It allows you to separate
business and personal
affairs
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It protects you from
personal bankruptcy –
you are not responsible
for the debts of the
business
•
It might be considered
more credible business
•
It allows more flexibility
in arrangements
between its shareholders
and directors
 Cons
+ Pros
A limited liability company is a flexible form of enterprise that blends elements of
partnership and corporate structures. It is owned by its shareholders, but has a
separate legal entity from its owners.
•
There are more
paperwork and
accounting
requirements for LLC
than for a sole trader
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It might require some
starting capital
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There are more rules
governing the activities
of limited companies
than there are for sole
traders and
partnerships
(Business Link: Business Structures, http://goo.gl/t1djE)
Partnership
It is easy to set up
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Does not require high
investments
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You can yonnn
share the business
responsibilities, costs and the
workload with your partner
You and your partner can
support and motivate each
other
 Cons
•
Pros
+ Pros
A partnership is a business owned by two or more people who agree to share in the profits or
losses of a business. The three typical classifications of for-profit partnerships are general
partnerships, limited partnerships, and limited liability partnerships.
•
You need to share the
profits between partners
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Each partner usually has
unlimited responsibility
of liabilities
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You do not have total
control over the business
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You need to make
compromises
You do not have to know
everything by yourself – you
can compliment each other’s
skills with your partner
(Schaefer: Is a Business Partnership The Right Choice for You? http://goo.gl/B4YLc; Business Link: Business
Structures, http://goo.gl/t1djE)
Co-operative
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Decisions are made
yonnn by the
democratically
members which provide a
strong direction to the
operations
•
Pros
It’s member-owned and
controlled with member effort
+ Pros
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Profits are returned to
members
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Allows communities and
groups to take responsibility
for their own needs
 Cons
A co-operative is a business owned and run by its members. The founders may be private individuals
or corporations, or foundations of other legal entities. As well as giving members an equal say and
share of the profits, co-operatives act together to build a better world through co-operation.
•
Might be complex to operate.
Co-operatives need to invest
time and money in
supporting their democratic
process, e.g. educating
members about key issues.
•
In order to run smoothly, cooperatives require unity,
commitment and motivation
from all its members.
•
Access to capital might be
challenging
Cooperative Development Institute: Resources on Cooperative Development: http://goo.gl/x4fDE
How do I register my business?
Administrative procedures related to business start-up
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The business registration procedures vary between countries
There might also be different registration procedures for each form of businesses
Typically, as a new business owner you need to register your business to the authorities
Also you need to take care of social security registration and tax registration
In some countries it is also mandatory for a business owner to insure himself against
retirement, unemployment and death
Each EU member state has set up “Points of Single Contact (PSC)” that are
e-government portals helping businesses complete their administrative procedures on-line.
You can use the "points of single contact":
• to get detailed information about doing business abroad or in your own country
• to complete administrative formalities concerning the establishment of a business or
the cross-border provision of services.
Points of Single Contact – Easy completion of formalities for service providers:
http://ec.europa.eu/internal_market/eu-go/index_en.htm
(European Commission. Your Europe – Start-ups. http://goo.gl/Dl6vo)
Learning materials, tips and links
• Points of Single Contact – Easy completion of formalities for service
providers: http://goo.gl/a1X9
• Business Knowhow, Starting a business:
http://www.businessknowhow.com/startup/
• Open a European Company. The European Company Formation Experts:
http://www.openaeuropeancompany.com/
• Startups. Build a better business: http://www.startups.co.uk/
• Startupnation. Everything you need to build a business:
http://www.startupnation.com/
• How to set up a co-operative : part 1 http://goo.gl/THwtH, part 2
http://goo.gl/X6LO5
• Co-operatives UK: http://www.uk.coop/
Many thanks for using our service!
These materials were produced by
ELIE partnership
Please, visit us on:
WEB
Market information
Market Information
Knowing your target market is extremely important for all
businesses.
Get a business idea
But when you are starting a business in a country other than
your origin, the knowledge about the markets becomes even
more important.
No matter how good your product or service is, in order to sell it
you'll have to convince people they want or need it.
This means you have to first find out what do your customers
actually want or need. Then you need to know your competitors
in order to compete in the marketplace. No matter what you're
selling, the chances are your customers are already buying
something similar from someone else.
