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Step 2 - Requirements, Costs and Pricing

Controlling costs is a core requirement for all successful businesses. Likely costs will include:

What costs are involved in the purchase of capital equipment/premises?

What are your labour costs? Will you need full or part time staff? What training will they need?

What is the cost involved in production, service, delivery, and maintenance?

What the overheads associated with insurance, light/heat, professional fees etc.?

Ask yourself where your business will be located:

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Potential lenders, investors or grant providers will want a realistic cost estimate.

Include assumptions so that those reading your cost projections understand how realistic your budgeting is.

It would also be useful to include a number of ‘what if’ scenarios from a budgeting point of view.

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