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Visit: Spextacular

Can I have some financial information about the business?

As a sole trader, Chris doesn't have to make her finances public. However, her start up costs included an amount for the building and development of the Web site, which included a Back Office System and CMS (Content Management System). These are explained in the ICT section. She also paid £500 for start-up stationery including compliment slips, letterheads and business cards. She also had to pay £35 to register under the Data Protection Act.

Other costs of start-up include the professional fees of the accountant and solicitor, the cost of setting up a Merchant Account to take online payments, the cost of buying the domain name, as well as equipment costs, such as the fax, photocopier, printer and new telephone. She has also had to buy start up stock. Chris has also allowed a monthly budget for marketing.

If, as she intends, she becomes a Private Limited Company in the future, she will have to lodge accounts with Companies House annually. These accounts can be accessed by the public for a small charge.

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