Starting your own business

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Decide how much money you need to start your business. Think about how to get the capital. You can use your own money or you can ask the bank for a loan. If you get a loan, be sure you can afford to pay the interest.

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Calculate your costs. First, work out your fixed costs, for example, the rent on your office or the interest on a loan. Then add your variable costs, for example, equipment or tax.

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Work out how much to charge for your service. Find out what other people are charging and use this to set your own prices.

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Your business will make a profit if your revenue for a year is more than your costs. If your costs are higher than the revenue, you'll make a loss. Work out carefully the number of hours you need to work.

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An amount of money you need to start a business

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The money you receive from selling a product or service

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 What you make if your revenue is more than your costs

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An amount of money that someone, e.g. the bank, lends you

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Money you pay for things and services to run your business

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A relationship between people who own a business together and share the profit and risks

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A business organization which is owned by shareholders

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A group of people elected by shareholders to guide a company

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A person who makes money by starting or running business, especially when this involves taking financial risks

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Official permission to sell company's goods or services in a prescribed manner and in a particular area

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A business owned and run by one person

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A business or organization that is owned and run by the people who work for it

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A business or organization that is owned and run by the people who work for it

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 An amount you pay for borrowing money, e.g. from the bank