ENTERPRISING DOCTORS WORKSHOP – PART 3 HOW TO START YOUR OWN BUSINESS
Following our successful Enterprising Doctors Workshop in March 2016, we’ve put together for you in three parts the information you need to know when starting your own business.
ACCOUNTING AND TAX
It is important that doctors understand the financial jargon that accountants use:
- Profit & Loss (P&L) or Income Statement – this provides a record of your business revenue and expenditure.
- Statement of Financial Position (SFP) or Balance Sheet – this is a snapshot in time of your business’s assets and liabilities.
- Cashflow – this is different from the P&L, as it recalls ALL cash movements in the SFP and P&L.
Cash is king
WHY IS IT IMPORTANT THAT YOU UNDERSTAND YOUR FINANCIAL STATEMENTS?
- Financial Health of the company – What’s making profit and what’s not? Have you got unnecessary costs that you can cut?
- Monitoring cash – this is the lifeline of your business and needs to be monitored closely. More businesses fail because of cashflow reasons than for any other reason.
- Compare year on year – after a few years in business are you improving? If not, why not?
WHAT TAXES APPLY TO A LIMITED COMPANY?
- Corporation tax – 20% of any profits chargeable to corporation tax
- Taxes applicable to extracting money from the company
- Tax on loans to directors
- VAT if the business is turning over more than £82,000 per annum
For more information, check out our Accounting and Taxation section.
USE OF SOCIAL MEDIA
We were lucky enough to have Mike Sherwood from Fresh Online, social media consultant give us his top tips on using social media to grow your business.
Social media is the new method to get your message out to a wider audience than ever was possible before. If used effectively, you may not even have to spend that much money on it.
When considering which channels to use: think about your personal experience of social media, which channels your customers are likely to use and how you can communicate with them.
WHAT CAN YOU USE SOCIAL MEDIA FOR?
- Networking – make sure your profile online is kept up to date and that you join relevant groups related to your business.
- Marketing – share insightful content from yourself and others; use it to grow followers and consider sponsored posts where applicable.
- Engage audience – use images, videos, regular blog posts; use it to advertise surveys, competitions, events and special offers.
MARKETING AND BRANDING
Joanathan Abrahams, former marketing director at Google and founder of the healthcare and weight management health platform Healum, came to speak about marketing for your business.
QUESTION: WHAT’S MARKETING FOR?
Increasing the probability that a consumer will purchase your product or service (at some point).
QUESTION: WHAT’S BRANDING FOR?
To increase the price you sell at.
QUESTION: WHAT’S BRANDING?
Associations, identity and experiences that are created amongst individuals and communities that differentiate our company.
Emotional response through story telling
The questions you should be asking yourself about your customers:
- Who is our audience?
- What do we need them to think, feel, do?
- What will make them choose us over our competition?
- What must we stand for in order to stand out?
Focus on the moments that matter in your consumer’s lives
- What are the moment that matter in their daily/monthly/yearly lives?
- What are the moments that we are able to influence and how?
- What experiences do we want to create at those moments?
ONLINE CONTENT STRATEGY
- Help – have “pull” content to answer all questions.
- Hub – regularly scheduled “push” content for core target audience.
- Hero – large scale events and “big” moments.
Use your marketing to make yourself indispensable in your customer’s life moments. As Rudyard Kipling said :
If history were told in the form of stories, it would never be forgotten
Thank you to all participants that made our workshops a roaring success!