Does anyone have any idea, or could give us a rough estimate of how much it would cost to start up a business in the first year. we are supposedly designing and releasing a new style electronic toothbrush. we already have a proto type. however we have no business premis, equipment or staff. Thanks
2006-11-02 04:11:41 · 5 answers · asked by Martyn H 1 in Business & Finance ➔ Small Business
you are too vague for estimating, Are you going to manufacture? or buy from a wholesaler? or have someone else make it for you? How large a space do you need ? you will need office staff, warehouse staff, computer systems, software, Phone systemsforklifts, storage systems, Trucking companys need to be contacted and ..... Too many variables . You need a business plan
2006-11-02 04:19:22 · answer #1 · answered by bayareart1 6 · 0⤊ 0⤋
It would be best first of all to get hold of a business start up guide. You can speak to organisations such as Business Link and the Enterprise Agencies or some of the main banks. If you are between 18 and 30 you can apply to the Princes Trust for funding and grants. Start up costs vary depending on the business idea, so you would be best to put a business plan together, if you were approaching anyone for help with funding, should you need it. Obviously if the idea is a new one you may need to look into product patents to prevent copycats! Then you could try approaching companies that might want to pursue it (think of Dragons Den - a series that was on Channel 4 not long ago) If you have a good business idea you may be able to get a venture capitalist to help to fund your startup in return for a stake in your business. You never know, from little acorns! Good luck!
2006-11-02 13:50:49 · answer #2 · answered by Chicky 2 · 0⤊ 0⤋
You only need premises, staff and equipment when you have a firm direction for your product. Cut the costs initially by doing this from home. Have you approached any manufactures with your idea yet? If and when you do make sure that your idea is legally tied up with a contract so it can't be copied. The advantage in going to an already established manufacturer is that they already have the funds and facilities for manufacture and marketing. Both of these are very expensive. Good luck
2006-11-04 03:21:02 · answer #3 · answered by Premdas 2 · 0⤊ 0⤋
Get help. You need advice. A good product does not necessarily translate into a good business. If you think about it you need a good business otherwise you will not be able to sell your product.
xxB
2006-11-02 12:16:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Need more details, see an expert on business planning(consultant).!!!
2006-11-02 12:20:37 · answer #5 · answered by JAM123 7 · 0⤊ 0⤋