CAREER PURSUIT

Internet Kids’ stuff (school trips, uniform, books, clubs, etc.) Pet costs (food, vets …) Medical costs TV licence Any outstanding debt obligations Other subscriptions (Amazon Prime, Netflix and the like) Any other essentials you have Add all of those up and – basically – see if you can afford to keep your life going without any income for a while. Then, add up all the costs of starting your business – obviously, I have no idea what your business is, but common start-up costs are things like: NEW TO SOLE TRADING? HERE IS SOME FINANCIAL ADVICE B y L i z H a r t Mortgage/rent Bills (gas, electric, water, etc.) Phone Food and drink Insurance Car costs What an exciting time! You have a brilliant business idea, and you’re seriously thinking about taking the plunge and becoming self-employed! Did you know that the majority of businesses take nine months to set up and make a profit?* However – not to put a downer on things (but I am an accountant) − have you thought about the financial side of it in any great detail? Here’s my ‘Eeek – can I afford this?’ guide: Firstly think, what are the basics that you need and HAVE to pay for to survive your everyday life? Write a list and put a cost next to things like: 21 C A R E E R P U R S U I T 2 0 2 0