A glimpse into business start-up costs
An outline should give you a rough estimate of all the costs of starting
your business. This helps you to know whether you have enough funds to begin,
or whether you need to apply for additional start-up money from a bank or other
source. Let us examine some of the most common start-up costs, including
equipment, inventory and licensing fees.
Once you have
established the type of business, you can determine whether you need to rent or
buy retail space, or run the business from a home office. Typically, a home
office is most economical. Serviced and virtual offices are other options.
should be considered before you even open for trade.
Each business varies,
but you are likely to have licenses and permits you must apply for. Before
progressing too far into your business plans, it is advisable to find out about
these permits and licenses so you have no hidden surprises and costs.
along with the design of your logo and any brochures you wish to begin with.
You might also want to factor advertising costs into your opening budget.
Total all the start-up costs, which should give you a good idea of how
much money is required.
It’s a good idea to make as accurate an estimate as possible. To find
out how much your business insurance might cost, call us for a quote.