Mi Ventures Flying Start: Costing & Pricing

How much will your business cost to set up and run?

You’ll need to sell enough of your product/service at high enough prices to cover your costs and then have a reasonable profit left over to pay yourself. Use our personal survival budget template to help plan your finances.

Read about costing and pricing your product or service on our website.

Sales forecast: The first step in doing the maths is to come up with a realistic forecast of how many units of your product/service you’re likely to sell and how much it will cost to produce and sell them. Will you break even, or even make a profit?  Read how to forecast your sales.

Start-up costs: Step two is to calculate your start-up costs. Some people will need very little money to get their business under way. They might already own their own equipment or use their home as a base. Others will have to make big purchases and rent or buy premises.

Running costs: Work out your monthly costs – phone, utility bills, tax, insurance, business rates, salaries, travel expenses and so on.

Cashflow forecast: Work out what your cash flow is likely to be.  Ideally, more money will be coming in than going out and you’ll have enough of a cash balance to plug any gaps. Read how to forecast your cashflow on our website.

                         


And then...keep a tight check on your finances!

Keeping accurate financial records is a legal requirement.  Read about keeping records for your business on our website.  Regularly updating your books is also essential to understanding your sales and cash flow so you will know - and be able to prepare for - how much tax you will pay!

This will help you manage your business more effectively.

Unless your business finances are very simple, it’s recommended to use a computer-based system as this will save you time and effort. Ask your bank, accountant or business advisor for recommendations on accounting software.

The level of record keeping you require may vary, but in any case you have to keep all your receipts, records of expenditure and records of all goods purchased or sold.

 

Tools to help you:

Read about profit and loss accounts on our website

Use the break-even calculator to calculate your costs

Don't miss our next and final module of this flying start programme, 'Module 6 - Piecing it all together'.

 

Need further help and advice?

Live chat instantly with one of our business adv´╗┐isors now*!

*Business Advisors are available to chat to Monday - Friday, 9am - 5pm excluding UK public bank holidays.


#miflyingstart

How much will your business cost to set up and run?

You’ll need to sell enough of your product/service at high enough prices to cover your costs and then have a reasonable profit left over to pay yourself. Use our personal survival budget template to help plan your finances.

Read about costing and pricing your product or service on our website.

Sales forecast: The first step in doing the maths is to come up with a realistic forecast of how many units of your product/service you’re likely to sell and how much it will cost to produce and sell them. Will you break even, or even make a profit?  Read how to forecast your sales.

Start-up costs: Step two is to calculate your start-up costs. Some people will need very little money to get their business under way. They might already own their own equipment or use their home as a base. Others will have to make big purchases and rent or buy premises.

Running costs: Work out your monthly costs – phone, utility bills, tax, insurance, business rates, salaries, travel expenses and so on.

Cashflow forecast: Work out what your cash flow is likely to be.  Ideally, more money will be coming in than going out and you’ll have enough of a cash balance to plug any gaps. Read how to forecast your cashflow on our website.

                         


And then...keep a tight check on your finances!

Keeping accurate financial records is a legal requirement.  Read about keeping records for your business on our website.  Regularly updating your books is also essential to understanding your sales and cash flow so you will know - and be able to prepare for - how much tax you will pay!

This will help you manage your business more effectively.

Unless your business finances are very simple, it’s recommended to use a computer-based system as this will save you time and effort. Ask your bank, accountant or business advisor for recommendations on accounting software.

The level of record keeping you require may vary, but in any case you have to keep all your receipts, records of expenditure and records of all goods purchased or sold.

 

Tools to help you:

Read about profit and loss accounts on our website

Use the break-even calculator to calculate your costs

Don't miss our next and final module of this flying start programme, 'Module 6 - Piecing it all together'.
 

Need further help and advice?

Live chat instantly with one of our business adv´╗┐isors now by clicking on the button below.


*Business Advisors are available to chat to Monday - Friday, 9am - 5pm excluding UK public bank holidays.


#miflyingstart