By David McMullan

Constructing your personal enterprise and making sure its survival can seem a frightening prospect. This useful consultant from entrepreneur David McMullan bargains recommendation on each element of initiating 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 refrained from and the way forward for the enterprise assured. all of the key subject matters are lined, akin to opting for a enterprise, getting ready a marketing strategy, elevating the finance, deciding on premises, and the an important region for many small companies - advertising, promoting and selling their items.

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Your personal drawings will be your income from the business, and this should be enough to cover your own outgoings as established under your review of your personal finances in Chapter 1. The interest on the amount you intend to borrow, if applicable, will be easily worked out from tables, which a lender will be happy to supply you with in advance. This is also the case with bank charges, though there may be cheaper charges for new businesses if your bank has special deals for new businesses. The ‘Total out’ will be subtracted from the ‘Total in’ and this will give a pre-tax, bottom-line total for each month.

It will not be difficult to extend that budget to 52 ᔡ be your own boss encompass business outgoings over a year. You might need to add entertaining expenses, or extra salaries for staff if these are relevant, plus whatever else is relevant to your own business. 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.

If you need advice from a professional of any sort, ask your acquaintances for contacts. This has the advantage of putting the relationship with the professional on a more intimate footing immediately. 34 ᔡ be your own boss If you prefer, you can let your fingers do the walking and turn to the Yellow Pages or Thomson Directory, checking the relevant section for a solicitor, an accountant or a nearby bank, depending on what you require. There is no need to feel at all obliged to stay with the first adviser you meet.

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