Starting my own small business: a training module - unesdoc - Unesco

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Unit 6Finding the money to start my businessLoans obtained from banks will involve repayment with interest. A new entrepreneurshould investigate as many sources of funding as possible in order to secure thebest terms and conditions for repayment. This means ‘shopping around’ for the mostfavourable interest rates. Discuss: What materials do we need? Where can we get them? If we have to buy them, how much will we have to pay? From where can we obtain the money?17
Unit 7Banking Describe the different types of bank accounts available in the local community.Cheque (current) accounts and savings accounts are perhaps the most frequentlyused banking services. Other account options are also available, such as fixed depositaccounts.Current (cheque) accountA person can deposit (put in) money into a current account and withdraw (takeout) the amounts needed by writing cheques from a chequebook provided by thebank. Usually there is no charge for withdrawing money, as long as there is sufficientmoney in the account. The bank may also give us a magnetic card, which may beused at that bank’s money-distributing machines. Usually banks do not pay intereston money deposited in current or cheque accounts.Money in a current account may be used to pay the day-to-day costs of running ourbusiness.Savings accountA savings account is for keeping money that we will not need to use on a day-to-daybasis. The money in a savings account earns interest. That means the bank pays ussome money for leaving our money in the account.We can have both kinds of accounts at any time. When we open a bank account, wemust be sure to keep a record of the amounts of money we deposit (put into) theaccount and the amounts we withdraw (take out of it). If we have a bank accountfor our business, it must be a separate account from our personal or family account[trick question in participant’s workbook!].The bank will send us a statement regularly. This lists the amounts of money thathave been deposited and the amounts that have been withdrawn. It tells us howmuch money we have in the account on the day the statement was written. Weshould check that our own accounts match the bank’s statement.Our community post office may also provide similar financial services to our bank.18
Page 2 and 3: STARTINGMY OWN SMALLBUSINESSA train
Page 4 and 5: programmes. This can help prepare l
Page 6 and 7: to perceive themselves as the actor
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Page 10 and 11: Business skills9Part AThis part of
Page 12 and 13: Unit 2My entrepreneurial skillsThe
Page 14 and 15: Unit 4My marketBusinesses function
Page 16 and 17: Unit 5Setting my pricesProfitThe en
Page 20 and 21: Unit 7Banking Discuss: Is starting
Page 22 and 23: Unit 9Communicating with mycustomer
Page 24 and 25: Unit 10Makingthebestuseofmytime Ask
Page 26 and 27: Unit 12Managing my workplaceThis un
Page 28 and 29: Unit 13My business planIn this unit
Page 30 and 31: Unit 1Contacting my clientsandpartn
Page 32 and 33: Unit 2TheInternetande-businessThe I
Page 34 and 35: 34Programme:STARTING MY OWN SMALL B
Page 36 and 37: 36Unit Specific learning outcomes A
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Starting my own small business: a training module - unesdoc - Unesco

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