WEEK SIX
TUTOR LED TASK: FINANCE & PITCHING PREPARATION
Today is a 20 minute task led by your tutor and a Westminster City Council member. Follow each task carefully during the session.
Task 1: Calculate your business in-goings/outgoings. Explore how social enterprises make and invest their profits to help you decide what to do with your own.
Task 2: Begin to piece together your pitch. Use the example slides and key features to begin piecing together your final pitch presentation!
Task One
Making A Profit: As you are setting up a product based business, your profits should come from the sales that you make.
But what you do with those profits is what makes you a social enterprise. It’s up to you how you choose to do this. Reinvest, split a percentage, donate to charity… the possibilities are endless!
HOW MANY FINANCIAL TERMS DO YOU KNOW? TRY THE QUIZ AND TEST YOUR SKILLS! Answers are at the bottom of the page
Question 1:
What do we mean by ‘Start Up Costs’?
Question 2:
What is a cash flow forecast?
Question 3:
What is a revenue stream?
Question 4:
What are cost structures?
Cost Strucure Examples:
Examples include sales commissions, product cost, cost of labour and raw materials used in manufacturing, etc…
What will your business be spending money on?
Revenue Stream Examples:
By selling goods and services in the open market, subscriptions and fees, grants or funding from local councils or charities, etc…
How will your business make money?
Task Two
Pitching Example: Watch this video from Dragon’s Den.
What techniques does this entrepreneur use to capture the dragon’s attention?
Your Pitch Presentation:
- 3-5 minutes long
- Confidently presented
- Well rehearsed
- Good slide deck to accompany
- Completed business model canvas
Take a look at the recommended slides for your slide deck. You can download an example presentation using the button below. The boxes to the right give you an idea of what to include in each slide.
We recommend using Canva.com to create your presentation – use the login details on week 4.
Should have your logo, business name and tagline.
Quiz Answers!
Question 1:
All expenses incurred to plan, register, organise and launch a new business or social venture.
Question 2:
A plan that shows how much money a business expects to receive in, and pay out, over a given period of time.
Question 3:
Various sources from which a business earns money from the sale of goods or services.
Question 4:
The types and relative proportions of fixed and variable costs that a business incurs.
