OddWatch Business: Pricing
- Ethen Dent
- Jan 5, 2024
- 3 min read
Introduction
Just as our resources are delegated into researching the desirability and viability of the business, knowing the feasibility in terms of finances determines how possible our business is (while later understanding how to mitigate unnecessary costs).
This post details the research of financial costs, specifically for our short term business plan, which will be summarized on our 'General Estimations' spreadsheet. The information will also be detailed on OddWatch's business research document.
Additionally, as we go progress through the year, this post and the general estimations sheet is subject to change due to potential changes in the project...
[General Estimations spreadsheet]
Accommodation
Considering that I am based in Canterbury, and that my family is also around the Kent area, it seemed appropriate to find an office space here in Canterbury. I wont specify exact location, for safety reasons, but monthly cost of our office rental space is £400 pcm.
Advertising
Advertising is detrimental to the acquisition of clients. To combat this we have initiated the year by hosting both a personal website and OddWatch specific website complete with it's own domain. This only comes at the cost of £14 pcm, resulting in an annual cost of £168.
Equipment
Equipped with 2 HP Omen computers, 1x Desktop (GTX 1060 3GB) and 1x Laptop (GTX 1070 4GB), OddWatch is looking to acquire some new, up-to-date hardware.
I conducted research years ago when acquiring my first HP Omen ~7 years ago and I am still convinced that it's still the brand to go for. HP OMENs have been incredibly reliable for me and can be upgraded easily in the future, hence why I am opting to go for the model below.
I plan to acquire the model sometime in March 2024 when we start production on our VR and Tourbillon projects.
Insurance
Contents and portable equipment insurance - this insurance covers the equipment that OddWatch utilizes both in and out of office. Cost consists of £7 pcm.
Professional Indemnity Cover - this covers against claims for the loss/damage made by clients or third parties as a result of the impact of our services that we provided. Cost consists of £9.80 pcm.
Public and Products Liability Insurance - this covers our business in the event that I am held liable for the accidental injury of clients/public or for the damage of their property as a result of the business actions of OddWatch. Cost consists of £6.07 pcm.
Licenses
Autodesk Maya - Maya is one of the more expensive licenses that we need to acquire. With a monthly fee of £246, we need to maximize the use of this when we do get it. Intended to have this license for a maximum of 4 months.
FL Studio - FL Studio is the DAW that we are utilizing for our upcoming projects. Cost consists of a one-time payment of £169
All other licenses that we need are free to utilize (Davinci, Unreal Engine, etc.)
Taxes
Income Tax - Income tax based off of 2023 revenue comes up to £7560.
Utilities
Not much to mention about the following utilities. They're something that needs to be paid for as they are essential.
Water - £34.59 pcm
Gas/Electric - £95 pcm
Internet - £32 pcm
Phone - £21.10
Reflection Segment
"Within the next couple of weeks, I will be looking into building a marketing kit to ensure that new and existing clients sees we are the best service in the area for what we provide. This will be added onto the general estimation sheet in future once the research has been conducted."
What I've been listening to:
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