Goal 1-Build Relationships
My goals are that for in a years time, I will continue to build and expand the brand, not working on profit so much but just building relationships with customers, getting repeat bookings etc. Also in this first year I'd make a fair amount of purchases, so I'd make a loss, however when starting a business you will always make a loss at the beginning. This new kit would allow Simply Stage to grow the business and get bigger and better events.
Then in three years time I'd like to be in profit, still expanding the amount of kit at my disposal as more lights would allow for bigger and better light shows, which would make festivals more interested in my services, and we would put everything in, both sound and lighting to make it a complete package. Id also like to continue building relationships, so that we have regular repeats.
Finally in 5 years time id like to be doing big events such as a Glastonbury small stage to really project the business into the future. We would have a truck so that we could transport all the kit over as transport would be a key part of the business.
There are many different companies that I could get a loan from. They all offer pretty much the same service, and you have to specify what length of time you want the loan to be over, and then it will tell you the monthly repayments. Generally the longer the period that you pay it back, the higher the interest rate will be. However, you wouldn't want to get a loan form a company like wonga.com as they charge something like 1000% interest which is ridiculous. Also I could potentially take out a personal loan with a company like Tesco bank which only charge 3% interest which is a very reasonable rate.
It is also possible to get a grant for your business. A grant is a lump sum of money that you are given to invest in your business which unlike a loan, you don't have to pay back. It is quite easy for an artist to get a grant from places like PRS, however for a sound and lighting business it is a little harder as most of the market is dominated by big companies. I couldn't find any grants in particular, however if you were to partner up with a school or something then you could get a grant for doing so.
Car monthly payment-£400p/m
Haze Fluid £3p/L
Insurance £ 25p/m
£14,758- First Year
£5376- Subsequent years
If I were to use Halifax to pay the first year costs off over 4 years then you'd have 48 monthly repayments of £329.57.