subject: Here is some tips if you want to set up your own business or firm in Victoria [print this page] Here is some tips if you want to set up your own business or firm in Victoria
I mean, in business where exactly do you start? Perhaps you should focus on hiring staff, market research or maybe even on product development.
Students will find this particular familiar, especially if you are one who has just finished their course and now want to start their own business. You may have all the theory but you don't have the necessary experience to understand the sector you are entering.
So for recent graduates based in Victoria, here are a few pointers and 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 spending money and time on. This is quite obviously something you should know before you invest any money and start trading. As a result, staff at www.officebroker.com have helped me to come up some things to think about:
Firstly, get advice from an independent party. Just because you think the business is worth investing in doesn't mean it is. Don't just listen to your mum; instead ask someone with experience in the field or maybe even a financial advisor. If there's only one thing you do then you should make sure you talk to these types of people as they can assess the profile you have made of your company and tell you whether it has merit. Another option is trying to get a business loan from your bank manager, if they give you one then their decision could indicate that your business has potential.
Then you should think about how many customers there are out there or how many products, etc, you are likely to sell. You should have a very clear idea of the amount of money your firm is likely to generate and even how in demand you or your staff will be. By doing this you will then be able to...
...work out precisely how much profit your business is likely to make. Can you make a whopping eighty grand a year, or maybe closer to fifteen? By using this figure you will then be able to figure out exactly when you 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 instead you need to have a specific budget and only spend money when it is necessary to do so.
You should then start to think about your overheads. If you are going to be taking an office in Victoria, perhaps from www.officebroker.com, then how much will it be to rent? And exactly how much square footage do you need? You should also think about how many workers you will have to employee to run your company and how much the wages will be for the entire staff per year. You may also want to consider whether you will need reception staff and cleaning staff. All of these types of costs soon mount up. You can also think about how being based in Victoria will affect your overheads.
After this consider other overheads, such as building insurance, energy bills, IT solutions and computer maintenance. And also remember that when you are estimating for a business plan you should always under-estimate any sources of income and over-estimate overheads, by doing this you will have a clear idea of what to expect from your business. This method for creating a business forecast ensures that you are conservative with expectations and that projected profits are not because you have been overly generous with your estimates.
By following the advice given above should you think about starting your company and take a tour of potential Victoria office space.
