The costs of setting up your own business can be huge and, if you’re a self-starter, you’ll need to give serious consideration to minimising the initial outlay as much as possible. Deciding to locate in a big city like London or an out of city town such as Reading is just a taste of the decisions you will need to make. Here is a look at some of the costs you’ll have to take into consideration so you can budget accordingly.
From computers to any specialist software you may need through to filing cabinets, signage and company phones, the equipment you need to run your business is essential to ensure its smooth running and contribute towards its success. If you’re unsure where to start, there are many business start-up calculators available online. They are a good starting point as they will enable you to calculate exactly which items you need and how many of each. They may even remind you of those things you have forgotten.
PR and Marketing
Unless this is the type of business you intend to set up, you will need the services of a PR or marketing company. A reputable agency will be able to put together a modest package for you which may involve branding, logo creation, stationery, a website and much more. They will also help you to advertise effectively in order to grow brand awareness.
Your staff are your most precious resource, and whether you’re a small operation or you will need a number of members of staff, getting the right team together can make the difference between success and failure. Of course, you’ll need to advertise in the appropriate place for the staff you need – in these difficult times, today’s Job Centres are a cost-effective resource for qualified, experienced staff. Help for recruiters is available from this website. More specialist sectors may require the services of a recruitment agency, for which you need to budget between 15-30% of the first year’s salary. It’s not an insubstantial outlay, but it must be weighed against the time, cost and inconvenience you would experience if you were to conduct the process yourself.
Where you locate your new business is almost as important as what that business is. If you don’t want to work from home and you don’t need specialised manufacturing premises, you may be looking for an office-based location. There are many factors to take into consideration when choosing such a base, including transportation links, nearby facilities, available space and cost.
Many businesses choose out-of-town locations rather than being based in a city centre, for all the advantages they offer. Reading is a perfect example of a town just outside London and is conveniently a hotspot for business. You’ll likely get cheaper business space rent (even nearer the center) and the recently rejuvenated train station is a transport hub to get around the country. It is also host to main business parks and reputable businesses such as Microsoft have headquarters located there. To find office space in Reading click here and take grasp of all the advantages you can gain from out of London premises. If you have any free time you may even get to go to the highly acclaimed music festival.
Whilst they may be bottom of your list, it’s vital to remember to factor in the costs of such things as insurance — both business and public liability in order to protect yourself. You also need to consider the costs involved in legally establishing your business, whether you’re a sole trader or a limited company. Additionally, do you need trademark or copyright protection for your services or products?
Whilst all this may seem daunting, careful planning and meticulous budgeting will help you achieve your dream of starting your own business.