OUCE255 - End of Module Evaluation

Throughout the course of this module, I feel I have learnt a great deal, and found out about alot of important areas to consider when I move from university into the industry.

I have found the module to be challenging, especially with the tasks consisting of analysing other design companys out there, as I felt I was in no position to judge their well established businesses. I tended to leave the harder tasks til the end, but then felt once they were completed, I had learnt alot from them. With the Enterprise mdoule working alongside PPD it has helped in my quest to realise who I am as a designer, and has created some clarity as to what I would like to do more of and learn more about.

I enjoyed the lectures, and could understand and keep up with what Bridget was talking about due to her enthusiasm, clarity and optimism. She was very inspiring. I also completed a few of the quizzes that helped reinforce the information that had been given to us, and make it memorable.

I am pleased with how well the presentation went and feel we covered the main issues of setting up a business in the allocated time of 8-10minutes. I found it difficult to manage time and get us all meeting up together due to timetable clashes and other commitments. This meant meeting outside of college time and keep in touch through email and our blogs. I tried to work as the project leader as we split up our responsibilities and I created the flow of our presentation. I also covered the costings (a real eye-opener) and found a location for our studio to be based. With the commitment of our team we managed to come together in the end and it worked, and we recieved positive feedback.

Overall I feel I definately have a better insight into the industry and the basics of setting up a small business. Although it is not something I would like to do straight away after university, it is always a possibility for the future, once I've had experience working in the industry and made contacts.

Presentation Slides

Here are the presentation slides and what I will say in the presentation:



Slide 1: Logo

Charlotte - Introduction - read out mission statement

Slide 2: Photo of us
Charlotte - What we do - skills/specialisms, services we offer

Slide 3: Location
Kirsty - Studio base
''We will be based in Leeds, renting a studio at Umbrella Creative. The location is convenient as it is easily accessible to get to from the motorway and city centre. The train station is about a mile away, but there are bus routes that can bring you to the studio.
Umbrella is a collective of various disciplines, which means it is not just a place to network, but also a place to keep an eye on the competition. It will cost £3144 a year in rent, inclusive of business rates, insurance and utilities. We will then need to invest £12,000 for equipment such as iMacs, software and furniture. With parking and cafe's nearby, Umbrella also offer meeting rooms that can be used when meeting with clients, or alternatively we could meet them in the city centre if that is more convenient for them.''
Slide 4: SWOT
Becky - Swot analysis of our studio, unique selling points, competitors/other practitioners, marketing plan/methods

Slide 5: Viral mail out
Ellie - Getting ourselves out there, who are our potential clients and how do we reach them (love hearts)

Slide 6: Brand Identity
Charlotte - Business cards etc (costings/trademarking)

Kirsty - Costings
''For a total of 208 chargeable days, we estimated a daily charge rate at £735, which covers £615 in labour and £120 in overhead rates. This works out at at £22 hourly rate each, and our yearly salary will be £30,000 each.
The start-up costs will be around £24-25,000. To cover this we propose to contribute £3000 each, and the bank will match this at £12,000.
In following years, the indirect costs will be around £12-13,000 and equipment costs will not need to be included again in the overhead costs, meaning around £12,000 will go towards profits.''
Ellie - Accountant
 
Charlotte - Wrapping it up

Overall Costings

For a total of 208 chargeable days, we estimated a daily charge rate at £735, which covers £615 in labour and £120 in overhead rates. This works out at at £22 hourly rate each, and our yearly salary will be £30,000 each.

The start-up costs will be around £24-25,000. To cover this we propose to contribute £3000 each, and the bank will match this at £12,000.

In following years, the indirect costs will be around £12-13,000 and equipment costs will not need to be included again in the overhead costs, meaning around £12,000 will go towards profits

Umbrella Creative Studio

We will propose to base ourselves in Leeds, renting a studio at Umbrella Creative.
Here are what is inclusive of the rent:
- Inclusive bills (electricity/insurance/rates)
- Free WIFI connection
- Mail sorting
- Half price rental of the photographic studio
- Business address registration
- Mail forwarding
- Sample portfolio on the website 
- Registered on the members list
- Monthly email newsletter
- Ability to book hot desks and meeting rooms 
- Affiliation with Umbrella Agency on freelencers list for work.

