Advice if you need to set up your own business or firm in Leeds

For students this perhaps sounds especially familiar, more if you are one who has come to their final year of studies and is now thinking about the future. You may have all the theory from the books but you don't have the experience and practical understanding of the market you are trying to enter.So for recent graduates based in Leeds, here are a few pointers and advice to help you with your first steps in a new position and even to assess whether your idea for a business is in fact worth spending money and time on. This is quite obviously something you should know before you invest any money and start trading. As a result, staff have helped me to come up some things to think about:Firstly, take some advice from an impartial party. Just because you think the business is worth investing in doesn't mean it is. Don't just listen to your mum; instead ask someone with experience in the field or maybe even a financial advisor. If there's only one thing you do then you should make sure you talk to these types of people as they can assess your business and tell you how to move forward with it. Another option is trying to get a business loan from your bank manager, if they give you the money then you will immediately know that someone else values your company and thinks it is worth investing in.Then you should think about how many customers there are out there or the number of products you are going to sell. You need to have a clear idea of how much turnover you will generate and even how in demand your employees are likely to be. This will let you......determine exactly how much profit your firm is likely to make. Are you likely to make a hundred grand a year, or maybe it'll be closer to twelve? By using this figure you will then be able to figure out exactly when you will recover your outgoings, break even and make a significant company profit. You really can't afford to spend money you haven't got or buying the wrong thing but you should rather have a clear idea of when you should be spending money and when you should be saving it.Next, what about your company overheads? If you will be taking a Leeds office, then how much is the rent? And how much floor space is needed? You should also think about how many workers you will have to employee to run your company and how much the wages will be for the entire staff per year. You may also have to consider whether the company needs staff on reception and security staff. It all adds up. You should also think about the benefits of having an office in Leeds and how these may be offset by any outgoings.You should then go over other kinds of overheads, such as commercial building insurance, utilities, computer maintenance and IT solutions. And you also need to know that when you are creating a business projection you should under-estimate any income and over-estimate outgoings, by doing this you should have a clear idea of what to expect from your business. This method for creating a business forecast ensures that you are conservative with expectations and that projected profits are not because you have been too vague or generous with estimates.Only after following the advice given above should you consider starting your business and take a tour of potential Leeds office space.