Financial breakdown

 

Financial breakdown

The main source of revenue from my business would be the project incomes, the income amount would vary dependant on the length and payment plan of the project. This creates several revenue streams as there can be income from running and managing events, running social media and marketing, creating several revenue streams. Once the business has grown, staff could also create another revenue stream by assisting other events through tasks such as stewarding, generating more income.

Due to the nature of the business, prices would vary significantly. Event projects would be within the bracket of £2,500 to £5,000, while smaller social media and marketing contracts would be £1,500 to £2,500. If the business was to do 2 major event projects in the year, 3 social media contracts and 2 small scale events, that as an estimate would be £4,000 per large project, £1,500 per social media contract and £2,500 for smaller events. Resulting in £17,500 for the year.

Since PR, marketing and event management don’t require any specialist equipment, there would be little start up costs. The main needs to start this business would be access to social media as well as a decent laptop and phone to work from. Other potential costs could be things such as business cards and other business promotional material.

As for regular outgoing costs, these would be small scale such as power and Internet access to allow the business to run, the business will initially be run from home so won’t require office space rentals permanently, however offices would be rented occasionally for face-to-face business meetings if the business’ own offices aren’t available for use, these would probably cost around £450 dependant on when and for how long it would be required.

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