The location is a convenient as it is easily accessible to get to from the motorway, and is also close to the city centre and railway station, which ensures that we will be able to access the studio easily, as well as clients. It also offers meeting rooms that we could use for meetings with clients. A

 It is only 2.5miles away from Leeds College of art as shown in this map:

 

Images from Umbrella Creative Studios website:

Meeting room-

Photography Studio-

Caravan offices/meeting room-

Equipment

Studio Eqiupment can be classsed as start-up costs as we will only need to buy them in the first year. Here is what we think we will need:

4xImacs

 We would need the best iMacs to ensure we have the best tools to create our design work.

 We would also need the Office Software and also Applecare.

Applecare we would only have to pay for once
We also need the Adobe Creative Suite
All together this comes to £9447.76 incl. VAT

Printer - Found this one on amazon that prints A4 and A3 colour for £242.89
amazon.co.uk

Epson GT-20000 A3 Flatbed Scanner on google products £698

Epson Stylus Office BX300F Colour Ink-jet - Fax/copier/printer/scanner  £55

The price for the separate Printer, scanner and Fax machine = £995.89

Or to have it all as one machine to save space in the studio = £1,999.99
amazon.co.uk

£1000 extra is alot of money so we will use the separate machines in the studio, this will be more convenient when machines need to be used at the same time. 

Camera -
-SLR - £483

Office furniture:
1 x bench for iMacs - £520
wantdontwant.com

Desks x2 = £98
wantdontwant.com

Chairs - I think comfy chairs are essential, I foudn these on  cheapofficefurniture.co.uk
£76 each x4 = £304

Studio Equipment:
-A1 lightbox = £135
amazon.com

Sub-total = £11,983.65

Prmotional Costs

Advertising
Printed Materials
Public Relations
Samples
Photography
Design Services
Web Services
Web site - £800
Signage - £100
Branding

Overhead costs

Public Liability:

Premises costs:
-Rent - Umbrella Creative Studios - £265 per month = £3144 per year including Wifi, insurance, business rates and utilities

Telephone:
-Land line costs - £520
-Mobile Phone - £30 pppm = £1440 per year

Postage: £200

IT costs:
-Software - Adobe Creative Suite 5 Design Premium £1508.33 + AppleCare Protection Plan £118.33 = £1626.66

-Paper-  A4 £4.49 for pack of 500, A3 £6.99 for pack of 500. So 6 of each = £26.94 + £41.94 = £68.88
and A2 £40 for 5 packs of 250 = £108.88

-Repair - £150
-Ink cartridges - £500
-Portable mass storage - (hardrive) - £200


Sub-total =  £7889.54

Profession Services Costs

Accountant: £600 per year

Legal Advice - Solicitor: £150

IP (intellectual Property)
http://www.ipo.gov.uk/types.htm

Patents - £230-280

 Trade marks -

Designs - £60 to apply and register a design, for additional in any multiple application, £40 per design.

Copyrights -

Other - D&AD membership: £200 per year

Sub-total: £1100

Research Costs

Book and magazine subscriptions -
- Design Week: £85 per year

- Creative Review: £64.00 per year

Materials for Research: £150
Travel for Research: £1000

Sub-total: £1299

Bruntwood Serviced Space

West Gate, 6, Grace Street, Leeds, West Yorkshire LS1 2RP

Fully Furnished Office Suites
Board, Meeting Room Facilities
Virtual Office Facilities
Flexible Licence Agreements
Administrative Terms
No Start Up Costs

West One, Serviced Offices
Size 1 to 110 desks
AddressWellington Street, Leeds, LS1 1BA
Air Conditioning

Raised floors
Flexible open plan suites
Recently refurbished
Onsite car parking
24 hour access
Suspended ceilings
LG3 lighting
Cat II lighting
High speed internet
3 part perimeter trunking
Disabled access
Lifts
Cycle racks
On-site shop / café
Meeting Rooms
Secretarial support
Telephone answering
Broadband mg
Showers
Video conferencing
30 car spaces
On-site gym

Local Amenities:

Studio Space to rent in Leeds

UMBRELLA CREATIVE STUDIOS
http://www.umbrellacreative.co.uk/
A gathering of many talents under the umbrella
Rental studios includes all utilities, wifi, insurance and business rates, mail sorting, business address registration, half price rental of the photographic studio.

I emailed them for a quote:

MARSHALL MILLS

http://www.igloo.uk.net/projects/leeds-marshalls-mill

AIR STREET STUDIOS

LEEDS DESIGN INNOVATION CENTRE

The address is:

Leeds Design Innovation Centre
46 The Calls
Leeds
LS2 7EY
Telephone: 0113 243 6077


HEART - HEADINGLY ENTERPRISE ARTS
http://www.headingleydevelopmenttrust.org.uk/pages/heart.htm
Contact: Natalie@heartcentre.org.uk
''Headingley Enterprise and Arts centre (HEART) is a brand new flexible, serviced working and meeting space in the HEART of Headingley.''
Enterprise-

Pulse, the enterprise area of the Headingley Enterprise and Arts Centre (HEART), is a brand new type of work space that gives you the opportunity to reduce costs as well as maximise your time.
With the benefit of excellent networking opportunities, a range of meeting spaces and on-site catering all in a newly refurbished building right in the middle of Headingley, Pulse is a fraction of the cost of renting a traditional office unit.
How does it work?
-Pulse membership gives you the chance to buy HOURS of working space in the Pulse area of HEART at the times and cost to suit you.
-All packages come with desk space, secure, fast Wi-Fi connections. Additional services include business mailbox and landline if required. Please note PCs are not provided.
-Membership fob for simple, flexible and secure access to Pulse.
Added value of being part of Pulse:
-Co-working and networking opportunities
-Iconic working space in a prime location
-Meeting facilities that you can buy on an hourly basis
-Catering facilities
-Easy access to bus routes

I emailed HEART about studio spaces , but unfortunately they do not rent them long term, here is the emil I received back:

Hi Kirsty,

I'm afraid we don't rent long term studio space. We have business desk space available from £25-00 per month per person, but it is in an open plan office, and therefore not suitable for studio space.

Sorry I can't be more help,

Kind regards,

Natalie Flint
HEART Development Manager
Headingley Enterprise & Arts Centre
Tel. 0113 2751080
Mob. 07500 221078
Email: natalie@heartcentre.org.uk
Web: www.heartcentre.org.uk

Task 5 - PROPOSED POSITION STATEMENT

1. I enjoy experimenting with type and layout design and want to improve my skills in this.
2. Brand Identity - I have a keen interets in this and love comign up with quirky, meaningful logo designs
3. I need a fantastic portfolio that shows my capabilities and is memorable
4. Promting myself through various marketing methodsout in more ways than one will help me get my name out there.
5. I want my own website, as a point of contact for potential clients. A website is easily accessible, has potential to reach a very wide client base, is cheaper than advertising and can be interactive and memorable.
6. I need to develop my software skills further so I am more comfortable and confident when designing on screen.
7. Retail and luxury area market sector that I am interested in designing for.
8. I like editorial design and publishing work.
9. I would liek to develop my skills in design for screen as I feel there will be great need for this in the future,cas it seems to be becoming more digitalized.
10. Getting better at what I do is something I really strive to do, I am always seeing and learning new things and trying to work them into my design practice. I want my work to appear more professional and also develop my own style that could be recogniseable.

Task 4 - Who else is out there – how good are they?

BRIEF

Based on the principles that have been introduced in lecture 4 of the Enterprise module and your responses to the previous tasks, evaluate the Strengths and Weaknesses of three practitioners or design agencies as objectively as you can.
What opportunities for your own practice have revealed themselves to you as a result of this analysis and evaluation?
Do not use subjective language or make unfounded comments about other peopleʼs businesses.
It is essential that you make references to SWOT and evaluate its usefulness as an analysis or evaluation tool.



Having to look at who else is out there, and to analyse how good they are, I have created SWOT analysis of some graphic design companys that I like and are inspired by. From doing this I would like to figure out were I fit in as a designer and also what I can learn from each company.

