We decided early on that we were going to develop Eliot Turner on a shoe string budget. Setting up the experiment was going to be fun, setting it up in a “recession” was going to be fun, doing it on a budget would make it incredible.

We have therefore decided on a budget of £1000 which will be introduced into the business by the four directors. As the legal structure of the business hasn’t been finalised this could be in the form of a loan, working capital or shareholder funds.

I can see people screaming at this post saying it’s impossible to start a business with £1000! However, it is worth noting that the initial design and development is being done by carrotmedia’s carrots out of working hours. Therefore we don’t have an overhead for the development of the website itself.

This is how we see the budget break down:
·        Legal costs / Business Startup – £500
·        Initial Stock – £400
·        Marketing budget – £100

Once we launch we will be reporting on how this was actually spent in finer detail and if it has been spent effectively.