Start Up Costs for my Industrial Premises – How Much Will I Need?
Running your own business is an attractive and exciting idea for many people, but there are many factors to consider before you take the plunge. To turn your business dreams into a reality, proper planning is key. Ensure that you conduct thorough research before you launch, and that you have a good amount of capital to give yourself the best start. But how do you estimate the start up costs? Lawyer and solicitor Glenn Duker offers some tips.
Start-up costs will vary from business to business. A major financial determinant is whether you intend to set up a brick-and-mortar business or an online venture. However, though the costs are unique to your specific venture and industry, there are a variety of typical expenses associated with setting up and running a retail operation.
- Market research
- Preliminary accounting and legal advice
- Tenancy/ lease bond, stamp duty and lease agreement advice
- Telephone and internet installation, plus ongoing fees
- Statutory requirements (business registration, licences, council permits etc)
- Power connection and bond for your premises
- Equipment, fixture and fittings purchases (electrical, lighting, security system, ventilation system installations)
- Signage, initial marketing and advertising
- Initial stock purchases/ raw materials
- Online business and website set up (website design, internet connection, domain name registration etc)
- Insurance (public liability, professional indemnity, product liability, workers compensation, etc)
- Staffing, training and wages
Whether you are intending to start or have already started your business, you’ll need to record the actual or estimated figures against each cost item. Some expenses are one-off establishment costs while others will be ongoing, recurring monthly, annually or every few years. Be sure to factor these in to your planning.
While operating your own business allows you to work for yourself, it is crucial to realise the expenses it will require, and make sure you have the necessary management skills, industry expertise, finance and a long-term vision behind you to grow and succeed.
If you require assistance with your lease agreement, or legal advice for your start up, contact lawyer and solicitor Glenn Duker. Glenn Duker has years of experience behind him and provides quality service you can trust.
Email us Here