I WOULD LIKE TO STRESS THAT I AM IN NO POSITION TO STATE THAT I AM BETTER THAN ANY OF THESE PROFESSIONAL, WELL ESTABLISHED COMPANY'S. I AM COMING PURELY FROM A HYPOTHETICAL POINT OF VIEW TO HELP ME GAIN AN UNDERSTANDING OF ANY GAPS IN THE INDUSTRY.


Mark Studio - Manchester
Mark Studio is an independent branding and graphic design studio, who like to keep things simple.

What I like about Mark is the brand identity's and logo's they have created. I love their use of type and it's appropriateness. Their work is simple and effective, uncluttered and clear.
Strengths -

• They work hard to understand each client's business, to find what makes their brand different, and then develop an engaging and effective way of communicating that difference.
• Focus on Branding, which proves to be innvoative and effective
• Impressive, loyal client list
• Positive testimonials form clients
• Award winning

Weaknesses -

• There is a main focus on design for print

Opportunities -

• Expantion on design for screen, as the outlook of the future seems to more digital.

Threats -

• Competition from other brand focused design companys in Manchester.

Optical Juice - Huddersfield
Optical Juice is a small, independent graphic design.
''We strive to build personal working relationships with each of our clients, gaining a clear understanding of their business and in turn offering graphic solutions to fit... We enjoy what we do, have a great passion for design, and take pride in the individuality of our work.' Some of the studio services they offer include: brand creation, Web design, print design, advertising, e-marketing, interior graphics and signage, photography
Strengths -

• Multi-disciplinary both for web and print design, means they cover alot of services
• Testimonials
• Large range of clients
• Customer care - small business so can offer a delicate, responsive and personal service to their clients.

Weaknesses -

• Multi-discipline - not focussed (however this is also a strength)

Opportunities -

• Could possibly offer internships or placements, to give students a chance to experience the industry. Fresh eyes and ideas.

Threats -

• Competition from other multi disciplinary design companys

New Future Graphics - London
New Future Graphic is a multi-disciplinary design studio based in London, consisting of three designers.
'We work closely with our clients to deliver inventive, enduring and precise visual solutions that bring ideas to life and get results. We focus on the core values of the product, brand and message. Our diversity of skills and size enable us to tackle each project with a dedicated hands-on approach that makes the most of your budget.''

The services they offer include: design, image making, branding, illustration, moving image or digital.
Strengths -

• Multi-disciplinary both for web and print design, means they cover alot of services
• Online shop

Weaknesses -

• If they want to expand their client list they may have to hire another designer to help cope with the workload .

Opportunities -

• Could possibly offer internships or placements, to give students a chance to experience the industry. Fresh eyes and ideas.

Threats -

• Being based in London means they'll have alot of competition

There are opportunities within the industry, however when I leave university I will be competing against other graduates and practitioners, therefore spotting these opportunities is very important, along with having the same values of my client/employer.
My portfolio needs to reflect this, yet also be specific in what I am about. The positives of being at Leeds College of Art is that I have the advantage of the facilities, and have the support I need to develop a strong portfolio that shows my capabilities. This will help me stand out from the rest.
With a strong portfolio, and a passion driven ambition to succeed in the graphic design industry, I am optimistic about the future. I do not see this as a 'job', it is a lifestyle and one that I wish to persue through literally living and breathing design.

Task 3 - How will I promote myself?

BRIEF
Based on the principles that have been introduced so far in the Enterprise module and your findings in previous tasks, evaluate the most suitable marketing methodologies for your own practice and the most effective methods to reach your potential customers.
It is essential that you make references to some of the methodologies in the ʻMarketing Communication Mixʼ and evaluate the ʻPlaceʼ that will give you the greatest competitive advantage and be convenient for your clients / customers.

