Start Your own Business

Surviving the first year

Many fledgling businesses fail to make a profit during the first year of trading; therefore you may need to consider your income streams whilst your business is growing.

Consider how much money your business is likely to bring in over the coming year & how much profit you hope to make.

You can do this by:

• estimating your total from sales
• estimating your expenses
• working on a figure for salaries & dividends (including tax)
• working out the difference between your financial requirements & the amount you are prepared to take out of the business