Set up costs in a new business

WildIrishRose

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

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.

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