When communicating with my target client group I willl need to consider a few components of the Marketing Communication Mix, such as exhibitions, personal selling, direct mail and public relations. I must consider that I am offering a service and not a product, but also that I essentially am the 'product' that clients would buy into.
With originality and flare, being important within design work, I must also prove that I am keen and genuinely interested in the particular sector that my clients works in, as I would be designing for what they want, and not what I want, however my personal values must come into this as well. But I cannot say I am driven by one thing, but have my work appear differently, as this is contradictory.
To prove to new clients my reliabilty and proffessional expertise, I could shown testimonials from previous clients. This ensures trust between my client and I can be developed, which is due having a track record of delivering innovative reults.
Exhibiting work is a great way to get people seeing your work, and is also a great place to network and make contacts. Having a website as a point of contact for clients would be convenient as it is easily accessable to most people. I would also like to exploit social media as they are very popular in this day and age and would help get me known and recognised as a designer within the industry.
At meetings with clients, or interviews with emplyers, my main aim would be to come across as professional, honest, friendly, relaxed and passionate about what I do. Because ultimately, if I don't care - why should they?
Creating a quirky viral campaign, such as sending a mail shot to potential clients would be a great way to contact them directly and make an impression. This would need to be thoroughly thought about, as it would be representing me and my service, and what I am about, and it would need to be memorable.

Task 2 - Where are they – How will they find me?

BRIEF

Based on the principles that have been introduced so far in the Enterprise module, as well

as the previous tasks, investigate, analyse and critically evaluate where your potential clients are located.

Identify four examples of your selected client group, 1 for each of the following profiles:

1 x Local 1 x National 1 x European 1 x Transnational

 

I decided to look at Graphic Design companys who creative work for the retail sector:

LOCAL - Turn Key - Leeds

Turn Key describe themselves as ''a collective of creative experts delivering results through intelligent marketing.

''Turn Key is proud of its environmental credentials and has always been ahead of the curve in providing greener marketing.

''Whether it’s using plant-based inks and recycled and recyclable materials in our print work, or suggesting alternative, digital solutions to traditional carbon-heavy methods, we make sure that everything we produce has as minimal negative impact on the planet as possible. In addition, as much as we can, we also like to minimise the amount we print internally. For these reasons we are happy to announce we are working towards our ISO14001 certification. ''

Here is some work produced for the N. Pearl - Autumn/Winter Collection lookbook, and for the Victoria Quarter in Leeds.

Factors that affect their use of graphic design:
Political - pressure to be ethically aware - Turn Key has become more consious of the effects on the planet, and strive to reduce their impact.
Economic - Economy picking back up again, people will start buying into things again, such as fashion and luxury good, so a need for retail design is needed.
Social - Leeds is rated as one of the top 25 cities, which brings business and consumers.
Technological - energy use and costs


NATIONAL - Winkreative - London

(http://www.winkreative.com)/
Winkreative was founded in 1998 by Tyler Brûlé. ''The business began as an intelligence-driven creative agency spun off from his magazine Wallpaper, the iconic global style guide.
''Within two years Winkreative had grown a substantial client base that included Selfridges, RJ Reynolds, Warner Music, Saab, Banana Republic, Stella McCartney, Kurt Geiger and Prada Sport, with services spanning brand strategy, advertising and custom publishing. The company also opened an office in New York.
''2001 was a breakthrough year for the agency after it won the commission to create a new brand identity for Switzerland’s national airline. Winkreative laid out an ambitious manifesto designed to shake up the global air-travel market, from special cabin lighting designed to make passengers look better to the redesign of Zürich Airport. With an obsessive attention to detail, the company’s work for Swiss has won both international acclaim and a number of industry awards. At the same time, the agency completed a management buyout from Time Warner, becoming an independent company with headquarters in Zürich.
''Today, with over 40 multilingual staff, the agency serves 23 active clients in 11 countries across a broad range of industries, all united by a premium position within their respective sectors. Winkreative will continue to base compelling creative solutions on a commitment to editorial quality, global knowledge of what will seduce consumers, and anticipation of their future needs.''
Here is some work produced for Boutique:

Factors that affect their use of graphic design:
Political - Competitition regulation
Economic - substantial client base, and pick up of the economy means

the clients want design work.
Social - fashion, hypes
Technological - targetting the niche market of global air travel market in an innovative way.

