Budding Entrepreneurs Receive Some Sound Business Advice

Barclays business advisers, Stephanie Price and Greg Herbert stand at the front of the class with a large student audience sitting behind them

Lots of RNC students consider starting up a new business and, alongside their studies, it is important that they receive the right advice and support.

That is where visitors, Greg Herbert, Barclays Business Relationship Manager and Stephanie Price, Business Start Up Manager, from the local branch of Barclays came in.

Speaking to a packed classroom, Greg and Stephanie gave a fascinating talk on a whole range of business-related topics, starting with the exploration of the different types of company formation such as sole traders, partnerships, limited liability partnerships and limited companies.

For any business, the key topic is the importance of writing a business plan and it was impressed upon everyone that the plan needed to cover every angle of business from the business name, mission and description to the objectives, costings, customer base, competitors and environment.

Greg used the old adage ‘fail to plan, plan to fail’ and when writing a business plan, possible issues can be highlighted from the beginning. Stephanie also recommended that business plans were written up and ready prior to any financial discussions.

Another excellent piece of advice given was to remember that a business plan is a living document and should be revisited and amended often, to reflect changes that may influence how a business operates in the future.

Overall it was a very interactive session, with lots of discussion on the reasons to set up a business, overheads, marketing, price differentiation, customers and staffing and some very realistic advice was given on the challenges of starting up a new business.

Greg and Stephanie signposted students to the Barclays website where more detailed information could be found on all aspects of starting up a new business including start up loans, bank accounts and insurance.

However, Greg did put out a disclaimer, stating ‘other financial institutions are available’.

RNC students were really engaged and found the presentation very useful and we extend our thanks to Greg and Stephanie for taking the time to come and visit the College.

 

If you would like more information on the courses and opportunities available at RNC then contact our Student Enquires team on 01432 376 621 or email info@rnc.ac.uk