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Set up costs in a new business

  • 21-11-2007 12:08am
    #1
    WildIrishRose
    Closed Accounts Posts: 96 ✭✭


    Hi Everyone,

    I'm in the middle of doing an assignment for a new business venture (bus tour operator... There's a financial section it in that i need to have projections for the first 3 years.

    at the minute i've started with the usually costs/expenses e.g

    Wages
    Petrol
    Maintence on busses
    bus lease
    rent
    Tax

    and so on.... but I've a feeling im leaving some items out, that are things any business needs to consider but yet i'm forgeting to put in...

    If and one has any suggestions of cost/expenses people could potentially forget, could u please reply to my post with them..

    Thanks:D


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Think logically.

    I think the best way is to just do a balance sheet and and profit and loss a/c and insert as appropriate, I would insert an estimated value for each to allow you to do more realistic projections.
    Fixed Assets

    Depo.
    Bus Fleet

    Current assets.

    Debtors
    Bank Deposits
    Cash on hand

    Current Liabs

    Creditors.

    And the costs that would flow from that.
    Your p/l expenses for a Bus company would probably include:

    Maintance,
    Ligh and Heat
    Ground Rents/Rates
    Salary
    Professional fees
    Fuel (and fuel stock reserves)
    Insurance
    Vehicle Tax

    etc.

    Don't forget the depreciation on the vehicle fleet!

    This is very rough but you get the idea.


  • #3
    Siogfinsceal
    Registered Users, Registered Users 2 Posts: 1,915 ✭✭✭Siogfinsceal


    You will need to form and register the company that costs about €300 euro. If you google 'setting up a company in ireland' some company sites will pop up that will sort it out for you. Don't for get the costs for:
    Hardware e.g. PC
    Software - for accounts and payroll, or accountants fees if you are outsourcing
    branding/spray painting for your fleet
    web site design


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