Using hypothetical figures I estimated how much we would need to set our wages at and what we would need price the products at to cover a years costs.
To start up the company I worked out we would need £4,723.28.
The yearly costs come to £2,803.28. This figure has removed things like the scanner and printer as they are one off purchases for the business not yearly ones.
Wages (720hrs a year for the two of us & £9 per hour)- £6,480
Years Profit- £676.72. This money will be spent to expand the company. Allowing us to print more pieces and spend more on advertising.
To begin with we believe that the business won't sell many items. We will spend the first year trying to advertise the company with the hope of gaining more customers. This is why with the profits we with that the business will make we think that this would be a sideline business until it kicks off.
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