By Dianne Cornes, YBI Director, Non-financial resourcing
Global Entrepreneurship Week in the UK has seen literally thousands of events taking place all over the country, and targeting every segment of society – its certainly not just for young people. On Friday I joined a really useful hands-on session explaining practical steps in starting up a business for the 50+ would-be entrepreneur – an often over looked demographic.
The event was organised by PRIME, one of YBI’s sister charities, with sessions led by Myfanwy Jenkins and Justin Risks, and supported by the fantastic business team at Birmingham Central Library (see below), plus financial support from Bank of America Merrill Lynch. The PRIME website is a fabulous source of information: www.prime.org.uk
The resources and expertise available at the Business and Learning section of Birmingham Central Library was a total eye opener for me. Debbie Assinder, Enterprise Development Officer, and Jangir Hussain, Learning and Work were hugely knowledgeable and approachable, urging people to come and make use of the library staff and facilities – which is all entirely free!
Market research was emphasized time and again as being a key step and the Library holds a number of industry sector reports (Mintel, Keynote, COBRA), each costing c. £10K pa subscription, but free to Library members to access.
Debbie also pointed out that for most small businesses, 80% of sales comes from 20% of client base, so it is really important to do credit checks, especially in current business climate. The Library can arrange a free credit check service on any limited company around the UK.
The Library also runs a free Enterprise Club weekly drop in 2 – 4 pm, every Monday. And on top of all this, entrepreneurs can arrange a completely free 1-on-1 business advice session, just call and book ahead.
The services offered are staggering, and are not just for Birmingham geographic area, but for anybody around the UK (including international!). But if you can physically come in, then you will be able to get the most from all of the expertise on tap.
Similar resources are available at the British Library in London and there is also a Business Library in Manchester. But there are only these 3 for the whole of the UK – shame, as attendees on Friday found the session content and just general support incredibly helpful.
Session from local entrepreneurs Kemp & Kemp Catering was energetic and full of ’real life’ practical tips, and very encouraging for the audience. And reinforced the GOOD NEWS message from PRIME that the 50+ age group has a good success rate for business start ups. Although more risk averse, because they have more to lose and fewer remaining working years to make good any losses, on the other hand the more cautious approach can be useful – means planning is more careful. And they have contacts and experience to draw upon, of course.
Leonora Dore from HMRC worked hard to convince us that tax registration and tax returns are not really too complicated – not totally successful, but at least it is clear that HMRC is trying to help and there is lots of guidance on hand.
In particular she suggested 3 courses run by HMRC for start ups run by the Business Support Team, BST – accessible via www.hmrc.gov.uk/bst
- Course NSE = The course for newly self employed
- BR & CA = Business Expenses and Capital Allowances
- SA Online = Self assessment course
And finally a ‘speed networking’ session orchestrated by PRIME allowed the audience to put into practice the Networking Tips from Myfanwy – a fun and confidence boosting way to end a well organized and extremely useful afternoon.
