subject: Some Pointers If You Are Planning To Start Your Own Business In Leeds [print this page] A student will may relate to the above description, especially if they are one who has just ended their studies and is now thinking about starting a new business. You could have all the book-smarts but you won't have the experience necessary to navigate the world of work.
So for students or inexperienced entrepreneurs working from Leeds then here's some advice to help you prepare for your new business and even to help you decide whether your business idea is in fact worth investing in. This is obviously something you should definitely know before you start trading. Therefore, working with needofficespace.com I have come up with some things to consider:
Firstly, take the advice of someone totally impartial. Just because you want to put your money in doesn't make the business a sure thing. Don't rely on friends or parents; instead ask a business advisor, someone with experience in the field. If you only do one thing you should take the time to talk to the people as they can look at your business proposal and tell you whether you should move forward with it. You should even see if a bank manager will supply you with a bank loan, if they say "yes" then that one word could perhaps tell you that your company is worth investing in.
Then you should think about how many potential customers you are likely to have or the amount of products you are likely to 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. By doing this you will then be able to...
...determine exactly how much profit your firm is likely to make. Are you going to be making seventy grand per annum, or maybe it'll be twenty instead? By working with these figures you will be able to determine at what point you firm will break even, recover your investment and even how long until you make a profit. You can't afford to spend your business income before it has developed but you should rather have a clear idea of when you should be spending money and when you should be saving it.
Afterwards, think about your overheads. If you are going to be taking Leeds office space, perhaps from needofficespace.com then how much is the lease? And how much square footage is needed? 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 determine whether your business will need employees on reception and cleaners. These types of costs add up. You should also think about the benefits of having an office in Leeds and how these may be offset by any outgoings.
After this consider other outgoing, such as commercial building insurance, energy bills, computer maintenance and IT solutions. And remember that when estimating a projection that you should always under-estimate any income and over-estimate outgoings, by doing this you should have a clear idea of what is likely to happen within your first year if trading. Doing your forecasts this way also makes you certain that any predicted profits are not because you have been too vague with your forecasts.
By following the advice given above should you take the first step with your company and book a timeslot for viewing potential Leeds office space.