Once you know your customers' needs, you can align your
product or service to meet them and get those sales. Use this
knowledge to differentiate your service or product from the ones
offered by the competitors. Making customers aware of how
your business is better is how you'll convince them to buy from
you.
This section provides you information on the essentials of
markets: what do you need to know and how and where you can
find the information?
Learn the needs of your
customers
Find out who the
competitors are and
what they do
Rework on your business
idea to offer something
special to your customers
Market Information
• When you start a business you need to be aware of your
markets:
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In what kind of markets are you planning to operate?
What is your target market?
What are the needs of your target market?
Is there lots of competition in the market? Who are the competitors?
What are they doing?
– What are the market trends?
How can I find my target market? (1)
There is no single product or service that would fulfil the needs of all people. As an
entrepreneur you need to identify specific customers and try to satisfy their needs.
1. You can start by thinking about your product/service. Create a description of your
product: e.g. what it will be used for, who will use it, how much does it costs, how
long does it last, and what is unique about it.
2. Based on the description, continue by thinking about specific groups of people
that you will want to tell about your product. You can start by researching
demographics of your potential customers:
– What is the age and gender of the people who you would like to use your product?
– What is your potential consumers' education and income levels?
– What is the ethnic and religious background of the people who might use your product?
Based on the demographic information, you are able to draw a customer
demographic profile. For example, you may find that your target market includes
people in their 30s and 40s, who have a university degree, have a middle class
income and are married with small children.
(How to Find Your Target Market, eHow.com: http://goo.gl/n65X3;
How to Determine Your Target Market for a New Product, eHow.com: http://goo.gl/KP9lM)
How can I find my target market? (2)
3. After you know the demographics, you can continue studying your target markets by
analysing the psychographic information of your potential customers:
– What kind of a lifestyle your target customers have? E.g. are they following the latest trends
or they more conservative? Do they drive a car or prefer walking, in which kinds of houses
they are living? Little details can tell you the type of people they are.
– To which social class your consumers belong to? This information might help you to know if
your potential customers have extra money to spend and whether or not they spend it.
– What do your customers like to do in their spare time, what their hobbies are, what sort of
music they listen to, are they interested in environmental issues or politics etc.? Information
of activities, interests, attitudes and beliefs of your customers help you later to sell your
product.
When you have finished, put the psychographic information into a customer profile
along with the demographic information to figure out who your market is and how to
go about advertising to the market.
(How to Determine If a Market Exists for a Product, eHow.com http://goo.gl/3sUCP; How to Find Your Target Market, eHow.com:
http://goo.gl/n65X3); How to Determine Your Target Market for a New Product, eHow.com: http://goo.gl/iPyBA)
How can I find my target market? (3)
4. Next, assess where and how your target customers currently buy the similar kind of
product or service you are planning to sell.
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Who are your competitors? What kind of products your competitors are offering? What kind of
customer profiles they have?
You can do a S.W.O.T.T. analysis (Strengths, Weaknesses, Opportunities, Threats, Trends) on your
product/service compared to the competitors to better understand your position in the market.
5. Based on the information you have found this far, write a short description of your
target audience. If you have several different types of customers developing, write a
separate description for each. This will help you to focus on one target group at a
time.
6. Before launching your business officially, test your product out with potential
customers that represent your target markets. Modify your products and services
based upon the feedback you receive.
NB: Conducting market research is a continuous process. You need to continue studying
your customers and modify your products based upon feedback you receive, so that you
can keep up with the competition and can respond to the needs of the customers.
(How to Determine If a Market Exists for a Product, eHow.com http://goo.gl/3sUCP; How to Find Your Target Market, eHow.com:
http://goo.gl/n65X3); How to Determine Your Target Market for a New Product, eHow.com: http://goo.gl/iPyBA)
How to do market research?
• Market research is an excellent way to gather information on
your industry, your competition and your target market
• There are two types of market research:
1.
2.
Secondary market research
Primary market research
• If you have money, you can hire a marketing research company
to do the research for you
• A cheaper option is to contact local business schools.
Sometimes graduate students are interested in doing market
feasibility studies for course credit
• Alternatively, you can do the market research by yourself
What is secondary market research?
• Secondary market research refers to analysing data that has
already been collected by someone else
• It is often quite cheap, some materials can be found free of
charge online
• It is a good starting point when you want to analyse your
target markets, evaluate your competitors and assess political,
social and economic factors
• However, it does not allow you to get
first hand knowledge of your customers
and their needs
Where do I find information on markets?
