We often meet people who want to make their hobby or idea into a business start-up; however an ‘idea’ is not always a business concept.
We would always urge budding entrepreneurs to think of every aspect of how their business may look, costs involved and what they think the potential for sales could be before they even start designing logo and spending money. No matter how small (or large!) your idea is, even if you plan just to do it on the side at home – having a firm Expenditure and Sales Forecast will help you to identify whether you should be making the leap!
Your Expenditure Forecast should include every little cost imaginable – utilities, phone bill, insurance, wages, tools, materials, advertising costs, stationery…….etc! Break this down by month so you can clearly see how much you need to turnover before you make a profit.
Putting this down in black and white will help you to focus your mind to what you really need vs. what you would like – the flash new van with full advertising printed on it sounds great in principle but if that means you’ll be making no money in the first year you might want to lower your sights. Although it’s really important to drive sales in a business, a quick win to profit can often be cutting overheads – if you don’t NEED to spend the money then DON’T!
Your Sales Forecast should be based on your local market, local competitors and your capacity as a small business – it’s okay to think big and be enthusiastic but remember to be realistic too.
Around 37% of UK entrepreneurs have taken their hobbies and turned them into thriving business’s; one of the big questions is when do I make the leap to having business premises, inevitably success may lead to this.
Look local, there are often units and office spaces available that you perhaps wouldn’t know are there; register with local agents, ask other local companies if they know of space available or speak with your local Business Partnership (Click here for Selsey Business Partnership)
Whatever you choose to do make sure you do a business plan, map out where you’re going, where you want to be and how best to get there – just Make the Leap!
* LOCAL UNITS AVAILABLE *
At the moment there are 2 units available in the Selsey area at Trident Business Park affordable for a local company to move into.
They can be rented as one or separate units :
Unit 11, 598 sq.ft. @ £4,782.00 per annum (£398.50 per month plus VAT)
Unit 12, 598 sq.ft. £4,782.00 per annum (£398.50 per month plus VAT)
Both units are in the courtyard one large room with disabled toilet.
Parking for 2 cars each unit.
For more details contact firstname.lastname@example.org or call 01243 603903