Advice to new entrepreneurs
Setting up a business can be scary; especially for people new to being self-employed and who have no business acumen.
This is perhaps a familiar experience for students who have just finished their course and now want to start their own London-based business.
So for recent UCL graduates here is some advice about setting up your own business and acquiring your own offices.
Firstly, make sure you get an opinion from someone neutral. Just because you like the business model doesn't make it a good idea. Don't rely on friends or parents, instead ask a financial advisor, an expert in the field or see whether your bank manager will give you a loan, if they do then you know your business is worth backing.
Then think about how many customers you are likely to have or the amount of products you are likely to sell. This will let you...
...figure out how much profit you are likely to generate. Can you make $50,000 a year or just $20,000? This will allow you to work out your breakeven point as well as at what point you will make a return on your investment.
Next, think about your overheads. Also think about the amount of staff you will require and how much their salaries will be for the first year. You should create a clear budget for the year as a way to gauge the outgoings of the company.
Then think about other overheads, for example insurance, amenities, computers and IT maintenance. And don't forget that in a business projection you should over-estimate any costs and under-estimate any income, by doing this you will have a clear idea of what to expect from your business.
Only when following these useful pieces of advice should you create and start-up your own business and view viable Pall Mall offices [http://www.officespacefinders.com/Pall+Mall-officespace].
This is perhaps a familiar experience for students who have just finished their course and now want to start their own London-based business.
So for recent UCL graduates here is some advice about setting up your own business and acquiring your own offices.
Firstly, make sure you get an opinion from someone neutral. Just because you like the business model doesn't make it a good idea. Don't rely on friends or parents, instead ask a financial advisor, an expert in the field or see whether your bank manager will give you a loan, if they do then you know your business is worth backing.
Then think about how many customers you are likely to have or the amount of products you are likely to sell. This will let you...
...figure out how much profit you are likely to generate. Can you make $50,000 a year or just $20,000? This will allow you to work out your breakeven point as well as at what point you will make a return on your investment.
Next, think about your overheads. Also think about the amount of staff you will require and how much their salaries will be for the first year. You should create a clear budget for the year as a way to gauge the outgoings of the company.
Then think about other overheads, for example insurance, amenities, computers and IT maintenance. And don't forget that in a business projection you should over-estimate any costs and under-estimate any income, by doing this you will have a clear idea of what to expect from your business.
Only when following these useful pieces of advice should you create and start-up your own business and view viable Pall Mall offices [http://www.officespacefinders.com/Pall+Mall-officespace].
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