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.
- It’s time to prepare your 2 minute video.
- Email your video to firstname.lastname@example.org including the name of your school, your business name and the MD’s name. Deadline date is Friday 19th January 2018. More information is available in Training section of the Lothian website – http://www.lothianyes.com/events/training/
- Return Awards Evening entry form by the 31st January to email@example.com
- 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 Business School 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. Now Tuesday 27th March.
- 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)
- Return Company Report in Adobe Acrobat PDF format only via email by Friday 23rd February to firstname.lastname@example.org
- The end of year Awards Event will be held on Tuesday the 27th. Before that you need to
- Attend the Interview (12th, 13th or 14th March – watch for the Eventbrite invitation to book your date and time) 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.