Download our FREE BUSINESS STARTUP COSTS TEMPLATES

DOWNLOAD YOUR FREE BUSINESS STARTUP COSTS TEMPLATE HERE:

What are my business start-up costs?

Business start-up costs are the costs that your business will incur in the initial stages. Different types of businesses will naturally have different types of start-up costs.

It's very important that you calculate your business start-up costs accurately and thoroughly. When you do calculate these costs, you should take into account what their level will be for at least 12 months down the road.

Many businesses (especially those with brick-and-mortar shops) will spend a lot of their money before they’re even open for business.

While many people understand this, they still often underestimate exactly how much money it will take to start up their business. Therefore, they start off passionate, but haphazardly, and their business starting-up process goes off the rails.

There are some very important sections you need to consider when you’re calculating your business start-up costs:

• registrations
• insurance
• plant and office equipment

Let's quickly look at each in turn.

Registrations

When you calculate the start-up costs for your business, you should start with how much money it will take for you to register your business.

You'll have to decide if you want to open a proprietorship, LLC, corporation or other form. Then you'll also need to get the proper licenses, permits, vehicle registrations, etc. You should also not forget about your domain name for your website, as well as other considerations.

Insurance

Although small business owners would like to minimize their insurance needs, they still need to take care of the most important.

Here, you'll need to calculate the insurance necessary for your building, vehicle, liabilities, workers comp, business assets and more.

Plant and office equipment

This category of business start-up costs may not be applicable to all businesses in all ways. However, every business will need some sort of equipment, and it's important to note which ones you definitely need.

When you write down what equipment you'll need, try to think ahead as well so you can add in those costs.

By condensing all your business start-up costs onto one page, you'll be able to really take charge of your business.

CHECK OUT OUR OTHER FREE TEMPLATES HERE: