Here's A Bit Of Advice If You Would Like To Start Up Your New Company

For students this perhaps sounds especially familiar

, more if you are one who has come to their final year of studies and is now thinking about the future. Although you have all the theory you won't have the necessary experience to understand the sector you are entering.

So if you are a recent graduate then here is a little advice to help you with your first steps in a new position and even to assess whether your idea for a business is in fact worth investing in. This is obviously something you should know before you invest any money and start trading.

Firstly, get advice from an independent party. Just because you want to put your money in doesn't make the business a sure thing. You can't just rely on your mum; you need to research the market and even talk to people with some experience of your particular industry. If there's only one thing you do then you should make sure you talk to these types of people as they can assess your company, review its profile and advice you how best to move forward with the business. You may even try to receive a loan from the manager of your bank, if they say "yes" then that one word could perhaps tell you that your company is worth investing in.

Then start to think about how many customers you may have or how many products do you think you will sell. You really should have a good idea of how much money you will generate and even how in demand you or your staff will be. This will then enable you to...

...calculate exactly how much profit your business idea is likely to generate. Can you make $60,000 per annum or just $15,000? This is 9,622 in UK pounds. By working with these figures you will be able to determine at what point you firm will recover your outgoings, break even and make a significant company profit. You really don't want to go speeding off and spending money you haven't got but instead you need to have a clear idea of when to spend money and when it will benefit the company.

What about your business overheads? If you are considering taking 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 employees you will need in order for your business to function properly and how much the wages will be for the entire staff per year. It is also a good idea to think about whether your firm needs reception staff and staff for cleaning. All of these costs add up.

Then you should also think about over types of outgoings, such utility bills, commercial insurance, computer maintenance and IT solutions. And you also need to know that during the creation of a business forecast you should always over-estimate outgoings and under-estimate any income, by doing this you will have an accurate idea of what you are likely to experience during your first year. Doing your forecasts this way also makes you certain that any predicted profits are not because you have been over-generous and perhaps vague with you predictions.

By following the advice given above should you think about starting your company and take a tour of potential offices.

by: Isabell Isai

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