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Starting a Business
Hi, I am going to be applying for a business grant to start a bakery and I'm wondering what are some odd finances I may have overlooked? Have you ever opened a bakery or know someone who has?
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Well we haven't seen your business plan so its impossible to say any 'overlooked' finances.
You'll need a detailed business plan before going any further, if you haven't already.
You need to consider costs like your production costs and material costs.
You need to think about the costs of rent maybe of a shop-bills-heating.
If its an eat in place consider the extra VAT you need to charge for this.
Also consider overheads. Who are your suppliers? Any utilities involved. Any wages if demand means multiple members of staff? Insurance?
Its also ideal to carry out various forecasts such as ARR to see how much in reality you should expect to generate as profit (if at all in the first year) for the first quarter.
There are so many more, but there are also many helpful guides out there for people like you.
[Link](Mouse over link to see full location)
I admire people who want to make a go of it themselves. Just make sure you know your market and have a USP and a strong business plan.
Good luck!
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