Spending Money to Make Money – the Costs of Starting a New Business
Not sure how much money you’ll need to start a new business? It’s a common but critical aspect of the process. While different types of small businesses have different types of start-up costs, that old saying “you have to spend money to make money” still applies.
Regardless of the type of business you want to start, the costs involved generally fall into the same basic categories. Here are some examples of the questions you should be asking yourself:
Opening Costs
What will you have to purchase up front? If you’re starting a dog walking service out of your home, then your opening costs are pretty close to zero. But what if you’re opening a bakery?
Professional Fees
Your business will need a legal structure. Establishing even a simple LLC using an online resource for that dog walking service has an associated fee. But what if you’re aiming to be the next “Cake Boss?” You’re far more likely to need an attorney to establish your corporation.
Technology
At the very least, you’re going to need a computer, a printer and an online connection. What about special software for scheduling dog walks, or creating cake decorating designs?
Marketing
How will your prospects know you’re open for business? Word-of-mouth for that dog walking service won’t cost you anything, but how will people find out that the most beautiful cakes they’ve ever seen are for sale in yourbakery?
Hiring
Who will you need to hire and how will you compensate them? A single dog walker can walk only so many dogs. Bakeries need people to do the baking and people to do the selling.
Administrative
What will you need to have on hand at all times to function? Even simple items like office supplies have associated costs. Custom printing is also a basic cost. Won’t you need business cards for your dog walking service? Or labels for your bakery boxes?
If you’re getting ready to “spend money to make money,” make sure you understand what your start-up costs will be. And it’s never too soon to look for ways to save money.
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