subject: Some pointers if you are planning to start up your new business in Waterloo [print this page] Some pointers if you are planning to start up your new business in Waterloo
Perhaps you should focus on the hiring of new staff rather than product development, or maybe vice versa.
For students this perhaps sounds especially familiar, more if you are one who has just ended their studies and is now thinking about starting a new business. You may have all the theory but you don't have the necessary experience to understand the sector you are entering.
So for students or inexperienced entrepreneurs working from Waterloo 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 backing and spending time, not to mention money, on. Which you should know before opening your doors and starting your business. Hence, experts at Office Space Finders have compiled at list of things to think about:
Firstly, get advice from an independent party. Just because you like the business model doesn't make it a good idea. 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. These are the type of people to talk to and listen to as they can assess your business and tell you how to move forward with it. You could even see if your bank manager will offer you a business loan, if they give you the money then you will immediately know that someone else values your company and thinks it is worth investing in.
Then you should think about how many potential customers you are likely to have or the number of products you are going to sell. You really need to have an idea of how much money your firm will make and even how in demand you or your staff will be. By doing this you will then be able to...
...figure out how much profit you can expect to make. Will you ideally make ninety grand or maybe it'll be closer to thirty? Using these figures you will then be able to work out at what point your company is likely to break even and even how long it should take to turn a profit. You really don't want to go speeding off and spending money you haven't got but you should rather have an idea of when it is best to spend money and when it will benefit the business.
You should then start to think about your overheads. If you are going to be taking serviced offices Waterloo, perhaps from Office Space Finders then how much will it be to rent? And exactly how much square footage do you need? Another thing to consider is how many employees will you have to manage and run your company and how much staff wages will be for the year based upon those figures. You may also want to think about whether your business will need staff on reception and security staff. It all adds up. You can also think about how being based in Waterloo will affect your overheads.
Once you have considered this think about over outgoings, such as energy bills, building insurance, the maintenance, repair and updating IT equipment. And you also need to know that when you are creating a business projection you should under-estimate any income and over-estimate outgoings, by doing this you should have a good idea of how your business will function and successful it will be. It also means that if you expect your company to make a profit then you can be certain it is not because you have been too vague with your forecasts.
Only after following the advice given above should you take the first step with your company and take a viewing of possible Waterloo office space.
