PPP : WHEN I FINISH HERE - 28/02/2014

Think ahead – initial considerations

Options:

-       Freelance

-       Work for a studio

-       Go into a partnership

-       Set up a company/studio

Plan for potential future:

Where will I work from?

Where do clients come from?

How much do I charge?

Will I get paid?

What will I need – laptop/wifi/insurance?

Tax & VAT? – get an accountant

MUST GET PAID

GET DUCKS IN A ROW

TASK:

Set up a potential; viable business

-       Work as a small enterprise

-       Teams of 4/5

In these groups:

-       Give business a name

-       Apportion tasks to each member

-       Have regular meetings

-       Set internal deadlines

-       Agree on a plan of action

-       PPP pitch

John will supply all the relevant information and we can contact him if we have any queries or questions.

(BusinessLeeds/LeedsArt)

All individual work needs to be blogged as well as a copy of the final presentation.

Group:

-       Need to elect a manager to control the whole exercise.

RESEARCH IS KEY

Plan the presentations, as they need to be as professional as possible.

Must be serious – done as professionals.

Consider tone of voice of the company.

ENJOY THE PROCESS

All based on investigation and research.

ENGAGE WITH IT

Need to have a written agreement.

Can work as a sole trader but this means 4X the amount of work.

Roles may vary.

Need an accountant who knows about your business

Expenses account.

Must meet deadlines.

Limited Company:

-       Registered company

-       Have to appoint positions

-       Have to report all information

-       Pay tax as you earn it

ALWAYS TAKE PAPER TO MEETINGS AND DRAW/NOTE MAKE

Freelancer & Partnership:

-       Assessed twice as year for tax calculation.

Company Cars/Suits

-       As long as you have the knowledge and experience

If your company fails, partners can bankrupt you.

This cannot happen in a Limited Company or a LLC.

Must be careful setting up partnerships as wealth recovery can be piled on you.

SHOULD ALWAYS CARY BUSINESS CARDS WITH YOU

Work out how much you need to live & work on a week – break down to an hourly rate.

Business planning is important.

Getting clients is difficult – can always buy clients

If the presentation is built on facts and evidence you will be fine.

Form a group – people you really want to work with