Looking to the future
Things have been busy over the last few months for us here at Go Start It. We've been going through the pain of starting up ourselves and can't wait to have the platform up and running. One of the things we've had most pressure about from our investors is our forecast.
We thought it would be useful to share a few of the key tips we've received for you all to have.
- Start somewhere
It's easy to get bogged down thinking about what the most profitable option would be and to find yourself days later having made no progress. If all else fails write down all the costs you can think of, then categorise them into daily, weekly, monthly and annual costs. These are likely going to be your overheads. Then do the same with your costs of sales. What drives these?
- What drives your revenue?
Our revenue is driven by one thing - the number of customers we have. Other businesses might be driven by the value of orders, the time spent, the value delivered... Think about your key drivers and then start to calculate how many customers you think you will have generating income in each pot
- Play with it
It's all well and good having some revenues and costs, but are they realistic, achievable and going to make you a profit? You'll need to play with the numbers to come to the right ambitious, but achievable, forecast
What's also important at this point is to make sure the business is structured in a way that lets your investors realise the best value so do think about getting advanced assurance for SEIS and EIS. Need some help? That's where we come in.
Go Start It.