Young Enterprise Timeline 2017

The holidays are over!

Congratulations – you’ve agreed to take part in the Young Enterprise Scotland programme and now you’re wondering what you’ve let yourself in for!

August

  • Register the Company Young Enterprise UK. There is a registration fee for every company of £100 and this should be paid now. https://yeonline.y-e.org.uk/user/register?t=1
  • Think about who is going to be in your business and when you have decided…
  • …discuss roles and choose the Directors How you do this is up to you but if there are no obvious appointments based on skills/interests/talent then you could consider secret voting.
  • The most successful teams are the organized ones. One key way of being – and staying – organized is to create an agenda for each meeting.
  • The Secretary takes minutes (notes) at all meetings and should make sure everyone has access to these. Where you store them for that is key because.
  • …every meeting should start with a review of the minutes/decisions of the previous meeting
  • You need to start thinking about what your company will sell as soon as possible
  • Discussions about the company name should be well on their way
  • Now that you are organized it’s time to create a Business Plan and Mission Statement.
  • The creatives in your team should be focused on designing your company’s logo and website. 

September

  • To maximize the benefit of participating in the programme you definitely should attend the Lothian Young Enterprise training day – Saturday 23rd 9.30am – 3.45pm. Copies of the presentations can be downloaded from http://www.lothianyes.com/events/training/
  • It is also time to register company online at Young Enterprise UK website. https://yeonline.y-e.org.uk/user/register?t=1
  • Where necessary you might fund raise to have money to pay registration fee and products. 
  • Effective teams work out how often they want to meet and where those meetings will take place.
  • When you have paid your registration fee then you receive your Young Enterprise business pack.
  • You might still be at the brainstorming stage for your product idea – but you need to get moving on this now.
  • Where are you going to keep the company’s money – open a bank account (school or at local branch).
  • You will find share certificates online within the YEUK website  https://yeonline.y-e.org.uk/– for those who want to invest in your company.

October

  • The Christmas market – the first ( and main) opportunity to showcase your products is coming up fast so you should have.  Please see the following link for more information – http://www.lothianyes.com/events/christmas-market/
  • Christmas market poster competition – see further details on http://www.lothianyes.com/events/christmas-market/
  • Allocated roles (if not already done this) – by now you should have a good idea of each team member’s strengths and weaknesses.
  • Finalised your Company name
  • Considered – and hopefully agreed on – the kind of business you are running and its business plan
  • Discussed the budget including profit margins, sales targets and  cash flow – and at the same time think about what  you are going to do with your profits
  • Created a marketing plan and started to put it into action including thinking about your target market and how to reach them.
  • Ensure your operational plan fits with your marketing plan – and start to source or make your product.
  • Establish and manage the lines of communication you choose – text, groups, messaging etc
  • If you still need money to buy your product or materials to make it hold a fundraising event/product
  • Work out what resources you have – people, access to space/materials/tools, time – and what you still need
  • Undertake market research before you make any final decisions

November

  • By now things should be starting to happen quickly
  • The product should have been delivered or should have been produced
  • The best spaces are limited so you should register early for the Lothian Area Christmas Market.  http://www.lothianyes.com/events/christmas-market/
  • You will be given support to get ready so use the notes and other resources that Lothian Area Team produces to help you prepare for Christmas Market.
  • Make sure that whoever is responsible for keeping financial records has all sales recorded and the cash is accounted for.
  • Logistical information will be provided for the Christmas Market- read this now and ask questions if need be.  
  • Where possible try to sell you products at school events and local charity events and learn from these experiences and be prepared for the Christmas Market judging.  

December

  • The Lothian Area Christmas Market has arrived!
  • Saturday 2nd December all day – Central Halls, 2 West Tollcross, Edinburgh EH3 9BP.
  • Agree with team members how you will respond to the questions the judges might ask on the day. 
  • Update all finance records with products sold and keep it up to date.
  • Focus on other Christmas sales opportunities.
  • Continue production where necessary
  • Produce a year-end trial balance.
  • Reconcile actual sales with sales records.
  • Plan for next year sales of stock that is left over e.g. Valentine’s Day.

January

  • It’s time to prepare for the final stages of the competition.
  • Attend the Lothian Young Enterprise training – Company Report, Interview and Presentation. Send in entry form. 
  • Agree New Year selling opportunities
  • Continue to fulfil customer orders
  • Make up a Draft Annual Report
  • Research and practice interview techniques
  • Plan for the presentation at the Awards Night
  • Discuss Strathclyde University Exam in February.

February

  • Take the Strathclyde Business School Exam – NB : not compulsory
  • Start preparation for Area Finals using guidelines/rules provided by Lothian Area. 
  • Write and submit your final Business Report
  • Register for the interviews, decide on who will attend and continue to practice interview skills
  • Finalise and rehearse presentation for the Awards night.
  • Start to think about winding up the company.
  • Where appropriate consider paying provisional shareholder dividends?
  • Pay all debts and collect all payments due to company.
  • Continue to record problems and solutions ( this will provide good material for your interview)

March

  • The end of year Awards Event will be held on Tuesday the 20th. Before that you need to
  • Attend the Interview and following that get ready to …
  • ….make your Company’s Presentation at the Awards Night.
  • Celebrate with the other companies that took part!

April – May

  • It’s time to wind up the company and sell off excess stock and assets.
  • Final accounts should be prepared and audited and bank account closed.
  • Remember, if you have not already done so, to pay VAT and Corporation Tax to Young Enterprise Scotland
  • Pay dividends to any shareholders.
  • Finalise the distribution of profits.
  • And if you are the winning company for Lothian – get ready for the national competition

Success!

Success!

And now that you have done all of that – Congratulations! You have now successfully finished the Young Enterprise Scotland Company Programme.

 

Useful website links

Young Enterprise Scotland website
http://yes.org.uk/

Young Enterprise UK website – Company Programme
https://www.young-enterprise.org.uk/ye-company-programme-info/

Young Enterprise – I am an Entrepreneur
http://yes.org.uk/i_am_an_entrepreneur.php

Future Learn – free online courses
https://www.futurelearn.com