Build a foundation for Starting then Operating a Successful Business.
Cover topics such as business law, the money market, taxation, business plan writing and mistakes to avoid, it is a solid foundation, developed by highly qualified and experienced professionals.
There are 6 lessons as follows:
Lesson 1. Introduction
- Business law
- Role of courts
- Interpreting legislation
- Civil liberties
- Legal obligations
- Business name registration
- Trading hours
- Staff employment
- Partnerships - formal contract, legal identity
- Consumer protection
- Types of businesses
- Starting a business -fast or slow
- Buying or Starting a business
- Market, location, regulations, insurance
- Working from home
Lesson 2. Finance
- Determining company liquidity
- Financial institutions -banks, other money lending options
- The money market
- Risk management
- Financial terminology
Lesson 3. Financial Records
- Why are financial records needed
- Using financial accounting for decision making
- Steps in keeping financial records
- Simplest approach
- Bookkeeping process
- Cash book, Income book, Expenditure book, Receipt book
- Purchase journal, Creditors ledger, Sales journal, Debtors journal
- General ledger
- Double entry system of bookkeeping
- The ledger
- Balance sheet
- Profit and loss account
- Cash flow
Lesson 4, Financial Management
- Investing and taxation
- Sole proprietorships, partnerships, companies
- Calculating cash needed to start a business
- Cost of employing labour
- Benefits can add unforseen costs
- Other costs
Lesson 5. Business Planning
- What is a business plan
- Improving results in business
- How do you start a business plan
- Market and competitors
- Marketing and sales approach
- Management and staffing
- Business operations, Finance
- Reviewing a business plan.
Lesson 6. Mistakes to avoid
- Reasons for business failures
- lack of market research
- Poor record keeping
- Ineffective marketing
- Ignoring marketplace changes
- Owners attitude
- Spending on wrong things
- Trying to do everything
- Working out of home
- Poor cash flow
- Over dependance on borrowings
- Improper financial planning
- Pricing wrong
- Bad debt collection
- Lack of experience
- Profitability ratios
Each lesson culminates in an assignment which is submitted to the school, marked by the school's tutors and returned to you with any relevant suggestions, comments, and if necessary, extra reading.
On successful completion of the course you should be able to do the following:
WHAT YOU WILL DO IN THIS COURSE
- Define the business community, the types of businesses involved and the interaction which occurs between different businesses.
- Explain the difference between goods and services based businesses.
- Define a range of commonly used business terms.
- Research and analyse business opportunities by studying activities in the business world.
- Assess the feasibility of a business opportunity and allocate resources to this business.
- Carry out the basic procedures of recording and interpreting financial records and statements including the cash book, balance sheet, profit and loss statement.
- Explain liquidity and productivity
- Calculate profit and determine assets
- Calculate the real cost of labour in a business.
- Determine pricing based on costs calculated for providing a particular service or product.
- Develop a budget for a simple business operation.
- Develop a simple 3 year business plan (real or hypothetical).
Here are just some of the things you will be doing:
- Research business publications to evaluate current trends in small business
- Prepare management reports for several businesses
- Contact lending institutions to enquire about money market investment schemes
- Prepare a profit and loss statement, a ledger statement and a balance sheet for a hypothetical business
- Speak with the taxation department about business related tax issues
- List the assets and liabilities in an existing business
- Develop a budget for a simple business operation
Duration: 100 Hours (Nominal Duration).
LEARN HOW A BUSINESS SHOULD OPERATE
Many businesses fail, but that's often because they are started with too many assumptions about what might happen, and not enough knowledge if what you need to know, and how to minimise risk.
This course prepares you and in doing so, reduces the risk of costly problems or even failure later on.
Choose carefully before commencing any new venture. Buying an existing business can be very worthwhile, but also dangerous. It is good to get as much information as possible. Guidelines include:
- You should be sure you know why it is being sold (the existing owners cannot be counted on to be telling you everything) so talk to local people or businesses, do some of your own research about its history. It could be something as simple as the owner retiring, but there could be other reasons which are no so straightforward related to the business.
- Have an accountant take a close look at the financial records of the business before buying. Looking at a number of years accounts will help you to see a pattern, don’t just rely on 6 months’ worth.
- Be careful of any changes which might be imminent (speak with people other businesses in the same industry; but from different localities. Check with town planning authorities & neighbours).
Do not attempt to start a new business in a locality which is exactly the same as something which is already existing and successful. You will only split the customers, and create two unsuccessful businesses. It is important to have a point of difference.
Regardless of whether starting a business or buying, you should develop a forecast on what future business might be and systematically evaluate the financial viability of the operation. You should consider factors such as the following:
Working From Home
Opportunities abound for anyone to earn a little extra or a lot from a home based business.
Home based businesses can be started with very little initial investment; and the chances of success can be greatly improved if you are careful to Plan first, Prepare Second, and only launch the business once preparations are in place.
Often home based business start out as a part time venture by a student, budding entrepreneur, home based mum or even semi retired person either seeking to supplement their income or perhaps try out an idea on a small scale first with the hope of growing it into a more serious business over time.
Step 1 Plan
Consider the possibilities, the resources you have available and decide on something that is viable. Get advice from people who know about what you are considering, and weigh up both the risks and opportunities.
Step 2 Prepare
Make sure you have something to sell, have a viable plan for selling it, and have the necessary knowledge, contacts, money, time and products ready, before launching.
For some types of businesses, you may be able to launch with next to no investment and no more than a month or so of preparation, but for others, a substantial preparation is necessary if success is to be optimized.
Here are some ideas