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MyJamaicanGuy, post: 80807 wrote:
I figure the best way to do this is to start with a business plan that includes:
a)how much my rent / utilities will cost
b)how much ill need to spend before i can start trading (fitout)
c)what my predicted sales will be for the first few years
d)how soon i can pay back my creditors

Hi Daniel,

Just to add to your list of expenses to be factored in at the ‘set up’ stage:

e) Insurance – all businesses should have insurance! But, in your case, due to the health & safety type regulations around food service, I think this would be absolutely crucial before you open your doors; any insurance broker/provider will be able to provide quotes to you on premiums, and most will accept monthly payments. (Imagine if someone slipped in your shop and you weren’t insured; or ate something that wasn’t quite right etc)

f) General licenses & registration costs – i.e. business name or company registration; whether you need any particular permit to serve food in this manner etc. If you check with your state’s office of fair trading or consumer affairs office you should find a list of any additional permits or licenses your business type might need.

g) Wages/staff costs – if you intend to quit your current job and work in your new business on a full time basis, you will need I imagine some income so this should be factored into determining whether it’s viable to proceed, and, whether you will need additional staff and what you would need to pay them etc.

I think searching on the business for sale type sites is a good starting place – but, be mindful they are (I assume) listed by people who want to sell their businesses, so references to turnover and sales etc should be viewed carefully I think. Keep in mind different geographical locations etc, and whether there is competition near those businesses will play factors in their turnover, which may not ‘mirror’ in your circumstances.

If you search realcommercial.com.au – this may help with likely rental costs (some may even include utilities) in the area you are looking to set up in.

The above is really “what would I be doing in your situation?” type answer/information, and not to suggest this is my area of expertise… If it helps, our office has put up several check-lists at http://www.australiantrademarks.com.au/BusinessChecklists.php for new businesses, including one that goes over start up costs to be kept in mind.

All the best with it!