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!
- 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.
- 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.
- 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
- 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.
- 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.
- Plan to attend the training event on the 15th January 2018.
- It’s time to prepare for the final stages of the competition.
- Attend the Lothian Young Enterprise training 15th January to be held at St George’s School, Garscube Terrace, Edinburgh – 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.
- 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)
- 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
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
Young Enterprise UK website – Company Programme
Young Enterprise – I am an Entrepreneur
Future Learn – free online courses