Finance Globe

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Starting a Business? You Better Plan for These Expenses

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Are you in the process of starting a business? Are you creating your business plan to help guide you through the startup phase? Do you have some concerns about the cost of getting your company off the ground?

No two businesses are the same, so it’s hard to know exactly how much you’ll spend on startup costs until you dig into the finer details. Even so, some expenses are common across the board. Here are five that you should absolutely plan for:

•    Supplies and miscellaneous items. From a computer to a printer, from paper to stamps, you’ll need plenty of supplies and other items to feel good about where your startup stands.
•    Rent. Unless you’re working from home, you’ll need to rent office space. The price you pay depends on many factors, including the location of your business and how much space you need.
•    Employees. You may not hire your first employee right away, but you hope this happens sooner rather than later. Along the same lines, you could find yourself hiring contractors early on. Either way, it’s an expense you need to be aware of.
•    Professional services. Do you require the assistance of an attorney? How about a tax professional? What about a consultant in your industry? There are many professional service providers out there, all of which can provide you with specialized assistance.
•    Marketing. Even the best businesses fall flat without the right marketing strategy. It’s imperative to have a clear idea of how you’ll market your business. From content marketing to social media to more traditional strategies, there are hundreds of ideas to consider.

Starting a business can be exciting, stressful, and expensive all at the same time. If you’re ready to launch your company, make a list of the many expenses you’ll face in the near future.

Do you have any experience starting a business from scratch? How much did it cost you to get up and running? Share your experience in the comment section below.

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Comments 1

Frank on Monday, 30 April 2018 16:37

I will tell you no matter what business you start, you are likely underestimating your expenses and overestimating your sales, especially for the first few years. I urge you to prepare for the worst so you can succeed for the long haul.

I will tell you no matter what business you start, you are likely underestimating your expenses and overestimating your sales, especially for the first few years. I urge you to prepare for the worst so you can succeed for the long haul.
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Thursday, 17 October 2019

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