![]() “The various relief schemes that the Government announced recently will be very welcome and support SMEs over the short-medium term. It’ll help them estimate how much they need to spend – and on what – if they want to scale.”Ĭolin Goldstein, iwoca’s Commercial Growth Director said, “Although these are tough times for small businesses across the country, there are many who will still find great growth opportunities. The majority of businesses conduct their sales via card payments which are subject to transaction fees for every £100,000 a business takes in card sales they should expect to pay £2,150 in fees, which over time can impact overall revenue significantly.Ĭheryl Sharp, accountant and small business owner of Pink Pig Financials said, “This is a great tool to get business owners thinking about costs in these uncertain times. Growing businesses should account for over £2k in transaction fees for every £100,000 they make in card sales But if it needs extra storage space to scale, it can either rent this at an average yearly cost of £1,680 for every 50 sq ft, or buy it for £20,471 per 100 sq ft. The space that a business needs will depend on its sector and size. ![]() ![]() If a scaling business has a tighter budget and can operate online, forgoing retail space may be more cost-effective. This price also factors in utility bills and energy costs, but growing businesses will need to consider the changing economic situation coupled with the increasing price of energy. SMEs who require retail space to scale may need to budget £13,678 per 300 sq ft. Scaling SMEs may need to budget nearly £14k per 300 sq ft of retail space, and over £20k per 100 sq ft of storage space. Hidden costs SMEs may be unaware of include transaction fees, insurance, and legal costs If businesses also need to provide a work-from-home set-up and potential co-working spaces this could be even higher: £37,780. With the average UK salary sitting at £31,285, and mandatory national insurance contribution, employee pensions, and employers liability insurance amounting to £4,565, SMEs should budget for just under £36,000 for every full-time employee they intend to hire when scaling.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |