Advice If You Need To Start Up Your New Company

Starting a new business can be a bit daunting and scary; especially for people new to being self-employed and who are unsure about how to get things done. I mean, where do you start? Perhaps you should focus on the hiring of new staff rather than product development, or maybe vice versa.

This will sound very familiar to current students, or maybe even a person who is coming to the end of their studies and is now thinking how to make some money. Although you have all the theory you won't have the experience necessary to navigate the world of work.

So for students or inexperienced entrepreneurs then here's some advice to help you get ready for your new company and even to decide whether the basis of the company is in fact worth backing. This goes without say is something you should know before you invest any money and start trading.

Firstly, take a little advice from someone who is independent and impartial. Just because you want to invest in the business doesn't make the business a good investment. Don't just take the advice of a friend; instead ask a financial advisor or someone with experience in the sector. You really should take the time to talk to these types of people as they can assess the profile you have made of your company and tell you whether it has merit. Another option is trying to get a business loan from your bank manager, if they approve the loan then you will immediately know that an independent party likes your business and thinks it has potential.

Then start to think about how many customers you may have or how many products you are likely to sell. You should have an accurate idea of how much of an income your company is likely to have and even how busy your employees are going to be. If you do this you will be able to...

...figure out how much profit you can expect to make. Can you make a whopping $80,000 a year, or maybe closer to $15,000? Or if your in England or Scotland then £9,500. Using these figures you will then be able to work out at what point your company is likely to break even and even how long it should take to turn a profit. You really don't want to go speeding off and spending money you haven't got but you should rather have a clear idea of when you should be spending money and when you should be saving it.

Next, think about your overheads. If you are planning to take a Canary Wharf office then how much will it be to rent? And exactly how much square footage do you need? As well, think about how many staff you will need to make your business function and how much staff wages will be for the year based upon those figures. You may also have to consider whether the company needs staff on reception and cleaning staff. All of these types of costs soon mount up.

Then you should also think about over types of outgoings, such utility bills, commercial insurance, maintenance of IT equipment and new IT updates. And also remember that when you are estimating for a business plan you should always under-estimate any income and over-estimate outgoings, by doing this you should have a picture of how well your company is likely to succeed within its first year. Doing your forecasts this way also makes you certain that any predicted profits are not because you have been too generous with your forecasts.

Only after following the advice given above should you take the first step with your company and take a tour of potential offices.

By: Isabell Isai

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