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Entrepreneurial Dreams? Beware, This Will Steal Them!

The Desert of Desertion — A lonely time where your entrepreneurial resolve and will will be challenged and tested. Most give up here … the others go onto to live dreams.

Setting up a company for the first time is a daunting, but also an exciting prospect. It is extremely important to ensure that you can make an intelligent and informed prediction of all of the costs involved in setting up a business in the United Kingdom. Below is a list of topics that you must consider.

Business Registration / Licensing – The first stage of setting up a business in the U.K is to register the company name. It is relatively cheap to register a business name with Company House, from as little as £20 in fact, or even if you require, £50 for a same-day service. You must also bear in mind what services you will be offering or products you will be selling as there will most certainly be licenses needed in many cases. For example, if you are looking to open a bar or restaurant, then you must obtain proper licenses to sell or serve alcohol.

Tangible And Intangible Items – Many entrepreneurs fail to fully consider the total costs of starting up a business in terms of tangible and intangible assets. It is imperative that all costs for fixtures and fitting are accounted for. If you are looking to establish an online shop or service offering, then you must work out total costs for all equipment and services needed, including: web page design, server and domain name registering costs, computer equipment and initial telephony and internet service set up costs. A high street shop will cost a lot more to set up as you will have to lay down a huge amount of money to fit out your shop, whilst also considering things such as security measures, safety measures, communication systems such as internet and telephone services and stock.

Overheads – The overheads that you will pay on a month by month or annual basis will indirectly determine the cost at which you sell your products or service. The largest overhead cost that you will most likely have to account for is the rent of the property that you are using for your business, unless, of course, you have enough capital to pay up front for the premises. You must also bear in mind the cost of power, water and internet and telephone bills.

Marketing – Whilst many business spend a huge amount of money of fitting out their first shop or setting up a brilliantly crafted website, some fail to realize the value of good advertising. If customers do not know you exist, how can they purchase from you? Set aside a good proportion of your start-up capital for marketing and using market research, find out the most suitable and cost-effective form of advertising applicable to your business.

Don’t forget to also account for legal and accountancy costs, staff salaries and merchant banking costs associated with customers paying via credit cards. Within the United Kingdom, a lot of start-up businesses are also eligible for government grants which, although may not be substantial, can help you through the first few, difficult months of trading.

If you liked this, try : Company Formation

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