Thinking of Setting up and Managing your own Training Business?

posted 5 Jan 2012, 18:59 by Diane Shawe


Summary by Diane Shawe
6 January 2012

Thinking of owning and managing your own training business? It's a good idea - provided you know what it takes and have what it takes. The world of training is changing right in front of our eyes.

Starting a business is risky at best; but your chances of making it go will be better if you understand the challenges you'll meet and work out as many of them as you can before you start.

Here are some questions and worksheets to help you think through what you need to know and do. Answer each question with a YES or NO. Where the answer is NO, you have some work to do.

Before You Start

• Are you the kind of person who can get a business started and make it go?
• Think about why you want to own your own Training business. Do you want to badly enough to keep working long hours without knowing how much money you'll end up with?
• Have you worked for someone else as a trainer, administrator or manager?
• Have you had any business training in school?
• What accreditation will you have?
• Have you saved any money? (LOL)

How About the Money?

• Do you know how much money you will need to get your business started?
• Have you determined how much money of your own you can put into the business?
• Do you know how much credit you can get from your suppliers -- the people you will buy from?
• Do you know where you can borrow the rest of the money you need to start your business?
• Have you figured out what net income per year you expect to get from the business?
• Count your salary and your profit on the money you put into the business. Can you live on less than this so that you can use some of it to help your business grow?
• Have you talked to a banker about your plans?

How About a Partner?

• If you need a partner with money, do you know someone who will fit - someone you can get along with?
• Do you know the good and bad points about going it alone, having a partner, and incorporating your business?
• Have you talked to a lawyer about it?

How About Your Customers?

• Do most businesses in your community seem to be doing well?
• Have you tried to find out whether training organisations like the one you want to open are doing well in your community or sector and in the rest of the country?
• Do you know what kind of people will want to buy what you plan to sell?
• Do people want to be trained in the area where you want to open your training business?
• Do you know what are going to be the popular courses?
• If not, have you thought about doing some research or becoming a global virtual trainer and how would you go about that?

Your Building

• Have you found or will you need a good building or office to work from?
• Will you have enough room when your business gets bigger?
• Can you fix the building up the way you want it without spending too much money?
• Can people get to it easily from parking spaces, bus stops, or their homes?
• What are the options between you offering training inhouse or at other premises?

Equipment and Supplies

• Do you know just what equipment and supplies you need and how much they will cost?
• What about technology, are you up to date and can you use it to compliment your business?
• What access will your students have?

Your Merchandise

• Have you decided what courses you will sell?
• Have you prepared the courses, all the documentation, evaluation etc.,
• Do you know how much or how many of each you will sell each month?
• If you need to supply students with any kits, where will you source them?
• Have you compared the prices and will you offer credit terms?

Your Records

• Have you planned a system of records that will keep track of your income and expenses, what you owe people, and what other people owe you?
• Have you worked out a way to keep track of your enquiries, follow up, generate a newsletter, recruit more students?
• Have you figured out how to keep your records and take care of vat and tax reports and payments?
• Do you know what financial statements you should prepare?
• Do you know an accountant who will help you with your records and financial statements?

Your Business and The Law

• Do you know what licenses and permits you need?
• Do you know what business laws you have to obey?
• Do you know what type of insurance you will need?
• Will you be a sole trader, partnership or a limited company?
• Do you know a lawyer you can go to for advice and help with legal papers?

Buying a Business Someone Else Has Started

• Have you made a list of what you like and don't like about buying a business someone else has started?
• Are you sure you know the real reason why the owner wants to sell this business?
• Have you compared the cost of buying the business with the cost of starting a new business?
• Has the business got a good reputation with clients?
• Will the owner of the building transfer the lease to you if they have one?
• Have you talked with other business owners in the area to see what they think of the business?
• Have you talked with the company's suppliers?
• Have you talked with a lawyer about it?

Advertising

• Have you decided how you will advertise? (newspapers -- posters -- handbills -- radio -- mail?)
• Do you know where to get help with your ads?
• Do you know how to get a website uploaded? What about a Blog and social media?
• Have you watched what other organisations do to get people to buy?

The Prices You Charge

• Do you know how to figure what you should charge for each course you sell?
• Do you know what other Training organisations like yours charge?

Buying

• Do you have a plan for finding out what courses your customers want?
• Do you have a discount our voucher plan?
• Do you think you could work in association with different types of organisation and how will you charge or compensate them?

Selling

• Have you decided whether you will have sales clerks or self-service?
• Do you know how to get customers to buy?
• Have you decided how you will process they payments?
• Have you thought about why you like to buy from some businesses and why others turn you off?

Your Employees

• If you need to hire someone to help you, do you know where to look?
• Will you be contracting them or offering PAYE and studied the pros and cons?
• Do you know what kind of person you need?
• Do you have a plan for training your staff?

Credit for Your Customers

• Have you decided whether or not to let your customers buy on credit?
• Do you know the good and bad points about joining a credit-card plan?
• Can you tell a deadbeat from a good credit customer?

A Few Extra Questions

• Have you figured out whether or not you could make more money working for someone else?
• Does your family go along with your plan to start a business of your own?
• Do you know where to find out about new ideas and new products?
• Do you have a work plan for yourself?
• If you have answered all these questions carefully, you've done some hard work and serious thinking. That's good. But you have probably found some things you still need to know more about or do something about.
• Do all you can for yourself, but don't hesitate to ask for help from people who can tell you what you need to know. Remember, running a business takes guts! You've got to be able to decide what you need and then go after it.
If you would like some help about how to become a Professional Trainer and start your own business, then please click and complete for more information.

www.expresstrainingcourses.com

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