• There are many secondary sources of information you can
exploit:
– Reports and articles: business magazines and the business
section of the newspaper provides information on the economy
and the effect it’s having on different types of businesses or
markets.
– National statistical offices can give you an idea what’s
happening in the economy, population and trends
– Trade associations for your industry can offer industry-specific
information
– Local authorities and Chambers of Commerce can provide local
information
– Market reports can be found free of charge from the web, also
market research companies sell them online
What is primary market research?
• Primary market research refers to analysis of information that
is directly collected from the source, e.g. from your
customers.
• It can be conducted either by you or by a company that you
pay to conduct the research
• It can be costly and time-consuming to gather this kind of data
• However, the information is likely the most valuable, because
it is the most current and the most specific
• It is advisable to use both secondary and primary market
research to get a comprehensive picture of your markets
How do I conduct a primary market research?
The starting point for all market research should be the objective of the research. Also the type of data
you need and the amount of money you are able to spend will determine which techniques you choose
for your market research.
The most common techniques of collecting the data include:
• Interviews:
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Focus groups
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•
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You can conduct surveys of your target market either via mail, telephone, Internet or in your store. Social
media tools can be helpful.
There are free online survey tools available (e.g. www.surveymonkey.com)
Observation
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You can use focus groups to study opinions and perceptions of a small targeted group of consumers
Surveys
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You can interview e.g. members of your target market in person or by phone
You can observe your customers at various points of contact in your business
You can also observe your competitors, e.g. how they are serving customers, how they market their services?
Field tests
–
You can test customer responses to your product under real-life selling conditions. This can help you make
product modifications, adjust prices, or improve packaging.
(Understanding the Basics of Small Business Market Research, AllBusiness.com: http://goo.gl/xxIu9)
Tips for conducting the market research
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Reward your customers after having participated in your study, e.g. offer discount
coupons or organise a prize draw
Pay attention to the sample: make sure your target group is relevant to your needs and
represent your target market
Keep your research impartial, avoid using leading questions
Interpret results with care, you can use an outside person to analyse your data
Do not ignore criticism as it can be the most valuable data for you to develop your
service
If you are using a survey:
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The larger the sample, the more reliable your results will be
Make your questionnaire easily understood and as short as possible. Closed questions are recommended,
but try to receive more detailed responses than just "yes" or "no“
Provide also a possibility for open-ended comments
If you are making interviews or focus groups:
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Record all discussions for review and analysis
Create a friendly environment and encourage participants to share openly their views
It might be easier for the participants to open up to an outside facilitator
(How to Conduct Market Research, eHow.com: http://goo.gl/BNvQA; Market research and market reports, Business Link:
http://goo.gl/xIrxe)
Learning materials, tips and links
• Tips and tools for conducting market research:
http://www.inc.com/guides/biz_online/online-market-research.html
• How to conduct market research:
http://managementhelp.org/marketing/market-research.htm
• 21 market research tips http://www.sitepoint.com/market-research-tips/
• Survey monkey -tool: http://fi.surveymonkey.com/
Many thanks for using our service!
These materials were produced by
ELIE partnership
Please, visit us on:
WEB
Funding
Do I need some funding for my business?
YES AND NO!
The amount of funds needed when starting a business varies signifigantly. You
may not require funds at all – or just a minimal amount – if you are offering a
services that is mostly based on your own skills and knowledge. Hence, how
much funds are needed depends on the type of business you are starting. The
cost are much lower when starting up a consulting firm or a hot-dog stand than
when starting a high-tech factory or a leisure centre.
But even if we are talking about different amounts of money, the fact is that
some money will be needed. Therefore, it is important to plan your income and
expenditures. You may need to purchase office equipments, means of
production, stock, etc. You’ll need to ensure your own living during the first
months, too. Most business-owners tend to underestimate the amount of
money needed for start-up. Read more about estimating realistic start up costs
at http://goo.gl/cy0T4.
Where can you get funds? Your own savings perhaps? Your family and friends?
Bank loan? Public grants? Privat investments? Do you know, how to get them?
