Download Be Your Own Boss: How to Set Up Your Own Business, 3rd by David McMullan PDF

By David McMullan

ISBN-10: 0749438843

ISBN-13: 9780749438845

Establishing your personal company and making sure its survival can seem a frightening prospect. This functional consultant from entrepreneur David McMullan bargains suggestion on each point of beginning a enterprise and making sure its good fortune. It explains what making plans is critical previously and what the issues usually are to allow them to be shunned and the way forward for the enterprise assured. all of the key themes are lined, comparable to selecting a company, getting ready a marketing strategy, elevating the finance, determining premises, and the an important sector for many small companies - advertising and marketing, promoting and selling their items.

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Additional info for Be Your Own Boss: How to Set Up Your Own Business, 3rd Edition

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The best guideline is to dampen your optimism at this point. Most new businesses tend to paint too glowing a picture. In the case of the washing machine repairer mentioned, payment will be on completion of each job. This will usually be the case with the plasterer too. If your business does not allow this, you will need to take into account the time lag between completion of the work and the actual date you expect payment. This can be considerable and can make the difference between staying in business or failing.

You might open on Saturdays or Sundays; provide a wider choice; give a lifetime or money-back guarantee. You might offer something completely new, or simply put a new ‘spin’ on something old. pricing You will need to work out what you will charge for your product or service. Unless you are able to compete easily on 26 ᔡ be your own boss being cheaper, don’t. You are in business to make a profit, and that means earning enough to cover your personal and business outgoings, with some left over. It is easier to go down in price later if you must, but difficult to raise your prices without antagonising customers.

Usually, you will also need to show a projection for at least Year 2 – and Year 3 in many cases. So your new budget should be structured in the following manner: Overheads Budget Drawings Rent and rates Electricity Phone Transport Advertising Insurance Assurance Stationery Business cards Postage Subscriptions Office sundries Professional fees Loan repayments Bank charges Depreciation Materials Plant hire Subcontracting Cleaning Salaries Entertaining expenses Contingency fund Overhead totals Year 1 Year 2 Year 3 __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ the business plan ᔡ 53 You should already know your hourly rate or per item cost, as calculated in Chapter 2.

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