Enterprise Lecture VIII//STASH YOUR CASH!

Enterprise Lecture VIII//STASH YOUR CASH!

Looking after your money 
Notes from today's lecture programme with Bridget March

ACCOUNTING

- Keep track of who owes you money.

- See how much you are spending on materials and services.

- See the money going in and out.

- Make sure you don't spend more than you earn.


INVOICES AND STATEMENTS

- Inovice: The bill.

- Statement: The reminder.

- An invoice details exactly what has been purchased- whom it's to, and whom it's from (VAT is always listed separately), and with a grand total. 


ESSENTIALS OF AN INVOICE


- Your business address.
- Your customer's address.
- The date of the invoice.
- Item by item details of the service or product provided.
- Total amount due.


ESSENTIALS OF A STATEMENT

- Your business address.
- Your customer's address.
- A list of recent invoices you have sent out.
- Details of invoices paid and unpaid.
- Total amount outstanding.


TERMS AND CONDITIONS

- Designed to protect your rights and interests.
- Costs.
- Delivery arrangements.
- Payment terms- might refer to all kinds of short hand in correspondence ("the owner=... Currys" [eg]), terminology used which the customer may not fully understand- explained on the back of invoices. Also detailing any return costs, owning the property of the product until it is delivered, the copyright of any project, explaining how you want to be paid, etc.

- Credit limits.
- Your rights to charge interest on overdue amounts and claim compensation for recovery costs.
- A commitment to quality.
- Data protection.




THE STATEMENT

- Send out on day before the due date.
- Send out every month thereafter.
- How much is owed.
- How long it has been outstanding.
- A call to action.


ACCOUNTING SOFTWARE


- Bank Tree Personal Finance (£26)- personal finance, no invoices or statements, but will keep a track of all finances, and will keep a record annually.
- Quick Books (£75), Western, standardised kit. 
- Online Quick Books essentials (£19/month)- invoicing and statements.
- Sage (£240)- Newcastle company, now with worldwide reputation, excellent, simple to use, full support.


ACCOUNTANT

- Chartered (NO), Very expensive.
- Certified (YES)

Always ask for a quote in advance to ensure you get the best deal.

WHAT BUSINESSES SPEND MONEY ON

- Start up costs.

- Overheads.

- Direct costs.

START UP COSTS

- Spend cash on new equipment.
- Design web site.
- Register company name.
- Design logo- make signs.
- Decorate premises.
- Launch party.

- Many companies get a loan to cover these initial expenses.
- Pay back each month over 2-3 years.




WHERE DOES THE MONEY COME FROM?


- BANKS//Barclays, Natwest, HSBC, Lloyds (Not loaning very much money to the creative industries at the moment- not able to expand without the help of them).
- CROWD FUNDING//Find them online (opening up the company to support for a small 
percentage/shares or grants).
- Funding organisations and investors.
- Prizes and awards.




WHAT DO INVESTORS WANT TO KNOW?


- Marketing plan.
- How much money do you need?
- How much money have you got?
- How will you spend the money?
- How will you pay the money back?




INDIRECT COSTS


- Utilities- gas, water, electricity.
- Office supplies.
- Bank charge.
- Etc... 




THESE REGULAR PAYMENTS ARE ALSO KNOWN AS:


- Overheads.
- Fixed costs.
- The cost of doing business.




DIRECT COSTS


- A cost directly attributable to the manufacturing of a product.
- Or, what the customer takes away with them.




INDIRECT COSTS

- What put the great % onto sale cost.




TANGIBLE ASSETS


- Assets having a physical existence and that maintain a substantial value.




NAME SOME INTANGIBLE ASSETS


- List of customers.
- Brand name.
- Reputation.
- Goodwill of the customers (through customer lists).




WHAT IS THE DIFFERENCE BETWEEN COST AND PRICE?


- Cost is what you spend.
- Price is what you charge.




CAPITAL


- Money, property and values collectively representing wealth.




CAPITAL ASSETS


- Valuable such as song royalties- potential asset earnings.




RECIEPTS (How much you receive from a client).
PAYMENTS (How much £ you spend running the business).
CASH FLOW/NET FLOW  (Cash receipts minus cash payments- positive/negative cash flow).