Where can I get funding? (1)
•
Own savings
+ You will be independent and don’t need to worry about
instalments of loans
- The amount of money is often quite limited; your business idea
will not be tested by ”outsiders”
•
Family and friends
+ Family and friends can be trusted; owing them motivates you to
work even harder for your business
- If the financial situation of the firm gets bad, there is a risk of
disagreements, which can harm the family or the friendship
•
Subsidies
+ Free money that you don’t have to pay back
- The amount of money is often quite small; the procedures
involve reporting and other red tape
•
Bank loans
+ You don’ t loose your command on the business
- The money is on a market price, many times you’ll need a solid
security
Where can I get funding ? (2)
• Public guarantee schemes and
public loans
+ reduces your need for solid security
• Angel investors
+ looking for high growth and high return,
more likely to invest smaller amounts than
venture capitalists; also with lesser ownership
- you will loose some right of disposal in your
company
• Venture capital
+ ready to invest large sums of money, usually
in high-growth and high-tech industries,
willing to invest in start-ups
- you will most likely loose more than 50% of
your ownership
When starting a business in a new country,
how do I know where to look for help with financing?
Raising funds in a new country without networks and connections is a little bit harder than
at your country of origin.
Every European country has its own public funding system as well as business support
system, which you should find out before starting a business.
Country-spesific information and links to locan support organisations can be found at Your
Europe Portal: http://goo.gl/K599
•
Other helpfull places to start are:
 European Small Business Portal, Obtaining funding http://goo.gl/E4es9
What is it? European Small Business Portal gathers together all the information provided by the EU on and for SMEs, ranging from practical advice to
policy issues, from local contact points to networking links.
 Enterprise Europe Network: http://goo.gl/qh31R
What is it? The Enterprise Europe Network brings together business support organisations from across 49 countries. They are connected through powerful databases and
know Europe inside out. With more than 580 member organisations they are always close to where your business is based.

European Commission, Enterprise and Industry, More risk capital http://goo.gl/hnKV5
What is it? EU policy highlights overview with useful definitions and links.

EBAN (European Business Angel Network): http://goo.gl/xhsFR
What is it? EBAN is a representative of business angels, business angel networks, seed funds and other early stage investment
professionals across Europe.
”We sold our land back home in Greece
before moving to the UK. So, we had little
money to invest. And when we faced
difficulties in finding jobs, we decided to
start up a business of our own. ”
Greek restaurant owners in the UK
”We got a start up loan as well as a start up
grant when we started. The local start up
agency helped us a lot and explained us all
where we could get financing. A well written
and specific business plan helped us to ’sell’
our business idea to the financers. ”
An Irish shopkeeper in Finland
How can I plan my financial needs?
You’ll need to sit down with a calculator and spend some time in planning your future.
Don’t get scared, it is not as hard as you think.
If you need help, look for an accountant at your area. Especially, when operating in a
new and foreign country a local accountant is priceless. There are numerous
practicalities and regulations that you must be aware of when running your business
and in a new society it is not always easy.
When you start a business in a new country
you’ll need to identify
1. the accounting
2. financial
3. tax regulations,
and to choose how they will be met.
Is it ok, if I think about financing
only when starting up my business?
Plan
Evaluate
Execute
Monitor
• Financial planning and the financial resources are tools – not goals
themselves.
• Financial plans are living documents which you should update on a
regular basis. Plan also for the future. Big investments and their
financing need to be planned well ahead.
Learning materials, tips and links
•
•
•
•
•
•
•
Financing for for-profits: http://managementhelp.org/businessfinancing/index.htm#anchor800883
Financing tips http://entrepreneurs.about.com/od/financing/Financing_Funding.htm
Financing options for start-ups http://www.startupnation.com/businessarticles/890/1/AT_FindingFundingThatsRight.asp
How to raise money for your business? http://www.entrepreneur.com/howto/raisemoney/index.html
Templates for income statement: Microsoft Office templates http://goo.gl/4nMTW, SME Toolkit
http://goo.gl/vyG9f , Vertex42 http://goo.gl/Mqqhh and with search engines you’ll find many more – even
on your own language!
Templates for balance sheet: Microsoft Office templates http://goo.gl/SOjLi, SME Toolkit
http://goo.gl/FdPNM, Vertex42 http://goo.gl/KKwsq and with search engines you’ll find many more – even
on your own language!
Templates for cash-flow statement: Microsoft Office templates http://goo.gl/fkL3c, Small Business Arena
http://goo.gl/0yFh0, Vertex42 http://goo.gl/Z45jq and with search engines you’ll find many more – even
on your own language!
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