How much do founders get from expenses
Basics cost calculation - this is how you put your company on a safe footing
How much start-up capital do I actually need? How do I plan my costs correctly? And how much salary should I pay myself? In order for your company to start well-planned, a well-thought-out cost calculation is essential. However, especially at the beginning, this often seems difficult to understand. Here you can find out what you should consider in order not to lose track.
Create a business plan
A professional business plan is a great help for a reliable calculation. A business plan creates an overview of the development of all areas of a company. For example, it includes a marketing and sales plan.
A Contents overview for creating a business plan can be found here, for example, at the Federal Ministry for Economic Affairs and Energy!
Part of the business plan is financial plan, the Liquidity plan & the Yield forecast (Profitability forecast). This is an overview of all income and expenses and the approximate expected development of your company (over 1-3 years)
In this way you can estimate how much start-up capital you need and from what point in time your company is likely to make a profit. Tip: Business plan programs usually also guide you through the number part. Here is our list of good tools for creating a business plan for 2015.
Choose the right type of company
The choice of the type of company decides not only start-up costs, running costs, organizational effort but also your liability risk, so you should think carefully about choosing the right legal form.
For example, one is liable Corporation (e.g. GmbH, AG) only with the Liability Capital, i.e. the paid-in capital. At a Partnership (e.g. OHG, KG, GbR) you are also with your Private wealth liable. The limitation of liability has the advantage that in the event of insolvency, the business risk only affects the capital deposited in the company as equity.
However, your credit limit is in any case lower with limited liability than with private liability. In addition, the interest on "borrowed capital," which includes overdrafts, is always higher when you choose a limited liability company.
Incoming payments vs. outgoing payments
Income & expenses always in view
For the calculation of your starting capital and also for the later planning, it is essential that you pay attention to the incoming payments from the customers and the payment terms of the suppliers.
If you create an overview of the income, you have to make sure that customer payments are in the account on time. Missing or late payments can in turn endanger your payments to suppliers and put you in financial difficulties (keyword: liquidity & liquidity planning!). Tip: Accounting tools for startups help to keep track of things. Here is an up-to-date list of accounting software.
Invoices and reminders
Therefore it is important that you always send your invoices promptly, and in the event of late payment, you know how you are correctly write a reminder to your customer. Click here for “INSTRUCTIONS: How to write a reminder correctly”.
Think about the fixed costs
In addition to the Incoming and outgoing payments Of course, you have fixed costs from customers and suppliers such as rental fee, phone, Car, Insurancethat you have to take into account on a regular basis.
Let's assume you are a freelance graphic designer and rent a workplace in a coworking space. Your fixed costs include the rent for the coworking space, as well as any rent Additional servicesthat you book there. Sometimes a mail service, lockers or use of the meeting rooms are charged extra.
Do you take the subway to work? The Monthly pass for public transport is of course also one of your fixed costs.
Another important item is the cost of yours Internet connection and Mobile phone contract, and possibly monthly Subscription costs for SaaS offers that you use.
The fixed costs also include your own income.
How much salary should I pay myself as a managing director?
As a managing director, you should orientate yourself on the usual salaries for this position and the size of your company.
A salary that is too high can unduly reduce your profits. If you stray too far from the usual level, the salary can be as anticipated profit considered and be taxed retrospectively.
When setting your salary, you can use common remuneration studies as a guide, such as the detailed one Salary study by BBE Unternehmensberatung. You can find an overview of the results here. There is no specific guideline. An order of magnitude that you can use for orientation is approx. 20 percent of your annual profit.
Start-up capital and financing
Have you calculated everything, created a calculation and business plan?
For your start-up you usually need a certain one Seed capitalso that you can cover the expenses until your income is higher than the expenses.
You can estimate its amount after considering all the points mentioned. There is no hard and fast rule.
In any case, you should find out about funding opportunities for founders, there are numerous programs that support young companies in the start-up phase.
TIP: Read the specialist article “Start-up grant - from application to amount & duration”, as well as the guest contribution by Germany's start-up grant expert Dr. Andreas Lutz, also known as “Mr. Start-up grant ”-“ Apply securely in 10 steps for the start-up grant - and get it! ”
- Which banks do not allow the purchase of crypto currency?
- What kind of clothes did Iroquois wear
- Accepts Cornell transfer students
- Why do you like Apple Pay How
- Is PyTorch faster than Keras
- Why are smoking rooms disappearing from airports?
- What did Tito think of Hitler?
- Which is the best preschool in Vellore
- Can a job be decent
- What's the job in the space station
- What causes hemostasis
- How do I deal with situations in a mature way
- How do physicists work on string theory
- Is phantom pain really pain
- Is the IIT BHU a renowned university
- How do you get to know Kooki
- How does Gerrymandering disenfranchise the voters?
- What is fetal ketonuria
- How much does a queen bed cost
- Photoshop has a real competitor
- How did the human genome project work
- Which is better Designhill Crowdspring or 99designs
- What number is my cell phone using
- Should I work harder or smarter