Starting a new company can be an intimidating experience; especially for those new to business and who have no experience of business management.
This is perhaps something that sounds familiar if you are a student who has just finished their degree and now want find their own Moorgate office.
So for recent London Metropolitan University graduates here is a little advice to help you get started for when you are leasing your first office.
Firstly, get advice from an independent party. Just because you think your business idea is a sure thing', doesn't mean others will too. Don't ask your family or friends but instead ask a business advisor, someone with experience 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 consider how many prospective customers you have or how many products you will probably sell. This will let you...
...figure out how much profit you are likely to generate. Will you make 5p profit on each product or 10? From this figure you will then be able to work out at what point you will break even as well as at what point you will make a return on your investment.
Next, start to think about any outgoings. How much will the Moorgate office be? And how much floor space will you need? Also think about the amount of staff you will require and the amount you will need to pay them per year.
After this consider other overheads, such as insurance, amenities, computers and IT maintenance.
And don't forget that in a business projection you should over-estimate any costs and under-estimate projected income, by doing this you will have a frugal idea of your margins.
Only after following the advice mentioned above should you take the first steps on your entrepreneurial dream and view viable Moorgate office space