 

EUROPEAN - Helmer/Kiggen - Belgium (http://www.helmer-kiggen.com/)
Helmer/Kiggen is an Antwerp based design studio. It was formed by Timothy Helmer & Bart Kiggen, who both have an extensive background in graphic & identity design.
Here is some work they produced for fashion designer Alexandra Verschueren:

Factors that affect their use of graphic design:
Political - competition regulation
Economic - consumer confidence
Social  - fashion, hypes
Technological - Industry focus on technological effort. Government research spending


TRANSNATIONAL - The Words Are Pictures Studio - New York

Expressive and experimental typography studio based in New York, founded by Craig Ward. He works predominantly in the editorial and publishing fields, ''consulting and creating pioneering, award winning typography for a diverse range of clients from fashion to advertising and editorial''
Here is soem work produced for Mulberry:

Factors that affect their use of graphic design:

Political - Environmental regulations

Economic - As a well known awards business, Words and Pictures can afford to have a big budget for design, as the client list consists of some very high end fashion retailers.
Social - They design for the luxury sector, therefore the demographics would be aimed toward career driven consumers and the upper class. Having to constantly reassess the latest fashion trends can also contribute. The population in New York is also high.
Technological - New inventions and development

Group 'To Do' list for over Easter

We created a timetable to get us started in our Easter research.:
-I am going to research into the costings, and also look for studios in Leeds were we want to be based.
-Becky is looking into a marketing strategy, SWOT analysis of our competitors and how we fit in and what we have to offer.
-Charlotte is coming up with our brand identity, creating business card other stationary and writing our mission statement/value proposition.
-Ellie will look at business plans and write out our structure, and find an accountant and solicitor.
We then will plan to get together with our findings, and see if there is anything else we need to find out more about, and also to discuss any problems we come across.

My research:

Enterprise Q&A with Jane

Jane gave us some things to consider for the presentation and our research:

How not to fail - Enterprise Lecture

Entrepreneur rollercoaster, getontherollercoaster.com
-uninformed optimism
-informed pessimism

5 reasons why businesses fail
1. Failure to adapt to a changing market
-keep up
-be informed
-understand your macro and micro environments
-SWOT your competitors/other practitioners
-PEST your environments
-NESTA -website - marketing
-design week magazine/website
-specialist info what is going on
-jobs

visual arts
-daily rate
-research for dissertation
-legal advice
-jobs and opportunities

2. Failing to continually market yourself
-marketing communication mix

£. Not seeking professional advice when you need it
-collaborate
-identify people who you need (strengths) get them on board and excited
-patience
-execute ideas better than anyone else
-exploratin
-reflection
-travel - find out about community
-dinf different entry ways to your passion
-know yourself
-be willing to say no

Creative Choices
Frank Design
-integrity
-communication
-cultural awareness
-professional skills and organisation
-think like an artist
-problem solve
-creative solutions

Artist
-place
-community
-exhibition
-time management
-2nd job
-network - share idea - meet like minded people - don't lose direction

4. Inadequate Accounting Records
-get accountant - in partnership - share burden
-professional help

5. Disregarding or misenterpreting financial records


PRESENTATION
-Business Plan

1. Demonstrate your product or service
-features and benefits
-target customer - segmentation
-skills and capabilities
-legal status
-SWOT/PEST analysis
-marketing principle - and apply them to a strategy
-problems setting up a business (last 4 lectures)

2. what resources will you need
-equipment
-space
-stock

3. Why will people buy from you?
-unique selling point
-competitors/other practitioners or examples of similar projects
-look at their S&W
-say what opportunites this presents you
-compare prices

4. Marketing Plan
-3 effectice and innvoative methods - explain

5. How much will it all cost
-start up costs
-overhead costs - next 12 month
-direct costs (materials and labour)

Powerpoint
-no more than 10 slides
-visual aid - not a crutch
-hold your notes in your hand
-marketing plan
-costs
-include all points
-do a fab pitch
-get high marks

Interviews
-to get that job
-the business/employer want to hire someone and make a profit, grow the business
-imagine their risk
-right interview technique
-employer watches their competitors
-talk to eachother and know what they are up to
-aware of their environment
-knows what their USP is
-looking for someone who can make a difference
-looking for passion and awareness
-find out who their competitors are
-conduct a SWO|T analysis on them and come up with some opportunities from you findings
-ask them aboout their competitors at interview to show you have some business capabilities
-see what competitors have - say what you have to give the advantage - and weaknesses
-take an interest
-read 3 serious newspapers before the interview (Yorkshire Post, Guardian, Design Week)
-see if you can identify any issues that may be affecting their industry at the moment
-ask them about things that are affecting their business in the world/ industry
-what about Japan
-VAT
-do they have customers abroad

