Initial Financial plan
How much money do I want to earn a year?
· First year
o Introductory price for 1 year @ £3.99 per issue per month
o If 100 sold a month, income is £399 per month.
· Most income generated through advertising, and sponsorship
· Niche is key
· Advertising will need to be sparing and not make my blog an advertising hub. Readers begin to question integrity.
How hard do I want to work?
· A lot of creativity and updating will be needed to keep the niche fresh and also to expand awareness to our surrounding businesses and partners in the community.
· Need a balance so that work life doesn’t intrude on personal life too much
· Industry is not waiting to employ graduates; it is a multitude of self-employed mini businesses.
Working with partners
· is key to the successful development of this venture
· need integration and collaboration of a range of new and revived ideas
· Costs will need to be spread however most of the editorials, publishing researching and planning can be done by me.
Risk factors
· In such a competitive industry there is a need for development and new ideas but with a consistent amount of research to ensure that the new ideas will be well received and profitable.
· Risks involving home life and hours changing etc are high
Self-disciplines
· Focus
· Don’t lose sight of values and original idea
· Organisation, planning and timing
· Efforts put into building business; profit is not an option at first
Research
· Process and manufacturing costs
· Advertising costs
· Amount of product sold
· Most popular issues researched for wedding guidance
Indirect costs
Salary:
· Dependent on the income and expenditures and what the resulting breakeven point will be.
· Profit within the first year is not likely
Business costs:
· If at home the costs are dramatically lower as I am only paying for my proportion of electricity, broadband and print; resulting in a higher proportion of finance available.
· Renting a small store in the centre will be much more costly and will require a lot of turnover and sales a month. Advertising and PR will be a huge requirement and our ability to provide a unique selling point will be crucial to our success.
· If a shop is opened the location will be a huge factor to consider. The accessibility, atmosphere of our business and working ethic will be decided by the location (i.e. countryside, city centre, largely open space, glass windows) and overall feel of the interior.
· Staff will be required
· Rent and electricity is massive and for the Bristol city centre, rent can be between £19,000 and 110,000 per annum.
·
No comments:
Post a Comment