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Posts Tagged ‘affordable’

Can you afford to start up your own business?

Tuesday, May 15th, 2012

If you have any misgivings about whether you can afford to start up and run a business, Jo Tall will happily meet you for a preliminary consultation.  Off To See My Lawyer are proud to have successfully helped launch many small businesses – but equally we take pride in our honest and realistic advice.  If we consider that you will be taking too many risks (– financial or otherwise) we will let you know.

Here is a non-exhaustive checklist to help you assess whether you can afford to start a new business:

  1. Off To See My Lawyer provide an extremely cost effective service, but please consider whether you are able to afford legal advice.
  2. You may wish to pay for other professional advice, such as from an accountant, or a web designer, and/or advice from PR experts.
  3. You may require professional assistance in order to draft your initial business plan, and/or business plan software.
  4. Most banks incur a small fee in order to open a business account.
  5. As you would expect, there are fees incurred for incorporating a business into a company; for registering a trade mark; for registering yourself as a data controller; etc.  And you may need to purchase certain licenses and permits in order to run your particular business.
  6. You may wish to insure your business or assets.  Premium rates are variable.
  7. If you wish to rent or buy the premises from which you will run your business, you will need to consider these costs – as well as utilities bills.
  8. The costs involved in promoting your business will add up.  For example – stationery and printing; professional branding/advertising advice; etc.
  9. Machinery and equipment, and IT systems are pricey but necessary assets.
  10. It very much depends on the type of business you are running – but you may need to pay for materials from which to manufacture your products, or stock for wholesale.
  11. Of course, once your business is up and running, you cannot pocket every incoming penny, as there are various taxes to be paid!

While the intended outcome of employing staff is to increase your profits, employees add to your list of burdens and liabilities.  You will need to draft contracts of employment, deal with relevant taxation issues, invest in time (and perhaps money) in training your staff, etc.