TAXES


- Income.
- Council Tax.
- VAT.
- Corporation Tax (for Ltd companies).
- Business Rates (Business building tax).




WHAT TO DO (START UP)


- Open up a separate business bank account.
- Find a certified accountant.
- Find a local solicitor.
- Register your business with the Inland Revenue.




USEFUL SOURCES


- Business Link.
- Startups.
- HM Revenue & Customs
- Creativechoices

A busy time of year.

Just to keep to date with all I have going on outside of Uni (sales/work wise):

FEBRUARY 10TH: Start of TestSpace store at the Corn Exchange (running for two weeks)- stocking printed items.

FEBRUARY 11TH: Reetsweet one day Valentines fair.

NOOK & CRANNY: Continuing to sell and produce work for the Liverpool-based store.

TESTSPACE ONLINE: In discussions about selling work online, as development from the TestSpace store.

... I could really do with a nap.

Enterprise//Enterprise Group//Property Search.

Going on to look specifically at two sites we have found within our group that would be in our key market area- on the Woodhouse Lane strip of Leeds which is closely situated by Leeds Met Uni, Leeds Uni, and Leeds College of Art- an ideal area of footfall for our key student demographic and audience. A couple of weeks ago, two new commercial properties had been put up for rent in the area, so I decided to find out a little bit more about them, to see if they would suit our needs.

ESTATE AGENT: Sanderson Wetherall

ADDRESS: 16 BLENHEIM TERRACE, LS2 9GJ

SQ M: 767.51

PROS: Prominent window display, parking area, air conditioning, refurbed, 0.9 miles from train station, original features, storage, three floors.

CONS: Potentially expensive (2010 rateable value of £61,750- but this was before refurb).

ESTATE AGENT: Handley Gibson (via Right Move)

ADDRESS: 6 BLENHEIM TERRACE, LEEDS

SQ M: ?

PROS: Four parking spaces, close proximity to target audience, two storeys, basement, ridiculously cheap.

CONS: Would need refurbishment, small.

***

In my mind, the commercial property at the top of the page, 16 Blenheim Terrace would be absolutely ideal- though, of course, we would need to find out the specific details for the property prices. Will discuss this with the group tomorrow and see their thoughts about the location too.

Enteprise//Enterprise Group//Nobrow.

Again, another great research suggestion from Jane in our enterprise group tutorial session- Nobrow is a Shoreditch- based printed publication platform which showcases the very best in contemporary screenprinted illustration- providing a limited edition series of designs to further increase the desire and demand for their issues- becoming potential collectable items.

Throughout their years of printing and trading, the success of Nobrow has seen the company stock their publications all over Europe- from Liverpool to Belgium (list of stockists can be seen in screenshots below). This would definitely be a great source of inspiration for our own work, and certainly the sort of success we would be aiming for within our own company. I, personally, would love to see my work in Nobrow one day- so I'll definitely be finding out more about the and referencing them within our presentation- referring to the four P's (in marketing terms), as they would not only be market inspiration, but also "rivals" in the industry.

Enterprise//Enterprise Group//Printers in Leeds.

As suggested by Jane in our session tutorial earlier in the week, I've decided to take a look at a couple of local printers that we could possibly propose to collaborate with within our business- acting as a middle man if the designers stocking our shop were to need printing assistance or production, we could act as a collaborative partner- promoting the print service that these companies require, and, as a result, getting either a discounted price, or a commission on their behalf (something to consider and discuss further).

Below, a few examples of Leeds-based designers- ideal for our location of choice in terms of low delivery cost and quick turn around times. Will discuss what I've found later on in the week during a meeting with other members of the group to see their thoughts about what I have researched and considered.

http://www.thisisprintshop.co.uk/ 

This print shop is a print company developed from design studio 'Catalouge' from Tom Shaw and Oli Pratt, two graduated LCA BAGD students who I had the pleasure to meet during a Friday afternoon studio talk.

From a degree you can trust (!) these guys turn around supreme quality prints at low cost, and could be a great bond to make in terms of the work they are currently producing, and the style of work we want to produce with great in-house screenprinting facilities. A very strong contender.

http://www.awesomemerchandise.com/index.php

Awesome Merchandise is one of the most commonly known and referred to examples of a contemporary print company based in Leeds (the city centre). A great location in terms of delivery and proximity to our proposed store, as well as low cost printing due to high order numbers, growth and development of the company- again, a definite consideration and an assurance of quality and efficiency within the printing process.

http://www.colourcopyleeds.co.uk/

http://www.duffieldprinters.co.uk/

http://www.grgprint.com/

http://www.team-impression.com/

The four examples above. 'Colour copy Leeds', 'Duffield printers', 'GrgPrint' and 'Team' are all examples of modern digital and litho printers- Team print also offering in-house finishing such as package-making, cutting, folding, embossing, die cutting, foil blocking, and so on. During the print module (ougd201) we looked at various printing outcomes- and I was lucky enough to visit Team in Beeston, just outside of Leeds City Centre which was a really insightful and inspiring day out, learning a great deal about the print industry. 

In these scenarios, the outcomes would be very expensive, unless they were in a very high unit print order, which would be unlucky at the early stage of the business due to both rental space and financial risk. However, a definite proposal for digital design quality at a later stage in the company, if it were to develop and grow- perhaps into a chain store with shop space not only in Leeds but also Manchester and London too.

Enterprise//Enterprise Group//Role responsibilities.

Dicussing potential roles to be distributed within the group for the proposed business plan, and future of our retail outlet. If we were to go on to distinguish the roles and equally divide amongst the four members of the group, it would not only help to develop roles and plans for careers responsibility, but whilst research and preparing for our presentation, also help to divide research responsibilities equally and effectively.

- CREATIVE DIRECTOR
- RETAIL MANAGER
- RETAIL ASSISTANT
- FINANCIAL DIRECTOR
- FINANCIAL ASSISTANT
- PR AND NETWORKING
- COMMUNICATIONS & SALES
- BRANDING DESIGNER

To be discussed and decided upon with the group at a later date.

Enterprise//Enterprise Group//Contacting designers.

Drafted up, and sent this email today (image above) to the seven designers that I have researched and blogged (written below) that, in our proposed business, we would like to work alongside and represent them by selling their stock within our store, at craft fairs, shows, etc. Hopefully get some response back in the next few days, no only with the permission to use their images, but also hopefully to get some feedback on the idea, and see whether or not this is something that would actually be in demand by the designers of Leeds, at very least.

DESIGNERS INCLUDE:

- Helen Entwistle (Memo)

- Jonny Packham (Jaypee)

- Matt Ferres

- God is Dad

- Drew Millward

- Spin Cycle Complete

- Martin Jessop (Art School Wank)

Design Production for Digital//Top 10//Interim Evaluation.

Self-assessment interim evaluation notes for my personal views of my development throughout the Design Production for Digital module so far- really a reflection on just how much I have to do for the next two weeks before the module hand in- recently having found it quite difficult in terms of juggling my various Uni briefs, and not doing as much development as I should through the OUGD202 brief.

By the end of this week (inc. weekend) I am to have all of my storyboards (both title sequence and 4 x idents) complete as well as having made all my static images for my motion design outcomes- and then an intense week and a half before hand in. A lot to do.

Enterprise//Enterprise Group//Tutorial.

Today our enterprise group had the opportunity to have a tutorial with tutor Jane, to discuss our current progress, things to do and where we currently stand as a design company.

A really useful talk, Jane gave us lots of direction and things to consider before our presentation on 8th February. The notes listed below are taken from idea generation in the tutorial session.

LOOK AT:

- Nobrow (Shoreditch)

- MAGMA

- Hyde Park Corner/Woodhouse Lane (rental space)

- Printing partnership (to print designer's prints, take a great commission?)- Awesome Merchandise?

- Stall at freshers week to promote company/Nation of Shopkeepers

- Pay particular attention to: Promo/Target audience/Develop location and brand/Income streams

MY PERSONAL TASKS FOR NEXT WEEK:

- Account living wage of each of the designers and work out the cost of rental space, utilities, etc.

- Draft up e mails and contact designers re using their images in our presentation.

- Leeds printer partnerships- research.

Image//Type as Image//Brief & Rationale.

The brief and my written rationale for the second briefing from the Image module, as delivered in yesterday afternoon's session- written notes about my target audience, research required etc, which I shall start doing imminently. 

