The company structure which Manifold Event Management will take will be that of a sole trader. This allows me the freedom to run Manifold as I see fit, without having to take into consideration the feelings and decisions of another person in the decision making process. However this means that all financial burdens will be on my own head, and if Manifold fails as a company I will be responsible for repaying any debt owed by the company myself. It can also restrict the amount of capital available for investment in the short term, as partnerships can mean more money coming in to the business due to more people being involved.
MARTY PAGE – OWNER
MARTY PAGE – TRAINER
MARTY PAGE – ADMIN
There are a number of key legislation that I would need to adhere to in the process of setting up and running Manifold Event Management. Areas which some of these pieces of legislation will cover are: • • •
Registration as a sole trader with HMRC, Intellectual Property Working with children.
REGISTRATION AS A SOLE TRADER For tax purposes, anyone who starts up a business as a sole trader needs to register with HMRC to ensure that you are being taxed correctly for any money that you make. I would need to ensure that I register all details correctly, and comply with areas like self assessment for tax purposes. INTELLECTUAL PROPERTY I need to ensure that I do all I can to protect any intellectual property created for Manifold Event Management, such as the business name, brand identity and logos. The Intellectual Property Office has lots of information for new businesses regarding the best ways of protecting their intellectual property, so referring to this guidance will ensure I am doing my utmost to protect it. WORKING WITH CHILDREN As my business will see me working with children, I need to ensure that I have a Disclosure which allows this to happen. I also need to ensure that any workshops I create follow areas like the Curriculum for Excellent and that I follow the Children’s Act 2004, which provides a legal basis on how to work with children.
My business will be targeted towards a rather specific demographic, which is: â€˘ â€˘
High school students, 4th â€“ 6th year age group.
Initial market research has shown that this age group would be the most interested in taking part in the kind of workshops which I plan to execute. Alongside the market research I also personally feel that students at this age are at that stage when they are trying to figure out exactly what they want to do with their lives, and any information they can receive which will help this decision making process easier can only be a good thing.
Keeping the finances under control will be an important part of running the business. To ensure that I have a clear idea of the money side of things I can do the following things: • •
Open up a separate business bank account where all monies relating to the business will go, Keep clear accounts of where all money is going to and coming from, possibly by employing an outside account to do this for me.
Initially, finances could be hard to come by, especially in today’s financial climate. To attempt to combat this I have applied for a number of different new business grants which could potentially grant me finance in the region of £7000, which would go a long way in helping to create an initial portfolio of workshops which I can then present to schools and councils as I begin to sell the business. As there will also me a gig side to the business it would be important to keep both income revenues separate, as this will allow me to analyse where money is coming from and where money is going to, and show where the best monetisation areas are to develop on and areas where I would need to watch more closely. As the business develops, there is also the possibility of looking towards gaining more investment through venture capitalists, banks, and other areas like Creative Scotland to help develop Manifold even further.
Brand awareness is a marketing concept which looks into exactly how aware of your brand the consumer is, and creating brand awareness is a key step when promoting a business or a service. To help create brand awareness, I intend of doing the following: â€˘
Create a website which will feature details of up-coming seminars and workshops, as well as list up-coming events. The website could also feature information given within the workshops as an additional training tool once the workshop has taken place to further develop the studentâ€™s knowledge. Create a portfolio of work which can be used to send to schools and councils as a means of promoting Manifold Event Management to the educational sector.
Another possible avenue I could look into during the initial stages of the business could be to host a launch event, which people from the education sector will be invited to and will consist of a series of demonstration workshops to show exactly how the business will operate. I feel that allowing the sector to see the business in operation before taking it to schools might allow for a greater penetration rate of those wishing to employ Manifold to host a workshop in their school.