Artsmis
East Street Art
Umbrella - rent a space
the unit - office based in middle of city
Round Foundry Media Centre
Old Broadcasting House - co-working space, network, open plan office
Leeds College of Art
Pop-up Shop
MADE - student market

Stash your cash - Looking after the money - Enterprise Lecture

Language
-advantage
-business

Invoices and Statements

Invoice:
-the bill
-bontains customer name/address
-itmeized goods
-total payment
-seperate total with VAT
-date of invoice
-invoice number
-your business address

Statement:
-a reminder
-your business address
-your customer address
-prompt your customer to pay you timely - 2 weeks after invoice

Terms and Conditions
-designed to protect your rights and interests
-costs
-delivery arrangements
-payment terms
-credit limits
-your right to charge interest on overdue amount and claim compensation for recovery costs

The Statement
-send out on or day before the due date
-send out every month there after
-how much is owed
-court

Accounting
-keeping track of who owes you money
-see how much you are spending on materials and services
-see money coming in and going out
-make sure you don't spend more than you earn

Accounting Software
-small business - recommended for use

-Quick Books
-Bank Tree
-Sage
-Turbo Cash

Money in - business - money out
-diagram

Accountant
Chartered - No
Certified - Yes
-find out how much they are going to charge you

Start-up costs
-spend cash on new equipment
-design web site
-register company name
-design logo
-decorate premises
-launch party
(governmnet got banks to put 8billion into new business start up's)
-many companies get a loan to cover costs
-usually have to pay back quickly after 2-3month

Where does the money come from?
-banks - Barclays, Natwest, HSBC, Lloyds
-funding organisations and investors
-the arts council, yorkshire forward, venture capitalists (dragons den- want a cut of profits), shareholders (sell shares for so much each)

Prizes and Awards
-shell live wire
-make your mark
-go for ones with big prize money
-looks great on your CV even if you don't win - shortlisted - finalist

What banks want to know?
-marketing plan
-how much money do you need?
-how much money have you got
-how will you spend the money
-how will you pay the money back
-if you don't put in as much as you are asking from them they see them as the risk

Indirect Costs
-utilities - gas, water, electricity
-office supplies
-equipment leases
-part time help
-insurance
-rent
-known as: overheads, fixed costs, cost of doing business

Direct Costs
-a cost directly attributable to the manufacturing of a product
-or what the customer takes away with them
(e.g. a bottle of water - bottle and cap and labels would cost about 3p to make but is charged 80p-£1.50 to buy. This is because it covers the indirect costs and everything gone towards making it + profit)

Tangible Assets
-company name - brand
-Intellectual Property -IP - designs
-trade secrets
-copyrights
-trade marks
-goodwill
-competitive advantage

Difference between cost and price
Cost:
-the total time, money and resources associated with a purchase or activity
Price:
-the total price that is charged to customers
DON'T GET THEM MIXED UP

Capital Assets
-the money, property and other valuables which collectively represent and individual or business
-reciepts
-money coming to to business, e.g. from sales

Payments
-money going out, e.g. rent adn materials
-cash flow or net cash flow
-cash reciepts
-minus cash payments

Taxes
-income Tax - tax on personal income
-corporation tax - tax on profits of limited company
-Vat - value added tax is a tax on scales
-council tax - based on the value of a property

Business rates
-tax based on the value of a property

What to do when you start a business
-open seperate bank accounts for your business
-find a certified accountant
-find a local solicitor
-register your business with the Inland Revenue

(Listen to Podcasts from lecture)

Assessed Presentation - Our Skills

Here is my group, that together we will be constructing and presenting a business proposal/plan for a creative studio. We have outlined our creative skills and interests, to give a sense of what our studio could be:


Me:
Type, layout, ideas/concept building, Photoshop, In Design, After Effects, craft

Ellie Neil-Mee:
Image, photography, concept-based, Illustrator, Photoshop

Becky Tipping:
Image, Illustration, InDesign, Hand-drawn type, craft

Charlotte Warren:
Type, Photoshop, print based, packaging, perfectionist


Together we have a good range and a complimentary mix of skills to set up our own studio.