The quotes I picked for my 'Type as Image' brief (from the articles we worked on for last week's 'Editorial Image' brief) are:


1. RELATIONSHIP MATHS: FACEBOOK:
"Brass- rubbing"



2. DOCTOR, DOCTOR:
"I wish I could!"



3. THIS COLUMN WILL CHANGE YOUR LIFE:
"It certainly has nothing to do with the number of birds"


I felt that these three quotes had a lot of potential for experimentation within my designs and that I could produce a great selection of visual communication with various methods of delivery- excited to get started!

Enteprise//Research//Johnny Cupcakes.

http://www.johnnycupcakes.com/blog/

Throughout our series of Enterprise lectures held by tutor Bridget March, despite all the varying topics and subjects to cover within the module- one topic has remained a constant- Johnny Cupcakes. A self-proclaimed "huge fan" of the businessman and entrepreneur, Johnny Cupcakes, Bridget's passion for the designer and the company has inspired me throughout the lecture programme, and has certainly helped to develop my passion for the subject and aspirations for a freelance career/business start up imminently.

To honour the company, below is a little information (source linked below) on the company and Johnny Cupcakes himself- possibly to act as a secondary source example of existing business sucess that our own company could aspire to- particularly in the unique and quirky branding, identity and marketing techniques.

http://en.wikipedia.org/wiki/Johnny_Cupcakes 

Johnny Cupcakes, Inc. (commonly known as Johnny Cupcakes) is a clothing brand founded in 2001 by Johnny Earle. The clothing line uses cupcakes as the prominent design motif of its merchandise, often replacing iconic symbols with cupcakes. The brand's insignia is a skull and crossbones, with a cupcake silhouette replacing the skull.

The Johnny Cupcakes line includes t-shirts, shorts, sweaters, jewelry, undergarments, and pins. Its flagship stores are located in Boston, Massachusetts and Los Angeles, California, with another shop in Hull, Massachusetts and another opening London's Carnaby Street. All Johnny Cupcakes retail shops are furnished extensively according to a bakery theme.

History

Origins

Earle says he initially started the Johnny Cupcakes brand "as a complete joke." The clothing line has its origins back in 2000 when Earle worked at the Newbury Comics music shop in Braintree, Massachusetts. Each day, his co-workers would coin a new nickname for him: Johnny Appleseed, Johnny Pancakes, Johnny Cupcakes, Johnny Coffeecakes, etc.

In 2001, while ordering screen-printed shirts for the metalcore band he played in, (On Broken Wings) Earle ran off a few shirts designed with the "Johnny Cupcakes" nickname. Almost immediately, co-workers and store customers noticed the cupcakes-themed shirts whenever he wore them, and many inquired about how to purchase them. Sensing the demand, Earle started selling the shirts from the trunk of his car to local friends and acquaintances.

When On Broken Wings signed with a record label and began touring in 2002, Earle stuffed his suitcase full of Johnny Cupcakes shirts to sell at shows and give to other musicians on the bill. This helped expose his designs to new audiences across the country, and the brand began to develop a cult following. The following year, Earle quit the band to focus full-time on his fledgling business.

Growth and Success

In 2005, Earle opened the first Johnny Cupcakes store in his hometown of Hull after working with his father to convert it from a boat garage into a retail space. By this time, he had decided to keep his merchandise out of chain stores and sell it exclusively through his own shops. After a year of growing sales and popularity, he opened another Johnny Cupcakes boutique on Boston's chic Newbury Street. The grand opening of the second location drew several hundred fans and the store recorded five-figure sales revenues on the first day alone.

Wanting to deliver a unique customer experience, Earle designed his stores with a classic bakery motif. The interior decor at Johnny Cupcakes boutiques features antique refrigerators, baking racks, a 1930's dough mixer, (Boston location) a cast-iron wood-burning oven from the 1890s, (also at the Boston location) and even hidden vanilla-scented air fresheners; items are usually displayed on baking trays and inside glass pastry cases. The stores' prominent baking theme often confuses unfamiliar patrons who walk in thinking that they sell baked goods, not clothing. Earle says this tends to disappoint and even anger some passersby, though the shops do give out free cupcakes with purchases on occasion.

In 2008, a third Johnny Cupcakes store opened on Melrose Avenue in Los Angeles. To build the L.A. shop, Earle says he enlisted the help of an engineering firm that designed structures for the Disneyland and Universal Studios theme parks to "bring my crazy ideas to life." Similarly to the Boston location, the L.A. grand opening attracted hundreds of customers (including some who camped out for days beforehand) and saw the company's most successful single-day sales figures.

On the 12th of March 2011, the London store opened with hundreds of dedicated fans from around the world queuing up and camping for more than 24 hours. The queue stretched back to Regent Street and wrapped around the corner.

In addition to the four retail locations, Johnny Cupcakes continues to sell items through its online store and a company "eBay Vault" which offers previously issued designs and exclusive items that were briefly or never available in its stores.

Recognition

In 2008, BusinessWeek placed Earle at the top of its "Best Entrepreneurs 25 and Under" list, highlighting his company's quality products, imaginative promotion, and insistence on self-sustenance. The publication also cited Johnny Cupcakes' rising annual revenue and steadfast customer loyalty as further examples of Earle's notability as a business owner.

Earlier on, Johnny Cupcakes started getting noticed for its highly effective branding and "brazen" steps taken to make a name for itself. After the company's success in Boston and the greater New England area, Earle regularly received requests from high schools and universities to speak about entrepreneurship and running a small business. The demand for Earle to speak has grown so much recently that a separate "Lectures" section was created on his company web site in late 2009 to field inquiries.

In 2009, Johnny Cupcakes was placed at #237 on the Inc. 500 list of fastest growing private companies in the U.S. The magazine listed the clothing brand as having a nearly 915% growth rate over the previous year.

***

All images sourced from various links on Google Images.

Image//Editorial//Feedback.

(Design sheets above for the final resolutions, in context, of my designs for the week- long brief of Editorial Image).

Today we had our second Image session- and a chance to showcase our week's designs and receive feedback from other members of the session.

In a group of four (along with Matt Chatfield, Mitch Weaver and Steph Lawson) we discussed each of our designs, potential improvements, and things we could do if we were to revisit the brief- my notes were as follows:

FEEDBACK//EDITORIAL IMAGE

- Good ideas, clear, well represented

- Perhaps try out a different colour scheme for the colour blind test so that it doesn't actually affect those who are colour blind (thus the design being a bit pointless!)

- Experiment with different shapes (as opposed to two circles) on the x2 article page

Really happy with the feedback I got, people seemed to like the concept development- particularly of 'This column will change your life', and given the time, I felt I did an okay job, yet still lots more room for improvement- looking forward to the next brief to apply the feedback and criticisms in the design I got from this session to make a positive change in the next set of designs.

Enterprise//Creative our Creative Review press ad.

Yesterday evening, Chris, Matt and I stayed behind after Uni (unfortunately Sarah couldn't make it as she was unwell) to work on our Creative Review press ad.

With the collective items we sourced over the weekend as the "tools of a designer, and the tools of a student"- we set up our rostrum shot (having borrowed a piece of wood from woodwork for a good grain finish and borrowing continuous tungsten lighting from Photography) of our desk. 

Originally, we were going to have a "copy" of the Book Klub magazine in the centre of our shot, but we decided to play around with a few compositions to see what was most effective, and what would look right when applying both our logo and text elements in Photoshop.

Matt's developed/finalised logo design (above) - last week, we began brainstorming and all attempting to generate logo ideas, but it was clear that this is one of Matt's key strengths, and the logo worked well- illustrating the "open book"/bookends style with the repeated initial design- choosing the name 'Klub' as opposed to 'Club' not only for the logo design, (it sat better alongside the rounded 'B') but also to be slightly more unique and contemporary.

Initial thoughts were that the design looked a little hard and "soviet" in the Bebas typeface- but I do think it works well for our modern, contemporary and perhaps slightly more hard-nose, masculine edge- with high impact promotion and aspirations for our brand and retail outlet.

And the finished result! Really happy with how it came together thanks to a bit of organisation, concept generation and Matt's Photoshop wizardry (the clone tool was abused, along with the slight shadowing to create the engraved effect of the logo). A neat, crisp outcome- and something perhaps a little different to the standard advertisements we have seen in Creative Review, yet still in keeping with the overall aesthetic and means of method of delivery.